Registration number: 03276586

Precision Drilling 2000 Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 11

Precision Drilling 2000 Limited

Company Information

Directors

Mr I D Wilkinson Mrs HD Wilkinson

Company secretary

TWD Services Limited

Registered office

Wyke Street Hedon Road Kingston upon Hull HU9 1PA

Precision Drilling 2000 Limited

(Registration number: 03276586)
Balance Sheet as at 31 March 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	6	400,983	400,039
		400,983	400,039
Current assets
Stocks	7	2,788	2,788
Debtors	8	155,020	173,019
Cash at bank and in hand		39,685	38,700
		197,493	214,507
Creditors: Amounts falling due within one year	9	(243,161)	(246,609)
Net current liabilities		(45,668)	(32,102)
Total assets less current liabilities		355,315	367,937
Creditors: Amounts falling due after more than one year	9	(74,480)	(105,133)
Provisions for liabilities		(67,267)	(68,425)
Net assets		213,568	194,379
Capital and reserves
Called up share capital		100,003	100,003
Retained earnings		113,565	94,376
Shareholders' funds		213,568	194,379

For the financial year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Precision Drilling 2000 Limited

(Registration number: 03276586)
Balance Sheet as at 31 March 2025

Approved and authorised for issue by the Board on 12 December 2025 and signed on its behalf by:
 

.........................................

Mr I D Wilkinson

Director

Precision Drilling 2000 Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

1	General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Wyke Street
Hedon Road
Kingston upon Hull
HU9 1PA

These financial statements were authorised for issue by the Board on 12 December 2025.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Precision Drilling 2000 Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	30% on reducing balance
Furniture, fittings and equipment	33% on reducing balance
Motor vehicles	30% on reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Precision Drilling 2000 Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Precision Drilling 2000 Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 15 (2024 - 15).

Precision Drilling 2000 Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

4	Profit before tax

Arrived at after charging/(crediting)

	2025 £	2024 £
Depreciation expense	98,292	107,595

5	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 April 2024	75,000	75,000
At 31 March 2025	75,000	75,000
Amortisation
At 1 April 2024	75,000	75,000
At 31 March 2025	75,000	75,000
Carrying amount
At 31 March 2025	-	-

Precision Drilling 2000 Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

6	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Motor vehicles  £	Other tangible assets £	Total £
Cost or valuation
At 1 April 2024	111,715	40,707	191,002	593,397	936,821
Additions	-	-	69,880	36,672	106,552
Disposals	-	-	(45,687)	(8,254)	(53,941)
At 31 March 2025	111,715	40,707	215,195	621,815	989,432
Depreciation
At 1 April 2024	-	38,201	115,676	382,905	536,782
Charge for the year	-	827	30,605	66,860	98,292
Eliminated on disposal	-	-	(38,785)	(7,840)	(46,625)
At 31 March 2025	-	39,028	107,496	441,925	588,449
Carrying amount
At 31 March 2025	111,715	1,679	107,699	179,890	400,983
At 31 March 2024	111,715	2,506	75,326	210,492	400,039

Included within the net book value of land and buildings above is £111,715 (2024 - £111,715) in respect of freehold land and buildings.
 

7

Stocks

	2025 £	2024 £
Other inventories	2,788	2,788

8

Debtors

Current	2025 £	2024 £
Trade debtors	132,844	156,267
Prepayments	11,655	11,382
Other debtors	10,521	5,370
	155,020	173,019

Precision Drilling 2000 Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

9

Creditors

Creditors: amounts falling due within one year

	Note	2025 £	2024 £
Due within one year
Loans and borrowings	10	149,788	136,891
Trade creditors		37,303	48,482
Taxation and social security		37,393	41,602
Accruals and deferred income		15,915	17,149
Other creditors		2,762	2,485
		243,161	246,609

Creditors: amounts falling due after more than one year

	Note	2025 £	2024 £
Due after one year
Loans and borrowings	10	73,217	102,223
Other financial liabilities		1,263	2,910
		74,480	105,133

Precision Drilling 2000 Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

10	Loans and borrowings

Non-current loans and borrowings

	2025 £	2024 £
Bank borrowings	8,334	18,333
Hire purchase contracts	64,883	83,890
	73,217	102,223

Current loans and borrowings

	2025 £	2024 £
Bank borrowings	10,000	10,000
Hire purchase contracts	94,907	90,781
Other borrowings	44,881	36,110
	149,788	136,891

11	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £14,685 (2024 - £2,769).