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Registered number: 01467644
Drillserve Limited
Unaudited Financial Statements
For The Year Ended 31 March 2025
Polkinghorne Chartered Accountants
112 Alexandra Road
Illogan
Cornwall
TR16 4EN
Contents
Page
Balance Sheet 1
Notes to the Financial Statements 2—4
Page 1
Balance Sheet
Registered number: 01467644
2025 2024
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 2,643 1,406
2,643 1,406
CURRENT ASSETS
Stocks 5 30,341 47,671
Debtors 6 22,053 47,514
Cash at bank and in hand 162,318 130,447
214,712 225,632
Creditors: Amounts Falling Due Within One Year 7 (159,237 ) (178,822 )
NET CURRENT ASSETS (LIABILITIES) 55,475 46,810
TOTAL ASSETS LESS CURRENT LIABILITIES 58,118 48,216
NET ASSETS 58,118 48,216
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 58,018 48,116
SHAREHOLDERS' FUNDS 58,118 48,216
For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Peter Sheppard
Director
27 May 2025
The notes on pages 2 to 4 form part of these financial statements.
Page 1
Page 2
Notes to the Financial Statements
1. General Information
Drillserve Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01467644 . The registered office is Roscroggan Mill, Roscroggan, Camborne, Cornwall, TR14 0BA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 5 years straight line
Motor Vehicles 4 years straight line
Fixtures & Fittings 1 to 4 years straight line
Computer Equipment 3 years straight line
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value using the first-in, first-out method (FIFO) after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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Page 3
3. Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2024: 5)
5 5
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 April 2024 10,650 12,645 37,297 1,588 62,180
Additions - - - 3,379 3,379
As at 31 March 2025 10,650 12,645 37,297 4,967 65,559
Depreciation
As at 1 April 2024 10,650 12,645 36,672 807 60,774
Provided during the period - - 625 1,517 2,142
As at 31 March 2025 10,650 12,645 37,297 2,324 62,916
Net Book Value
As at 31 March 2025 - - - 2,643 2,643
As at 1 April 2024 - - 625 781 1,406
5. Stocks
2025 2024
£ £
Stock 30,341 47,671
6. Debtors
2025 2024
£ £
Due within one year
Trade debtors 7,652 24,257
Prepayments and accrued income 13,681 23,160
Amounts owed by Drillserve Pension Fund 720 97
22,053 47,514
7. Creditors: Amounts Falling Due Within One Year
2025 2024
£ £
Trade creditors 19,216 30,072
Bank loans and overdrafts 11,692 21,713
Corporation tax 5,324 5,516
Other taxes and social security 368 299
VAT 3,405 4,383
Other loans and borrowings - MS 90,000 100,000
Accruals and deferred income 13,070 800
Directors' loan accounts 16,162 16,039
159,237 178,822
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Page 4
8. Share Capital
2025 2024
£ £
Allotted, Called up and fully paid 100 100
9. Directors Advances, Credits and Guarantees
Dividends paid to directors
2025 2024
£ £
Mr Peter Sheppard 7,140 7,140
Mrs Mary Sheppard 6,860 6,860
10. Related Party Transactions
Other related party transactions
During the year the company made the following related party transactions:
Drillserve Limited Pension Fund
Mr P Sheppard, who is a director of Drillserve Limited is also a beneficiary of Drillserve Limited pension fund. Rent of £16,500 (2024 - £16,500) was paid into Drillserve Limited pension fund in respect of the year. At the balance sheet date the amount due from Drillserve Limited pension fund was £817 (2024 - £97).
Mrs M Sheppard (Director)
Included within other creditors is a loan from Mrs M Sheppard of £90,000 (2024 - £100,000). This loan bears interest at 10%. The total interest paid in the year on the loan was £9,501 (2024 - £10,000). In addition, in other creditors is a director's current account with a credit balance at the year end of £7,957 (2024 - £8,159). At the balance sheet date, the net amount due to Mrs Sheppard was £97,957 (2024 - £108,159).
Mr P Sheppard (Director)
Included in other creditors is a director's current account with a credit balance at the year end of £8,205 (2024 - £7,880). At the balance sheet date, the net amount due to Mr Sheppard was £8,205 (2024 - £7,880).
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