Company Registration No. 06387391 (England and Wales)
DRILLWAVE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
PM+M Solutions for Business LLP
Chartered Accountants
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
DRILLWAVE LIMITED
COMPANY INFORMATION
Directors
Mrs K Myers
Mr H Chamberlain
Ms C Chamberlain
(Appointed 16 August 2023)
Company number
06387391
Registered office
Woodhill Road
Bury
Lancashire
BL8 1AR
Auditor
PM+M Solutions for Business LLP
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
DRILLWAVE LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 9
Group statement of income and retained earnings
10
Group balance sheet
11
Company balance sheet
12
Group statement of cash flows
13
Notes to the financial statements
14 - 29
DRILLWAVE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024
- 1 -

The directors present the strategic report for the year ended 31 July 2024.

Review of the business

This Financial year turnover is slightly reduced to £18.8m, with an improved pre-tax profit figure of £936,000. (2023: £480,000). At the beginning of the year, Cheetham Hill Construction suffered with delayed projects and poor weather, in what would usually be a strong first quarter to the year. However, as these projects began, and frameworks got awarded, the company has been able to produce some respectable financial accounts.

With many competitors leaving the market, and the constraints placed upon new start ups to enter, the expertise and stability of the business has enabled us to retain clients and continue to work with them to provide civil engineering solutions. This year’s projects have included the installation of 285m of sheet piles and pre-cast capping beam as a replacement canal wall. Another completed project was a surface water and foul water drainage solution to service a new housing development.

With our comprehensive plant fleet, we undertook a complete bulk earthworks contract with 1,400,000m3 cut/fill reprofiling on a brownfield commercial site. On completion of the works, we secured the second phase of the development, which will be feature in next year’s turnover.

Framework agreements were secured by the business in Spring 2024, however the delay in most projects commencing meant that we secured work via tier 1 contractors. These involved a floodwall installation including floodgates, flood bund and a headwall outfall. We also have an ongoing 2-year project on the M60 with Temporary works installation and the excavation of an existing bridge.

Principal risks and uncertainties

As we go into 24/25 the construction industry continues to face challenges. The recent increase in National Insurance costs imposed in the Election, will lead to increased costs in labour. Alongside this a shortage of labour in the industry is a risk, and we are working with youngsters to attract them into the industry. Adverse weather has always been a factor to be considered, but with such extreme rainfall we have been experiencing, the business attempts to mitigate as much risk when selecting types of projects to work on.

Other Information

We were proud to receive a visit from Andy Burnham, Mayor of Greater Mancheter where some of the Directors discussed the challenges we face as a local SME in Civil Engineering including procurement and recruitment.

We employed one new Groundworker apprentice who is studying at Hopwood Hall College and another of our Groundworker Apprentices qualified and now has a permanent contract with the company. We still have two Degree Level Apprentices at Salford University; one studying Civil Engineering and the other studying Quantity Surveying. We have continued to offer work experience to local school children in Year 10 and learners studying T Levels.

We continue to work closely with the charity Project Recce to offer permanent employment to military service leavers and veterans and assist with their construction programmes on a monthly basis offering advice, interviews and mentorship. We have employed two recent service leaders this year and also two others have returned to our employment. We were also invited to Buckingham Palace as a thank you for our support with assisting veterans. We were delighted to be awarded the Project of the Year Award for projects from £ 1m to £ 5m at the annual CECA North West dinner for one of our Environment Agency contracts in East Yorkshire.

Again we have continued with our charitable support and commitment to local organisations;we sponsor a local netball team; several boys and girls football teams and fund two pupils through a Bursary Scheme at Bury Grammar school.

We also continue to donate annually to Cancer Research UK and some of the team took part in the Shine Night Walk in Manchester to raise money for Cancer Research in memory of one of our employees and we also held a Coffee Morning to raise funds for Macmillan. At Christmas, our employees and suppliers collected a large amount of toys for the Salvation Army gift appeal in both Barrow in Furness and Sale, both close to where we had contracts at the time. We also donated a laptop to a charity in Merseyside which works with homeless people.

DRILLWAVE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 2 -
Development and performance

Investment this financial year has been in the rebuilding of 2 of our existing Caterpillar 70 tonne excavators. We have chosen to completely rebuild the machines, to provide several more years working life in them rather than invest in 2 new excavators. Working alongside the manufacturers this has been a worthwhile project as we are breathing new life into the plant and recycling machinery for the future use in the business. This also reduces our Carbon footprint significantly.

Maintaining this strategy into the next cycle of investment we are rebuilding several of our Bulldozers and investing in new GPS Systems to assist the drivers and project managers in their schemes.

Also, as we have secured long term contracts we shall be investing in new cabins and site setups, in order to provide a good working environment for our staff and clients. This will involve providing solar energy to run our site setups utilising solartainers, again helping the environment, as an alternative to diesel generators.

Key performance indicators

Liquidity ratio remains high at 2.68 providing comfort to our creditors and clients that we can fund projects and provide bonds when necessary. Payback periods for investment in capital purchases are calculated through cost benefit analysis, and we have had to halt our investment in brand new plant until the prices reduce. Consequently, we have invested in rebuilds with a shorter payback period.

The business has maintained our accreditations for Safe Contractor, Construction Line Gold, CHAS, CQMS, Achilles UVDB Silver and maintain ISO standards for, 45001, 9001, 14001.

 

In July 2024 we were awarded the order of distinction RoSPA gold for 17 years for maintaining our Health and Safety record.

 

We achieved gold accreditation from the Supply Chain Sustainability School, demonstrating a commitment to sustainability by working with others in the supply chain.

 

During the reporting period of August 2023 to July 2024, we completed 385 training days which is an increase on last year (303)

 

We maintain 100% positive feedback from our clients with zero customer complaints

 

Accidents - Incidents occurred from 1 August 2023 to 31 July 2024.

 

Other performance indicators

End of year position

It has been a steady performance from our team to produce these results from such a slow start to the year. The Business has secured workload from both Frameworks and repeat customers into 24/25 and is optimistic for next year’s financial results. The Board maintains its cautious approach to which contracts we should work on, and with the backing of the strong balance sheet built up over 50 years of trading provides comfort to all our stakeholders.

DRILLWAVE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 3 -

On behalf of the board

Mrs K Myers
Director
30 January 2025
DRILLWAVE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2024
- 4 -

The directors present their annual report and financial statements for the year ended 31 July 2024.

Principal activities

The principal activity of the company and group continued to be that of construction of civil engineering projects and plant hire.

Results and dividends

The results for the year are set out on page 10.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mrs K Myers
Mr H Chamberlain
Ms C Chamberlain
(Appointed 16 August 2023)
Auditor

The auditor, PM+M Solutions for Business LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report and the 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

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

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

DRILLWAVE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 5 -
On behalf of the board
Mrs K Myers
Director
30 January 2025
DRILLWAVE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF DRILLWAVE LIMITED
- 6 -
Opinion

We have audited the financial statements of Drillwave Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 July 2024 which comprise the group statement of income and retained earnings, the group balance sheet, the company balance sheet, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 and 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.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our 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.

Opinions on other matters prescribed by the Companies Act 2006

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

DRILLWAVE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DRILLWAVE LIMITED
- 7 -
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 their environment obtained in the course of the audit, we have not identified material misstatements in the 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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 auditor's 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 financial statements.

Extent to which the audit was considered capable of detecting irregularities, including fraud

 

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.

 

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

DRILLWAVE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DRILLWAVE LIMITED
- 8 -

Identifying and assessing potential risks related to irregularities

 

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we have considered the following:

 

 

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: timing of recognition of commercial income, posting of unusual journals and complex transactions; and manipulating the Group's performance profit measures and other key performance indicators to meet remuneration targets and externally communicated targets. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

 

We also obtained an understanding of the legal and regulatory frameworks that the Group 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 UK Companies Act, employment law, health and safety regulations, pensions legislation and tax legislation.

Audit response to risks identified

Our procedures to respond to risks identified included the following:

 

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

DRILLWAVE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DRILLWAVE LIMITED
- 9 -

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 2006. Our 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 auditor's 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.

Christopher Johnson FCA (Senior Statutory Auditor)
For and on behalf of PM+M Solutions for Business LLP
30 January 2025
Chartered Accountants
Statutory Auditor
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
DRILLWAVE LIMITED
GROUP STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 JULY 2024
- 10 -
2024
2023
Notes
£
£
Turnover
3
18,844,532
19,345,625
Cost of sales
(16,898,889)
(18,342,596)
Gross profit
1,945,643
1,003,029
Distribution costs
1,890,419
2,243,857
Administrative expenses
(2,968,195)
(2,668,804)
Operating profit
4
867,867
578,082
Interest receivable and similar income
7
756,859
394,417
Interest payable and similar expenses
8
-
0
(13,041)
Profit before taxation
1,624,726
959,458
Tax on profit
9
(406,342)
136,868
Profit for the financial year
22
1,218,384
1,096,326
Retained earnings brought forward
13,625,025
12,528,699
Retained earnings carried forward
14,843,409
13,625,025
DRILLWAVE LIMITED
GROUP BALANCE SHEET
AS AT
31 JULY 2024
31 July 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
2,147,698
3,620,240
Current assets
Stocks
14
10,000
10,000
Debtors
15
3,999,268
3,643,764
Cash at bank and in hand
16,310,276
13,491,026
20,319,544
17,144,790
Creditors: amounts falling due within one year
16
(3,829,358)
(2,973,875)
Net current assets
16,490,186
14,170,915
Total assets less current liabilities
18,637,884
17,791,155
Creditors: amounts falling due after more than one year
17
(196,990)
-
Provisions for liabilities
Deferred tax liability
19
-
0
568,645
-
(568,645)
Net assets
18,440,894
17,222,510
Capital and reserves
Called up share capital
21
8,485
8,485
Other reserves
22
3,589,000
3,589,000
Profit and loss reserves
22
14,843,409
13,625,025
Total equity
18,440,894
17,222,510

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 30 January 2025 and are signed on its behalf by:
30 January 2025
Mrs K Myers
Mr H Chamberlain
Director
Director
Company registration number 06387391 (England and Wales)
DRILLWAVE LIMITED
COMPANY BALANCE SHEET
AS AT 31 JULY 2024
31 July 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
566,894
1,345,826
Investments
12
2,381,546
2,381,546
2,948,440
3,727,372
Current assets
Debtors
15
4,478,702
3,588,029
Cash at bank and in hand
1,414,682
755,920
5,893,384
4,343,949
Creditors: amounts falling due within one year
16
(409,007)
(350,948)
Net current assets
5,484,377
3,993,001
Total assets less current liabilities
8,432,817
7,720,373
Creditors: amounts falling due after more than one year
17
(196,990)
-
Net assets
8,235,827
7,720,373
Capital and reserves
Called up share capital
21
8,485
8,485
Profit and loss reserves
22
8,227,342
7,711,888
Total equity
8,235,827
7,720,373

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £515,454 (2023 - £693,852 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 30 January 2025 and are signed on its behalf by:
30 January 2025
Mrs K Myers
Mr H Chamberlain
Director
Director
Company registration number 06387391 (England and Wales)
DRILLWAVE LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
2,585,153
4,285,565
Interest paid
-
0
(13,041)
Income taxes paid
(471,515)
(834,732)
Net cash inflow from operating activities
2,113,638
3,437,792
Investing activities
Purchase of tangible fixed assets
(496,476)
(80,592)
Proceeds from disposal of tangible fixed assets
-
492,704
Interest received
756,859
394,417
Net cash generated from investing activities
260,383
806,529
Financing activities
Payment of finance leases obligations
445,229
(825,515)
Net cash generated from/(used in) financing activities
445,229
(825,515)
Net increase in cash and cash equivalents
2,819,250
3,418,806
Cash and cash equivalents at beginning of year
13,491,026
10,072,220
Cash and cash equivalents at end of year
16,310,276
13,491,026
DRILLWAVE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 14 -
1
Accounting policies
Company information

Drillwave Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is , Woodhill Road, Bury, Lancashire, BL8 1AR.

 

The group consists of Drillwave Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Drillwave Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 July 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

DRILLWAVE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 15 -
1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

 

As soon as the outcome of a construction contract can be estimated reliably, contract revenue and expenses are recognised in the profit and loss in proportion to the stage of completion of the contract. The stage of completion is assessed by reference to surveys of work performed.

 

Revenue relating to equipment rentals are recognised on a straight line basis over the period of rental.

 

Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.

1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10% straight line.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
1-5 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.7
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

DRILLWAVE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 16 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.9
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.10
Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

 

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

 

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.12
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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.

DRILLWAVE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 17 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

DRILLWAVE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 18 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.15
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.16
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.17
Leases

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

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

DRILLWAVE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 19 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Long term contracts

In producing the financial statements, the directors have taken judgement over the profit to be taken on long term contracts. Profit is taken as the work is carried out where the final outcome can be assessed with reasonable certainty. The stage of completion is assessed by reference to surveys of work performed, Full provision is made for losses on all contracts in the year in which they are foreseen.

Depreciation

Tangible assets are depreciated over their useful lives taking into account residual values, where appropriate. When assessing asset lives, factors such as technological innovations and maintenance are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and the projected disposal values.

Impairment of tangible fixed assets

Determination of whether there are indicators of impairment on the group's tangible fixed assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset.

Leases

Determination of whether leases entered into by the company as lessee are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Construction contract revenue
13,097,362
13,139,186
Equipment rentals
5,747,170
6,206,439
18,844,532
19,345,625
2024
2023
£
£
Other revenue
Interest income
756,859
394,417
DRILLWAVE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
3
Turnover and other revenue
(Continued)
- 20 -

The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.

4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Fees payable to the group's auditor for the audit of the group's financial statements
22,575
24,120
Depreciation of owned tangible fixed assets
1,960,608
2,977,844
Depreciation of tangible fixed assets held under finance leases
8,410
-
Profit on disposal of tangible fixed assets
-
0
(492,704)
5
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Management and office
38
39
3
3
Civil engineering and plant hire
55
72
-
-
Total
93
111
3
3

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
5,592,672
5,868,384
-
0
-
0
Social security costs
562,275
601,498
-
0
-
0
Pension costs
250,400
197,592
-
0
-
0
6,405,347
6,667,474
-
0
-
0
DRILLWAVE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 21 -
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
750,368
986,643
Company pension contributions to defined contribution schemes
15,706
9,248
766,074
995,891
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
693,210
804,576

The number of directors who accrued benefits under a defined contribution scheme were 3 (2023: 3).

7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
740,608
394,417
Other interest income
16,251
-
Total income
756,859
394,417
8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
-
0
1,710
Interest on finance leases and hire purchase contracts
-
0
11,331
Total finance costs
-
0
13,041
DRILLWAVE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 22 -
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
642,017
567,577
Deferred tax
Origination and reversal of timing differences
(235,675)
(704,445)
Total tax charge/(credit)
406,342
(136,868)

The actual charge/(credit) for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
1,624,726
959,458
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 21.00%)
406,182
201,486
Tax effect of expenses that are not deductible in determining taxable profit
4,045
2,056
Adjustments in respect of prior years
-
0
(269,046)
Permanent capital allowances in excess of depreciation
(3,885)
(71,364)
Taxation charge/(credit)
406,342
(136,868)
DRILLWAVE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 23 -
10
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 August 2023 and 31 July 2024
2,040,000
Amortisation and impairment
At 1 August 2023 and 31 July 2024
2,040,000
Carrying amount
At 31 July 2024
-
0
At 31 July 2023
-
0
The company had no intangible fixed assets at 31 July 2024 or 31 July 2023.
11
Tangible fixed assets
Group
Plant and equipment
£
Cost
At 1 August 2023
12,684,051
Additions
496,476
At 31 July 2024
13,180,527
Depreciation and impairment
At 1 August 2023
9,063,811
Depreciation charged in the year
1,969,018
At 31 July 2024
11,032,829
Carrying amount
At 31 July 2024
2,147,698
At 31 July 2023
3,620,240
DRILLWAVE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
11
Tangible fixed assets
(Continued)
- 24 -
Company
Plant and equipment
£
Cost
At 1 August 2023
9,164,632
Additions
496,476
At 31 July 2024
9,661,108
Depreciation and impairment
At 1 August 2023
7,818,806
Depreciation charged in the year
1,275,408
At 31 July 2024
9,094,214
Carrying amount
At 31 July 2024
566,894
At 31 July 2023
1,345,826

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2024
2023
2024
2023
£
£
£
£
Plant and equipment
472,950
-
0
472,950
-
0
12
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
2,381,546
2,381,546
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 August 2023 and 31 July 2024
2,381,546
Carrying amount
At 31 July 2024
2,381,546
At 31 July 2023
2,381,546
DRILLWAVE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 25 -
13
Subsidiaries

Details of the company's subsidiaries at 31 July 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Cheetham Hill Construction Limited
Woodhill Road, Bury, Lancashire, BL8 1AR
Ordinary shares
100.00

The principal activity of Cheetham Hill Construction is that of civil engineering contractors and plant hire.

14
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
10,000
10,000
-
0
-
0
15
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
3,617,796
2,873,284
72
72
Corporation tax recoverable
-
0
121,762
-
0
-
0
Amounts owed by group undertakings
-
-
3,820,745
3,002,013
Other debtors
180,299
167,184
180,299
167,184
Prepayments and accrued income
115,383
62,774
-
0
-
0
3,913,478
3,225,004
4,001,116
3,169,269
Amounts falling due after more than one year:
Deferred tax asset (note 19)
85,790
418,760
477,586
418,760
Total debtors
3,999,268
3,643,764
4,478,702
3,588,029

The amounts owed by group undertakings are interest free and have no fixed repayment terms.

DRILLWAVE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 26 -
16
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
18
248,239
-
0
248,239
-
0
Trade creditors
1,861,154
1,215,393
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
-
0
1,758
Corporation tax payable
388,659
339,919
159,239
339,919
Other taxation and social security
362,551
500,541
-
-
Other creditors
125,318
52,324
808
8,550
Accruals and deferred income
843,437
865,698
721
721
3,829,358
2,973,875
409,007
350,948

The finance lease and hire purchase contracts are secured over the assets they relate to.

 

The amounts owed to group undertakings are interest free and have no fixed repayment terms.

17
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
18
196,990
-
0
196,990
-
0

The finance lease and hire purchase contracts are secured over the assets they relate to.

18
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
248,239
-
0
248,239
-
0
In two to five years
196,990
-
0
196,990
-
0
445,229
-
445,229
-
DRILLWAVE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 27 -
19
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Group
£
£
£
£
Accelerated capital allowances
-
568,645
85,790
418,760
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Company
£
£
£
£
Accelerated capital allowances
-
-
477,586
418,760
Group
Company
2024
2024
Movements in the year:
£
£
Liability/(Asset) at 1 August 2023
149,885
(418,760)
Credit to profit or loss
(235,675)
(58,826)
Asset at 31 July 2024
(85,790)
(477,586)
20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
250,400
197,592

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

Included within other creditors at the year end are unpaid pension contributions of £32,308 (2023:£nil).

DRILLWAVE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 28 -
21
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
8,485
8,485
8,485
8,485
22
Reserves

Profit and loss account - This reserve records retained earnings and accumulated losses.

 

Other reserve - The capital reserve arising on consolidation represents the excess of the consideration value ascribed to the shares acquired in the Company over their nominal value and is to be carried forward as a capital reserve.

23
Financial commitments, guarantees and contingent liabilities

The group had performance bonds amounting to £160,000 as at 31 July 2024 (2023: £160,000).

24
Directors' transactions

During the year, the group paid operating rent on land and buildings owned by the directors amounting to £70,000 (2023 : £60,000).

25
Controlling party

The company is jointly controlled by Ms C Chamberlain and Mrs K Myers, both directors and shareholders.

26
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
1,218,384
1,096,326
Adjustments for:
Taxation charged/(credited)
406,342
(136,868)
Finance costs
-
0
13,041
Investment income
(756,859)
(394,417)
Gain on disposal of tangible fixed assets
-
(492,704)
Depreciation and impairment of tangible fixed assets
1,969,018
2,977,844
Movements in working capital:
(Increase)/decrease in debtors
(810,236)
2,018,783
Increase/(decrease) in creditors
558,504
(796,440)
Cash generated from operations
2,585,153
4,285,565
DRILLWAVE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 29 -
27
Analysis of changes in net funds - group
1 August 2023
Cash flows
31 July 2024
£
£
£
Cash at bank and in hand
13,491,026
2,819,250
16,310,276
Obligations under finance leases
-
(445,229)
(445,229)
13,491,026
2,374,021
15,865,047
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