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REGISTERED NUMBER: SC199789 (Scotland)












Financial Statements for the Year Ended 31 March 2024

for

INDEPENDENT DRILLING ENGINEERING
ASSOCIATES LTD

INDEPENDENT DRILLING ENGINEERING
ASSOCIATES LTD (REGISTERED NUMBER: SC199789)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


INDEPENDENT DRILLING ENGINEERING
ASSOCIATES LTD

Company Information
for the Year Ended 31 March 2024







DIRECTOR: M T Gibson





REGISTERED OFFICE: 12 Traill Drive
Montrose
Angus
DD10 8SW





REGISTERED NUMBER: SC199789 (Scotland)





ACCOUNTANTS: Account Tax Ltd
Chartered Certified Accountants
12 Traill Drive
Montrose
Angus
DD10 8SW

INDEPENDENT DRILLING ENGINEERING
ASSOCIATES LTD (REGISTERED NUMBER: SC199789)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 861 1,724
Tangible assets 5 2,246 1,108
3,107 2,832

CURRENT ASSETS
Cash at bank 247,605 261,831

CREDITORS
Amounts falling due within one year 6 32,108 32,238
NET CURRENT ASSETS 215,497 229,593
TOTAL ASSETS LESS CURRENT
LIABILITIES

218,604

232,425

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 218,602 232,423
SHAREHOLDERS' FUNDS 218,604 232,425

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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.

INDEPENDENT DRILLING ENGINEERING
ASSOCIATES LTD (REGISTERED NUMBER: SC199789)

Balance Sheet - continued
31 March 2024


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 & Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 19 July 2024 and were signed by:





M T Gibson - Director


INDEPENDENT DRILLING ENGINEERING
ASSOCIATES LTD (REGISTERED NUMBER: SC199789)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Independent Drilling Engineering Associates Ltd is a private company, limited by shares , registered in Scotland. 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.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Website is being amortised evenly over its estimated useful life of four years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance
Computer equipment - 25% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & 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.

Deferred tax
Deferred tax is recognised in respect of all material 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

INDEPENDENT DRILLING ENGINEERING
ASSOCIATES LTD (REGISTERED NUMBER: SC199789)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 April 2023
and 31 March 2024 3,450
AMORTISATION
At 1 April 2023 1,726
Charge for year 863
At 31 March 2024 2,589
NET BOOK VALUE
At 31 March 2024 861
At 31 March 2023 1,724

5. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 April 2023 13,809 6,737 20,546
Additions - 1,675 1,675
At 31 March 2024 13,809 8,412 22,221
DEPRECIATION
At 1 April 2023 12,797 6,641 19,438
Charge for year 253 284 537
At 31 March 2024 13,050 6,925 19,975
NET BOOK VALUE
At 31 March 2024 759 1,487 2,246
At 31 March 2023 1,012 96 1,108

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Taxation and social security - (1,693 )
Other creditors 32,108 33,931
32,108 32,238

INDEPENDENT DRILLING ENGINEERING
ASSOCIATES LTD (REGISTERED NUMBER: SC199789)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

7. RELATED PARTY DISCLOSURES

The company was under the control of the sole director M T Gibson through the current and previous year.

During the year the company repaid the director net amounts totalling £1,823. As at 31 March 2024, included within other creditors, is a balance outstanding due to the director of £31,628 (2023 - £33,451). No interest has been paid on this loan.