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REGISTERED NUMBER: 09873543 (England and Wales)











FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

SOUTHERN COUNTIES DRILLING SOLUTIONS LTD

SOUTHERN COUNTIES DRILLING SOLUTIONS LTD (REGISTERED NUMB

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SOUTHERN COUNTIES DRILLING SOLUTIONS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: J Oak
S Jeffery





REGISTERED OFFICE: 3 Durrant Road
Bournemouth
Dorset
BH2 6NE





REGISTERED NUMBER: 09873543 (England and Wales)





AUDITORS: Carter & Coley Limited
Chartered Accountants and Statutory Auditor
3 Durrant Road
Bournemouth
Dorset
BH2 6NE

SOUTHERN COUNTIES DRILLING SOLUTIONS LTD (REGISTERED NUMB

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 36,411 -
Tangible assets 5 183,057 168,242
219,468 168,242

CURRENT ASSETS
Stocks 35,000 35,000
Debtors 6 137,693 147,940
172,693 182,940
CREDITORS
Amounts falling due within one year 7 150,558 103,798
NET CURRENT ASSETS 22,135 79,142
TOTAL ASSETS LESS CURRENT
LIABILITIES

241,603

247,384

CREDITORS
Amounts falling due after more than one
year

8

(167,246

)

(163,343

)

PROVISIONS FOR LIABILITIES (23,861 ) (23,166 )
NET ASSETS 50,496 60,875

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 50,396 60,775
SHAREHOLDERS' FUNDS 50,496 60,875

SOUTHERN COUNTIES DRILLING SOLUTIONS LTD (REGISTERED NUMB

BALANCE SHEET - continued
31 MARCH 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 July 2024 and were signed on its behalf by:





J Oak - Director


SOUTHERN COUNTIES DRILLING SOLUTIONS LTD (REGISTERED NUMB

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Southern Counties Drilling Solutions Ltd 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.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2024, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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.
Plant and machinery - 10% on cost
Motor vehicles - 20% on cost
Computer equipment - Straight line over 3 years

Fixed assets are initially recognised at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


SOUTHERN COUNTIES DRILLING SOLUTIONS LTD (REGISTERED NUMB

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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 7 (2023 - 9 ) .

SOUTHERN COUNTIES DRILLING SOLUTIONS LTD (REGISTERED NUMB

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
Additions 37,438
At 31 March 2024 37,438
AMORTISATION
Charge for year 1,027
At 31 March 2024 1,027
NET BOOK VALUE
At 31 March 2024 36,411

5. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 April 2023 224,728 93,200 - 317,928
Additions 58,397 2,750 2,015 63,162
Disposals - (17,700 ) - (17,700 )
At 31 March 2024 283,125 78,250 2,015 363,390
DEPRECIATION
At 1 April 2023 102,544 47,142 - 149,686
Charge for year 24,165 15,827 95 40,087
Eliminated on disposal - (9,440 ) - (9,440 )
At 31 March 2024 126,709 53,529 95 180,333
NET BOOK VALUE
At 31 March 2024 156,416 24,721 1,920 183,057
At 31 March 2023 122,184 46,058 - 168,242

SOUTHERN COUNTIES DRILLING SOLUTIONS LTD (REGISTERED NUMB

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 April 2023 109,672 86,700 196,372
Additions 38,571 - 38,571
Disposals - (17,700 ) (17,700 )
Transfer to ownership (64,411 ) - (64,411 )
At 31 March 2024 83,832 69,000 152,832
DEPRECIATION
At 1 April 2023 43,597 43,350 86,947
Charge for year 5,419 14,390 19,809
Eliminated on disposal - (9,440 ) (9,440 )
Transfer to ownership (30,935 ) - (30,935 )
At 31 March 2024 18,081 48,300 66,381
NET BOOK VALUE
At 31 March 2024 65,751 20,700 86,451
At 31 March 2023 66,075 43,350 109,425

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 102,283 136,478
Amounts owed by group undertakings 50 50
Amounts recoverable on contract 17,023 -
Other debtors 473 -
VAT 16,827 9,573
Prepayments and accrued income 1,037 1,839
137,693 147,940

SOUTHERN COUNTIES DRILLING SOLUTIONS LTD (REGISTERED NUMB

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 42,850 27,117
Hire purchase contracts (see note 9) 28,776 26,024
Trade creditors 34,273 21,509
Amounts owed to group undertakings 18,661 18,661
Social security and other taxes 7,047 7,147
Other creditors - 1,177
Pension control 1,164 623
Accruals and deferred income 17,787 1,540
150,558 103,798

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 9) 37,147 33,244
Amounts owed to group undertakings 130,099 130,099
167,246 163,343

Amounts falling due in more than five years:

Repayable by instalments
Hire purchase 6,532 -

SOUTHERN COUNTIES DRILLING SOLUTIONS LTD (REGISTERED NUMB

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


9. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024 2023
£    £   
Gross obligations repayable:
Within one year 34,668 30,667
Between one and five years 38,186 39,173
In more than five years 6,774 -
79,628 69,840

Finance charges repayable:
Within one year 5,892 4,643
Between one and five years 7,571 5,929
In more than five years 242 -
13,705 10,572

Net obligations repayable:
Within one year 28,776 26,024
Between one and five years 30,615 33,244
In more than five years 6,532 -
65,923 59,268

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 42,850 27,117
Hire purchase contracts 65,923 59,268
108,773 86,385

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Andrew Clark BSc FCA (Senior Statutory Auditor)
for and on behalf of Carter & Coley Limited

SOUTHERN COUNTIES DRILLING SOLUTIONS LTD (REGISTERED NUMB

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


12. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

13. ULTIMATE PARENT COMPANY

Branksome Park Holdings Limited (a company registered in England & Wales with company number 08654034) is regarded as being the company's ultimate parent company throughout the current and previous period.