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REGISTERED NUMBER: 00925272 (England and Wales)















Unaudited Financial Statements

for the Year Ended 31 December 2024

for

Saxton Drilling Limited

Saxton Drilling Limited (Registered number: 00925272)






Contents of the Financial Statements
for the Year Ended 31 December 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Saxton Drilling Limited

Company Information
for the Year Ended 31 December 2024







DIRECTORS: A C Thomas
Mrs L M Thomas





SECRETARY: Mrs L M Thomas





REGISTERED OFFICE: Cardrew Way
Cardrew
REDRUTH
Cornwall
TR15 1SS





REGISTERED NUMBER: 00925272 (England and Wales)





ACCOUNTANTS: Colin Truscott Accountancy Limited
9 Heron Close
Tresillian
Cornwall
TR2 4BH

Saxton Drilling Limited (Registered number: 00925272)

Balance Sheet
31 December 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 746,236 718,278
Investments 5 699 699
746,935 718,977

CURRENT ASSETS
Stocks 332,025 332,462
Debtors 6 809,415 923,317
Cash at bank and in hand 1,258,232 1,267,111
2,399,672 2,522,890
CREDITORS
Amounts falling due within one year 7 366,468 456,872
NET CURRENT ASSETS 2,033,204 2,066,018
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,780,139

2,784,995

PROVISIONS FOR LIABILITIES 8 186,560 171,127
NET ASSETS 2,593,579 2,613,868

CAPITAL AND RESERVES
Called up share capital 150,000 150,000
Retained earnings 2,443,579 2,463,868
2,593,579 2,613,868

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

Saxton Drilling Limited (Registered number: 00925272)

Balance Sheet - continued
31 December 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 Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 May 2025 and were signed on its behalf by:





A C Thomas - Director


Saxton Drilling Limited (Registered number: 00925272)

Notes to the Financial Statements
for the Year Ended 31 December 2024

1. STATUTORY INFORMATION

Saxton Drilling 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.

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 recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be readily measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates Value Added Tax and other sales taxes.

Revenue from a contract to provide services is recognised in the period which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: the amount of revenue can be measured reliably; it is probable they the company will receive the consideration due under the contract; the stage of completion of the contract at the end of the reporting period can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on cost and at varying rates on cost

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

Financial instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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.


Saxton Drilling Limited (Registered number: 00925272)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
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 44 (2023 - 53 ) .

4. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 January 2024 3,512,476 613,734 4,126,210
Additions 238,646 96,916 335,562
Disposals (1,370,532 ) (161,892 ) (1,532,424 )
At 31 December 2024 2,380,590 548,758 2,929,348
DEPRECIATION
At 1 January 2024 2,973,189 434,743 3,407,932
Charge for year 205,932 84,488 290,420
Eliminated on disposal (1,370,532 ) (144,708 ) (1,515,240 )
At 31 December 2024 1,808,589 374,523 2,183,112
NET BOOK VALUE
At 31 December 2024 572,001 174,235 746,236
At 31 December 2023 539,287 178,991 718,278

Saxton Drilling Limited (Registered number: 00925272)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 January 2024
and 31 December 2024 699
NET BOOK VALUE
At 31 December 2024 699
At 31 December 2023 699

The stock exchange value of the shares as at 31 December 2024 was £0.55 per share. The value shown in the accounts is £1.27 a share.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 551,182 569,361
Amounts recoverable on contract 135,676 215,442
VAT 19,027 -
Prepayments and accrued income 103,530 138,514
809,415 923,317

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 232,456 235,423
Tax 19,132 40,619
Social security and other taxes 35,940 47,567
VAT - 25,103
Other creditors 6,715 8,866
Accruals and deferred income 72,225 99,294
366,468 456,872

8. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 186,560 171,127

Saxton Drilling Limited (Registered number: 00925272)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

8. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 January 2024 171,127
Accelerated capital allowances 15,433
Balance at 31 December 2024 186,560

9. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit and loss in the period to which they relate. During the year, the amount charged was £0 (2023: £0).

10. OTHER FINANCIAL COMMITMENTS

The lease on the company's premises expired on 23 June 2012 and the premises are occupied under a tenancy at will. The company continues to pay rent of £27,600 per annum to the director's pension scheme.

11. ULTIMATE CONTROLLING PARTY

The company is controlled by its directors by virtue of their shareholding in the parent company.