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Registered number: 09202253
South Yorkshire Drilling Company Ltd
Unaudited Financial Statements
For The Year Ended 30 September 2023
A L Hawkins & Co
Certified Accountants
32 Roger Drive
Sandal
Wakefield
West Yorkshire
WF2 7NE
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 09202253
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 117,865 162,597
117,865 162,597
CURRENT ASSETS
Stocks 5 1,191 15,569
Debtors 6 141,029 100,503
142,220 116,072
Creditors: Amounts Falling Due Within One Year 7 (209,443 ) (152,709 )
NET CURRENT ASSETS (LIABILITIES) (67,223 ) (36,637 )
TOTAL ASSETS LESS CURRENT LIABILITIES 50,642 125,960
Creditors: Amounts Falling Due After More Than One Year 8 (62,769 ) (94,302 )
NET (LIABILITIES)/ASSETS (12,127 ) 31,658
CAPITAL AND RESERVES
Called up share capital 10 20 20
Profit and Loss Account (12,147 ) 31,638
SHAREHOLDERS' FUNDS (12,127) 31,658
Page 1
Page 2
For the year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Craig Roberts
Director
12 April 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
South Yorkshire Drilling Company Ltd Registered number 09202253 is a limited by shares company incorporated in England & Wales. The Registered Office is 21 Hoyle Mill Road, Stairfoot, Barnsley, South Yorkshire, S70 3EL.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 10% Straight Line basis
Plant & Machinery 25% Reducing balance basis
Motor Vehicles 25% Reducing balance basis
Computer Equipment 33.33% Reducing balance basis
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
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 stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2023 2022
Office and administration 1 2
Manufacturing 8 8
9 10
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Page 4
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £ £
Cost
As at 1 October 2022 2,417 178,576 150,097 2,387 333,477
Additions - 10,001 - - 10,001
Disposals - (37,562 ) (44,845 ) (1,600 ) (84,007 )
As at 30 September 2023 2,417 151,015 105,252 787 259,471
Depreciation
As at 1 October 2022 242 93,691 75,085 1,862 170,880
Provided during the period 241 22,076 16,480 262 39,059
Disposals - (30,981 ) (35,752 ) (1,600 ) (68,333 )
As at 30 September 2023 483 84,786 55,813 524 141,606
Net Book Value
As at 30 September 2023 1,934 66,229 49,439 263 117,865
As at 1 October 2022 2,175 84,885 75,012 525 162,597
5. Stocks
2023 2022
£ £
Work in progress 1,191 15,569
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 141,029 97,594
Other debtors - 2,909
141,029 100,503
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 25,693 27,901
Trade creditors 21,861 11,333
Bank loans and overdrafts 19,951 17,311
Other taxes and social security 17,599 8,516
VAT 16,957 2,262
Net wages 3,944 1,250
Ultimate Finance - Amounts advance on sales invoices 72,000 71,346
Smart Pension - Defined Contribution Pension Scheme 656 1,919
Accruals and deferred income 1,487 1,300
Director's loan account 29,295 9,571
209,443 152,709
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Page 5
Included in creditors due under one year is the balance advanced by Ultimate Invoice Finance Limited ("Ultimate")on the sales invoices factored with them. Ultimate have a Full Form Debenture which comprises a fixed and floating charge over the whole or substantially the whole of the business, assets and undertaking. When a sales invoice is passed to Ultimate the company have immediate access to 80% of the value of that invoice and then when the invoice is paid by the customers further funds are available. to the company.

The company has taken advantage of the government backed loans under the bounce back scheme and repayments started in June 2021 and the loan will be repaid over 6 years.
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 49,364 75,897
Bank loans 13,405 18,405
62,769 94,302
9. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 26,254 29,320
Later than one year and not later than five years 49,457 76,551
75,711 105,871
Less: Finance charges allocated to future periods 654 2,073
75,057 103,798
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 20 20
11. Directors Advances, Credits and Guarantees
Dividends paid to directors
Page 5