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REGISTERED NUMBER: 00696597 (England and Wales)











Drill Service (Horley) Limited

Unaudited Financial Statements

for the Year Ended 30 June 2024






Drill Service (Horley) Limited (Registered number: 00696597)






Contents of the Financial Statements
for the Year Ended 30 June 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Drill Service (Horley) Limited

Company Information
for the Year Ended 30 June 2024







DIRECTORS: Ms G P C Howell
H A J Worsley
Miss T H E Worsley
Mrs C J Griffith





SECRETARY: Ms G P C Howell





REGISTERED OFFICE: 23 Albert Road
Horley
Surrey
RH6 7HR





REGISTERED NUMBER: 00696597 (England and Wales)





ACCOUNTANTS: Streets Dyke Ruscoe Ltd
110 Corve Street
Ludlow
SHROPSHIRE
SY8 1DJ

Drill Service (Horley) Limited (Registered number: 00696597)

Balance Sheet
30 June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 901,639 901,787

CURRENT ASSETS
Stocks 881,879 869,626
Debtors 5 200,835 209,239
Prepayments and accrued income 23,517 24,582
Cash at bank and in hand 68,384 93,478
1,174,615 1,196,925
CREDITORS
Amounts falling due within one year 6 236,336 221,334
NET CURRENT ASSETS 938,279 975,591
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,839,918

1,877,378

CREDITORS
Amounts falling due after more than one
year

7

(11,415

)

(21,752

)

ACCRUALS AND DEFERRED INCOME (13,547 ) (15,134 )
NET ASSETS 1,814,956 1,840,492

CAPITAL AND RESERVES
Called up share capital 5,910 5,910
Revaluation reserve 8 585,414 585,414
Retained earnings 1,223,632 1,249,168
1,814,956 1,840,492

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Drill Service (Horley) Limited (Registered number: 00696597)

Balance Sheet - continued
30 June 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 March 2025 and were signed on its behalf by:





Ms G P C Howell - Director


Drill Service (Horley) Limited (Registered number: 00696597)

Notes to the Financial Statements
for the Year Ended 30 June 2024

1. STATUTORY INFORMATION

Drill Service (Horley) Limited 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 Company Information page.

No profit and loss account is filed.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.
Long leasehold - 2% on cost
Plant and machinery - 20% on reducing balance and 10% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the 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
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.

Drill Service (Horley) Limited (Registered number: 00696597)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2023 - 16 ) .

4. TANGIBLE FIXED ASSETS
Freehold Long Plant and
property leasehold machinery
£    £    £   
COST
At 1 July 2023 812,191 38,062 506,508
Additions 2,565 - 8,351
At 30 June 2024 814,756 38,062 514,859
DEPRECIATION
At 1 July 2023 - 21,945 453,294
Charge for year - 761 10,406
At 30 June 2024 - 22,706 463,700
NET BOOK VALUE
At 30 June 2024 814,756 15,356 51,159
At 30 June 2023 812,191 16,117 53,214

Drill Service (Horley) Limited (Registered number: 00696597)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

4. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 July 2023 93,167 74,367 1,524,295
Additions - 6,365 17,281
At 30 June 2024 93,167 80,732 1,541,576
DEPRECIATION
At 1 July 2023 78,886 68,383 622,508
Charge for year 3,570 2,692 17,429
At 30 June 2024 82,456 71,075 639,937
NET BOOK VALUE
At 30 June 2024 10,711 9,657 901,639
At 30 June 2023 14,281 5,984 901,787

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 July 2023
and 30 June 2024 10,000
DEPRECIATION
At 1 July 2023 1,748
Charge for year 1,650
At 30 June 2024 3,398
NET BOOK VALUE
At 30 June 2024 6,602
At 30 June 2023 8,252

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 200,835 196,034
Other debtors - 13,205
200,835 209,239

Drill Service (Horley) Limited (Registered number: 00696597)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,337 36,430
Hire purchase contracts - 856
Trade creditors 141,419 108,389
Social security and other taxes 10,465 7,033
VAT 70,540 56,994
Other creditors 2,801 1,649
Directors' current accounts 774 9,983
236,336 221,334

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 1-2 years 10,529 10,337
Bank loans - 2-5 years 886 11,415
11,415 21,752

8. RESERVES
Revaluation
reserve
£   
At 1 July 2023
and 30 June 2024 585,414

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 June 2024 and 30 June 2023:

2024 2023
£    £   
Ms G P C Howell
Balance outstanding at start of year (9,984 ) (753 )
Amounts advanced 42,837 33,728
Amounts repaid (33,627 ) (42,959 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (774 ) (9,984 )

Loans with directors are repayable on demand and no interest has been charged.