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REGISTERED NUMBER: 03818274 (England and Wales)















Unaudited Financial Statements for the Year Ended 29 June 2024

for

J Hare Diamond Drilling
(Hitchin) Limited

J Hare Diamond Drilling
(Hitchin) Limited (Registered number: 03818274)






Contents of the Financial Statements
for the Year Ended 29 June 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


J Hare Diamond Drilling
(Hitchin) Limited

Company Information
for the Year Ended 29 June 2024







DIRECTORS: Mr J Hare
Mr J C J Hare





SECRETARY: Ms C Hare





REGISTERED OFFICE: 5 - 7 Wallace Way
Hitchin
Hertfordshire
SG4 0SE





REGISTERED NUMBER: 03818274 (England and Wales)





ACCOUNTANTS: Godfrey Laws & Co Limited
65 Knowl Piece
Wilbury Way
Hitchin
Hertfordshire
SG4 0TY

J Hare Diamond Drilling
(Hitchin) Limited (Registered number: 03818274)

Balance Sheet
29 June 2024

29.6.24 29.6.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 230,052 253,125

CURRENT ASSETS
Stocks 38,766 85,741
Debtors 5 759,227 736,085
Cash at bank and in hand 9,731 12,836
807,724 834,662
CREDITORS
Amounts falling due within one year 6 787,616 1,040,708
NET CURRENT ASSETS/(LIABILITIES) 20,108 (206,046 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

250,160

47,079

CREDITORS
Amounts falling due after more than one
year

7

(73,847

)

(119,359

)

PROVISIONS FOR LIABILITIES (27,754 ) (25,812 )
NET ASSETS/(LIABILITIES) 148,559 (98,092 )

CAPITAL AND RESERVES
Called up share capital 100 100
Capital redemption reserve 10 10 10
Retained earnings 10 148,449 (98,202 )
SHAREHOLDERS' FUNDS 148,559 (98,092 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 June 2024 in accordance with Section 476 of the Companies Act 2006.

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.

J Hare Diamond Drilling
(Hitchin) Limited (Registered number: 03818274)

Balance Sheet - continued
29 June 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 13 November 2024 and were signed on its behalf by:





Mr J Hare - Director


J Hare Diamond Drilling
(Hitchin) Limited (Registered number: 03818274)

Notes to the Financial Statements
for the Year Ended 29 June 2024

1. STATUTORY INFORMATION

J Hare Diamond Drilling (Hitchin) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 15% on cost
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
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 items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

J Hare Diamond Drilling
(Hitchin) Limited (Registered number: 03818274)

Notes to the Financial Statements - continued
for the Year Ended 29 June 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 34 (2023 - 42 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 30 June 2023 24,065 726,481 37,683 212,748 1,000,977
Additions - 15,551 - 64,163 79,714
Disposals - (53,137 ) - (131,324 ) (184,461 )
At 29 June 2024 24,065 688,895 37,683 145,587 896,230
DEPRECIATION
At 30 June 2023 24,065 570,191 31,025 122,571 747,852
Charge for year - 28,881 762 25,415 55,058
Eliminated on disposal - (49,897 ) - (86,835 ) (136,732 )
At 29 June 2024 24,065 549,175 31,787 61,151 666,178
NET BOOK VALUE
At 29 June 2024 - 139,720 5,896 84,436 230,052
At 29 June 2023 - 156,290 6,658 90,177 253,125

J Hare Diamond Drilling
(Hitchin) Limited (Registered number: 03818274)

Notes to the Financial Statements - continued
for the Year Ended 29 June 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 30 June 2023 212,748
Additions 64,163
Disposals (131,324 )
At 29 June 2024 145,587
DEPRECIATION
At 30 June 2023 122,571
Charge for year 25,415
Eliminated on disposal (86,835 )
At 29 June 2024 61,151
NET BOOK VALUE
At 29 June 2024 84,436
At 29 June 2023 90,177

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.6.24 29.6.23
£    £   
Trade debtors 647,868 589,184
Other debtors 111,359 146,901
759,227 736,085

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.6.24 29.6.23
£    £   
Bank loans and overdrafts 475,686 197,673
Hire purchase contracts (see note 8) 28,039 47,475
Trade creditors 97,623 224,067
Taxation and social security 97,185 481,831
Other creditors 89,083 89,662
787,616 1,040,708

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
29.6.24 29.6.23
£    £   
Bank loans 25,632 81,188
Hire purchase contracts (see note 8) 48,215 38,171
73,847 119,359

J Hare Diamond Drilling
(Hitchin) Limited (Registered number: 03818274)

Notes to the Financial Statements - continued
for the Year Ended 29 June 2024

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
29.6.24 29.6.23
£    £   
Net obligations repayable:
Within one year 28,039 47,475
Between one and five years 48,215 38,171
76,254 85,646

Non-cancellable operating leases
29.6.24 29.6.23
£    £   
Within one year - 7,931

9. SECURED DEBTS

The following secured debts are included within creditors:

29.6.24 29.6.23
£    £   
Bank overdrafts 100,130 145,982
Bank loans 401,188 132,879
Hire purchase contracts 76,254 85,646
577,572 364,507

The facilities provided by the bank are secured by debentures.
The HP liabilities are secured on individual assets.

10. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 30 June 2023 (98,202 ) 10 (98,192 )
Profit for the year 246,651 246,651
At 29 June 2024 148,449 10 148,459

J Hare Diamond Drilling
(Hitchin) Limited (Registered number: 03818274)

Notes to the Financial Statements - continued
for the Year Ended 29 June 2024

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the year ended 29 June 2024 and the period ended 29 June 2023:

29.6.24 29.6.23
£    £   
Mr J Hare
Balance outstanding at start of year - -
Amounts advanced 28,066 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 28,066 -

The directors Mrs C Hare and Mr J Hare owe £28,761 and £25,316 respectively to the company.

12. RELATED PARTY DISCLOSURES

During the year, the company incurred rental costs of £30,000 (2023: £30,000) for the use of premises owned by Mr J Hare and Mrs C Hare.

Included in Other Debtors are amounts owed by Mrs C Hare, shareholder and former director totalling £30,077.

13. ULTIMATE CONTROLLING PARTY

The company is under the control of Mr J Hare.