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REGISTERED NUMBER: SC370985 (Scotland)









UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

PHOENIX DRILLING LTD.

PHOENIX DRILLING LTD. (REGISTERED NUMBER: SC370985)






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


PHOENIX DRILLING LTD.

COMPANY INFORMATION
for the year ended 31 December 2024







DIRECTOR: Mr S H Glover





REGISTERED OFFICE: 2 Nairn Road
Deans
Livingston
EH54 8AY





REGISTERED NUMBER: SC370985 (Scotland)





ACCOUNTANTS: Haines Watts
Business Advisors and Accountants
Q Court
3 Quality Street
Edinburgh
EH4 5BP

PHOENIX DRILLING LTD. (REGISTERED NUMBER: SC370985)

BALANCE SHEET
31 December 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,060,476 693,513

CURRENT ASSETS
Stocks 5 623,891 621,846
Debtors 6 952,553 562,992
Cash at bank 58,810 15,897
1,635,254 1,200,735
CREDITORS
Amounts falling due within one year 7 1,594,206 1,395,119
NET CURRENT ASSETS/(LIABILITIES) 41,048 (194,384 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,101,524

499,129

CREDITORS
Amounts falling due after more than one
year

8

(558,883

)

(206,372

)

PROVISIONS FOR LIABILITIES 11 (160,828 ) (80,983 )
NET ASSETS 381,813 211,774

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 381,713 211,674
381,813 211,774

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 director acknowledges his 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.

PHOENIX DRILLING LTD. (REGISTERED NUMBER: SC370985)

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 8 July 2025 and were signed by:





Mr S H Glover - Director


PHOENIX DRILLING LTD. (REGISTERED NUMBER: SC370985)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2024

1. STATUTORY INFORMATION

Phoenix Drilling Ltd. is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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 in relation to test drilling, excluding value added tax.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 20% per annum reducing balance and 10% on reducing balance
Fixtures and fittings - 25% per annum reducing balance
Motor vehicles - 25% per annum reducing balance
Computer equipment - 33% per annum on cost

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

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

PHOENIX DRILLING LTD. (REGISTERED NUMBER: SC370985)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2024

2. ACCOUNTING POLICIES - continued

FINANCIAL INSTRUMENTS
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the
present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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.

PHOENIX DRILLING LTD. (REGISTERED NUMBER: SC370985)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2024

2. ACCOUNTING POLICIES - continued

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 31 (2023 - 32 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2024 1,233,308 26,581 426,583 30,328 1,716,800
Additions 306,000 319 191,954 1,287 499,560
Disposals - - (11,501 ) - (11,501 )
At 31 December 2024 1,539,308 26,900 607,036 31,615 2,204,859
DEPRECIATION
At 1 January 2024 719,034 18,922 264,109 21,222 1,023,287
Charge for year 69,074 1,920 56,240 3,828 131,062
Eliminated on disposal - - (9,966 ) - (9,966 )
At 31 December 2024 788,108 20,842 310,383 25,050 1,144,383
NET BOOK VALUE
At 31 December 2024 751,200 6,058 296,653 6,565 1,060,476
At 31 December 2023 514,274 7,659 162,474 9,106 693,513

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 January 2024 445,811 298,757 10,906 755,474
Additions 225,000 191,954 - 416,954
Transfer to ownership (445,811 ) (251,589 ) - (697,400 )
At 31 December 2024 225,000 239,122 10,906 475,028
DEPRECIATION
At 1 January 2024 282,066 157,823 1,799 441,688
Charge for year 28,519 51,239 3,599 83,357
Transfer to ownership (310,585 ) (160,695 ) - (471,280 )
At 31 December 2024 - 48,367 5,398 53,765
NET BOOK VALUE
At 31 December 2024 225,000 190,755 5,508 421,263
At 31 December 2023 163,745 140,934 9,107 313,786

PHOENIX DRILLING LTD. (REGISTERED NUMBER: SC370985)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2024

5. STOCKS
2024 2023
£    £   
Stocks 623,891 621,846

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 813,861 413,940
Other debtors 138,692 149,052
952,553 562,992

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 627,334 433,550
Hire purchase contracts (see note 9) 185,474 119,435
Trade creditors 194,445 180,639
Taxation and social security 463,341 467,710
Other creditors 123,612 193,785
1,594,206 1,395,119

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 41,411
Hire purchase contracts (see note 9) 558,883 164,961
558,883 206,372

9. LEASING AGREEMENTS

As at the balance sheet date the total minimum lease payments due under non-cancellable operating leases amounted to £78,750 (2023: £120,000).

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Invoice factoring 494,256 368,696

Advantedge Commercial Finance (North) Ltd hold a floating charge over all the property and undertakings of the company.

11. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 160,828 80,983

PHOENIX DRILLING LTD. (REGISTERED NUMBER: SC370985)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2024

11. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 January 2024 80,983
Provided during year 79,845
Balance at 31 December 2024 160,828

12. RELATED PARTY DISCLOSURES

Included within 'Other creditors' are loans of £104,368 (2023: £178,209) due to the director.

Included within 'Other debtors' are loans of £121,265 (2023: £128,148) due from a company under common control.

These loans are interest free and no fixed terms of repayment have been agreed.