Company Registration No. SC500177 (Scotland)
Core Drilling Specialists (Scotland) Limited
Unaudited accounts
for the year ended 30 April 2024
Core Drilling Specialists (Scotland) Limited
Unaudited accounts
Contents
Core Drilling Specialists (Scotland) Limited
Company Information
for the year ended 30 April 2024
Directors
Malcolm Murray
Scott Murray
Company Number
SC500177 (Scotland)
Registered Office
Unit 9, Inchcross Industrial Estate
Whitburn Road
Bathgate
West Lothian
EH48 2HR
Scotland
Accountants
Select Financial Management
Axwell House
2 Westerton Road
Broxburn
West Lothian
EH52 5AU
Core Drilling Specialists (Scotland) Limited
Statement of financial position
as at 30 April 2024
Tangible assets
1,017,612
695,693
Cash at bank and in hand
855,300
1,160,433
Creditors: amounts falling due within one year
(555,891)
(565,338)
Net current assets
1,308,039
1,203,208
Total assets less current liabilities
2,325,651
1,898,901
Creditors: amounts falling due after more than one year
(209,248)
(123,798)
Provisions for liabilities
Deferred tax
(254,404)
(168,093)
Net assets
1,861,999
1,607,010
Called up share capital
1
1
Profit and loss account
1,861,998
1,607,009
Shareholders' funds
1,861,999
1,607,010
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 3 October 2024 and were signed on its behalf by
Scott Murray
Director
Company Registration No. SC500177
Core Drilling Specialists (Scotland) Limited
Notes to the Accounts
for the year ended 30 April 2024
Core Drilling Specialists (Scotland) Limited is a private company, limited by shares, registered in Scotland, registration number SC500177. The registered office is Unit 9, Inchcross Industrial Estate, Whitburn Road, Bathgate, West Lothian, EH48 2HR, Scotland.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% Straight Line
Motor vehicles
25% Reducing Balance
Computer equipment
25% Straight Line
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Core Drilling Specialists (Scotland) Limited
Notes to the Accounts
for the year ended 30 April 2024
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 May 2023
705,173
611,744
24,259
1,341,176
Additions
336,951
291,802
483
629,236
Disposals
-
(70,000)
-
(70,000)
At 30 April 2024
1,042,124
833,546
24,742
1,900,412
At 1 May 2023
369,416
256,516
19,551
645,483
Charge for the year
138,789
122,972
2,489
264,250
On disposals
-
(26,933)
-
(26,933)
At 30 April 2024
508,205
352,555
22,040
882,800
At 30 April 2024
533,919
480,991
2,702
1,017,612
At 30 April 2023
335,757
355,228
4,708
695,693
Amounts falling due within one year
Trade debtors
757,449
494,473
Other debtors
139,532
3,261
6
Creditors: amounts falling due within one year
2024
2023
Obligations under finance leases and hire purchase contracts
46,884
26,884
Trade creditors
375,687
351,080
Taxes and social security
89,496
160,817
Other creditors
27,321
4,054
7
Creditors: amounts falling due after more than one year
2024
2023
Obligations under finance leases and hire purchase contracts
209,248
123,798
Core Drilling Specialists (Scotland) Limited
Notes to the Accounts
for the year ended 30 April 2024
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Director's loan
-
151,482
19,500
131,982
During the year, the company advanced the above interest-free loan to its director, Scott Murray, which is being repaid by instalments that averaged around £2,000 per month. This balance is included within the figure for 'other debtors' per Note 6 above.
9
Average number of employees
During the year the average number of employees was 45 (2023: 45).