REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 December 2023 |
for |
PREMIUM DRILLING TOOLS LIMITED |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 December 2023 |
for |
PREMIUM DRILLING TOOLS LIMITED |
PREMIUM DRILLING TOOLS LIMITED (REGISTERED NUMBER: SC407490) |
Contents of the Financial Statements |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
PREMIUM DRILLING TOOLS LIMITED |
Company Information |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
1st Floor, 5 Abercrombie Crt |
Prospect Road, |
Westhill |
Aberdeenshire |
Grampian |
AB32 6FE |
PREMIUM DRILLING TOOLS LIMITED (REGISTERED NUMBER: SC407490) |
Balance Sheet |
31 DECEMBER 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks | 5 |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 9 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
The directors acknowledge their 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. |
PREMIUM DRILLING TOOLS LIMITED (REGISTERED NUMBER: SC407490) |
Balance Sheet - continued |
31 DECEMBER 2023 |
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 |
PREMIUM DRILLING TOOLS LIMITED (REGISTERED NUMBER: SC407490) |
Notes to the Financial Statements |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Premium Drilling Tools Limited is a |
2. | ACCOUNTING POLICIES |
Accounting convention |
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting |
Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies |
Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of |
section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true |
and fair view. |
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary |
amounts in these financial statements are rounded to the nearest £. |
The financial statements have been prepared under the historical cost convention, modified to include the |
revaluation of freehold properties and to include investment properties and certain financial instruments at fair |
value. The principal accounting policies adopted are set out below. |
Turnover |
Turnover is recognised at the fair value of the consideration received or receivable for goods and services |
provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair |
value of consideration takes into account trade discounts, settlement discounts and volume rebates |
. |
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is |
the present value of the future receipts. The difference between the fair value of the consideration and the |
nominal amount received is recognised as interest income. |
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the |
goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
Revenue from contracts for the provision of professional services is recognised by reference to the stage of |
completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. |
The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered. |
PREMIUM DRILLING TOOLS LIMITED (REGISTERED NUMBER: SC407490) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of |
depreciation and any impairment losses. |
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: |
Plant and equipment 3 - 10 years |
Office equipment 2 - 10 years |
Motor vehicles 3 years |
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss. |
Government grants |
Government grants are recognised at the fair value of the asset received or receivable when there is |
reasonable assurance that the grant conditions will be met and the grants will be received. |
A grant that specifies performance conditions is recognised in income when the performance conditions are |
met. Where a grant does not specify performance conditions it is recognised in income when the proceeds |
are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a |
liability. |
Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost |
comprises direct materials and, where applicable, direct labour costs and those overheads that have been |
incurred in bringing the stocks to their present location and condition. |
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement |
cost, adjusted where applicable for any loss of service potential. |
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks |
over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or |
loss. Reversals of impairment losses are also recognised in profit or loss. |
Financial instruments |
The Company only enters into basic financial instrument transactions that result in the recognition of financial |
assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans |
to related parties and investments in ordinary shares. |
Taxation |
Current tax |
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as |
reported in the profit and loss account because it excludes items of income or expense that are taxable or |
deductible in other years and it further excludes 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 |
reporting end date. |
PREMIUM DRILLING TOOLS LIMITED (REGISTERED NUMBER: SC407490) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are |
recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax |
liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference |
arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects |
neither the tax profit nor the accounting profit. |
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability |
is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except |
when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with |
in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to |
offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the |
same tax authority. |
Foreign exchange |
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the |
dates of the transactions. |
At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are |
retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the |
period are included in profit or loss. |
Finance costs |
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. |
Provisions for liabilities |
Provisions are recognised when the company has a legal or constructive present obligation as a result of a |
past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation. |
The amount recognised as a provision is the best estimate of the consideration required to settle the present |
obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. |
Where the effect of the time value of money is material, the amount expected to be required to settle the |
obligation is recognised at present value. When a provision is measured at present value, the unwinding of |
the discount is recognised as a finance cost in profit or loss in the period in which it arises. |
Operating leases |
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease. |
PREMIUM DRILLING TOOLS LIMITED (REGISTERED NUMBER: SC407490) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Debtors and creditors |
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured |
initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the |
effective interest method, less any impairment. |
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are |
measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost |
using the effective interest method. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and | Office | Motor |
machinery | equipment | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
PREMIUM DRILLING TOOLS LIMITED (REGISTERED NUMBER: SC407490) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
4. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under finance leases are as follows: |
Plant and |
machinery |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
5. | STOCKS |
31.12.23 | 31.12.22 |
£ | £ |
Raw materials and consumables |
Long-term contract balances | 84,753 | 81,281 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Trade debtors |
Prepayments and accrued income |
PREMIUM DRILLING TOOLS LIMITED (REGISTERED NUMBER: SC407490) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Bank loans and overdrafts |
Finance leases |
Trade creditors |
Amounts owed to other |
participating interests | 763,642 | 832,642 |
Social security and other taxes |
VAT | 72,956 | 72,640 |
Accrued expenses |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Bank loans - 1-2 years |
Finance leases |
9. | PROVISIONS FOR LIABILITIES |
31.12.23 | 31.12.22 |
£ | £ |
Deferred tax | 50,366 | 23,323 |
Deferred |
tax |
£ |
Balance at 1 January 2023 |
Provided during year |
Balance at 31 December 2023 |
10. | RELATED PARTY DISCLOSURES |
A director |
Director |
Loans to the value of £30,000 were repaid in the year. |
31.12.23 | 31.12.22 |
£ | £ |
Amount due from related party at the balance sheet date | 277,382 | 307,382 |
PREMIUM DRILLING TOOLS LIMITED (REGISTERED NUMBER: SC407490) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
10. | RELATED PARTY DISCLOSURES - continued |
A company with common directors |
A Company with in which the directors have a common interest |
No movement in the year |
31.12.23 | 31.12.22 |
£ | £ |
Amount due from related party at the balance sheet date | 51,326 | 51,326 |
A director |
Director |
Loans to the value of £39,000 were repaid in the year. |
31.12.23 | 31.12.22 |
£ | £ |
Amount due from related party at the balance sheet date | 434,935 | 473,935 |