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COMPANY REGISTRATION NUMBER: 11970745
Steel Line Drilling Limited
Filleted Unaudited Financial Statements
31 October 2024
Steel Line Drilling Limited
Financial Statements
Year ended 31 October 2024
Contents
Pages
Chartered accountants report to the director on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2 to 3
Notes to the financial statements
4 to 7
Steel Line Drilling Limited
Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Steel Line Drilling Limited
Year ended 31 October 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Steel Line Drilling Limited for the year ended 31 October 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Steel Line Drilling Limited. Our work has been undertaken solely to prepare for your approval the financial statements of Steel Line Drilling Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Steel Line Drilling Limited and its director for our work or for this report.
It is your duty to ensure that Steel Line Drilling Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Steel Line Drilling Limited. You consider that Steel Line Drilling Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Steel Line Drilling Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
HEBBLETHWAITES Chartered Accountants
2 Westbrook Court Sharrow Vale Road Sheffield S11 8YZ
20 February 2025
Steel Line Drilling Limited
Statement of Financial Position
31 October 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
4
87,508
103,217
Investments
5
1,025,100
1,025,100
------------
------------
1,112,608
1,128,317
Current assets
Debtors
6
8,685
10,149
Cash at bank and in hand
10
313
-------
--------
8,695
10,462
Creditors: amounts falling due within one year
7
865,752
815,083
---------
---------
Net current liabilities
857,057
804,621
------------
------------
Total assets less current liabilities
255,551
323,696
Creditors: amounts falling due after more than one year
8
233,250
294,504
Provisions
21,877
25,804
---------
---------
Net assets
424
3,388
---------
---------
Steel Line Drilling Limited
Statement of Financial Position (continued)
31 October 2024
2024
2023
Note
£
£
Capital and reserves
Called up share capital
100
100
Profit and loss account
324
3,288
----
-------
Shareholders funds
424
3,388
----
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 20 February 2025 , and are signed on behalf of the board by:
Mr C R Birt
Director
Company registration number: 11970745
Steel Line Drilling Limited
Notes to the Financial Statements
Year ended 31 October 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2 Westbrook Court, Sharrow Vale Road, Sheffield, S11 8YZ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The director acknowledges that there is a net current liabilities position at the year end date. However, the majority of creditors due within one year are in respect of loans from related parties, which the director controls. It is therefore considered that the continued adoption of the going concern basis is appropriate in preparing the financial statements.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the opinion of management, there are no areas of judgement or key sources of estimation uncertainty that have a significant effect on the financial statements, other than those highlighted below.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of any discounts. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
10% Straight Line
Equipment
-
33% Straight Line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
4. Tangible assets
Plant and machinery
Equipment
Total
£
£
£
Cost
At 1 November 2023 and 31 October 2024
148,484
5,583
154,067
---------
-------
---------
Depreciation
At 1 November 2023
46,926
3,924
50,850
Charge for the year
14,848
861
15,709
---------
-------
---------
At 31 October 2024
61,774
4,785
66,559
---------
-------
---------
Carrying amount
At 31 October 2024
86,710
798
87,508
---------
-------
---------
At 31 October 2023
101,558
1,659
103,217
---------
-------
---------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Plant and machinery
£
At 31 October 2024
54,519
--------
At 31 October 2023
100,140
---------
5. Investments
Shares in group undertakings
£
Cost
At 1 November 2023 and 31 October 2024
1,025,100
------------
Impairment
At 1 November 2023 and 31 October 2024
------------
Carrying amount
At 31 October 2024
1,025,100
------------
At 31 October 2023
1,025,100
------------
The company owns 100% of the shares in John Norton Fabrications Limited, included at cost.
6. Debtors
2024
2023
£
£
Trade debtors
129
220
Other debtors
8,556
9,929
-------
--------
8,685
10,149
-------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
3,000
3,000
Trade creditors
7,274
7,567
Amounts owed to group undertakings and undertakings in which the company has a participating interest
528,045
473,236
Corporation tax
15,357
18,580
Social security and other taxes
5,428
10,814
Other creditors
306,648
301,886
---------
---------
865,752
815,083
---------
---------
Included within creditors falling due within one year are loans and financing arrangements in the sum of £16,823 (2023: £26,555) that are secured against the assets of the company. Included within creditors falling due within one year are amounts due to the vendor, following the acquisition of the company's shares during the prior year, in the sum of £82,000 (2023: £164,000) that are secured against the assets of the company.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,750
4,750
Other creditors
231,500
289,754
---------
---------
233,250
294,504
---------
---------
Included within creditors falling due after more than one year are loans and financing arrangements in the sum of £Nil (2023: £15,421) that are secured against the assets of the company. Included within creditors falling due after more than one year are amounts due to the vendor, following the acquisition of the company's shares during the prior year, in the sum of £231,500 (2023: £274,333) that are secured against the assets of the company.
9. Related party transactions
Included within debtors at the year end date is a loan which is owed to the company by a related party company under common control and amounting to £8,556 (2023: £9,929). The balance results from advances made by this company to the related party company and is not subject to any formal repayment terms and neither is any interest chargeable. Included within creditors due within one year at the year end date is a loan liability owing to a related party company under common control and amounting to £207,492 (2023: £110,664). The balance results from advances made to this company from the related party company and is not subject to any formal repayment terms and neither is any interest chargeable. Included within creditors due within one year at the year end date is a loan liability owing to a subsidiary company and amounting to £528,045 (2023: £473,236). The balance results from advances made to this company from the subsidiary company and is not subject to any formal repayment terms and neither is any interest chargeable.