Registered number
05473354
Sonic Drilling Limited
Unaudited Filleted Accounts
31 July 2023
Sonic Drilling Limited
Registered number: 05473354
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 474 553
Current assets
Debtors 4 353,718 610,350
Cash at bank and in hand 116,203 120,523
469,921 730,873
Creditors: amounts falling due within one year 5 (208,982) (419,583)
Net current assets 260,939 311,290
Total assets less current liabilities 261,413 311,843
Provisions for liabilities (90) (105)
Net assets 261,323 311,738
Capital and reserves
Called up share capital 2 2
Profit and loss account 261,321 311,736
Shareholders' funds 261,323 311,738
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S L Hornsby
Director
Approved by the board on 22 March 2024
Sonic Drilling Limited
Notes to the Accounts
for the year ended 31 July 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 7 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 6 6
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2022 24,219
At 31 July 2023 24,219
Depreciation
At 1 August 2022 23,666
Charge for the year 79
At 31 July 2023 23,745
Net book value
At 31 July 2023 474
At 31 July 2022 553
4 Debtors 2023 2022
£ £
Trade debtors 96,673 405,492
Other debtors 257,045 204,858
353,718 610,350
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 123,795 218,622
Taxation and social security costs 33,090 100,984
Other creditors 52,097 99,977
208,982 419,583
6 Contingent liabilities
The company has provided security on a loan taken out by a related company, Sonic Drilling Services Limited. At the balance sheet date the loan oustanding was £526,794. The security is by way of a fixed and floating charge over the assets and undertaking of the company.
7 Other information
Sonic Drilling Limited is a private company limited by shares and incorporated in England. Its registered office is:
Mill House
Macclesfield Road
Rushton Spencer
Staffordshire
SK11 0QX
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