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Registered number: 7066906
SOUTHEASTERN DRILLING SERVICES LIMITED
Unaudited Financial Statements
For The Year Ended 30 November 2023
JENNIFER M RICHARDSON LIMITED
32 Station Road
Rainham
Gillingham
Kent
ME8 7PH
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 7066906
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 227,852 259,189
227,852 259,189
CURRENT ASSETS
Debtors 5 153,532 164,623
Cash at bank and in hand 235,845 160,886
389,377 325,509
Creditors: Amounts Falling Due Within One Year 6 (140,093 ) (153,008 )
NET CURRENT ASSETS (LIABILITIES) 249,284 172,501
TOTAL ASSETS LESS CURRENT LIABILITIES 477,136 431,690
Creditors: Amounts Falling Due After More Than One Year 7 (15,000 ) (30,000 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (24,428 ) (32,187 )
NET ASSETS 437,708 369,503
CAPITAL AND RESERVES
Called up share capital 8 4 4
Profit and Loss Account 437,704 369,499
SHAREHOLDERS' FUNDS 437,708 369,503
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For the year ending 30 November 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 SONNY WORRALL
Director
16/01/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
SOUTHEASTERN DRILLING SERVICES LIMITED is a private company, limited by shares, incorporated in England & Wales, registered number 7066906 . The registered office is 55 Seathorpe Avenue, Minster-on-Sea, Sheerness, KENT, ME12 2LT.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
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:
Freehold 0%
Plant & Machinery 25% reducing balance
Motor Vehicles 15% reducing balance
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2022: 2)
2 2
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4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Total
£ £ £ £
Cost
As at 1 December 2022 130,142 353,104 58,343 541,589
Additions - 3,395 - 3,395
Disposals - (5,125 ) - (5,125 )
As at 30 November 2023 130,142 351,374 58,343 539,859
Depreciation
As at 1 December 2022 - 266,209 16,191 282,400
Provided during the period - 22,032 10,538 32,570
Disposals - (2,963 ) - (2,963 )
As at 30 November 2023 - 285,278 26,729 312,007
Net Book Value
As at 30 November 2023 130,142 66,096 31,614 227,852
As at 1 December 2022 130,142 86,895 42,152 259,189
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
2023 2022
£ £
Motor Vehicles 31,614 42,152
31,614 42,152
5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 152,857 163,948
Other debtors 675 675
153,532 164,623
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6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 15,000 15,000
Trade creditors 49,228 65,952
Corporation tax 26,482 13,107
Other taxes and social security 7,703 57,049
VAT 38,568 -
Other creditors 2,320 1,900
Director's loan account 792 -
140,093 153,008
7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 15,000 30,000
15,000 30,000
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 4 4
9. Ultimate Controlling Party
The company's ultimate controlling party is Mr S. Worrall by virtue of his ownership of 100% of the issued share capital in the company.
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