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COMPANY REGISTRATION NUMBER: 12056151
CA Drillers Holdings Limited
Filleted Unaudited Financial Statements
31 December 2023
CA Drillers Holdings Limited
Financial Statements
Year ended 31 December 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
CA Drillers Holdings Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
1,722,482
1,601,057
Investments
6
80
80
------------
------------
1,722,562
1,601,137
Current assets
Debtors
7
1,573,465
928,542
Cash at bank and in hand
218,746
508,444
------------
------------
1,792,211
1,436,986
Creditors: amounts falling due within one year
8
1,149,903
1,485,118
------------
------------
Net current assets/(liabilities)
642,308
( 48,132)
------------
------------
Total assets less current liabilities
2,364,870
1,553,005
Provisions
19,235
6,396
------------
------------
Net assets
2,345,635
1,546,609
------------
------------
Capital and reserves
Called up share capital
120
120
Capital redemption reserve
40
40
Profit and loss account
2,345,475
1,546,449
------------
------------
Shareholders funds
2,345,635
1,546,609
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
CA Drillers Holdings Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 19 November 2024 , and are signed on behalf of the board by:
Mr J Amos
Director
Company registration number: 12056151
CA Drillers Holdings Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 2 C A Business Park, Colewood Road, Whitstable, Kent, United Kingdom, CT5 2RP.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
In the Director's opinion the accounts have been prepared on a going concern basis, relying upon the ongoing support of the director and companies under common control.
Consolidation
The entity has taken advantage of the option not to prepare consolidated financial statements contained in Section 399 of the Companies Act 2006 on the basis that the entity and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% straight line
Fixtures and fittings
-
25% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2).
5. Tangible assets
Freehold property
Fixtures and fittings
Total
£
£
£
Cost
At 1 January 2023
1,697,844
1,800
1,699,644
Additions
158,605
158,605
------------
-------
------------
At 31 December 2023
1,856,449
1,800
1,858,249
------------
-------
------------
Depreciation
At 1 January 2023
97,687
900
98,587
Charge for the year
36,730
450
37,180
------------
-------
------------
At 31 December 2023
134,417
1,350
135,767
------------
-------
------------
Carrying amount
At 31 December 2023
1,722,032
450
1,722,482
------------
-------
------------
At 31 December 2022
1,600,157
900
1,601,057
------------
-------
------------
6. Investments
Shares in group undertakings
£
Cost
At 1 January 2023 and 31 December 2023
80
----
Impairment
At 1 January 2023 and 31 December 2023
----
Carrying amount
At 31 December 2023
80
----
At 31 December 2022
80
----
7. Debtors
2023
2022
£
£
Trade debtors
84,809
9,608
Other debtors
1,488,656
918,934
------------
---------
1,573,465
928,542
------------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,532
1,195
Corporation tax
35,403
27,340
Social security and other taxes
23,526
5,041
Other creditors
1,089,442
1,451,542
------------
------------
1,149,903
1,485,118
------------
------------
9. Related party transactions
At the year end, the company was owed £1,038,397 (2022: £414,604) by a subsidiary company. At the year end, the company was owed £400,000 (2022: £504,330) by a company under common control. At the year end, the company owed £1,079,000 (2022: £1,379,135) to companies under common control. At the year end a director was owed £9,442 (2022: £71,407) by the company.