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Registration number: 03276586

Precision Drilling 2000 Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Precision Drilling 2000 Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 10

 

Precision Drilling 2000 Limited

Company Information

Directors

Mr I D Wilkinson

Mrs HD Wilkinson

Company secretary

TWD Services Limited

Registered office

Wyke Street
Hedon Road
Kingston upon Hull
HU9 1PA

 

Precision Drilling 2000 Limited

(Registration number: 03276586)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

6

400,039

409,141

 

400,039

409,141

Current assets

 

Stocks

7

2,788

2,618

Debtors

8

173,019

138,105

Cash at bank and in hand

 

38,700

49,344

 

214,507

190,067

Creditors: Amounts falling due within one year

9

(246,609)

(231,584)

Net current liabilities

 

(32,102)

(41,517)

Total assets less current liabilities

 

367,937

367,624

Creditors: Amounts falling due after more than one year

9

(105,133)

(122,816)

Provisions for liabilities

(68,425)

(58,517)

Net assets

 

194,379

186,291

Capital and reserves

 

Called up share capital

100,003

100,003

Retained earnings

94,376

86,288

Shareholders' funds

 

194,379

186,291

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Precision Drilling 2000 Limited

(Registration number: 03276586)
Balance Sheet as at 31 March 2024

Approved and authorised for issue by the Board on 4 November 2024 and signed on its behalf by:
 

.........................................

Mr I D Wilkinson

Director

 

Precision Drilling 2000 Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Wyke Street
Hedon Road
Kingston upon Hull
HU9 1PA

These financial statements were authorised for issue by the Board on 4 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

 

Precision Drilling 2000 Limited

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

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

30% on reducing balance

Furniture, fittings and equipment

33% on reducing balance

Motor vehicles

30% on reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Precision Drilling 2000 Limited

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

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 15 (2023 - 13).

4

Profit before tax

Arrived at after charging/(crediting)

 

Precision Drilling 2000 Limited

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

2024
£

2023
£

Depreciation expense

107,595

91,698

 

Precision Drilling 2000 Limited

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

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

75,000

75,000

At 31 March 2024

75,000

75,000

Amortisation

At 1 April 2023

75,000

75,000

At 31 March 2024

75,000

75,000

Carrying amount

At 31 March 2024

-

-

6

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

111,715

40,707

181,793

608,120

942,335

Additions

-

-

19,999

85,478

105,477

Disposals

-

-

(10,790)

(100,201)

(110,991)

At 31 March 2024

111,715

40,707

191,002

593,397

936,821

Depreciation

At 1 April 2023

-

36,966

95,930

400,298

533,194

Charge for the year

-

1,235

29,564

76,796

107,595

Eliminated on disposal

-

-

(9,818)

(94,189)

(104,007)

At 31 March 2024

-

38,201

115,676

382,905

536,782

Carrying amount

At 31 March 2024

111,715

2,506

75,326

210,492

400,039

At 31 March 2023

111,715

3,741

85,863

207,822

409,141

Included within the net book value of land and buildings above is £111,715 (2023 - £111,715) in respect of freehold land and buildings.
 

7

Stocks

2024
£

2023
£

Other inventories

2,788

2,618

 

Precision Drilling 2000 Limited

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

8

Debtors

Current

2024
£

2023
£

Trade debtors

156,267

108,253

Prepayments

11,382

9,515

Other debtors

5,370

20,337

 

173,019

138,105

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

136,891

138,901

Trade creditors

 

48,482

53,631

Taxation and social security

 

41,602

19,055

Accruals and deferred income

 

17,149

14,102

Other creditors

 

2,485

5,895

 

246,609

231,584

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

102,223

118,620

Other non-current financial liabilities

 

2,910

4,196

 

105,133

122,816

 

Precision Drilling 2000 Limited

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

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

18,333

28,333

Hire purchase contracts

83,890

90,287

102,223

118,620

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,000

9,999

Hire purchase contracts

90,781

99,201

Other borrowings

36,110

29,701

136,891

138,901

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £2,769 (2023 - £8,897).