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REGISTERED NUMBER: 07502493 (England and Wales)













Financial Statements

for the Year Ended 31 December 2023

for

Sirius Drilling Ltd

Sirius Drilling Ltd (Registered number: 07502493)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Sirius Drilling Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTORS: P E Kane
M J Powell
S Robinson





SECRETARY: S Robinson





REGISTERED OFFICE: Russel House
Mill Road
Langley Moor
Durham
Co. Durham
DH7 8HJ





REGISTERED NUMBER: 07502493 (England and Wales)





AUDITORS: Anderson Barrowcliff Limited
Statutory Auditors
Chartered Accountants
3 Kingfisher Court
Bowesfield Park
Stockton on Tees
TS18 3EX

Sirius Drilling Ltd (Registered number: 07502493)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 997,363 887,904

CURRENT ASSETS
Debtors 5 4,910,340 4,033,037
Cash at bank 1,637,205 2,467,327
6,547,545 6,500,364
CREDITORS
Amounts falling due within one year 6 1,207,709 1,395,802
NET CURRENT ASSETS 5,339,836 5,104,562
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,337,199

5,992,466

CREDITORS
Amounts falling due after more than one
year

7

(1,450,160

)

(569,815

)

PROVISIONS FOR LIABILITIES (217,000 ) (171,600 )
NET ASSETS 4,670,039 5,251,051

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 4,669,939 5,250,951
SHAREHOLDERS' FUNDS 4,670,039 5,251,051

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 August 2024 and were signed on its behalf by:





S Robinson - Director


Sirius Drilling Ltd (Registered number: 07502493)

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

1. STATUTORY INFORMATION

Sirius Drilling Ltd 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.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

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 stated net of VAT and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover for the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the balance sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the balance sheet date.

Construction contracts
Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the balance sheet date. Stage of completion is measured by reference to the right to consideration in respect of performance of contractual obligations.
Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred.
When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately.

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-straight line over 5 years
Computer equipment-33% straight line
Motor vehicles-straight line over 4 years

Tangible fixed assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.


Sirius Drilling Ltd (Registered number: 07502493)

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

2. ACCOUNTING POLICIES - continued
Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences.

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 shorter.

The interest element of the obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Amounts recoverable on contracts
Amounts recoverable on contracts are stated at cost plus attributable profit to the extent that such profit is reasonably certain and after making provision for any foreseeable losses in completing contracts, less payments on account received.

Debtors and creditors receivable/payable within one year
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 profit and loss.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 34 (2022 - 33 ) .

Sirius Drilling Ltd (Registered number: 07502493)

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

4. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 January 2023 1,962,593 218,685 2,361 2,183,639
Additions 90,000 334,526 - 424,526
Disposals - (132,070 ) - (132,070 )
At 31 December 2023 2,052,593 421,141 2,361 2,476,095
DEPRECIATION
At 1 January 2023 1,097,820 195,554 2,361 1,295,735
Charge for year 279,589 35,479 - 315,068
Eliminated on disposal - (132,071 ) - (132,071 )
At 31 December 2023 1,377,409 98,962 2,361 1,478,732
NET BOOK VALUE
At 31 December 2023 675,184 322,179 - 997,363
At 31 December 2022 864,773 23,131 - 887,904

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 January 2023 1,244,100 - 1,244,100
Additions - 334,526 334,526
At 31 December 2023 1,244,100 334,526 1,578,626
DEPRECIATION
At 1 January 2023 438,560 - 438,560
Charge for year 220,411 27,068 247,479
At 31 December 2023 658,971 27,068 686,039
NET BOOK VALUE
At 31 December 2023 585,129 307,458 892,587
At 31 December 2022 805,540 - 805,540

Sirius Drilling Ltd (Registered number: 07502493)

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

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 87,707 71,073
Amounts owed by group undertakings 2,913,913 2,516,791
Amounts owed by participating interests - 530
Other debtors 2,910 34,016
Amount recoverable on contract 1,843,820 1,234,629
VAT 48,605 116,839
Prepayments 13,385 59,159
4,910,340 4,033,037

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other loans - less than 1 yr 325,925 -
Hire purchase contracts (see note 8) 109,223 206,099
Payments on account 31,345 38,211
Trade creditors 414,858 652,858
Amounts owed to group undertakings 113,538 52,084
Taxation 54,648 274,000
Social security and other taxes 54,208 86,403
Other creditors 49,057 70,865
Accrued expenses 54,907 15,282
1,207,709 1,395,802

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Other loans - 1-2 years 325,925 -
Other loans - 2-5 years 950,360 -
Hire purchase contracts (see note 8) 173,875 569,815
1,450,160 569,815

8. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2023 2022
£    £   
Net obligations repayable:
Within one year 109,223 206,099
Between one and five years 173,875 569,815
283,098 775,914

Sirius Drilling Ltd (Registered number: 07502493)

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

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 283,098 775,914

Group banking facilities are secured by a debenture over the assets of the company.

The company also offers security to its bankers under cross guarantees with Sirius Engineering Group Ltd and its subsidiaries, related due to directors in common.

Other loans taken out on 16 November 2023 are secured against certain assets of the entity within plant & machinery.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary 1 100 100

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Helen Wilson FCA (Senior Statutory Auditor)
for and on behalf of Anderson Barrowcliff Limited

12. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss as they fall due. The charge for the year was £123,026 (2022: £154,085). There were pension contributions of £33,810 (2022: £50,400) payable at the year end.

13. OTHER FINANCIAL COMMITMENTS

The company had total operating lease commitments of £32,182 (2022: £14,795).

14. ULTIMATE CONTROLLING PARTY

Sirius Engineering Group Limited owns 100% of the issued capital of the company. SEGL Limited is an Employee Ownership Trust which owns 100% of the issued share capital of Sirius Engineering Group Limited. The parent's registered office address is the same as that of the company, and is registered in England and Wales.