Registered number
09266910
Borehole Solutions Ltd
Filleted Accounts
31 October 2024
Borehole Solutions Ltd
Registered number: 09266910
Balance Sheet
as at 31 October 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 378,621 1,419,896
Investments 4 240 198
378,861 1,420,094
Current assets
Stocks 93,240 -
Debtors 5 2,268,528 1,831,709
Cash at bank and in hand 14,102 18,110
2,375,870 1,849,819
Creditors: amounts falling due within one year 6 (2,439,307) (2,000,206)
Net current liabilities (63,437) (150,387)
Total assets less current liabilities 315,424 1,269,707
Creditors: amounts falling due after more than one year 7 (243,720) (905,994)
Provisions for liabilities (71,439) (205,416)
Net assets 265 158,297
Capital and reserves
Called up share capital 100 100
Profit and loss account 165 158,197
Shareholders' funds 265 158,297
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.
J J Rodgman
Director
Approved by the board on 7 August 2025
Borehole Solutions Ltd
Notes to the Accounts
for the year ended 31 October 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:
Leasehold property 2% or 20% straight line
Plant and machinery 25% straight line
Fixtures, fittings, tools and equipment 33% or 20% straight line
Motor vehicles 25% straight line
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 24 27
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 November 2023 67,469 2,291,020 837,135 3,195,624
Additions 1,616 81,289 61,454 144,359
Disposals - (1,198,441) (25,368) (1,223,809)
At 31 October 2024 69,085 1,173,868 873,221 2,116,174
Depreciation
At 1 November 2023 17,336 1,211,729 546,663 1,775,728
Charge for the year 1,448 150,274 158,436 310,158
On disposals - (328,250) (20,083) (348,333)
At 31 October 2024 18,784 1,033,753 685,016 1,737,553
Net book value
At 31 October 2024 50,301 140,115 188,205 378,621
At 31 October 2023 50,133 1,079,291 290,472 1,419,896
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements.
2024 2023
£ £
Plant and machinery 47,241 991,162
Motor vehicles 187,765 290,266
235,006 1,281,428
4 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 November 2023 198
Additions 42
At 31 October 2024 240
5 Debtors 2024 2023
£ £
Trade debtors 1,062,428 487,407
Amounts owed by group undertakings and undertakings in which the company has a participating interest 1,046,024 1,040,784
Overdrawn directors loan (repaid in full prior to 01/11/2025) 32,659 -
Other debtors 127,417 303,518
2,268,528 1,831,709
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 158,200 141,071
Obligations under finance lease and hire purchase contracts 156,283 620,887
Trade creditors 379,364 359,083
Amounts owed to group undertakings and undertakings in which the company has a participating interest 209,138 188,969
Factoring 652,498 297,491
Director's account - 28
Taxation and social security costs 731,805 244,161
Other creditors 152,019 148,516
2,439,307 2,000,206
Obligations under finance lease and hire purchase of £156,283 (2023: £620,887) are secured on the assets concerned.

Included in bank loans and overdrafts above is one (2023: one) bank loan secured against an asset amounting to £4,212 (2023: £4,021).

The factoring facility of £652,498 (2023: £297,491) is secured against the assets of the company.
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 34,883 79,644
Obligations under finance lease and hire purchase contracts 208,837 826,350
243,720 905,994
Obligations under finance lease and hire purchase of £208,837 (2023: £826,350) are secured on the assets concerned.

Included in bank loans and overdrafts above is one (2023: one) bank loan secured against an asset amounting to £11,549 (2023: £16,311).
8 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 15,762 20,332
Loans are secured over the assets of the company.
9 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 364,295 175,679
10 Related party transactions
The directors drew salaries of £18,192 (2023: £18,192) during the year. The director maintains a loan account with the company. At the beginning of the year the company owed the director £28. During the year there were advances of £184,687 and repayments of £152,000. At the year end the company was owed £32,659 by the director. During the year interest of £4,615 was charged and no amounts were written off.

The company loaned money to and from and paid expenses on behalf of subsidiary companies of £71,395 during the year. The balance due to the company at the year end was £604,147 (2023: £532,752). This amount is interest free and repayable on demand.

Trade Debtors of £441,876 due from subsidiary companies are disclosed in Debtors due from group undertakings. Trade Creditors of £209,138 due to subsidiary companies are disclosed in Creditors due from group undertakings.
11 Other information
Borehole Solutions Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Sapphire Heights Courtyard
31 Tenby Street North
Birmingham
West Midlands
B1 3ES
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