Acorah Software Products - Accounts Production 15.0.600 false true true 31 October 2022 1 November 2021 false 1 November 2022 31 October 2023 31 October 2023 06396405 Mr Ian Taylor iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 06396405 2022-10-31 06396405 2023-10-31 06396405 2022-11-01 2023-10-31 06396405 frs-core:CurrentFinancialInstruments 2023-10-31 06396405 frs-core:Non-currentFinancialInstruments 2023-10-31 06396405 frs-core:ComputerEquipment 2023-10-31 06396405 frs-core:ComputerEquipment 2022-11-01 2023-10-31 06396405 frs-core:ComputerEquipment 2022-10-31 06396405 frs-core:FurnitureFittings 2023-10-31 06396405 frs-core:FurnitureFittings 2022-11-01 2023-10-31 06396405 frs-core:FurnitureFittings 2022-10-31 06396405 frs-core:MotorVehicles 2023-10-31 06396405 frs-core:MotorVehicles 2022-11-01 2023-10-31 06396405 frs-core:MotorVehicles 2022-10-31 06396405 frs-core:PlantMachinery 2023-10-31 06396405 frs-core:PlantMachinery 2022-11-01 2023-10-31 06396405 frs-core:PlantMachinery 2022-10-31 06396405 frs-core:ShareCapital 2023-10-31 06396405 frs-core:RetainedEarningsAccumulatedLosses 2023-10-31 06396405 frs-bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 06396405 frs-bus:FilletedAccounts 2022-11-01 2023-10-31 06396405 frs-bus:SmallEntities 2022-11-01 2023-10-31 06396405 frs-bus:AuditExempt-NoAccountantsReport 2022-11-01 2023-10-31 06396405 frs-bus:SmallCompaniesRegimeForAccounts 2022-11-01 2023-10-31 06396405 frs-bus:Director1 2022-11-01 2023-10-31 06396405 frs-countries:EnglandWales 2022-11-01 2023-10-31 06396405 2021-10-31 06396405 2022-10-31 06396405 2021-11-01 2022-10-31 06396405 frs-core:CurrentFinancialInstruments 2022-10-31 06396405 frs-core:Non-currentFinancialInstruments 2022-10-31 06396405 frs-core:ShareCapital 2022-10-31 06396405 frs-core:RetainedEarningsAccumulatedLosses 2022-10-31
Registered number: 06396405
Taylor Drilling Services Ltd
Unaudited Financial Statements
For The Year Ended 31 October 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 06396405
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 203,250 242,061
203,250 242,061
CURRENT ASSETS
Stocks 1,197 2,254
Debtors 5 228,460 194,788
Cash at bank and in hand 25,777 21,461
255,434 218,503
Creditors: Amounts Falling Due Within One Year 6 (395,702 ) (349,569 )
NET CURRENT ASSETS (LIABILITIES) (140,268 ) (131,066 )
TOTAL ASSETS LESS CURRENT LIABILITIES 62,982 110,995
Creditors: Amounts Falling Due After More Than One Year 7 (42,429 ) (70,864 )
NET ASSETS 20,553 40,131
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 20,453 40,031
SHAREHOLDERS' FUNDS 20,553 40,131
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For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Ian Taylor
Director
30th October 2024
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Taylor Drilling Services Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 06396405 . The registered office is 295 Devonshire Road, Atherton, Manchester, M46 9QB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
At the balance sheet date, the company had net current liabilities, however, the director has not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern and the company is fully supported by the director.
2.3. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 10% Straight line
Motor Vehicles 10% Straight line
Fixtures & Fittings 25% Straight line
Computer Equipment 33% Straight line
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.7. Financial Instruments
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to setoff the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loansand receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

Interest is recognised by applying the effective interest rate, except for shortterm receivables when the recognition of interest would be immaterial.The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over therelevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debtinstrument to the net carrying amount on initial recognition.

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classifiedas debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
2.8. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.9. Pensions
The company operates a pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 9 (2022: 9)
9 9
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4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 November 2022 291,252 269,156 18,839 5,789 585,036
Additions 4,000 - - - 4,000
As at 31 October 2023 295,252 269,156 18,839 5,789 589,036
Depreciation
As at 1 November 2022 149,572 170,406 18,839 4,158 342,975
Provided during the period 12,235 29,772 - 804 42,811
As at 31 October 2023 161,807 200,178 18,839 4,962 385,786
Net Book Value
As at 31 October 2023 133,445 68,978 - 827 203,250
As at 1 November 2022 141,680 98,750 - 1,631 242,061
5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 160,634 142,462
Other debtors 67,826 52,326
228,460 194,788
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 12,372 14,894
Trade creditors 35,301 52,864
Bank loans and overdrafts 15,569 21,588
Other taxes and social security 204,486 147,100
Other creditors 127,974 113,123
395,702 349,569
7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 26,596 38,968
Bank loans 15,833 31,896
42,429 70,864
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
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