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REGISTERED NUMBER: 00925272















Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Saxton Drilling Limited

Saxton Drilling Limited (Registered number: 00925272)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Saxton Drilling Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: A C Thomas
Mrs L M Thomas





SECRETARY: Mrs L M Thomas





REGISTERED OFFICE: Cardrew Way
Cardrew
REDRUTH
Cornwall
TR15 1SS





REGISTERED NUMBER: 00925272





ACCOUNTANTS: Colin Truscott Accountancy Limited
9 Heron Close
Tresillian
Cornwall
TR2 4BH

Saxton Drilling Limited (Registered number: 00925272)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 718,278 791,449
Investments 5 699 699
718,977 792,148

CURRENT ASSETS
Stocks 332,462 379,922
Debtors 6 923,317 1,318,915
Cash at bank and in hand 1,267,111 1,172,508
2,522,890 2,871,345
CREDITORS
Amounts falling due within one year 7 456,872 851,819
NET CURRENT ASSETS 2,066,018 2,019,526
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,784,995

2,811,674

PROVISIONS FOR LIABILITIES 8 171,127 178,250
NET ASSETS 2,613,868 2,633,424

CAPITAL AND RESERVES
Called up share capital 150,000 150,000
Retained earnings 2,463,868 2,483,424
2,613,868 2,633,424

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

Saxton Drilling Limited (Registered number: 00925272)

Balance Sheet - continued
31 December 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 Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 June 2024 and were signed on its behalf by:





A C Thomas - Director


Saxton Drilling Limited (Registered number: 00925272)

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

1. STATUTORY INFORMATION

Saxton Drilling Limited is a private company, limited by shares , registered in Not specified/Other. 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 recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be readily measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates Value Added Tax and other sales taxes.

Revenue from a contract to provide services is recognised in the period which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: the amount of revenue can be measured reliably; it is probable they the company will receive the consideration due under the contract; the stage of completion of the contract at the end of the reporting period can be measured reliably.

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 - 25% on cost and at varying rates on cost

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

Financial instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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.


Saxton Drilling Limited (Registered number: 00925272)

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

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Non recurring item
During the year to 31 December 2023, the last opencast coal mine closed in Wales.This resulted in 8 employees being made redundant, costing the company around £150,000 to cease operations at the coal field, and reducing profits for the year.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 53 (2022 - 56 ) .

Saxton Drilling Limited (Registered number: 00925272)

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

4. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 January 2023 4,046,694 710,506 4,757,200
Additions 314,033 57,484 371,517
Disposals (848,251 ) (154,256 ) (1,002,507 )
At 31 December 2023 3,512,476 613,734 4,126,210
DEPRECIATION
At 1 January 2023 3,466,884 498,867 3,965,751
Charge for year 241,230 83,941 325,171
Eliminated on disposal (734,925 ) (148,065 ) (882,990 )
At 31 December 2023 2,973,189 434,743 3,407,932
NET BOOK VALUE
At 31 December 2023 539,287 178,991 718,278
At 31 December 2022 579,810 211,639 791,449

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 January 2023
and 31 December 2023 699
NET BOOK VALUE
At 31 December 2023 699
At 31 December 2022 699

The stock exchange value of the shares as at 31 December 2023 was £0.47 per share. The value shown in the accounts is £1.27 a share.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 569,361 764,462
Amounts recoverable on contract 215,442 330,679
VAT - 70,475
Prepayments and accrued income 138,514 153,299
923,317 1,318,915

Saxton Drilling Limited (Registered number: 00925272)

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

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 235,423 661,540
Tax 40,619 17,569
Social security and other taxes 47,567 52,238
VAT 25,103 -
Other creditors 8,866 10,064
Accruals and deferred income 99,294 110,408
456,872 851,819

8. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 171,127 178,250

Deferred
tax
£   
Balance at 1 January 2023 178,250
Accelerated capital allowances (7,123 )
Balance at 31 December 2023 171,127

9. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit and loss in the period to which they relate. During the year, the amount charged was £53,883 (2022: £51,821).

10. OTHER FINANCIAL COMMITMENTS

The lease on the company's premises expired on 23 June 2012 and the premises are occupied under a tenancy at will. The company continues to pay rent of £27,600 per annum to the director's pension scheme.

11. ULTIMATE CONTROLLING PARTY

The company is controlled by its directors by virtue of their shareholding in the parent company.