13 8 Stratum Drilling Solutions Ltd SC577178 false 2023-10-01 2024-09-30 2024-09-30 The principal activity of the company is the distribution and supply of drilling equipment. The company also provides drilling related consultancy work. Digita Accounts Production Advanced 6.30.9574.0 true SC577178 2023-10-01 2024-09-30 SC577178 2024-09-30 SC577178 core:RetainedEarningsAccumulatedLosses 2024-09-30 SC577178 core:ShareCapital 2024-09-30 SC577178 core:CurrentFinancialInstruments 2024-09-30 SC577178 core:CurrentFinancialInstruments core:WithinOneYear 2024-09-30 SC577178 core:Non-currentFinancialInstruments 2024-09-30 SC577178 core:Non-currentFinancialInstruments core:AfterOneYear 2024-09-30 SC577178 core:BetweenTwoFiveYears 2024-09-30 SC577178 core:WithinOneYear 2024-09-30 SC577178 core:ConstructionInProgressAssetsUnderConstruction 2024-09-30 SC577178 core:FurnitureFittings 2024-09-30 SC577178 core:MotorVehicles 2024-09-30 SC577178 core:OfficeEquipment 2024-09-30 SC577178 core:OtherPropertyPlantEquipment 2024-09-30 SC577178 core:PlantMachinery 2024-09-30 SC577178 bus:SmallEntities 2023-10-01 2024-09-30 SC577178 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 SC577178 bus:FilletedAccounts 2023-10-01 2024-09-30 SC577178 bus:SmallCompaniesRegimeForAccounts 2023-10-01 2024-09-30 SC577178 bus:RegisteredOffice 2023-10-01 2024-09-30 SC577178 bus:Director1 2023-10-01 2024-09-30 SC577178 bus:Director2 2023-10-01 2024-09-30 SC577178 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 SC577178 bus:Agent1 2023-10-01 2024-09-30 SC577178 core:ComputerEquipment 2023-10-01 2024-09-30 SC577178 core:ConstructionInProgressAssetsUnderConstruction 2023-10-01 2024-09-30 SC577178 core:FurnitureFittings 2023-10-01 2024-09-30 SC577178 core:LeaseholdImprovements 2023-10-01 2024-09-30 SC577178 core:MotorVehicles 2023-10-01 2024-09-30 SC577178 core:OfficeEquipment 2023-10-01 2024-09-30 SC577178 core:OtherPropertyPlantEquipment 2023-10-01 2024-09-30 SC577178 core:PlantMachinery 2023-10-01 2024-09-30 SC577178 countries:Scotland 2023-10-01 2024-09-30 SC577178 2023-09-30 SC577178 core:ConstructionInProgressAssetsUnderConstruction 2023-09-30 SC577178 core:FurnitureFittings 2023-09-30 SC577178 core:MotorVehicles 2023-09-30 SC577178 core:OfficeEquipment 2023-09-30 SC577178 core:OtherPropertyPlantEquipment 2023-09-30 SC577178 core:PlantMachinery 2023-09-30 SC577178 2022-10-01 2023-09-30 SC577178 2023-09-30 SC577178 core:RetainedEarningsAccumulatedLosses 2023-09-30 SC577178 core:ShareCapital 2023-09-30 SC577178 core:CurrentFinancialInstruments 2023-09-30 SC577178 core:CurrentFinancialInstruments core:WithinOneYear 2023-09-30 SC577178 core:Non-currentFinancialInstruments 2023-09-30 SC577178 core:Non-currentFinancialInstruments core:AfterOneYear 2023-09-30 SC577178 core:BetweenTwoFiveYears 2023-09-30 SC577178 core:WithinOneYear 2023-09-30 SC577178 core:ConstructionInProgressAssetsUnderConstruction 2023-09-30 SC577178 core:FurnitureFittings 2023-09-30 SC577178 core:MotorVehicles 2023-09-30 SC577178 core:OfficeEquipment 2023-09-30 SC577178 core:OtherPropertyPlantEquipment 2023-09-30 SC577178 core:PlantMachinery 2023-09-30 xbrli:pure iso4217:GBP xbrli:shares

Registration number: SC577178

Stratum Drilling Solutions Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Stratum Drilling Solutions Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

Accountants' Report

11

 

Stratum Drilling Solutions Ltd

Company Information

Directors

Mr Andrew Gilmour Robertson

Mr Wayne Roger Allen

Registered office

Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
Stirlingshire
FK3 8WX

Accountants

EQ Accountants Ltd Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

 

Stratum Drilling Solutions Ltd

(Registration number: SC577178)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

141,601

177,994

Current assets

 

Stocks

5

1,024,963

937,206

Debtors

6

533,543

737,331

Cash at bank and in hand

 

644,874

366,944

 

2,203,380

2,041,481

Creditors: Amounts falling due within one year

7

(912,238)

(993,996)

Net current assets

 

1,291,142

1,047,485

Total assets less current liabilities

 

1,432,743

1,225,479

Creditors: Amounts falling due after more than one year

7

(7,035)

(17,630)

Provisions for liabilities

(31,153)

(39,159)

Net assets

 

1,394,555

1,168,690

Capital and reserves

 

Called up share capital

9

300

300

Retained earnings

1,394,255

1,168,390

Shareholders' funds

 

1,394,555

1,168,690

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 14 January 2025 and signed on its behalf by:
 

 

Stratum Drilling Solutions Ltd

(Registration number: SC577178)
Balance Sheet as at 30 September 2024

.........................................
Mr Andrew Gilmour Robertson
Director

 

Stratum Drilling Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Stratum Drilling Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold improvements

5 years straight line

Plant and machinery

20% reducing balance

Motor vehicles

20% reducing balance

Computer equipment

5 years straight line

Other property,plant and equipment

20% reducing balance

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Stratum Drilling Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual
arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any
contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

 

3

Employees and Directors

The average number of persons employed by the company (including directors) during the year, was 13 (2023 - 8).

 

Stratum Drilling Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

4

Tangible assets

Leasehold improvements
 £

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 October 2023

22,333

995

121,181

15,006

62,470

Additions

-

-

-

2,398

-

Disposals

-

-

-

(1,889)

-

At 30 September 2024

22,333

995

121,181

15,515

62,470

Depreciation

At 1 October 2023

18,904

358

84,188

8,032

15,612

Charge for the year

1,623

128

7,398

3,027

9,372

Eliminated on disposal

-

-

-

(1,573)

-

At 30 September 2024

20,527

486

91,586

9,486

24,984

Carrying amount

At 30 September 2024

1,806

509

29,595

6,029

37,486

At 30 September 2023

3,429

637

36,993

6,974

46,858

Other tangible assets
 £

Total
£

Cost or valuation

At 1 October 2023

129,090

351,075

Additions

1,074

3,472

Disposals

(1,821)

(3,710)

At 30 September 2024

128,343

350,837

Depreciation

At 1 October 2023

45,987

173,081

Charge for the year

16,544

38,092

Eliminated on disposal

(364)

(1,937)

At 30 September 2024

62,167

209,236

Carrying amount

At 30 September 2024

66,176

141,601

At 30 September 2023

83,103

177,994

 

Stratum Drilling Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

5

Stocks

2024
£

2023
£

Other inventories

1,024,963

937,206

6

Debtors

Current

2024
£

2023
£

Trade debtors

531,895

690,978

Prepayments

1,348

665

Other debtors

300

45,688

 

533,543

737,331

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

10,340

9,830

Trade creditors

 

603,577

728,763

Taxation and social security

 

287,556

219,222

Other creditors

 

10,765

36,181

 

912,238

993,996

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

7,035

17,630

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

7,035

17,630

 

Stratum Drilling Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,340

9,830

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary 'A' class shares of £1 each

200

200

200

200

Ordinary 'B' class shares of £1 each

100

100

100

100

300

300

300

300

10

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

62,408

66,654

Later than one year and not later than five years

13,978

33,818

76,386

100,472

The amount of non-cancellable operating lease payments recognised as an expense during the year was £Nil (2023 - £57,090).

 

Stratum Drilling Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

11

Related party transactions

Creditors include the following amounts which are owed to individuals who were directors of the company during the year:

2024
 £

2023
 £

Mr A G Robertson

410

1,268

Mr W R Allen

393

1,324

 

803

2,592

The maximum balance outstanding during the year amounted to £2,592.

The directors current accounts are repayable on demand.

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Stratum Drilling Solutions Ltd
for the Year Ended 30 September 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Stratum Drilling Solutions Ltd for the year ended 30 September 2024 as set out on pages 2 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Stratum Drilling Solutions Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Stratum Drilling Solutions Ltd and state those matters that we have agreed to state to the Board of Directors of Stratum Drilling Solutions Ltd, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Stratum Drilling Solutions Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Stratum Drilling Solutions Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Stratum Drilling Solutions Ltd. You consider that Stratum Drilling Solutions Ltd 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 accounts of Stratum Drilling Solutions Ltd. 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 accounts.

......................................

EQ Accountants Ltd
Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

14 January 2025