REGISTERED NUMBER: 13475714 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 September 2024

for

Consortium Drilling Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr J N Palmer

Mr S Rogan

Mr S A Sinclair

REGISTERED OFFICE:

5 Westbrook Court

Sharrow Vale Road

Sheffield

United Kingdom

South Yorkshire

S11 8YZ

REGISTERED NUMBER:

13475714 (England and Wales)

ACCOUNTANTS:

Sutton McGrath Hartley Limited

5 Westbrook Court

Sharrowvale Road

Sheffield

S11 8YZ

FIXED ASSETS

Tangible assets

4

3,102,359

2,594,043

CURRENT ASSETS

Debtors

5

633,029

721,323

Cash at bank

151,106

255,856

784,135

977,179

CREDITORS

Amounts falling due within one year

6

701,584

686,527

NET CURRENT ASSETS

82,551

290,652

TOTAL ASSETS LESS CURRENT LIABILITIES

3,184,910

2,884,695

CREDITORS

Amounts falling due after more than one year

7

(575,910

)

(717,708

)

PROVISIONS FOR LIABILITIES

(627,456

)

(580,529

)

NET ASSETS

1,981,544

1,586,458

CAPITAL AND RESERVES

Called up share capital

90

90

Retained earnings

1,981,454

1,586,368

1,981,544

1,586,458

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 September 2025 and were signed on its behalf by:

Mr S A Sinclair - Director

1.	STATUTORY INFORMATION

Consortium 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 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 each asset over its estimated useful life.

Plant and machinery etc

-

20% on cost and 10% on cost

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

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

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

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 October 2023

2,784,574

Additions

840,730

At 30 September 2024

3,625,304

DEPRECIATION

At 1 October 2023

190,531

Charge for year

332,414

At 30 September 2024

522,945

NET BOOK VALUE

At 30 September 2024

3,102,359

At 30 September 2023

2,594,043

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

62,559

471,922

Other debtors

570,470

249,401

633,029

721,323

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

50,000

50,000

Trade creditors

300,000

373,124

Other creditors

351,584

263,403

701,584

686,527

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans

146,952

200,000

Other creditors

428,958

517,708

575,910

717,708

8.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Bank loans

196,952

250,000

Other Creditors

710,000

710,000

906,952

960,000

Amounts within bank loans are secured by a fixed and floating charge over all the undertaking, property and assets.

Within other creditors is an amount secured by a fixed and floating charge over all the undertaking, property and assets.

9.	RELATED PARTY DISCLOSURES

The following companies are related parties as they are under common control of one or all of the directors:

P W Wells (Holdings) Limited

As at 30 September 2024 the company owed £606,458 (2023: £710,000) to P W Wells (Holdings Limited).

HSF Petroleum Services Limited

As at 30 September 2024 the company owed £132,645 (2023: £29,970) to HSF Petroleum Services Limited.

Servatec Holdings Limited

As at 30 September 2024 the company owed £19,970 (2023: £19,970) to Servatec Holdings Limited.

Rogan Drilling Services Limited

As at 30 September 2024 the company owed £19,970 (2023: £19,970) to Rogan Drilling Services Limited.

FBG Resources Limited

As at 30 September 2024 the company was owed £73,855 (2023: £1,280) from FBG Resources Limited.