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REGISTERED NUMBER: 08370480 (England and Wales)















DRILLCUT (UK) LIMITED

Unaudited Financial Statements for the Year Ended 31 March 2024






DRILLCUT (UK) LIMITED (REGISTERED NUMBER: 08370480)






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


DRILLCUT (UK) LIMITED

Company Information
for the Year Ended 31 March 2024







DIRECTOR: P R Goodfield





REGISTERED OFFICE: Unit 2 & 3
Bowling Hill Business Park
Chipping Sodbury
Bristol
Avon
BS37 6JL





REGISTERED NUMBER: 08370480 (England and Wales)





ACCOUNTANTS: Michael Dufty Partnership Limited
59-61 Charlotte Street
St Pauls Square
Birmingham
West Midlands
B3 1PX

DRILLCUT (UK) LIMITED (REGISTERED NUMBER: 08370480)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 490,308 378,512

CURRENT ASSETS
Debtors 5 1,812,011 1,307,489
Cash at bank 55,912 218,298
1,867,923 1,525,787
CREDITORS
Amounts falling due within one year 6 1,330,194 1,161,110
NET CURRENT ASSETS 537,729 364,677
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,028,037

743,189

CREDITORS
Amounts falling due after more than one
year

7

(171,845

)

(128,160

)

PROVISIONS FOR LIABILITIES (99,888 ) (71,353 )
NET ASSETS 756,304 543,676

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 756,204 543,576
SHAREHOLDERS' FUNDS 756,304 543,676

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.

DRILLCUT (UK) LIMITED (REGISTERED NUMBER: 08370480)

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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 11 September 2024 and were signed by:





P R Goodfield - Director


DRILLCUT (UK) LIMITED (REGISTERED NUMBER: 08370480)

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

1. STATUTORY INFORMATION

Drillcut (UK) 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 - 20% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on cost

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.

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.

The interest element of these 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.

DRILLCUT (UK) LIMITED (REGISTERED NUMBER: 08370480)

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

2. ACCOUNTING POLICIES - continued

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 58 (2023 - 58 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 April 2023 1,120,436 37,051 137,576 1,295,063
Additions 243,319 2,015 56,495 301,829
Disposals (42,442 ) - (26,633 ) (69,075 )
At 31 March 2024 1,321,313 39,066 167,438 1,527,817
DEPRECIATION
At 1 April 2023 806,190 27,318 83,043 916,551
Charge for year 139,732 3,994 26,887 170,613
Eliminated on disposal (42,442 ) - (7,213 ) (49,655 )
At 31 March 2024 903,480 31,312 102,717 1,037,509
NET BOOK VALUE
At 31 March 2024 417,833 7,754 64,721 490,308
At 31 March 2023 314,246 9,733 54,533 378,512

The net book value of tangible fixed assets includes £ 326,638 (2023 - £ 237,733 ) in respect of assets held under hire purchase contracts.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,802,721 1,298,020
Prepayments 9,290 9,469
1,812,011 1,307,489

DRILLCUT (UK) LIMITED (REGISTERED NUMBER: 08370480)

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

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 5,952 71,429
Hire purchase contracts 109,240 91,300
Trade creditors 300,438 159,086
Factoring liability 383,788 463,923
Amounts owed to group undertakings 355,111 292,454
Social security and other taxes 90,321 10,596
Other creditors 23,126 21,484
Accrued expenses 62,218 50,838
1,330,194 1,161,110

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 1-2 years - 5,952
Hire purchase contracts 171,845 122,208
171,845 128,160

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 5,952 77,381
Factoring liability 383,788 463,923
Hire purchase contracts 281,085 213,508
670,825 754,812

The factoring liability is secured against the book debts of the company.

The hire purchase contracts are secured against the assets to which they relate.

The bank loan was secured against the investment property.