Registered number
12652800
ADS Drilling Midlands Ltd.
Filleted Accounts
30 June 2024
ADS Drilling Midlands Ltd.
Registered number: 12652800
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 957,322 641,738
Current assets
Stocks 120,000 -
Debtors 4 713,833 214,051
Cash at bank and in hand 81,119 23,713
914,952 237,764
Creditors: amounts falling due within one year 5 (499,002) (133,832)
Net current assets 415,950 103,932
Total assets less current liabilities 1,373,272 745,670
Creditors: amounts falling due after more than one year 6 (102,425) -
Net assets 1,270,847 745,670
Capital and reserves
Called up share capital 100 100
Profit and loss account 1,270,747 745,570
Shareholders' funds 1,270,847 745,670
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
C Scott
Director
Approved by the board on 27 March 2025
ADS Drilling Midlands Ltd.
Notes to the Accounts
for the year ended 30 June 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% Reducing balance
Motor vehicles 25% Reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 17 8
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 July 2023 651,040 322,923 973,963
Additions 545,346 104,345 649,691
Disposals - (15,000) (15,000)
At 30 June 2024 1,196,386 412,268 1,608,654
Depreciation
At 1 July 2023 229,269 102,956 332,225
Charge for the year 241,779 77,328 319,107
At 30 June 2024 471,048 180,284 651,332
Net book value
At 30 June 2024 725,338 231,984 957,322
At 30 June 2023 421,771 219,967 641,738
4 Debtors 2024 2023
£ £
Trade debtors 480,514 66,138
Amounts owed by group undertakings and undertakings in which the company has a participating interest 233,319 147,913
Other debtors - -
713,833 214,051
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts - 14,592
Obligations under finance lease and hire purchase contracts 16,000 -
Trade creditors 288,494 1,080
Amounts owed to group undertakings and undertakings in which the company has a participating interest - 37,738
Taxation and social security costs 169,197 74,046
Other creditors 25,311 6,376
499,002 133,832
6 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 102,425 -
7 Related party transactions
During the year purchases of £nil (2023: £23,333) were made from ADS Equipment Hire Limited, a business of which 25% is owned by L Sansom, a director and shareholder and 25% is owned G Sansom, a shareholder and 25% is owned by F White a shareholder. These purchases were made on an arms length basis and normal credit terms were applied.
As at 30 June 2024 an amount of £100,967 (2023: £37,738 was owed from ADS Equipment Hire Limited) was owing to ADS Equipment Hire Limited.
During the year sales of £nil (2023: £54,625) were made to Associated Drilling partnership, a business of which 25% is owned by L Sansom, a director and shareholder and 25% is owned G Sansom, a shareholder and 25% is owned by F White a shareholder. These sales were made on an arms length basis and normal credit terms were applied.
As at 30 June 2024 an amount of £82,352 (2023: £147,913) was owing from Associated Drilling partnership.
8 Controlling party
During the year the company was controlled by its directors.
9 Other information
ADS Drilling Midlands Ltd. is a private company limited by shares and incorporated in England. Its registered office is:
Hara
Dainton
Newton Abbot
Devon
TQ12 5TZ
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