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REGISTERED NUMBER: 08943769 (England and Wales)












GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FOR

LONDON DIAMOND DRILLING HOLDINGS LTD

LONDON DIAMOND DRILLING HOLDINGS LTD (REGISTERED NUMBER: 08943769)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 30 June 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 5

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 17


LONDON DIAMOND DRILLING HOLDINGS LTD

COMPANY INFORMATION
for the year ended 30 June 2024







DIRECTORS: Mr M D Seagroatt
Mrs C Seagroatt
Mr D McIver





REGISTERED OFFICE: 19-20 Bourne Court
Southend Road
Woodford Green
Essex
IG8 8HD





REGISTERED NUMBER: 08943769 (England and Wales)





AUDITORS: Raffingers LLP, Statutory Auditor
Chartered Certified Accountants
19-20 Bourne Court
Southend Road
Woodford Green
Essex
IG8 8HD

LONDON DIAMOND DRILLING HOLDINGS LTD (REGISTERED NUMBER: 08943769)

GROUP STRATEGIC REPORT
for the year ended 30 June 2024

The directors present their strategic report of the company and the group for the year ended 30 June 2024.

REVIEW OF BUSINESS
The result for the year is shown on page 10. As shown in the profit and loss account, the group's operating profit for the period was £2,745,736 (2023 - £685,985).

The group's balance sheet on page 12 shows net assets of £3,584,368 (2023 - £1,644,187) at the end of the year, with a cash position of £2,596,641 (2023 - £1,001,328).

London Diamond Drilling Holdings Limited continues to act as the holding company for the group.

CORPORATE SOCIAL RESPONSIBILITY
- The business operates in an environmental management system which meets the requirement of BS EN ISO 14001 and holds Waste Carriers Licence.

- Health and Safety Policy and performance is monitored and updated on an annual basis.

- LDD Construction Limited is a member of the British Safety Council, organisation committed to keeping people safe and healthy at work.

- Other examples of polices implemented by the group in order to comply with the spirit of the law and maintain the ethical standards are: equal opportunities, harassment, training and career development.

PRINCIPAL RISKS AND UNCERTAINTIES

The group's operations expose it to a variety of financial risks that include the effects of changes in credit risk, liquidity risk and interest rate risk. The group has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the group by monitoring levels of debt finance and the related finance costs. The group does not use derivative financial instruments to manage interest rate costs and as such, no hedge accounting is applied.

Given the size of the group, the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the board. The policies set by the board of directors are implemented by the group's finance department.

Price risk
The group has no exposure to equity securities price risk as it holds no listed or other equity investments.

Liquidity risk
The group actively maintains short-term debt finance that is designed to ensure that the group has sufficient available funds for operations and planned expansions.

Interest rate risk
The group has both interest bearing assets and interest bearing liabilities. Interest bearing assets include only cash balances which earn interest at fixed rate. The group has a policy of maintaining debt at a fixed rate to ensure certainty of future interest cash flows. The directors will revisit the appropriateness of this policy if the operations of the group change in size or nature.

PRINCIPAL ACTIVITY
LDD Construction Ltd, one of the subsidiaries, is one of the leading construction companies in London, providing various services within the industry, specialising in diamond drilling, concrete cutting, passive fire stopping and demolition services.


LONDON DIAMOND DRILLING HOLDINGS LTD (REGISTERED NUMBER: 08943769)

GROUP STRATEGIC REPORT
for the year ended 30 June 2024

EMPLOYEES
The policy of the group is to employ the most suitably qualified persons regardless of age, religion, gender, sexual orientation or ethnic origin or any other grounds not related to a person's ability to work safely and effectively for the business. LDD recognises the importance of ensuring that relevant business information is provided to the employees prior to the employee's commencement date. This is achieved through initial induction (Health Questionnaire, Health & Safety, Anti-Bribery Policy, Skills and Qualifications Assessment) and regular training as required per the Construction Industry Standards.

KEY PERFORMANCE INDICATORS
The key financial performance indicators for the company are as follows:

2024 2023 Measure
Gross profit margin 20.3% 19.3% Gross profit/Turnover
Debtor days 50 days 63 days Trade debtors/Turnover (excluding group balances)

Creditor days

72 days

74 days
Trade creditors/Cost of sales (excluding group
balances)

- Client satisfaction - the company continuously strives to be better and maintains good relationships with its clients. The company in the main, only work on large projects for long term clients who understand the company's way of working, having formed an understanding on and off site over the years.

- Employee Satisfaction - whilst employment in the industry is probably at its most competitive, LDD have still managed to maintain key staff which has been a factor in LDD's growth.

- Qualifications and Skills - regularly kept up to date and in line with the Construction Industry Standards.

- Fixed assets - group's growth has resulted in constant vehicle and plant purchases.

FUTURE CONTRACTS/ORDER BOOK
The group were successful in securing some major projects early in 2023 which ran well into 2024 with some running into 2025. The forthcoming 12 months have also seen the group secure in excess of £22m in projects, with in excess of £10m still being tendered, so another strong 12 months is expected.

GENERAL OVERVIEW
The future looks bright for the group and having secured its biggest contact to date in late 2023, the growth in the last 12 months has been significant with the next 12 months expected to be at similar levels. Whilst the group still has financial liabilities caused by the Covid-19 pandemic, these are being maintained and reducing monthly with over two thirds paid back to date. With cashflow improving in the last 12 months, the business is now paying outright for vehicle and plant investments as opposed to HP agreements, thus making savings on borrowing charges.

ON BEHALF OF THE BOARD:





Mr M D Seagroatt - Director


20 December 2024

LONDON DIAMOND DRILLING HOLDINGS LTD (REGISTERED NUMBER: 08943769)

REPORT OF THE DIRECTORS
for the year ended 30 June 2024

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

DIVIDENDS
No dividends will be distributed for the year ended 30 June 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report.

Mr M D Seagroatt
Mrs C Seagroatt
Mr D McIver

POLITICAL DONATIONS AND EXPENDITURE
During the year, the group made charitable donations of £32,227. No political donations were made during the year.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 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 and then apply them consistently;
- make judgements 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 company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:





Mr M D Seagroatt - Director


20 December 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LONDON DIAMOND DRILLING HOLDINGS LTD

Opinion
We have audited the financial statements of London Diamond Drilling Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of 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:
-give a true and fair view of the state of the group's and of the parent company 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 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 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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LONDON DIAMOND DRILLING HOLDINGS LTD


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 Report of the Directors.

We have nothing to report in respect of the following matters where 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.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LONDON DIAMOND DRILLING HOLDINGS LTD


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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, employment, and health and safety legislation;

We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence where necessary.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected transactions;
- tested the appropriateness of journal entries;
- assessed whether judgements and assumptions made in determining the accounting estimate for the valuation of properties were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

To address the risk that revenue could be misstated due to fraud, we:
- obtained an understanding of the company's revenue recognition policies and compared these to the accounting standard;
- performed a walkthrough to confirm our understanding of the processes and controls through which the business initiates, records, processes and reports revenue transactions;
- tested a sample of revenue transactions to supporting evidence; and
- tested, on a sample basis, revenue related balances in the balance sheet.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation; and
- enquiring of management as to actual and potential litigation and claims.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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 Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LONDON DIAMOND DRILLING HOLDINGS LTD


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 a Report of the Auditors 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.




Mr Thurairatnam Sudarshan FCCA (Senior Statutory Auditor)
for and on behalf of Raffingers LLP, Statutory Auditor
Chartered Certified Accountants
19-20 Bourne Court
Southend Road
Woodford Green
Essex
IG8 8HD

20 December 2024

LONDON DIAMOND DRILLING HOLDINGS LTD (REGISTERED NUMBER: 08943769)

CONSOLIDATED
INCOME STATEMENT
for the year ended 30 June 2024

2024 2023
Notes £    £   

TURNOVER 4 47,965,096 25,815,592

Cost of sales (38,236,273 ) (20,836,678 )
GROSS PROFIT 9,728,823 4,978,914

Administrative expenses (6,983,086 ) (4,292,929 )
OPERATING PROFIT 6 2,745,737 685,985

Loan written off 7 - (225,000 )
2,745,737 460,985

Interest receivable and similar income 4,872 170
2,750,609 461,155

Interest payable and similar expenses 8 (119,601 ) (120,937 )
PROFIT BEFORE TAXATION 2,631,008 340,218

Tax on profit 9 (690,827 ) (163,860 )
PROFIT FOR THE FINANCIAL YEAR 1,940,181 176,358
Profit attributable to:
Owners of the parent 1,940,181 176,358

LONDON DIAMOND DRILLING HOLDINGS LTD (REGISTERED NUMBER: 08943769)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
for the year ended 30 June 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 1,940,181 176,358


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,940,181

176,358

Total comprehensive income attributable to:
Owners of the parent 1,940,181 176,358

LONDON DIAMOND DRILLING HOLDINGS LTD (REGISTERED NUMBER: 08943769)

CONSOLIDATED BALANCE SHEET
30 June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 - (64,503 )
Tangible assets 12 3,551,352 3,445,555
Investments 13 - -
3,551,352 3,381,052

CURRENT ASSETS
Debtors 14 9,846,065 6,998,478
Cash at bank and in hand 2,596,641 1,001,328
12,442,706 7,999,806
CREDITORS
Amounts falling due within one year 15 11,260,470 8,193,729
NET CURRENT ASSETS/(LIABILITIES) 1,182,236 (193,923 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,733,588

3,187,129

CREDITORS
Amounts falling due after more than one year 16 (1,029,869 ) (1,502,272 )

PROVISIONS FOR LIABILITIES 20 (119,351 ) (40,670 )
NET ASSETS 3,584,368 1,644,187

CAPITAL AND RESERVES
Called up share capital 21 119 119
Revaluation reserve 22 679,846 695,656
Retained earnings 22 2,904,403 948,412
SHAREHOLDERS' FUNDS 3,584,368 1,644,187

The financial statements were approved by the Board of Directors and authorised for issue on 20 December 2024 and were signed on its behalf by:





Mr M D Seagroatt - Director


LONDON DIAMOND DRILLING HOLDINGS LTD (REGISTERED NUMBER: 08943769)

COMPANY BALANCE SHEET
30 June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 - -
Tangible assets 12 - -
Investments 13 1,001 1,001
1,001 1,001

CURRENT ASSETS
Debtors 14 3,259,204 4,085,890
Cash in hand 119 119
3,259,323 4,086,009
CREDITORS
Amounts falling due within one year 15 5,629,546 6,456,232
NET CURRENT LIABILITIES (2,370,223 ) (2,370,223 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(2,369,222

)

(2,369,222

)

CAPITAL AND RESERVES
Called up share capital 21 119 119
Retained earnings 22 (2,369,341 ) (2,369,341 )
SHAREHOLDERS' FUNDS (2,369,222 ) (2,369,222 )

Company's profit for the financial year - -

The financial statements were approved by the Board of Directors and authorised for issue on 20 December 2024 and were signed on its behalf by:





Mr M D Seagroatt - Director


LONDON DIAMOND DRILLING HOLDINGS LTD (REGISTERED NUMBER: 08943769)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the year ended 30 June 2024

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 July 2022 119 756,244 711,466 1,467,829

Changes in equity
Total comprehensive income - 192,168 (15,810 ) 176,358
Balance at 30 June 2023 119 948,412 695,656 1,644,187

Changes in equity
Total comprehensive income - 1,955,991 (15,810 ) 1,940,181
Balance at 30 June 2024 119 2,904,403 679,846 3,584,368

LONDON DIAMOND DRILLING HOLDINGS LTD (REGISTERED NUMBER: 08943769)

COMPANY STATEMENT OF CHANGES IN EQUITY
for the year ended 30 June 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 July 2022 119 (2,369,341 ) (2,369,222 )

Changes in equity
Balance at 30 June 2023 119 (2,369,341 ) (2,369,222 )

Changes in equity
Balance at 30 June 2024 119 (2,369,341 ) (2,369,222 )

LONDON DIAMOND DRILLING HOLDINGS LTD (REGISTERED NUMBER: 08943769)

CONSOLIDATED CASH FLOW STATEMENT
for the year ended 30 June 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,840,409 1,348,350
Interest paid (119,601 ) (120,937 )
Tax paid (132,923 ) (45,359 )
Net cash from operating activities 2,587,885 1,182,054

Cash flows from investing activities
Purchase of tangible fixed assets (528,578 ) (425,135 )
Sale of tangible fixed assets 54,250 47,297
Interest received 4,872 170
Net cash from investing activities (469,456 ) (377,668 )

Cash flows from financing activities
Loan repayments in year (613,308 ) (662,779 )
New HP in year 71,546 272,313
Capital repayments in year (50,322 ) (210,706 )
Amount introduced by directors 68,968 -
Amount withdrawn by directors - (70,253 )
Net cash from financing activities (523,116 ) (671,425 )

Increase in cash and cash equivalents 1,595,313 132,961
Cash and cash equivalents at beginning of
year

2

1,001,328

868,367

Cash and cash equivalents at end of year 2 2,596,641 1,001,328

LONDON DIAMOND DRILLING HOLDINGS LTD (REGISTERED NUMBER: 08943769)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
for the year ended 30 June 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
Profit before taxation 2,631,008 340,218
Depreciation charges 346,629 350,944
Profit on disposal of fixed assets (42,601 ) (46,081 )
Finance costs 119,601 120,937
Finance income (4,872 ) (170 )
3,049,765 765,848
(Increase)/decrease in trade and other debtors (2,847,587 ) 174,828
Increase in trade and other creditors 2,638,231 407,674
Cash generated from operations 2,840,409 1,348,350

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 June 2024
30.6.24 1.7.23
£    £   
Cash and cash equivalents 2,596,641 1,001,328
Year ended 30 June 2023
30.6.23 1.7.22
£    £   
Cash and cash equivalents 1,001,328 868,367


3. ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS

At 1.7.23 Cash flow At 30.6.24
£    £    £   
Net cash
Cash at bank and in hand 1,001,328 1,595,313 2,596,641
1,001,328 1,595,313 2,596,641
Debt
Finance leases (434,984 ) (21,224 ) (456,208 )
Debts falling due within 1 year (613,845 ) 81,800 (532,045 )
Debts falling due after 1 year (1,311,861 ) 531,508 (780,353 )
(2,360,690 ) 592,084 (1,768,606 )
Total (1,359,362 ) 2,187,397 828,035

LONDON DIAMOND DRILLING HOLDINGS LTD (REGISTERED NUMBER: 08943769)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 30 June 2024

1. STATUTORY INFORMATION

London Diamond Drilling Holdings Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
London Diamond Drilling Holdings Limited (the "Company") is a company limited by shares and incorporated and domiciled in the UK.

These group and parent company financial statements were prepared in accordance with Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of lreland ("FRS 102'').

The parent company is included in the consolidated financial statements, and is considered to be a qualifying entity under FRS 102 paragraphs 1.8 to 1.12. The following exemptions available under FRS 102 in respect of certain disclosures for the parent company financial statements have been applied:

- The reconciliation of the number of shares outstanding from the beginning to the end of the period has not been included a second time;
- No separate parent company Cash Flow Statement with related notes is included; and
- The disclosures required by FRS 102.11 Basic Financial Instruments and FRS 102.12 Other Financial Instrument Issues in respect of financial instruments not falling within the fair value accounting rules of Paragraph 36(4) of Schedule 1.

The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these financial statements.

The financial statements are prepared on the historical cost basis.

Basis of consolidation
The consolidated financial statements include the financial statements of the company and its subsidiary undertakings made up to 30 June 2024. A subsidiary is an entity that is controlled by the parent. The results of subsidiary undertakings are included in the consolidated profit and loss account from the date that control commences until the date that control ceases. Control is established when the company has the power to govern the operating and financial policies of an entity so as to obtain benefits from its activities. In assessing control, the group takes into consideration potential voting rights that are currently exercisable.

Under Section 408 of the Companies Act 2006 the company is exempt from the requirement to present its own profit and loss account.

In the parent financial statements, investments in subsidiaries are carried at cost less impairment.

Going concern
The directors have prepared forecasts including projected cash flows for twelve months from the date of their approval of these financial statements. These forecasts indicate that the group will be able to meet its working capital requirements through its existing facilities.

LONDON DIAMOND DRILLING HOLDINGS LTD (REGISTERED NUMBER: 08943769)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 30 June 2024

2. ACCOUNTING POLICIES - continued

Turnover
Turnover is recognised when the services are performed. Turnover is reduced for estimated customer retentions, refunds and other similar allowances.

Goodwill
Purchased goodwill is the excess of the fair value of the purchase consideration over the fair value of the net assets acquired on acquisition of subsidiary undertakings and is capitalised and amortised over its useful economic life, subject to a maximum period of 10 years. Where impairment of an investment occurs, the amount is written off in the year concerned.

Negative goodwill being the value of non monetary assets at acquisition of one of its subsidiaries, LDD Construction Limited, is also being amortised evenly over its estimated useful life of 10 years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Improvements to property - 25% on cost
Plant and machinery - 25% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on cost
Computer equipment - 25% on cost

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

Current or deferred taxation assets and liabilities are not discounted.

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

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

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

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Transactions in foreign currencies are translated to the group companies' functional currency at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are retranslated to the functional currency at the foreign exchange rate ruling at that date. Non­monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Foreign exchange differences arising on translation are recognised in the profit and loss account.

LONDON DIAMOND DRILLING HOLDINGS LTD (REGISTERED NUMBER: 08943769)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 30 June 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets that are held by the company under leases which transfer to the group substantially all the risks and rewards of ownership are classified as being held under finance leases. Leases which do not transfer substantially all the risks and rewards of ownership to the group are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the group at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the group's policy on borrowing costs (see the accounting policy above). Contingent rentals are recognised as expenses in the periods in which they are incurred.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. Contingent rentals arising under operating leases are recognised as an expense in the period in which they are incurred.

In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight­line basis over the lease term, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. A defined contribution plan is a post-employment benefit plan under which the company pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognised as an expense in the profit and loss account in the periods during which services are rendered by employees.

Fixed asset investments
Investments in subsidiaries are stated at cost, less any provision for diminution in value.

LONDON DIAMOND DRILLING HOLDINGS LTD (REGISTERED NUMBER: 08943769)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 30 June 2024

2. ACCOUNTING POLICIES - continued

Trade and other debtors
Trade and other debtors are initially recognised at the transaction price and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors
Trade and other creditors are initially recognised at the transaction price and are thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.
Interest bearing borrowings
Interest bearing borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost with any difference between the amount initially recognised and redemption value being recognised in the statement of comprehensive income over the period of the borrowings, together with any interest and fees payable, using the effective interest method.

Related parties
For the purposes of these financial statements, a party is considered to be related to the group if:
- the party has the ability, directly or indirectly, through one or more intermediaries, to control the group or exercise significant influence over the group in making financial and operating policy decisions, or has joint control over the company; or
- the group and the party are subject to common control; or
- the party is an associate of the group or a joint venture in which the group is a venturer; or
- the party is a member of key management personnel of the group or a close family member of such an individual, or is an entity under the control, joint control or significant influence of such individuals; or
- the party is a close family member of a party referred to in (i) or is an entity under the control, joint control or significant influence of such individuals; or
- the party is a post-employment benefit plan which is for the benefit of employees of the group or of any entity that is a related party of the group; or
- the party, or any member of a group of which it is part, provides key management personnel services to the group.

LONDON DIAMOND DRILLING HOLDINGS LTD (REGISTERED NUMBER: 08943769)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 30 June 2024

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the group's accounting policies, which are described above, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.

Valuation of freehold property
As described under the tangible fixed assets notes to the financial statements, the freehold property is stated at market value based on the valuation performed at the year end by Matthews & Goodman LLP, an independent professional valuation and RICS registered company, which used observable market prices adjusted as necessary for any difference in the future, location or condition of the specific asset.

Other items in the financial statements where these judgements and estimates have been made include:

- assessing the useful economic lives attributed to tangible fixed assets used to determine the annual depreciation charge, and

- the provision required for any bad or doubtful debts.

4. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 47,965,096 25,815,592
47,965,096 25,815,592

5. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 7,246,162 6,031,695
Social security costs 39,553 50,731
Other pension costs 457,350 142,528
7,743,065 6,224,954

LONDON DIAMOND DRILLING HOLDINGS LTD (REGISTERED NUMBER: 08943769)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 30 June 2024

5. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2024 2023

Administrations staff 63 61
Operatives staff 55 92
118 153

The average number of employees by undertakings that were proportionately consolidated during the year was 118 (2023 - 153 ) .

2024 2023
£    £   
Directors' remuneration 330,609 395,743
Directors' pension contributions to money purchase schemes 338,642 39,302

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 100,250 101,682
Pension contributions to money purchase schemes 200,000 26,000

6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Depreciation - owned assets 293,437 345,426
Depreciation - assets on hire purchase contracts 117,695 70,020
Profit on disposal of fixed assets (42,601 ) (46,081 )
Goodwill amortisation (64,503 ) (64,503 )
Auditors' remuneration 54,108 58,257

7. EXCEPTIONAL ITEMS
2024 2023
£    £   
Loan written off - (225,000 )

The exceptional item in previous year related to loan written off with Straight Eight since the company had gone into liquidation.

LONDON DIAMOND DRILLING HOLDINGS LTD (REGISTERED NUMBER: 08943769)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 30 June 2024

8. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 76,298 86,307
Mortgage interest 43,303 34,630
119,601 120,937

9. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 662,309 132,294
(Over)/under provision of tax (50,163 ) -
Total current tax 612,146 132,294

Deferred tax:
Origination and reversal of timing differences 78,681 31,566
Tax on profit 690,827 163,860

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 2,631,008 340,218
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 20.496 %)

657,752

69,731

Effects of:
Expenses not deductible for tax purposes 75,143 102,649
Capital allowances in excess of depreciation (59,936 ) -
Adjustments to tax charge in respect of previous periods (50,163 ) (35,823 )
Adjustment for deferred tax 78,681 31,566
assets
Profit or loss on disposal of investment (10,650 ) (4,263 )
investments

Total tax charge 690,827 163,860

LONDON DIAMOND DRILLING HOLDINGS LTD (REGISTERED NUMBER: 08943769)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 30 June 2024

10. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


11. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 July 2023
and 30 June 2024 (645,028 )
AMORTISATION
At 1 July 2023 (580,525 )
Amortisation for year (64,503 )
At 30 June 2024 (645,028 )
NET BOOK VALUE
At 30 June 2024 -
At 30 June 2023 (64,503 )

12. TANGIBLE FIXED ASSETS

Group
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST OR VALUATION
At 1 July 2023 2,840,000 165,129 2,661,336
Additions - - 160,808
Disposals - - (8,528 )
At 30 June 2024 2,840,000 165,129 2,813,616
DEPRECIATION
At 1 July 2023 123,478 165,129 2,432,143
Charge for year 61,739 - 113,526
Eliminated on disposal - - (8,528 )
At 30 June 2024 185,217 165,129 2,537,141
NET BOOK VALUE
At 30 June 2024 2,654,783 - 276,475
At 30 June 2023 2,716,522 - 229,193

LONDON DIAMOND DRILLING HOLDINGS LTD (REGISTERED NUMBER: 08943769)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 30 June 2024

12. TANGIBLE FIXED ASSETS - continued

Group

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST OR VALUATION
At 1 July 2023 69,511 1,791,069 72,968 7,600,013
Additions 1,042 340,544 26,184 528,578
Disposals - (222,526 ) - (231,054 )
At 30 June 2024 70,553 1,909,087 99,152 7,897,537
DEPRECIATION
At 1 July 2023 67,971 1,319,683 46,054 4,154,458
Charge for year 969 220,960 13,938 411,132
Eliminated on disposal - (210,877 ) - (219,405 )
At 30 June 2024 68,940 1,329,766 59,992 4,346,185
NET BOOK VALUE
At 30 June 2024 1,613 579,321 39,160 3,551,352
At 30 June 2023 1,540 471,386 26,914 3,445,555

Freehold property relates to the property situated at 7 Eastbury Rd, Beckton, London E6 6LP.

Cost or valuation at 30 June 2024 is represented by:

Improvements
Freehold to Plant and
property property machinery
£    £    £   
Valuation in 2021 543,560 - -
Cost 2,296,440 165,129 2,813,616
2,840,000 165,129 2,813,616

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
Valuation in 2021 - - - 543,560
Cost 70,553 1,909,087 99,152 7,353,977
70,553 1,909,087 99,152 7,897,537

LONDON DIAMOND DRILLING HOLDINGS LTD (REGISTERED NUMBER: 08943769)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 30 June 2024

12. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST OR VALUATION
At 1 July 2023 96,695 426,643 523,338
Additions - 311,846 311,846
Transfer to ownership (55,000 ) (138,921 ) (193,921 )
At 30 June 2024 41,695 599,568 641,263
DEPRECIATION
At 1 July 2023 44,004 58,358 102,362
Charge for year 10,424 107,271 117,695
Transfer to ownership (27,500 ) (44,809 ) (72,309 )
At 30 June 2024 26,928 120,820 147,748
NET BOOK VALUE
At 30 June 2024 14,767 478,748 493,515
At 30 June 2023 52,691 368,285 420,976

13. FIXED ASSET INVESTMENTS

Company
Unlisted
investments
£   
COST
At 1 July 2023
and 30 June 2024 1,001
NET BOOK VALUE
At 30 June 2024 1,001
At 30 June 2023 1,001

LONDON DIAMOND DRILLING HOLDINGS LTD (REGISTERED NUMBER: 08943769)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 30 June 2024

13. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

LDD Construction Limited
Registered office: England and Wales
Nature of business: Construction works
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 4,889,820 3,086,809
Profit for the year 1,803,011 69,582

LDD Fire Protection Ltd
Registered office: England and Wales
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
28.2.24 28.2.23
£    £   
Aggregate capital and reserves 1,000 1,000

Blakron Limited
Registered office: England and Wales
Nature of business: Property rental and investment
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 1,027,483 992,103
Profit for the year 35,380 42,273


LONDON DIAMOND DRILLING HOLDINGS LTD (REGISTERED NUMBER: 08943769)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 30 June 2024

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 6,557,164 4,420,586 - -
Amounts owed by group undertakings - - 2,414,823 3,116,509
Other debtors 2,356,769 1,917,486 844,381 969,381
VAT 546,167 340,381 - -
Prepayments 385,965 320,025 - -
9,846,065 6,998,478 3,259,204 4,085,890

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 17) 532,045 613,845 - -
Hire purchase contracts (see note 18) 206,692 244,573 - -
Trade creditors 7,554,203 4,216,975 2 2
Amounts owed to group undertakings - - 4,068,303 4,193,303
Tax 611,517 132,294 - -
Social security and other taxes 201,693 180,681 - -
Other creditors 1,977,880 2,713,805 1,561,241 2,262,927
Directors' loan accounts 97,000 28,032 - -
Accrued expenses 79,440 63,524 - -
11,260,470 8,193,729 5,629,546 6,456,232

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
2024 2023
£    £   
Bank loans (see note 17) 780,353 1,311,861
Hire purchase contracts (see note 18) 249,516 190,411
1,029,869 1,502,272

LONDON DIAMOND DRILLING HOLDINGS LTD (REGISTERED NUMBER: 08943769)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 30 June 2024

17. LOANS

An analysis of the maturity of loans is given below:

Group
2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 532,045 613,845
Amounts falling due between one and two years:
Bank loans 333,334 400,000
Amounts falling due between two and five years:
Bank loans 396,135 863,664
Amounts falling due in more than five years:
Repayable by instalments
Bank loans 50,884 48,197

The Coronavirus Business Interruption Loan balances for two of the subsidiaries amounting to £733,333 (2023 - £1,133,333) were outstanding as at 30 June 2024.

LONDON DIAMOND DRILLING HOLDINGS LTD (REGISTERED NUMBER: 08943769)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 30 June 2024

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£    £   
Gross obligations repayable:
Within one year 228,860 261,593
Between one and five years 273,067 204,820
501,927 466,413

Finance charges repayable:
Within one year 22,168 17,020
Between one and five years 23,551 14,409
45,719 31,429

Net obligations repayable:
Within one year 206,692 244,573
Between one and five years 249,516 190,411
456,208 434,984

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 60,000 60,000

LONDON DIAMOND DRILLING HOLDINGS LTD (REGISTERED NUMBER: 08943769)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 30 June 2024

19. SECURED DEBTS

The following secured debts are included within creditors:

Group
2024 2023
£    £   
Bank loans 1,312,398 1,925,706
Hire purchase contracts 456,208 434,984
1,768,606 2,360,690

Hire purchase contracts are secured over the assets which they relate to.

The table below relates to the loan security between Blakron Limited, a subsidiary and The Royal Bank of Scotland:


Security type Granted by Security address/Description


1. 1st Legal Charge

Blakron Limited
7 Eastbury Road, London Industrial Park,
Beckton, London and its associated assets

2. Debenture Blakron Limited

3. Loan guarantee supported by
debenture

LDD Construction Limited



4. Deed of subordination

Dean Carr
Monies owed to Dean Carr by Blakron
Limited


5. Deed of subordination

Marc Seagroatt
Monies owed to Marc Seagroatt by Blakron
Ltd


The table below relates to the loan security between LDD Construction Limited, a subsidiary and The Royal Bank of Scotland with regards to the Coronavirus Business Interruption Loan:

Security Type Status Granted By Security Address/Description

1. Debenture Held LDD Construction Limited

2. Guarantee for £850,000 Held Blakron Limited
Supported by


(i) Freehold 1st Legal Charge


Held


Blakon Limited
7 Eastbury Road, London Industrial
Park, Beckton, London and its
associated assets
(ii) Debenture Held Blakron Limited

Also, under the Coronavirus Business Interruption Loan Scheme, the Secretary of State has agreed to provide the bank with a partial guarantee. The bank's ability to provide the customer with the loan is dependant upon the the bank receiving the partial guarantee. The partial guarantee is given to the bank and not to the customer and the customer remains liable for all sums payable under this agreement in the event of a default.

LONDON DIAMOND DRILLING HOLDINGS LTD (REGISTERED NUMBER: 08943769)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 30 June 2024

20. PROVISIONS FOR LIABILITIES

Group
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 119,351 40,670

Group
Deferred
tax
£   
Balance at 1 July 2023 40,670
Deferred tax movement 78,681
Balance at 30 June 2024 119,351

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal value: 2024 2023
£ £
4,214 Ordinary A 1p 42 42
4,114 Ordinary B 1p 41 42
360 Ordinary E 1p 4 4
240 Ordinary F 1p 2 2
89 89

Allotted and issued:
Number: Class: Nominal value: 2024 2023
£ £
2,976 Ordinary G 1p 30 30

22. RESERVES

Group
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 July 2023 948,412 695,656 1,644,068
Profit for the year 1,940,181 1,940,181
Revaluation reserve transfer 15,810 (15,810 ) -
At 30 June 2024 2,904,403 679,846 3,584,249

LONDON DIAMOND DRILLING HOLDINGS LTD (REGISTERED NUMBER: 08943769)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 30 June 2024

22. RESERVES - continued

Company
Retained
earnings
£   

At 1 July 2023 (2,369,341 )
Profit for the year -
At 30 June 2024 (2,369,341 )


23. PENSION COMMITMENTS

The subsidiary company also operates a fully insured defined contribution pension scheme for certain members of staff and the pension charge represents the amounts paid by the company to the fund during the year. Payments during the year amounted to £457,350 (2023: £143,869). These contributions are invested separately from the company's assets.

24. CONTINGENT LIABILITIES

There were no contingent liabilities at either the beginning or end of the financial year.

25. CAPITAL COMMITMENTS

As at 30 June 2024 the group had no capital commitments which had been contracted for but not provided in the financial statements.

26. RELATED PARTY DISCLOSURES

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

At the balance sheet date, the company owed the director, Mr M D Seagroatt £97,000 (2023: £28,032). The loan is interest free and repayable on demand.

At the balance sheet date, LDD Construction Ltd, a subsidiary, was owed £78,044 (2023 - £78,044) by LDD Projects LLP, a Limited Liability Partnership in which the designated members are Mr M D Seagroatt and his wife.

At the balance sheet date, the parent company was owed £347,500 (2023 - £347,500) by Universal Acquisitions Limited, a company in which Mr M D Seagroat has an interest.

Total compensation of key management personnel in the year amounted to £708,804 (2023 - £453,695).

The parent company was controlled throughout the current year and previous year by the directors, Mr M D Seagroatt and Mrs C Seagroatt, by virtue of their control of the entire issued "A" and "B" share capital.

LONDON DIAMOND DRILLING HOLDINGS LTD (REGISTERED NUMBER: 08943769)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 30 June 2024

27. AUDITOR LIABILITY LIMITATION AGREEMENT

The group has entered into a liability limitation agreement with Raffingers LLP, the statutory auditor, in respect of the statutory audit for the period ended 30 June 2024. The proportionate liability agreement follows the standard terms in Appendix B to the Financial Reporting Council's June 2008 Guidance on Auditor Liability Agreements, and was approved by the members on 30 November 2024.

28. HOLIDAY ACCRUALS

The group made a provision for holiday pay of £27,000 (2023 - £18,000) and which comprises of holiday earned but not taken prior to the year-end.

29. GOING CONCERN

The liabilities of the parent company exceed the assets at the balance sheet but it continues to have the support of its fellow undertakings and the directors to continue trading for the foreseeable future.