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Registered number: 09960555









M & J DRILLING HOLDING LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

 
M & J DRILLING HOLDING LIMITED
 
 
COMPANY INFORMATION


Directors
Stephen John Rule 
Scott Johnson 




Company secretary
Caroline Rule



Registered number
09960555



Registered office
Unit 44 Coneygree Industrial Estate

Tipton

West Midlands

DY4 8XP




Independent auditors
Lancaster Clements Limited
Chartered Certified Accountants

Stanley House

27 Wellington Road

Bilston

West Midlands

WV14 6AH




Bankers
Lloyds TSB Bank Plc
5 Market Square

Stafford

Staffordshire

ST16 2JL





 
M & J DRILLING HOLDING LIMITED
 

CONTENTS



Page
Group strategic report
 
1
Directors' report
 
2 - 3
Independent auditors' report
 
4 - 7
Consolidated statement of comprehensive income
 
8
Consolidated statement of financial position
 
9 - 10
Company statement of financial position
 
11 - 12
Consolidated statement of changes in equity
 
13 - 14
Company statement of changes in equity
 
15 - 16
Consolidated statement of cash flows
 
17 - 18
Consolidated analysis of net debt
 
19
Notes to the financial statements
 
20 - 35


 
M & J DRILLING HOLDING LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

Introduction
 
Th principal activity of M & j Drilling Holding Limited is that of the investment and management of its subsidiary undertaking. The principal activity of the subsidiary undertaking, M & J Drilling Services Limited, is that of site investigation and ground stabilisation contractors.

Business review
 
All of the income of the parent company is derived from trading through the subsidiary undertaking. That company has seen a reduced activity this year with turnover of £7,085,744 this year as compared to £8,426,520 in the previous year. The gross profit margin has seen a decrease of 6.3% this year following a change in the mix of jobs undertaken this year which can impact on the margin attained. The group has no defined key performance indicators other than turnover, gross profit, trading profit and cash. Cash flow has been identified as the principal risk affecting the Group, however, there are sufficient funds currently available within the businesses.
Current trading and open order levels year to date, along with the level of working capital available, gives the directors confidence in the company's long-term future. The overall trading outlook for the calendar year 2025 is positive.

Principal risks and uncertainties
 
The company has financial risks and seeks to minimise these by incorporating and rigorously implementing controls into key functions as part of the normal business operations.
Management review sale prices on a continuous basis to account for fluctuations in costs in order to minimise the risk of gross margin erosion.

Financial key performance indicators
 
The Group's key performance indicators continue to be turnover, gross profit, operating profit and cash, which have all met the desired performance levels.
There has been a reduction in the turnover and the gross profit margin this year however despite this the overall results have continued to be positive within the group.

Other key performance indicators
 
There are no key performance indicators.


This report was approved by the board on 20 December 2024 and signed on its behalf.



Stephen John Rule
Director

Page 1

 
M & J DRILLING HOLDING LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024

The directors present their report and the financial statements for the year ended 30 June 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £1,302,193 (2023 - £2,423,485).

The directors do not propose to recommend payment of a dividend.

Directors

The directors who served during the year were:

Stephen John Rule 
Scott Johnson 

Future developments

The directors consider that there are no future developments of the company required to be disclosed.

Page 2

 
M & J DRILLING HOLDING LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditorsLancaster Clements Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 20 December 2024 and signed on its behalf.
 





Stephen John Rule
Director

Page 3

 
M & J DRILLING HOLDING LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF M & J DRILLING HOLDING LIMITED
 

Opinion


We have audited the financial statements of M & J Drilling Holding Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 June 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated statement of financial position, the Company statement of financial position, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 30 June 2024 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 4

 
M & J DRILLING HOLDING LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF M & J DRILLING HOLDING LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Page 5

 
M & J DRILLING HOLDING LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF M & J DRILLING HOLDING LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Identifying and assessing potential risks related to irregularities
We obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, tax legislation and regulations relating to the employed workforce.
In assessing risks of material misstatements in respect of irregularities, including fraud and non-compliance with
laws and regulations, we considered the following:
- The clients evaluation of compliance with laws and regulations and whether they were aware of any instances of none compliance, along with the measures in place to mitigate any such instances.
- Methods in place to detect and respond to the risk of fraud and whether there was any actual, suspected or alleged fraud, along with internal controls established to mitigate such risks.
- Where fraud might occur in the financial statements and any potential indicators of fraud.
As a result of those procedures we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential being in relation to:
- management override of controls
- transactions outside the normal course of business, particularly with related parties.
Audit response to risks identified
Our procedures to respond to the risks identified included the following:
- Testing of material journal entries, paying particular attention to the period immediately prior to and following the reporting date.
- Evaluation of the business rationale behind transactions made between related parties that are unusual or outside the normal course of business
- An assessment of whether the judgements made in making accounting estimates are indicative of a potential
Page 6

 
M & J DRILLING HOLDING LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF M & J DRILLING HOLDING LIMITED (CONTINUED)


bias
- Making enquiries of management concerning actual or potential litigation and claims
We have designed our procedures to best identify the likelihood or occurrence of irregularities, whether or not arising due to fraud. However, it is accepted that there is an inherent difficulty in detecting irregularities and our findings are subject to the timing and extent of the audit procedures performed.
A further description of our responsibilities for the audit of the financial statements is located on the FRS’s website at http:// www.frc.org.uk/auditorresponsibilites. This description forms part of our auditor’s report.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Other matters 
 

The prior year parent's figures re M & J Drilling Holdings Limited for the year ended 30th June 2023, were not audited, this is due to the fact that the group was considered small.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Mark Antony Cupitt (Senior statutory auditor)
  
for and on behalf of
Lancaster Clements Limited
 
Chartered Certified Accountants
  
Stanley House
27 Wellington Road
Bilston
West Midlands
WV14 6AH

20 December 2024
Page 7

 
M & J DRILLING HOLDING LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
Note
£
£

  

Turnover
  
7,085,744
8,426,520

Cost of sales
  
(3,133,779)
(3,190,553)

Gross profit
  
3,951,965
5,235,967

Administrative expenses
  
(2,251,902)
(2,197,349)

Other operating income
 5 
3,691
1,839

Operating profit
  
1,703,754
3,040,457

Interest receivable and similar income
 10 
80,753
29,142

Interest payable and similar expenses
  
(5,370)
(5,144)

Profit before taxation
  
1,779,137
3,064,455

Tax on profit
 12 
(476,944)
(640,970)

Profit for the financial year
  
1,302,193
2,423,485

  

Total comprehensive income for the year
  
1,302,193
2,423,485

Profit for the year attributable to:
  

Owners of the parent Company
  
1,302,193
2,423,485

  
1,302,193
2,423,485

Total comprehensive income for the year attributable to:
  

Owners of the parent Company
  
1,302,193
2,423,485

  
1,302,193
2,423,485

The notes on pages 20 to 35 form part of these financial statements.

Page 8

 
M & J DRILLING HOLDING LIMITED
REGISTERED NUMBER: 09960555

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 15 
879,499
565,407

  
879,499
565,407

Current assets
  

Debtors: amounts falling due within one year
 17 
2,047,460
2,152,319

Cash at bank and in hand
 18 
3,056,890
3,836,543

  
5,104,350
5,988,862

Creditors: amounts falling due within one year
 19 
(962,419)
(880,747)

Net current assets
  
 
 
4,141,931
 
 
5,108,115

Total assets less current liabilities
  
5,021,430
5,673,522

Creditors: amounts falling due after more than one year
  
(156,801)
(38,436)

Provisions for liabilities
  

Deferred taxation
 22 
(214,715)
(102,643)

  
 
 
(214,715)
 
 
(102,643)

Net assets excluding pension asset
  
4,649,914
5,532,443

Net assets
  
4,649,914
5,532,443


Capital and reserves
  

Called up share capital 
 23 
208
208

Other reserves
  
97,746
75,164

Profit and loss account
  
4,551,960
5,457,071

Equity attributable to owners of the parent Company
  
4,649,914
5,532,443

  
4,649,914
5,532,443


Page 9

 
M & J DRILLING HOLDING LIMITED
REGISTERED NUMBER: 09960555
    
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 December 2024.




Scott Johnson
Director

The notes on pages 20 to 35 form part of these financial statements.

Page 10

 
M & J DRILLING HOLDING LIMITED
REGISTERED NUMBER: 09960555

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 16 
100
100

  
100
100

Current assets
  

Debtors: amounts falling due within one year
 17 
70,875
200,700

Cash at bank and in hand
 18 
2,379,833
3,278,925

  
2,450,708
3,479,625

Creditors: amounts falling due within one year
 19 
(14,172)
(2,170)

Net current assets
  
 
 
2,436,536
 
 
3,477,455

Total assets less current liabilities
  
2,436,636
3,477,555

  

  

Net assets excluding pension asset
  
2,436,636
3,477,555

Net assets
  
2,436,636
3,477,555


Capital and reserves
  

Called up share capital 
 23 
208
208

Other reserves
  
67,746
45,164

Profit and loss account brought forward
  
3,432,183
1,737,116

Profit for the year
  
1,143,803
2,292,770

Other changes in the profit and loss account

  

(2,207,304)
(597,703)

Profit and loss account carried forward
  
2,368,682
3,432,183

  
2,436,636
3,477,555


Page 11

 
M & J DRILLING HOLDING LIMITED
REGISTERED NUMBER: 09960555
    
COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 December 2024.


Scott Johnson
Director

The notes on pages 20 to 35 form part of these financial statements.

Page 12

 
M & J DRILLING HOLDING LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024


Called up share capital
Other reserves
Profit and loss account
Total equity

£
£
£
£

At 1 July 2023
208
75,164
5,457,071
5,532,443


Comprehensive income for the year

Profit for the year

-
-
1,302,193
1,302,193


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
1,302,193
1,302,193


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(2,207,304)
(2,207,304)

Share based payment options
-
22,582
-
22,582


Total transactions with owners
-
22,582
(2,207,304)
(2,184,722)


At 30 June 2024
208
97,746
4,551,960
4,649,914


The notes on pages 20 to 35 form part of these financial statements.

Page 13

 
M & J DRILLING HOLDING LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023


Called up share capital
Other reserves
Profit and loss account
Total equity

£
£
£
£

At 1 July 2022
208
52,582
3,631,289
3,684,079


Comprehensive income for the year

Profit for the year

-
-
2,423,485
2,423,485


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
2,423,485
2,423,485


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(597,703)
(597,703)

Share based payment options
-
22,582
-
22,582


Total transactions with owners
-
22,582
(597,703)
(575,121)


At 30 June 2023
208
75,164
5,457,071
5,532,443


The notes on pages 20 to 35 form part of these financial statements.

Page 14

 
M & J DRILLING HOLDING LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024


Called up share capital
Other reserves
Profit and loss account
Total equity

£
£
£
£

At 1 July 2023
208
45,164
3,432,183
3,477,555


Comprehensive income for the year

Profit for the year

-
-
1,143,803
1,143,803


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
1,143,803
1,143,803


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(2,207,304)
(2,207,304)

Share based payment options
-
22,582
-
22,582


Total transactions with owners
-
22,582
(2,207,304)
(2,184,722)


At 30 June 2024
208
67,746
2,368,682
2,436,636


The notes on pages 20 to 35 form part of these financial statements.

Page 15

 
M & J DRILLING HOLDING LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023


Called up share capital
Other reserves
Profit and loss account
Total equity

£
£
£
£

At 1 July 2022
208
22,582
1,737,116
1,759,906


Comprehensive income for the year

Profit for the year

-
-
2,292,770
2,292,770


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
2,292,770
2,292,770


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(597,703)
(597,703)

Share based payment options
-
22,582
-
22,582


Total transactions with owners
-
22,582
(597,703)
(575,121)


At 30 June 2023
208
45,164
3,432,183
3,477,555


The notes on pages 20 to 35 form part of these financial statements.

Page 16

 
M & J DRILLING HOLDING LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
1,302,193
2,423,485

Adjustments for:

Depreciation of tangible assets
129,184
130,475

Loss on disposal of tangible assets
1,380
(9,766)

Interest paid
5,370
5,144

Interest received
(80,753)
(29,142)

Taxation charge
476,944
640,970

Decrease/(increase) in debtors
104,859
(164,727)

(Decrease) in creditors
(4,475)
(79,041)

Share based payments
22,582
22,582

Corporation tax (paid)
(493,718)
(366,812)

Net cash generated from operating activities

1,463,566
2,573,168


Cash flows from investing activities

Purchase of tangible fixed assets
(478,988)
(29,500)

Sale of tangible fixed assets
34,333
12,000

Interest received
80,753
29,142

HP interest paid
(5,017)
(3,721)

Net cash from investing activities

(368,919)
7,921
Page 17

 
M & J DRILLING HOLDING LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024


2024
2023

£
£



Cash flows from financing activities

Repayment of/new finance leases
333,357
(81,642)

Dividends paid
(2,207,304)
(597,703)

Interest paid
(353)
(1,423)

Net cash used in financing activities
(1,874,300)
(680,768)

Net (decrease)/increase in cash and cash equivalents
(779,653)
1,900,321

Cash and cash equivalents at beginning of year
3,836,543
1,936,222

Cash and cash equivalents at the end of year
3,056,890
3,836,543


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
3,056,890
3,836,543

3,056,890
3,836,543


The notes on pages 20 to 35 form part of these financial statements.

Page 18

 
M & J DRILLING HOLDING LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 JUNE 2024





At 1 July 2023
Cash flows
New finance leases
At 30 June 2024
£

£

£

£

Cash at bank and in hand

3,836,543

(779,653)

-

3,056,890

Finance leases

(117,227)

90,484

(423,841)

(450,584)


3,719,316
(689,169)
(423,841)
2,606,306

The notes on pages 20 to 35 form part of these financial statements.

Page 19

 
M & J DRILLING HOLDING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

The company is registered in England and Wales. The company's registered office is Unit 44 Coneygree Industrial Estate, Tipton, West Midlands, DY4 8XP. The principal activity continues to be that of the company is that of an investment holding company.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 January 2014.

Page 20

 
M & J DRILLING HOLDING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases: the Group as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.

Page 21

 
M & J DRILLING HOLDING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

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

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 and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 22

 
M & J DRILLING HOLDING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Short-term leasehold property
-
straight line over the life of the lease
Plant and machinery
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
10% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Consolidated statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 23

 
M & J DRILLING HOLDING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.15

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Group's Statement of financial position when the Group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off 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

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 24

 
M & J DRILLING HOLDING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

To be able to prepare financial statements in accordance with FRS102, M & J Drilling Holding Limited must make certain estimates and judgments that have an impact on the policies and the amounts reported in the annual accounts. The estimates and judgments are based on historical experiences and other factors including expectations of future events that are believed to be reasonable at the time such estimates and judgments are made. Actual experience may vary from these estimates.
The estimates and assumptions which have the most significant risk of causing a material adjustment to the carrying amounts of assets and liabilities are discussed below:
Depreciation and amortisation:
M & J Drilling Holding Limited accounts for depreciation and amortisation in accordance with FRS102. The depreciation and amortisation expense is the recognition of the decline in the value of the assets and allocation of the cost of the asset over the periods in which the asset will be used. Judgments are made on the estimated useful life of the assets which are regularly reviewed to reflect the changing environment.
Impairment of debtors:
The Company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. 
Deferred tax:
Management estimation is required to determine the amount of deferred tax assets that can be recognised, based upon likely timing and level of future taxable profits together with an asessment of the effect of future planning strategies.


4.


Turnover

The whole of the turnover is attributable to site investigation and ground stabilisation contractor work..

2024
2023
£
£

United Kingdom
7,085,744
8,426,520

7,085,744
8,426,520


All turnover arose within the United Kingdom.


5.


Other operating income

2024
2023
£
£

Other operating income
3,691
1,839

3,691
1,839


Page 25

 
M & J DRILLING HOLDING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Other operating lease rentals
169,812
161,273


7.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
12,000
9,000

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


8.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
1,920,290
1,998,064
29,692
22,582

Social security costs
211,922
237,858
-
-

Cost of defined contribution scheme
244,101
196,709
-
-

2,376,313
2,432,631
29,692
22,582


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Directors
2
2
2
2



Staff
53
53
-
-

55
55
2
2

Page 26

 
M & J DRILLING HOLDING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
60,802
154,018

Group contributions to defined contribution pension schemes
120,000
86,667

180,802
240,685


During the year retirement benefits were accruing to 2 directors (2023 - 2) in respect of defined contribution pension schemes.


10.


Interest receivable

2024
2023
£
£


Other interest receivable
80,753
29,142

80,753
29,142


11.


Interest payable and similar expenses

2024
2023
£
£


Finance leases and hire purchase contracts
5,017
3,721

Other interest payable
353
1,423

5,370
5,144

Page 27

 
M & J DRILLING HOLDING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
363,687
659,709

Adjustments in respect of previous periods
1,185
-


364,872
659,709


Total current tax
364,872
659,709

Deferred tax


Origination and reversal of timing differences
112,072
(18,739)

Total deferred tax
112,072
(18,739)


Tax on profit
476,944
640,970

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 20.5%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,779,137
3,064,455


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 20.5%)
444,784
628,213

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
5,736
4,748

Adjustments to tax charge in respect of prior periods
1,185
-

Other differences leading to an increase (decrease) in the tax charge
25,239
8,009

Total tax charge for the year
476,944
640,970


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 28

 
M & J DRILLING HOLDING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

13.


Dividends

2024
2023
£
£


Dividends paid on equity capital
2,207,304
597,703

2,207,304
597,703


14.


Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The profit after tax of the parent Company for the year was £1,143,803 (2023 - £2,292,770).

Page 29

 
M & J DRILLING HOLDING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

15.


Tangible fixed assets

Group






Short-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 July 2023
145,078
1,285,154
962,025
109,943
2,502,200


Additions
-
1,160
475,983
1,846
478,989


Disposals
-
(69,250)
(136,493)
-
(205,743)



At 30 June 2024

145,078
1,217,064
1,301,515
111,789
2,775,446



Depreciation


At 1 July 2023
131,710
1,055,231
692,849
57,003
1,936,793


Charge for the year on owned assets
3,831
33,381
18,408
5,467
61,087


Charge for the year on financed assets
-
-
68,097
-
68,097


Disposals
-
(46,921)
(123,109)
-
(170,030)



At 30 June 2024

135,541
1,041,691
656,245
62,470
1,895,947



Net book value



At 30 June 2024
9,537
175,373
645,270
49,319
879,499



At 30 June 2023
13,368
229,923
269,176
52,940
565,407

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Motor vehicles
592,572
192,291

592,572
192,291

Page 30

 
M & J DRILLING HOLDING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

16.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 July 2023
100



At 30 June 2024
100





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Class of shares

Holding

M & J Drilling Services Limited
Ordinary
100%

The aggregate of the share capital and reserves as at 30 June 2024 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)

M & J Drilling Services Limited
2,213,379
1,278,392


17.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
1,470,117
1,555,648
-
-

Amounts owed by group undertakings
-
-
70,875
200,000

Other debtors
446,079
455,240
-
700

Prepayments and accrued income
131,264
141,431
-
-

2,047,460
2,152,319
70,875
200,700


Page 31

 
M & J DRILLING HOLDING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

18.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
3,056,890
3,836,543
2,379,833
3,278,925

3,056,890
3,836,543
2,379,833
3,278,925



19.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Trade creditors
351,411
339,569
-
-

Corporation tax
204,783
333,625
14,172
2,170

Other taxation and social security
47,514
53,886
-
-

Obligations under finance lease and hire purchase contracts
293,783
78,791
-
-

Other creditors
116
788
-
-

Accruals and deferred income
64,812
74,088
-
-

962,419
880,747
14,172
2,170



20.


Creditors: Amounts falling due after more than one year

Group
Group
2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
156,801
38,436

156,801
38,436


The hire purchase liabilities are secured over the asssets thta they relate to within note 14 of the financial statements.

Page 32

 
M & J DRILLING HOLDING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

21.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2024
2023
£
£

Within one year
293,783
78,791

Between 1-5 years
156,801
38,436

450,584
117,227


22.


Deferred taxation


Group



2024
2023


£

£






At beginning of year
102,643
121,382


Charged to profit or loss
112,072
(18,739)



At end of year
214,715
102,643

Company


2024
2023






At end of year
-
-
Group
Group
2024
2023
£
£

Accelerated capital allowances
214,715
102,643

214,715
102,643

Page 33

 
M & J DRILLING HOLDING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

23.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



32 (2023 - 32) A Ordinary Shares shares of £1.00 each
32
32
22 (2023 - 22) B Ordinary Shares shares of £1.00 each
22
22
10 (2023 - 10) C Ordinary Shares shares of £1.00 each
10
10
72 (2023 - 72) D Ordinary Shares shares of £1.00 each
72
72
32 (2023 - 32) E Ordinary Shares shares of £1.00 each
32
32
22 (2023 - 22) F Ordinary Shares shares of £1.00 each
22
22
10 (2023 - 10) G Ordinary Shares shares of £1.00 each
10
10
4 (2023 - 4) H Ordinary Shares shares of £1.00 each
4
4
4 (2023 - 4) I Ordinary Shares shares of £1.00 each
4
4

208

208



24.


Share-based payments

The Company has a share option scheme for certain directors of the Company. The vesting period is 10 years. If the options remain unexercised after a period of 10 years from the date of grant, the options expire. Options are forfeited if the director leaves the Group before the options vest, unless they are deemed to be a good leaver in accordance with the scheme rules.

Weighted average exercise price (pence)
2024
Number
2024
Weighted average exercise price
(pence)
2023
Number
2023

Outstanding at the beginning of the year

18,818.18

12

18,818.18
 
12
 
Outstanding at the end of the year
18,818.18

12

18,818.18
 
12
 

2024
2023

Option pricing model used


Equity

Equity
 


 
-
 
-

Page 34

 
M & J DRILLING HOLDING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

25.


Pension commitments

The company operates a defined contribution pension scheme in respect of the staff. The scheme and its assets are held by independent managers. The pension charge represents contributions due from the company and amounted to £244,101 (2023 £196,708).


26.


Commitments under operating leases

At 30 June 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2024
2023
£
£

Total commitments
599,045
734,214

599,045
734,214

27.


Limitation of Auditors' liability

The company has entered into a liability limitation agreement, the principal terms being as follows:-
Any liability is limited, pursuant to Section 537 of the Companies Act 2006, to no less than such amount as is considered fair and reasonable in each individual circumstance and to a maximum of ten times the level of the fee for the audit service being carried out.
The resolution approving this agreement is dated 1 June 2024.

Page 35