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Registration number: SC590062

Core Tek Drilling Ltd

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Core Tek Drilling Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

Accountants' Report

9

 

Core Tek Drilling Ltd

Company Information

Director

Mr Thomas Beattie

Registered office

Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

Accountants

Yates Business Solutions Ltd.
Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

 

Core Tek Drilling Ltd

(Registration number: SC590062)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

104,897

129,298

Current assets

 

Stocks

5

16,471

-

Debtors

6

128,522

118,746

Cash at bank and in hand

 

8,104

29,083

 

153,097

147,829

Creditors: Amounts falling due within one year

7

(134,603)

(108,334)

Net current assets

 

18,494

39,495

Total assets less current liabilities

 

123,391

168,793

Creditors: Amounts falling due after more than one year

7

(103,915)

(116,978)

Provisions for liabilities

(5,842)

(24,567)

Net assets

 

13,634

27,248

Capital and reserves

 

Called up share capital

100

100

Retained earnings

13,534

27,148

Shareholders' funds

 

13,634

27,248

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 17 July 2024
 

.........................................
Mr Thomas Beattie
Director

 

Core Tek Drilling Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland .

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Core Tek Drilling Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% Straight line

Motor vehicles

25% Straight line

Computer equipment

33% Straight line

Furniture and fittings

33% Straight line

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual
arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any
contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

 

3

Employees and Directors

The average number of persons employed by the company (including the director) during the year, was 10 (2023 - 10).

 

Core Tek Drilling Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 March 2023

500

193,179

7,126

140,930

Additions

-

5,650

-

25,375

Disposals

-

(3,979)

-

-

At 29 February 2024

500

194,850

7,126

166,305

Depreciation

At 1 March 2023

500

150,969

4,730

56,238

Charge for the year

-

20,916

1,180

30,346

Eliminated on disposal

-

-

-

(995)

At 29 February 2024

500

171,885

5,910

85,589

Carrying amount

At 29 February 2024

-

22,965

1,216

80,716

At 28 February 2023

-

42,210

2,396

84,692

Total
£

Cost or valuation

At 1 March 2023

341,735

Additions

31,025

Disposals

(3,979)

At 29 February 2024

368,781

Depreciation

At 1 March 2023

212,437

Charge for the year

52,442

Eliminated on disposal

(995)

At 29 February 2024

263,884

Carrying amount

At 29 February 2024

104,897

At 28 February 2023

129,298

 

Core Tek Drilling Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

5

Stocks

2024
£

2023
£

Work in progress

16,471

-

6

Debtors

Current

2024
£

2023
£

Trade debtors

68,415

96,557

Other debtors

60,107

22,189

 

128,522

118,746

 

Core Tek Drilling Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

50,039

44,932

Trade creditors

 

22,783

14,706

Taxation and social security

 

31,407

28,112

Other creditors

 

30,374

20,584

 

134,603

108,334

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

103,915

116,978

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

23,449

28,460

Hire purchase contracts

80,466

88,518

103,915

116,978

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,782

10,782

Bank overdrafts

7,039

-

Hire purchase contracts

32,218

34,150

50,039

44,932

9

Related party transactions

Creditors include the following amounts which are owed to individuals who were directors of the company during the year:

 

Core Tek Drilling Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

2024
 £

2023
 £

Mr Thomas Beattie

21,045

13,688

 

21,045

13,688

The maximum balance outstanding during the year amounted to £21,045.

The directors current accounts are repayable on demand.

Other debtors includes an amount of £138 (2023: £Nil) which is owed from a related party, SAT Homes Ltd, in which Thomas Beattie is also a director. The loan is repayable on demand
 

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Core Tek Drilling Ltd
for the Year Ended 29 February 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Core Tek Drilling Ltd for the year ended 29 February 2024 as set out on pages 2 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Core Tek Drilling Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Core Tek Drilling Ltd and state those matters that we have agreed to state to the Board of Directors of Core Tek Drilling Ltd, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Core Tek Drilling Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Core Tek Drilling Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Core Tek Drilling Ltd. You consider that Core Tek Drilling Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Core Tek Drilling Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Yates Business Solutions Ltd.
Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

17 July 2024