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REGISTERED NUMBER: 04112895 (England and Wales)













Financial Statements

for the Year Ended 31 December 2023

for

G.B. Directional Drilling Services
Limited

G.B. Directional Drilling Services
Limited (Registered number: 04112895)






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




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


G.B. Directional Drilling Services
Limited

Company Information
for the Year Ended 31 December 2023







DIRECTOR: Mr S T Barnes



SECRETARY: Mr S T Barnes



REGISTERED OFFICE: Barneside
35a Willingham Road
MARKET RASEN
Lincolnshire
LN8 3DX



REGISTERED NUMBER: 04112895 (England and Wales)



ACCOUNTANTS: Nicholsons
Chartered Accountants
Newland House
The Point
Weaver Road
LINCOLN
Lincolnshire
LN6 3QN



BANKERS: NatWest Bank Plc
225 High Street
LINCOLN
Lincolnshire
LN2 1AZ

G.B. Directional Drilling Services
Limited (Registered number: 04112895)

Abridged Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 206,857 175,608

CURRENT ASSETS
Debtors 349,194 388,133
Cash at bank 55,355 23,722
404,549 411,855
CREDITORS
Amounts falling due within one year 249,521 340,793
NET CURRENT ASSETS 155,028 71,062
TOTAL ASSETS LESS CURRENT
LIABILITIES

361,885

246,670

CREDITORS
Amounts falling due after more than one
year

(101,232

)

(110,037

)

PROVISIONS FOR LIABILITIES (39,303 ) (20,463 )
NET ASSETS 221,350 116,170

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 221,250 116,070
SHAREHOLDERS' FUNDS 221,350 116,170

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 director acknowledges his 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.

G.B. Directional Drilling Services
Limited (Registered number: 04112895)

Abridged 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the director and authorised for issue on 13 August 2024 and were signed by:





Mr S T Barnes - Director


G.B. Directional Drilling Services
Limited (Registered number: 04112895)

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

1. STATUTORY INFORMATION

G.B. Directional Drilling Services 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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Financial instruments
Only basic financial instruments as defined in FRS 102 are held. Financial assets and financial liabilities are recognised in the accounts only when the entity becomes party to the contractual provisions of the instrument and their measurement basis is as follows:

Financial assets-trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments.

Cash at bank is classified as a basic financial instrument and is measured at transaction price.

Financial liabilities-trade creditors, accruals and other creditors are basic financial instruments, and are measured at amortised cost. Where a financial penalty constitutes a financing transaction it is initially and subsequently measured at the present value of future payments, discounted at a market rate of interest.

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.


G.B. Directional Drilling Services
Limited (Registered number: 04112895)

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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term whichever is the shorter.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2022 - 8 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 January 2023 327,080
Additions 62,825
At 31 December 2023 389,905
DEPRECIATION
At 1 January 2023 151,472
Charge for year 31,576
At 31 December 2023 183,048
NET BOOK VALUE
At 31 December 2023 206,857
At 31 December 2022 175,608

G.B. Directional Drilling Services
Limited (Registered number: 04112895)

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

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals
£   
COST
At 1 January 2023 327,080
Additions 62,825
At 31 December 2023 389,905
DEPRECIATION
At 1 January 2023 151,472
Charge for year 31,576
At 31 December 2023 183,048
NET BOOK VALUE
At 31 December 2023 206,857
At 31 December 2022 175,608

5. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Within one year 29,374 25,582
After one year 86,426 85,091
115,800 110,673

The hire purchase debt is secured on the assets purchased on hire purchase.

6. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£    £   
Mr S T Barnes
Balance outstanding at start of year (59,884 ) (86,056 )
Amounts advanced 139,841 81,856
Amounts repaid (69,318 ) (55,684 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 10,639 (59,884 )