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REGISTERED NUMBER: 02961738 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 August 2023

for

D.C.M. Drillquip Limited

D.C.M. Drillquip Limited (Registered number: 02961738)






Contents of the Financial Statements
for the Year Ended 31 August 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


D.C.M. Drillquip Limited

Company Information
for the Year Ended 31 August 2023







DIRECTORS: Miss J J Deeming
I R Crawford





SECRETARY: Miss J J Deeming





REGISTERED OFFICE: Hazell Way
Off Bermuda Road
Nuneaton
Warwickshire
CV10 7QG





REGISTERED NUMBER: 02961738 (England and Wales)





ACCOUNTANTS: Carter & Co.
Accountants & Taxation Advisors
19 Warren Park Way
The Warrens Business Park
Enderby
Leicester
LE19 4SA

D.C.M. Drillquip Limited (Registered number: 02961738)

Balance Sheet
31 August 2023

31.8.23 31.8.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 120,161 144,864

CURRENT ASSETS
Stocks 24,401 31,051
Debtors 5 144,965 106,726
Cash at bank 8,042 17,552
177,408 155,329
CREDITORS
Amounts falling due within one year 6 184,085 180,176
NET CURRENT LIABILITIES (6,677 ) (24,847 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

113,484

120,017

CREDITORS
Amounts falling due after more than one
year

7

(41,159

)

(47,159

)

PROVISIONS FOR LIABILITIES (21,828 ) -
NET ASSETS 50,497 72,858

CAPITAL AND RESERVES
Called up share capital 8 10,000 10,000
Revaluation reserve 9 30,203 37,753
Retained earnings 10,294 25,105
SHAREHOLDERS' FUNDS 50,497 72,858

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

D.C.M. Drillquip Limited (Registered number: 02961738)

Balance Sheet - continued
31 August 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3 January 2024 and were signed on its behalf by:




Miss J J Deeming - Director



I R Crawford - Director


D.C.M. Drillquip Limited (Registered number: 02961738)

Notes to the Financial Statements
for the Year Ended 31 August 2023

1. STATUTORY INFORMATION

D.C.M. Drillquip Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost and 25% on reducing balance

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Revaluation reserve
Any surplus on revaluation of fixed assets is transferred to the revaluation reserve. Where depreciation charges are increased, following a revaluation, an amount equal to the increase is transferred annually from the revaluation reserve to the profit and loss account as a movement on reserves.

Leases
Rentals paid under operating leases are charged against income as incurred.


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 5 ) .

D.C.M. Drillquip Limited (Registered number: 02961738)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 September 2022 62,109 665,031 727,140
Additions - 830 830
Disposals - (43,991 ) (43,991 )
At 31 August 2023 62,109 621,870 683,979
DEPRECIATION
At 1 September 2022 - 582,276 582,276
Charge for year - 19,661 19,661
Eliminated on disposal - (38,119 ) (38,119 )
At 31 August 2023 - 563,818 563,818
NET BOOK VALUE
At 31 August 2023 62,109 58,052 120,161
At 31 August 2022 62,109 82,755 144,864

Plant & machinery was revalued on 24th August 2017 based on the then market value.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.23 31.8.22
£    £   
Trade debtors 132,684 95,395
Prepayments 12,281 11,331
144,965 106,726

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.23 31.8.22
£    £   
Bank loans and overdrafts 19,686 1,743
Trade creditors 95,508 108,147
Tax 25,469 11,917
Social security and other taxes 26,287 19,603
VAT 717 17,358
Other creditors 12,376 10,511
Directors' current accounts 1,466 8,692
Accrued expenses 2,576 2,205
184,085 180,176

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.8.23 31.8.22
£    £   
Bank loans - 2-5 years 41,159 47,159

D.C.M. Drillquip Limited (Registered number: 02961738)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.8.23 31.8.22
value: £    £   
10,000 Ordinary £1.00 10,000 10,000

9. RESERVES
Revaluation
reserve
£   
At 1 September 2022 37,753
Transfer to profit and loss account (7,550 )

At 31 August 2023 30,203

10. RELATED PARTY DISCLOSURES

During the year, total dividends of £35,000 (2022 - £15,000) were paid to the directors .

Controlling party

The company is under the control of Miss J J Deeming who owns 62.5% of the issued share capital.