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REGISTERED NUMBER: SC466016 (Scotland)















Financial Statements for the Year Ended 31 December 2024

for

Inverness Core Drilling Ltd

Inverness Core Drilling Ltd (Registered number: SC466016)






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




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


Inverness Core Drilling Ltd

Company Information
for the Year Ended 31 December 2024







DIRECTORS: J Proctor
Mrs L M Proctor





REGISTERED OFFICE: 9 Nairnside View
Inverness
IV2 5BF





REGISTERED NUMBER: SC466016 (Scotland)





ACCOUNTANTS: Highland Accountancy Practice
Chartered Accountants
Suite 1A, Willow House
Stoneyfield Business Park
Inverness
Highland
IV2 7PA

Inverness Core Drilling Ltd (Registered number: SC466016)

Abridged Balance Sheet
31 December 2024

31.12.24 31.12.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 61,950 61,225

CURRENT ASSETS
Debtors 42,317 32,897
Cash at bank 9,414 1,360
51,731 34,257
CREDITORS
Amounts falling due within one year 43,165 25,390
NET CURRENT ASSETS 8,566 8,867
TOTAL ASSETS LESS CURRENT
LIABILITIES

70,516

70,092

CREDITORS
Amounts falling due after more than one
year

(7,438

)

(17,214

)

PROVISIONS FOR LIABILITIES (15,488 ) (15,306 )
NET ASSETS 47,590 37,572

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 47,588 37,570
SHAREHOLDERS' FUNDS 47,590 37,572

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.

Inverness Core Drilling Ltd (Registered number: SC466016)

Abridged 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 December 2024 in accordance with Section 444(2A) of the Companies Act 2006.

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 28 August 2025 and were signed on its behalf by:




Mrs L M Proctor - Director



J Proctor - Director


Inverness Core Drilling Ltd (Registered number: SC466016)

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

1. STATUTORY INFORMATION

Inverness Core 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.

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 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 - 25% on reducing balance
Motor Vehicles - 25% on reducing balance
Computer Equipment - 33% on cost

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation, impairment losses, and reversals of impairment losses (where applicable).

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.

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.

Inverness Core Drilling Ltd (Registered number: SC466016)

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 2 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 January 2024 131,278
Additions 21,535
At 31 December 2024 152,813
DEPRECIATION
At 1 January 2024 70,053
Charge for year 20,810
At 31 December 2024 90,863
NET BOOK VALUE
At 31 December 2024 61,950
At 31 December 2023 61,225

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals
£   
COST
At 1 January 2024
and 31 December 2024 32,514
DEPRECIATION
At 1 January 2024 14,203
Charge for year 4,578
At 31 December 2024 18,781
NET BOOK VALUE
At 31 December 2024 13,733
At 31 December 2023 18,311

Inverness Core Drilling Ltd (Registered number: SC466016)

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

5. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2024 and 31 December 2023:

31.12.24 31.12.23
£    £   
J Proctor and Mrs L M Proctor
Balance outstanding at start of year (544 ) (472 )
Amounts advanced 66,505 55,928
Amounts repaid (66,650 ) (56,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (689 ) (544 )