Registered number
10953812
Borehole Solutions (North) Limited
Filleted Accounts
31 October 2023
Borehole Solutions (North) Limited
Registered number: 10953812
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 18,147 165,260
Current assets
Debtors 4 466,329 576,192
Cash at bank and in hand - 270
466,329 576,462
Creditors: amounts falling due within one year 5 (1,007,621) (1,172,459)
Net current liabilities (541,292) (595,997)
Total assets less current liabilities (523,145) (430,737)
Creditors: amounts falling due after more than one year 6 (16,667) (143,738)
Net liabilities (539,812) (574,475)
Capital and reserves
Called up share capital 200 200
Profit and loss account (540,012) (574,675)
Shareholders' funds (539,812) (574,475)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
J J Rodgman
Director
Approved by the board on 25 October 2024
Borehole Solutions (North) Limited
Notes to the Accounts
for the year ended 31 October 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold property 20% straight line
Plant and machinery 25% straight line
Fixtures, fittings, tools and equipment 33% straight line or 20% straight line
Motor vehicles 25% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (i.e. liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 8
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 November 2022 3,341 624,873 34,288 662,502
Additions - 657 - 657
Disposals - (455,483) - (455,483)
At 31 October 2023 3,341 170,047 34,288 207,676
Depreciation
At 1 November 2022 1,392 461,562 34,288 497,242
Charge for the year 672 23,734 - 24,406
On disposals - (332,119) - (332,119)
At 31 October 2023 2,064 153,177 34,288 189,529
Net book value
At 31 October 2023 1,277 16,870 - 18,147
At 31 October 2022 1,949 163,311 - 165,260
Finance lease and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
2023 2022
£ £
Plant and machinery - 123,367
Motor vehicles - -
- 123,367
4 Debtors 2023 2022
£ £
Trade debtors 58,643 339,490
Amounts owed by group undertakings and undertakings in which the company has a participating interest 192,444 56,085
Deferred tax asset 168,592 126,956
Other debtors 46,650 53,661
466,329 576,192
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 33,202 34,536
Obligations under finance lease and hire purchase contracts - 86,761
Trade creditors 261,285 273,390
Amounts owed to group undertakings and undertakings in which the company has a participating interest 643,543 630,311
Factoring account 860 112,354
Directors account 369 5,799
Taxation and social security costs 47,512 23,506
Other creditors 20,850 5,802
1,007,621 1,172,459
Lloyds Factoring hold a fixed and floating charge over the assets of the company.

Obligations under finance lease and hire purchase are secured on the assets concerned.
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 16,667 26,667
Obligations under finance lease and hire purchase contracts - 117,071
16,667 143,738
Obligations under finance lease and hire purchase are secured on the assets concerned.
7 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 109,687 408,093
8 Related party transactions
The directors received £10,220 (2022: £42,000) in salaries during the year. The directors maintain loan accounts with the company. During the year there were advances of £4,492 and repayments of £1,121. Loan of £2,059 was written off. The balance of the directors' loans at the year end was £369 (2022: £5,799). Interest is charged on overdrawn balances.

The company made and received loans from group companies and paid expenses on behalf of the group companies to the value of £29,237. The balance outstanding to the group companies was £293,912 (2022: £264,675) at the year end. The balance outstanding from group companies was £8,663 at the year end. These amounts are interest free and repayable on demand.

Trade Debtors to group companies of £183,781 (2022: £56,085) are included in Amounts owed by group undertakings. Trade Creditors to group companies of £349,630 (2022: £365,636) are included in Amounts owing to group undertakings.
9 Going concern
The accounts have been prepared on a going concern basis on the basis that the directors and the parent company undertake to fully support the company.
10 Controlling party
The ultimate controlling party is considered to be Borehole Solutions Ltd (Co no. 09266910, registered in England) by virtue of their 54% shareholding of the company's issued share capital.

Borehole Solutions Ltd's registered office address is as follows:
Sapphire Heights Courtyard
31 Tenby Street North
Birmingham
West Midlands
B1 3ES
11 Other information
Borehole Solutions (North) Limited is a private company limited by shares and incorporated in England. Its registered office is:
Sapphire Heights Courtyard
31 Tenby Street North
Birmingham
West Midlands
B1 3ES
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