Relate AccountsProduction v2.7.2 v2.7.2 2022-04-01 The company was not dormant during the period The company was trading for the entire period The principal activity of the company is the sale of pumps and pump related products plus the supply and installation of water and sewerage treatment systems and associated products. 27 November 2023 0 0 NI025876 2023-03-31 NI025876 2022-03-31 NI025876 2021-03-31 NI025876 2022-04-01 2023-03-31 NI025876 2021-04-01 2022-03-31 NI025876 uk-bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 NI025876 uk-curr:PoundSterling 2022-04-01 2023-03-31 NI025876 uk-bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 NI025876 uk-bus:FullAccounts 2022-04-01 2023-03-31 NI025876 uk-bus:Director1 2022-04-01 2023-03-31 NI025876 uk-bus:Director2 2022-04-01 2023-03-31 NI025876 uk-bus:CompanySecretaryDirector1 2022-04-01 2023-03-31 NI025876 uk-bus:Director4 2022-04-01 2023-03-31 NI025876 uk-bus:Director5 2022-04-01 2023-03-31 NI025876 uk-bus:CompanySecretary1 2022-04-01 2023-03-31 NI025876 uk-bus:RegisteredOffice 2022-04-01 2023-03-31 NI025876 uk-bus:Agent1 2022-04-01 2023-03-31 NI025876 uk-bus:Audited 2022-04-01 2023-03-31 NI025876 uk-core:ShareCapital 2023-03-31 NI025876 uk-core:ShareCapital 2022-03-31 NI025876 uk-core:RetainedEarningsAccumulatedLosses 2023-03-31 NI025876 uk-core:RetainedEarningsAccumulatedLosses 2022-03-31 NI025876 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-03-31 NI025876 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2022-03-31 NI025876 uk-bus:FRS102 2022-04-01 2023-03-31 NI025876 uk-core:Goodwill 2022-04-01 2023-03-31 NI025876 uk-core:LandBuildings 2022-04-01 2023-03-31 NI025876 uk-core:PlantMachinery 2022-04-01 2023-03-31 NI025876 uk-core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 NI025876 uk-core:MotorVehicles 2022-04-01 2023-03-31 NI025876 uk-core:OtherPropertyPlantEquipment 2022-04-01 2023-03-31 NI025876 uk-core:Goodwill 2022-03-31 NI025876 uk-core:Goodwill 2023-03-31 NI025876 uk-core:CurrentFinancialInstruments 2023-03-31 NI025876 uk-core:CurrentFinancialInstruments 2022-03-31 NI025876 uk-core:WithinOneYear 2023-03-31 NI025876 uk-core:WithinOneYear 2022-03-31 NI025876 uk-core:WithinOneYear 2023-03-31 NI025876 uk-core:WithinOneYear 2022-03-31 NI025876 uk-core:AfterOneYear 2023-03-31 NI025876 uk-core:AfterOneYear 2022-03-31 NI025876 uk-core:BetweenOneTwoYears 2023-03-31 NI025876 uk-core:BetweenOneTwoYears 2022-03-31 NI025876 uk-core:BetweenTwoFiveYears 2023-03-31 NI025876 uk-core:BetweenTwoFiveYears 2022-03-31 NI025876 uk-core:OtherMiscellaneousReserve 2022-03-31 NI025876 uk-core:OtherMiscellaneousReserve 2022-04-01 2023-03-31 NI025876 uk-core:AcceleratedTaxDepreciationDeferredTax 2023-03-31 NI025876 uk-core:TaxLossesCarry-forwardsDeferredTax 2023-03-31 NI025876 uk-core:OtherDeferredTax 2023-03-31 NI025876 uk-core:RevaluationPropertyPlantEquipmentDeferredTax 2023-03-31 NI025876 uk-core:OtherMiscellaneousReserve 2023-03-31 NI025876 uk-core:ParentEntities 2022-04-01 2023-03-31 NI025876 uk-countries:Ireland 2022-04-01 2023-03-31 xbrli:pure iso4217:GBP xbrli:shares
Company Registration Number: NI025876
 
 
Drilling And Pumping Supplies Limited
 
Financial Statements
 
for the financial year ended 31 March 2023
Drilling And Pumping Supplies Limited
DIRECTORS AND OTHER INFORMATION

 
Directors Patrick Buckley
Denis C Buckley
Tom Palmer
James Palmer
Ignatius Haran
 
 
Company Secretary Tom Palmer
 
 
Company Registration Number NI025876
 
 
Registered Office and Business Address 8-10 Balloo Avenue
Bangor
Co. Down
BT19 7QT
Northern Ireland
 
 
Independent Auditors Thos Goodall & Son
Link House
Boreenmanna Road
Cork
Republic of Ireland
 
 
Bankers Bank of Ireland
  82a Main Street
  Bangor
  Co. Down
  BT20 4AG
  Northern Ireland
 
   
Solicitors John Ross and Son
  21 High Street
  Newtownards
  BT23 4JN
  Northern Ireland



INDEPENDENT AUDITOR'S REPORT
to the Shareholders of Drilling And Pumping Supplies Limited

 
Report on the audit of the financial statements
 
Opinion
We have audited the financial statements of Drilling And Pumping Supplies Limited ('the company') for the financial year ended 31 March 2023 which comprise the Balance Sheet and the related notes to the financial statements, including significant accounting policies set out in note . The financial reporting framework that has been applied in their preparation is applicable Law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” Section 1A (Small Entities).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 March 2023 and of its profit for the financial year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.
 
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
 
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
 
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from the date when the financial statements are authorised for issue.
 
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
 
Other Information
The other information comprises the information included in the annual report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
 
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified any material misstatements in the Directors' Report.
 
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report.
 
Responsibilities of directors for the financial statements
The directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
 
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or has no realistic alternative but to do so.
 
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
 
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
 
We obtain an understanding of the legal and regulatory frameworks that are applicable to the Company and determine the most relevant of these to be FRS102 and the Companies Act. We consider the size and complexity of transactions and the level of judgement attaching to certain transactions.

Enquiries are made of management regarding fraud or suspected fraud during the year as well as enquiry of subsequent events which may bring to light fraud post balance sheet.

Our audit methodology is substantive and analytical. If a fraud or other irregularity comes to light in our testing it may necessitate further enquiry or testing.
 
A further description of our responsibilities for the audit of the financial statements is contained in the appendix to this report, located at page , which is to be read as an integral part of our report.
 
Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
 
 
Thomas Dunlea (Senior Statutory Auditor)
for and on behalf of
THOS GOODALL & SON
Statutory Auditors
Link House
Boreenmanna Road
Cork
Republic of Ireland
 
27 November 2023



Drilling And Pumping Supplies Limited
APPENDIX TO THE INDEPENDENT AUDITOR'S REPORT

Further information regarding the scope of our responsibilities as auditor
 
As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
 
- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
 
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control.
 
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
 
- Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditor's Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditor's Report. However, future events or conditions may cause the company to cease to continue as a going concern.
 
- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
 
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.



Drilling And Pumping Supplies Limited
Company Registration Number: NI025876
BALANCE SHEET
as at 31 March 2023

2023 2022
Notes £ £
 
Fixed Assets
Tangible assets 5 1,732,204 1,730,670
───────── ─────────
 
Current Assets
Stocks 6 244,557 492,231
Debtors 7 1,831,880 2,648,930
Cash and cash equivalents 1,743 165,607
───────── ─────────
2,078,180 3,306,768
───────── ─────────
Creditors: amounts falling due within one year 8 (1,279,561) (2,617,741)
───────── ─────────
Net Current Assets 798,619 689,027
───────── ─────────
Total Assets less Current Liabilities 2,530,823 2,419,697
 
Creditors:
amounts falling due after more than one year 9 (517,393) (556,145)
 
Provisions for liabilities 11 (81,148) (51,148)
───────── ─────────
Net Assets 1,932,282 1,812,404
═════════ ═════════
 
Capital and Reserves
Called up share capital 25,000 25,000
Retained earnings 1,907,282 1,787,404
───────── ─────────
Equity attributable to owners of the company 1,932,282 1,812,404
═════════ ═════════
 
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).
           
The company has taken advantage of the exemption under section 444 not to file the Profit and Loss Account and Directors' Report.
           
Approved by the Board and authorised for issue on 27 November 2023 and signed on its behalf by
           
           
________________________________          
Patrick Buckley          
Director          
           



Drilling And Pumping Supplies Limited
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 31 March 2023

   
1. General Information
 
Drilling And Pumping Supplies Limited is a company limited by shares incorporated in Northern Ireland. The registered office of the company is 8-10 Balloo Avenue, Bangor, Co. Down, BT19 7QT, Northern Ireland which is also the principal place of business of the company. The nature of the company's operations and its principal activities are set out in the Directors' Report. The financial statements have been presented in Pound Sterling (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the year ended 31 March 2023 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Turnover
Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.
 
Intangible assets
 
Goodwill
Purchased goodwill arising on the acquisition of a business represents the excess of the acquisition cost over the fair value of the identifiable net assets including other intangible fixed assets when they were acquired. Purchased goodwill is capitalised in the Balance Sheet and amortised on a straight line basis over its economic useful life of 10 years, which is estimated to be the period during which benefits are expected to arise.  On disposal of a business any goodwill not yet amortised is included in determining the profit or loss on sale of the business.
 
Tangible assets and depreciation
Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:
 
  Land and buildings freehold - Not depreciated
  Plant and machinery - 15% Straight line
  Fixtures, fittings and equipment - 15% Straight line
  Motor vehicles - 20% Straight line
  Computer equipment - 33.33% Straight line
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.

Buildings are not depreciated as required by FRS 102. The company maintains its buildings in a good state of repair. As a consequence of this the market value of its buildings is at least equal to the book value and accordingly depreciation is not provided for. The policy is to make provision in the event of any permanent diminution in the value of buildings. Buildings are reviewed annually for evidence of any permanent impairement in value.
 
Stocks
Stocks are valued at the lower of cost and net realisable value. Stocks are determined on a first-in first-out basis. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition.  Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.

Long term contracts are assessed on a contract by contract basis and reflected in the profit and loss account by recording turnover and related costs as contract  activity progresses. No profit is recognised until the outcome of a long term contract can be assessed with reasonable certainty. Work in progress represents costs incurred net of amounts transferred to costs of sales, less foreseeable losses and applicable payments on account not matched with turnover.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Borrowing costs
All borrowing costs are recognised in the profit and loss account in the period in which they are incurred.
 
Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Employee benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account.
       
3. Employees
 
The average monthly number of employees, including directors, during the financial year was 41, (2022 - 39).
       
4. Intangible assets
     
  Goodwill Total
  £ £
Cost
At 1 April 2022 10,432 10,432
  ───────── ─────────
 
At 31 March 2023 10,432 10,432
  ───────── ─────────
Amortisation
 
At 31 March 2023 10,432 10,432
  ───────── ─────────
Net book value
At 31 March 2023 - -
  ═════════ ═════════

               
5. Tangible assets
  Land and Plant and Fixtures, Motor Computer Total
  buildings machinery fittings and vehicles equipment  
  freehold   equipment      
  £ £ £ £ £ £
Cost or Valuation
At 1 April 2022 1,226,812 153,411 94,701 233,851 386,860 2,095,635
Additions 16,481 18,600 7,340 40,220 31,754 114,395
Disposals - - - (8,250) - (8,250)
  ───────── ───────── ───────── ───────── ───────── ─────────
At 31 March 2023 1,243,293 172,011 102,041 265,821 418,614 2,201,780
  ───────── ───────── ───────── ───────── ───────── ─────────
Depreciation
At 1 April 2022 - 117,484 41,059 95,027 111,395 364,965
Charge for the financial year - 9,670 13,540 46,514 43,137 112,861
On disposals - - - (8,250) - (8,250)
  ───────── ───────── ───────── ───────── ───────── ─────────
At 31 March 2023 - 127,154 54,599 133,291 154,532 469,576
  ───────── ───────── ───────── ───────── ───────── ─────────
Net book value
At 31 March 2023 1,243,293 44,857 47,442 132,530 264,082 1,732,204
  ═════════ ═════════ ═════════ ═════════ ═════════ ═════════
At 31 March 2022 1,226,812 35,927 53,642 138,824 275,465 1,730,670
  ═════════ ═════════ ═════════ ═════════ ═════════ ═════════

       
6. Stocks 2023 2022
  £ £
 
Work in progress (264,175) 58,836
Finished goods and goods for resale 508,732 433,395
  ───────── ─────────
  244,557 492,231
  ═════════ ═════════
 
The replacement cost of stock did not differ significantly from the figures shown.
       
7. Debtors 2023 2022
  £ £
 
Trade debtors 1,744,754 2,589,461
Other debtors 35,252 -
Taxation  (Note 10) - 2,157
Prepayments and accrued income 51,874 57,312
  ───────── ─────────
  1,831,880 2,648,930
  ═════════ ═════════
       
8. Creditors 2023 2022
Amounts falling due within one year £ £
 
Bank overdrafts 69,544 299,392
Bank loan 37,060 37,060
Trade creditors 834,630 1,582,345
Amounts owed to group undertakings 179,527 314,604
Taxation  (Note 10) 122,719 81,115
Accruals and deferred income 36,081 303,225
  ───────── ─────────
  1,279,561 2,617,741
  ═════════ ═════════
 
Bank of Ireland hold a first and floating legal charge over the company's property at 8-10 Balloo Avenue, Bangor, County Down and over the company's book debts.
       
9. Creditors 2023 2022
Amounts falling due after more than one year £ £
 
Bank loan 517,393 556,145
  ═════════ ═════════
 
Loans
Repayable in one year or less, or on demand (Note 8) 106,604 336,452
Repayable between one and two years 37,060 38,670
Repayable between two and five years 480,333 517,475
  ───────── ─────────
  623,997 892,597
  ═════════ ═════════
 
       
10. Taxation 2023 2022
  £ £
 
Debtors:
Corporation tax - 2,157
  ═════════ ═════════
Creditors:
VAT 51,559 40,544
Corporation tax 26,660 -
PAYE / NI 44,500 40,571
  ───────── ─────────
  122,719 81,115
  ═════════ ═════════
         
11. Provisions for liabilities
 
The amounts provided for deferred taxation are analysed below:
 
  Capital Total Total
  allowances    
       
    2023 2022
  £ £ £
 
At financial year start 51,148 51,148 21,148
Charged to profit and loss 30,000 30,000 30,000
  ───────── ───────── ─────────
At financial year end 81,148 81,148 51,148
  ═════════ ═════════ ═════════
       
12. Capital commitments
 
The company had no material capital commitments at the 31st March 2023.
           
13. Related party transactions
The company has availed of the exemption under FRS 102 Section 1A in relation to the disclosure of transactions with group undertakings.
   
14. Parent company
 
The company regards Electrical & Pump Services Limited as its parent company.
 
The parent of the largest group in which the results are consolidated is Electrical & Pump Services Limited.
Electrical & Pump Services Limited is registered in Ireland.
 
   
15. Post-Balance Sheet Events
 
There have been no significant events affecting the company since the financial year-end.