REGISTERED NUMBER: 07502493 (England and Wales)

Financial Statements

for the Year Ended 31 December 2024

for

Sirius Drilling Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

P E Kane

M J Powell

S Robinson

SECRETARY:

S Robinson

REGISTERED OFFICE:

Russel House

Mill Road

Langley Moor

Durham

Co. Durham

DH7 8HJ

REGISTERED NUMBER:

07502493 (England and Wales)

AUDITORS:

Anderson Barrowcliff Limited

Statutory Auditors

Chartered Accountants

3 Kingfisher Court

Bowesfield Park

Stockton on Tees

TS18 3EX

FIXED ASSETS

Tangible assets

4

670,430

997,363

CURRENT ASSETS

Debtors

5

3,754,962

4,910,340

Cash at bank

3,266,230

1,637,205

7,021,192

6,547,545

CREDITORS

Amounts falling due within one year

6

1,444,111

1,207,709

NET CURRENT ASSETS

5,577,081

5,339,836

TOTAL ASSETS LESS CURRENT LIABILITIES

6,247,511

6,337,199

CREDITORS

Amounts falling due after more than one year

7

(1,015,377

)

(1,450,160

)

PROVISIONS FOR LIABILITIES

(166,000

)

(217,000

)

NET ASSETS

5,066,134

4,670,039

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

5,066,034

4,669,939

SHAREHOLDERS' FUNDS

5,066,134

4,670,039

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 15 September 2025 and were signed on its behalf by:

S Robinson - Director

1.	STATUTORY INFORMATION

Sirius Drilling Ltd 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.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

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 stated net of VAT and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover for the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the balance sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the balance sheet date.

Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the balance sheet date. Stage of completion is measured by reference to the right to consideration in respect of performance of contractual obligations.

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred.

When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off 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

-

straight line over 5 years

Computer equipment

-

33% straight line

Motor vehicles

-

straight line over 4 years

Tangible fixed assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Taxation

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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 balance sheet date that are expected to apply to the reversal of timing differences.

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 shorter.

The interest element of the 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.

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.

Amounts recoverable on contracts

Amounts recoverable on contracts are stated at cost plus attributable profit to the extent that such profit is reasonably certain and after making provision for any foreseeable losses in completing contracts, less payments on account received.

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 27 (2023 - 34 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 January 2024

2,052,593

421,141

2,361

2,476,095

Disposals

(326,097

)

(29,969

)

-

(356,066

)

At 31 December 2024

1,726,496

391,172

2,361

2,120,029

DEPRECIATION

At 1 January 2024

1,377,409

98,962

2,361

1,478,732

Charge for year

178,032

66,226

-

244,258

Eliminated on disposal

(243,422

)

(29,969

)

-

(273,391

)

At 31 December 2024

1,312,019

135,219

2,361

1,449,599

NET BOOK VALUE

At 31 December 2024

414,477

255,953

-

670,430

At 31 December 2023

675,184

322,179

-

997,363

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

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 January 2024

1,244,100

334,526

1,578,626

Disposals

(232,888

)

-

(232,888

)

At 31 December 2024

1,011,212

334,526

1,345,738

DEPRECIATION

At 1 January 2024

658,971

27,068

686,039

Charge for year

161,831

60,338

222,169

Eliminated on disposal

(150,213

)

-

(150,213

)

At 31 December 2024

670,589

87,406

757,995

NET BOOK VALUE

At 31 December 2024

340,623

247,120

587,743

At 31 December 2023

585,129

307,458

892,587

5.

DEBTORS

2024

2023

£

£

Amounts falling due within one year:

Trade debtors

242,129

87,707

Amounts owed by group undertakings

3,400,761

2,913,913

Other debtors

8,250

2,910

Amount recoverable on contract

73,642

1,843,820

VAT

-

48,605

Prepayments

18,669

13,385

3,743,451

4,910,340

2024

2023

£

£

Amounts falling due after more than one year:

Amounts recoverable on contract

11,511

-

Aggregate amounts

3,754,962

4,910,340

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Other loans - less than 1 yr

325,925

325,925

Hire purchase contracts (see note 8)

109,223

109,223

Payments on account

65,988

31,345

Trade creditors

93,325

414,858

Amounts owed to group undertakings

606,341

113,538

Taxation

69,698

54,648

Social security and other taxes

28,347

54,208

VAT

27,812

-

Other creditors

6,905

49,057

Accrued expenses

110,547

54,907

1,444,111

1,207,709

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Other loans - 1-2 years

325,925

325,925

Other loans - 2-5 years

624,645

950,360

Hire purchase contracts (see note 8)

64,807

173,875

1,015,377

1,450,160

8.	LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024

2023

£

£

Net obligations repayable:

Within one year

109,223

109,223

Between one and five years

64,807

173,875

174,030

283,098

9.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Hire purchase contracts

174,030

283,098

Group banking facilities are secured by a debenture over the assets of the company.

The company also offers security to its bankers under cross guarantees with Sirius Engineering Group Ltd and its subsidiaries, related due to directors in common.

Other loans taken out on 16 November 2023 are secured against certain assets of the entity within plant & machinery.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

100

Ordinary

1

100

100

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Helen Wilson FCA (Senior Statutory Auditor)

for and on behalf of Anderson Barrowcliff Limited

12.	PENSION COMMITMENTS

The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss as they fall due. The charge for the year was £81,445 (2023: £123,026). There were pension contributions of £6,905 (2023: £33,810) payable at the year end.

13.	OTHER FINANCIAL COMMITMENTS

The company had total operating lease commitments of £35,724 (2023: £32,182).

14.	ULTIMATE CONTROLLING PARTY

The immediate parent company is Sirius Engineering Group Ltd which is owned by the Sirius Group Employee Ownership Trust. These financial statements are included in the consolidated financial statements of Sirius Engineering Group Ltd. The parent's registered office address is the same as Sirius Drilling Ltd as detailed on the Company Information page.