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Registered number: 09960555 M & J DRILLING HOLDING LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
M & J DRILLING HOLDING LIMITED COMPANY INFORMATION
Directors | Stephen John Rule
| Scott Johnson
Company secretary | Caroline Rule
Registered number | 09960555
Registered office | Unit 44 Coneygree Industrial Estate
| Tipton
| West Midlands
| DY4 8XP
Independent auditors | Lancaster Clements Limited
| Chartered Certified Accountants
| Stanley House
| 27 Wellington Road
| Bilston
| West Midlands
| WV14 6AH
Bankers | Lloyds TSB Bank Plc
| 5 Market Square
| Stafford
| Staffordshire
| ST16 2JL
M & J DRILLING HOLDING LIMITED CONTENTS
| Page
Group Strategic Report | 1
Directors' Report | 2 - 3
Independent Auditors' Report | 4 - 7
Consolidated Statement of Comprehensive Income | 8
Consolidated Statement of Financial Position | 9 - 10
Company Statement of Financial Position | 11 - 12
Consolidated Statement of Changes in Equity | 13 - 14
Company Statement of Changes in Equity | 15 - 16
Consolidated Statement of Cash Flows | 17 - 18
Consolidated Analysis of Net Debt | 19
Notes to the Financial Statements | 20 - 35
M & J DRILLING HOLDING LIMITED GROUP STRATEGIC REPORT FOR THE YEAR ENDED 30 JUNE 2025
Introduction
Th principal activity of M & j Drilling Holding Limited is that of the investment and management of its subsidiary undertaking. The principal activity of the subsidiary undertaking, M & J Drilling Services Limited, is that of site investigation and ground stabilisation contractors.
Business review
All of the income of the parent company is derived from trading through the subsidiary undertaking. That company has seen an increased activity this year with turnover of £8,509,963 this year as compared to £7,085,744 in the previous year. The gross profit margin has seen an increase of 3.1% this year following a change in the mix of jobs undertaken this year which can impact on the margin attained. The group has no defined key performance indicators other than turnover, gross profit, trading profit and cash. Cash flow has been identified as the principal risk affecting the Group, however, there are sufficient funds currently available within the businesses. Current trading and open order levels year to date, along with the level of working capital available, gives the directors confidence in the company's long-term future. The overall trading outlook for the calendar year 2025 is positive.
Principal risks and uncertainties
The company has financial risks and seeks to minimise these by incorporating and rigorously implementing controls into key functions as part of the normal business operations. Management review sale prices on a continuous basis to account for fluctuations in costs in order to minimise the risk of gross margin erosion.
Financial key performance indicators
The Group's key performance indicators continue to be turnover, gross profit, operating profit and cash, which have all met the desired performance levels. There has been a reduction in the turnover and the gross profit margin this year however despite this the overall results have continued to be positive within the group.
Other key performance indicators
There are no key performance indicators. This report was approved by the board on 18 December 2025 and signed on its behalf.
Stephen John Rule Director
Page 1
M & J DRILLING HOLDING LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 30 JUNE 2025 The directors present their report and the financial statements for the year ended 30 June 2025.
Directors' responsibilities statement
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Group's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Results and dividends
The profit for the year, after taxation, amounted to £2,180,616 (2024 - £1,302,193). The directors do not propose to recommend payment of a dividend.
Directors
The directors who served during the year were:
Stephen John Rule
Scott Johnson
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information. Page 2
M & J DRILLING HOLDING LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025
Auditors
The auditors, Lancaster Clements Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board on 18 December 2025 and signed on its behalf.
Stephen John Rule Director
Page 3
M & J DRILLING HOLDING LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF M & J DRILLING HOLDING LIMITED
Opinion
We have audited the financial statements of M & J Drilling Holding Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 30 June 2025, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Analysis of Net Debt, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: ∙give a true and fair view of the state of the Group's and of the Parent Company's affairs as at 30 June 2025 and of the Group's profit for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the Parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. Page 4
M & J DRILLING HOLDING LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF M & J DRILLING HOLDING LIMITED (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept by the Parent Company, or returns adequate for our audit have not been received from branches not visited by us; or ∙the Parent Company financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit. Page 5
M & J DRILLING HOLDING LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF M & J DRILLING HOLDING LIMITED (CONTINUED)
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the Group's and the Parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the Parent Company or to cease operations, or have no realistic alternative but to do so.
Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Identifying and assessing potential risks related to irregularities We obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, tax legislation and regulations relating to the employed workforce. In assessing risks of material misstatements in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: - The clients evaluation of compliance with laws and regulations and whether they were aware of any instances of none compliance, along with the measures in place to mitigate any such instances. - Methods in place to detect and respond to the risk of fraud and whether there was any actual, suspected or alleged fraud, along with internal controls established to mitigate such risks. - Where fraud might occur in the financial statements and any potential indicators of fraud. As a result of those procedures we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential being in relation to: - management override of controls - transactions outside the normal course of business, particularly with related parties. Audit response to risks identified Our procedures to respond to the risks identified included the following: - Testing of material journal entries, paying particular attention to the period immediately prior to and following the reporting date. - Evaluation of the business rationale behind transactions made between related parties that are unusual or outside the normal course of business - An assessment of whether the judgements made in making accounting estimates are indicative of a potential Page 6
M & J DRILLING HOLDING LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF M & J DRILLING HOLDING LIMITED (CONTINUED) bias - Making enquiries of management concerning actual or potential litigation and claims We have designed our procedures to best identify the likelihood or occurrence of irregularities, whether or not arising due to fraud. However, it is accepted that there is an inherent difficulty in detecting irregularities and our findings are subject to the timing and extent of the audit procedures performed. A further description of our responsibilities for the audit of the financial statements is located on the FRS’s website at http:// www.frc.org.uk/auditorresponsibilites. This description forms part of our auditor’s report. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed. Mark Antony Cupitt (Senior Statutory Auditor) for and on behalf of Lancaster Clements Limited Chartered Certified Accountants Stanley House 27 Wellington Road Bilston West Midlands WV14 6AH 18 December 2025 Page 7
M & J DRILLING HOLDING LIMITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2025
| 2025 | 2024
Note | £ | £
Turnover |  | 8,509,963 | 7,085,744
Cost of sales |  | (3,497,913) | (3,133,779)
Gross profit |  | 5,012,050 | 3,951,965
Administrative expenses |  | (2,183,062) | (2,251,902)
Other operating income |  | 7,000 | 3,691
Operating profit |  | 2,835,988 | 1,703,754
Interest receivable and similar income |  | 90,451 | 80,753
Interest payable and similar expenses |  | (13,292) | (5,370)
Profit before taxation |  | 2,913,147 | 1,779,137
Tax on profit |  | (732,531) | (476,944)
Profit for the financial year |  | 2,180,616 | 1,302,193
Total comprehensive income for the year |  | 2,180,616 | 1,302,193
Profit for the year attributable to: |  |  |
Owners of the Parent Company |  | 2,180,616 | 1,302,193
|  | 2,180,616 | 1,302,193
Total comprehensive income for the year attributable to: |  |  |
Owners of the Parent Company |  | 2,180,616 | 1,302,193
|  | 2,180,616 | 1,302,193
The notes on pages 20 to 35 form part of these financial statements.
Page 8
M & J DRILLING HOLDING LIMITED REGISTERED NUMBER: 09960555 CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 15 |  | 725,936 |  | 879,499
|  |  | 725,936 |  | 879,499
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 17 | 1,823,278 |  | 2,047,460 |
Cash at bank and in hand | 18 | 3,824,870 |  | 3,056,890 |
|  | 5,648,148 |  | 5,104,350 |
Creditors: amounts falling due within one year | 19 | (963,063) |  | (962,419) |
Net current assets |  |  | 4,685,085 |  | 4,141,931
Total assets less current liabilities |  |  | 5,411,021 |  | 5,021,430
Creditors: amounts falling due after more than one year | 20 |  | (72,461) |  | (156,801)
Provisions for liabilities |  |  |  |  |
Deferred taxation | 22 | (177,448) |  | (214,715) |
|  |  | (177,448) |  | (214,715)
Net assets excluding pension asset |  |  | 5,161,112 |  | 4,649,914
Net assets |  |  | 5,161,112 |  | 4,649,914
Capital and reserves |  |  |  |  |
Called up share capital | 23 |  | 208 |  | 208
Other reserves |  |  | 120,328 |  | 97,746
Profit and loss account |  |  | 5,040,576 |  | 4,551,960
Equity attributable to owners of the parent Company |  |  | 5,161,112 |  | 4,649,914
|  |  | 5,161,112 |  | 4,649,914
Page 9
M & J DRILLING HOLDING LIMITED REGISTERED NUMBER: 09960555 CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 30 JUNE 2025 The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18 December 2025.
Scott Johnson
Director
The notes on pages 20 to 35 form part of these financial statements. Page 10
M & J DRILLING HOLDING LIMITED REGISTERED NUMBER: 09960555 COMPANY STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Investments | 16 |  | 100 |  | 100
|  |  | 100 |  | 100
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 17 | - |  | 70,875 |
Cash at bank and in hand | 18 | 2,997,189 |  | 2,379,833 |
|  | 2,997,189 |  | 2,450,708 |
Creditors: amounts falling due within one year | 19 | (25,280) |  | (14,172) |
Net current assets |  |  | 2,971,909 |  | 2,436,536
Total assets less current liabilities |  |  | 2,972,009 |  | 2,436,636
Net assets excluding pension asset |  |  | 2,972,009 |  | 2,436,636
Net assets |  |  | 2,972,009 |  | 2,436,636
Capital and reserves |  |  |  |  |
Called up share capital | 23 |  | 208 |  | 208
Other reserves |  |  | 90,328 |  | 67,746
Profit and loss account brought forward |  | 2,368,682 |  | 3,432,183 |
Profit for the year |  | 2,204,791 |  | 1,143,803 |
Other changes in the profit and loss account |  | (1,692,000) |  | (2,207,304) |
Profit and loss account carried forward |  |  | 2,881,473 |  | 2,368,682
|  |  | 2,972,009 |  | 2,436,636
Page 11
M & J DRILLING HOLDING LIMITED REGISTERED NUMBER: 09960555 COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 30 JUNE 2025 The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18 December 2025.
Scott Johnson
Director
The notes on pages 20 to 35 form part of these financial statements. Page 12
M & J DRILLING HOLDING LIMITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2025
| Called up share capital | Other reserves | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 July 2024 | 208 | 97,746 | 4,551,960 | 4,649,914
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 2,180,616 | 2,180,616
Other comprehensive income for the year | - | - | - | -
Total comprehensive income for the year | - | - | 2,180,616 | 2,180,616
Contributions by and distributions to owners |  |  |  |
Dividends: Equity capital | - | - | (1,692,000) | (1,692,000)
Share based payment options | - | 22,582 | - | 22,582
Total transactions with owners | - | 22,582 | (1,692,000) | (1,669,418)
At 30 June 2025 | 208 | 120,328 | 5,040,576 | 5,161,112
| The notes on pages 20 to 35 form part of these financial statements.
Page 13
M & J DRILLING HOLDING LIMITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2024
| Called up share capital | Other reserves | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 July 2023 | 208 | 75,164 | 5,457,071 | 5,532,443
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 1,302,193 | 1,302,193
Other comprehensive income for the year | - | - | - | -
Total comprehensive income for the year | - | - | 1,302,193 | 1,302,193
Contributions by and distributions to owners |  |  |  |
Dividends: Equity capital | - | - | (2,207,304) | (2,207,304)
Share based payment options | - | 22,582 | - | 22,582
Total transactions with owners | - | 22,582 | (2,207,304) | (2,184,722)
At 30 June 2024 | 208 | 97,746 | 4,551,960 | 4,649,914
| The notes on pages 20 to 35 form part of these financial statements.
Page 14
M & J DRILLING HOLDING LIMITED COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2025
| Called up share capital | Other reserves | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 July 2024 | 208 | 67,746 | 2,368,682 | 2,436,636
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 2,204,791 | 2,204,791
Other comprehensive income for the year | - | - | - | -
Total comprehensive income for the year | - | - | 2,204,791 | 2,204,791
Contributions by and distributions to owners |  |  |  |
Dividends: Equity capital | - | - | (1,692,000) | (1,692,000)
Share based payment options | - | 22,582 | - | 22,582
Total transactions with owners | - | 22,582 | (1,692,000) | (1,669,418)
At 30 June 2025 | 208 | 90,328 | 2,881,473 | 2,972,009
| The notes on pages 20 to 35 form part of these financial statements.
Page 15
M & J DRILLING HOLDING LIMITED COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2024
| Called up share capital | Other reserves | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 July 2023 | 208 | 45,164 | 3,432,183 | 3,477,555
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 1,143,803 | 1,143,803
Other comprehensive income for the year | - | - | - | -
Total comprehensive income for the year | - | - | 1,143,803 | 1,143,803
Contributions by and distributions to owners |  |  |  |
Dividends: Equity capital | - | - | (2,207,304) | (2,207,304)
Share based payment options | - | 22,582 | - | 22,582
Total transactions with owners | - | 22,582 | (2,207,304) | (2,184,722)
At 30 June 2024 | 208 | 67,746 | 2,368,682 | 2,436,636
| The notes on pages 20 to 35 form part of these financial statements.
Page 16
M & J DRILLING HOLDING LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 2,180,616 | 1,302,193
Adjustments for: |  |
Depreciation of tangible assets | 202,865 | 129,184
Loss on disposal of tangible assets | (37,263) | 1,380
Interest paid | 13,292 | 5,370
Interest received | (90,451) | (80,753)
Taxation charge | 732,531 | 476,944
Decrease in debtors | 224,183 | 104,859
Increase/(decrease) in creditors | 40,980 | (4,475)
Increase in provisions | 22,582 | 22,582
Corporation tax (paid) | (600,599) | (493,718)
Net cash generated from operating activities | 2,688,736 | 1,463,566
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (61,368) | (478,988)
Sale of tangible fixed assets | 49,329 | 34,333
Interest received | 90,451 | 80,753
HP interest paid | (13,292) | (5,017)
Net cash from investing activities | 65,120 | (368,919)
Cash flows from financing activities |  |
Repayment of/new finance leases | (293,876) | 333,357
Dividends paid | (1,692,000) | (2,207,304)
Interest paid | - | (353)
Net cash used in financing activities | (1,985,876) | (1,874,300)
Net increase/(decrease) in cash and cash equivalents | 767,980 | (779,653)
Cash and cash equivalents at beginning of year | 3,056,890 | 3,836,543
Cash and cash equivalents at the end of year | 3,824,870 | 3,056,890
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 3,824,870 | 3,056,890
| 3,824,870 | 3,056,890
Page 17
M & J DRILLING HOLDING LIMITED
The notes on pages 20 to 35 form part of these financial statements.
Page 18
M & J DRILLING HOLDING LIMITED CONSOLIDATED ANALYSIS OF NET DEBT FOR THE YEAR ENDED 30 JUNE 2025
| At 1 July 2024 | Cash flows | At 30 June 2025
| £ | £ | £
Cash at bank and in hand | 3,056,890 | 767,980 | 3,824,870
Debt due within 1 year | - | - | -
Finance leases | (450,584) | 293,876 | (156,708)
| 2,606,306 | 1,061,856 | 3,668,162
The notes on pages 20 to 35 form part of these financial statements.
Page 19
M & J DRILLING HOLDING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
1. | General information
The company is registered in England and Wales. The company's registered office is Unit 44 Coneygree Industrial Estate, Tipton, West Midlands, DY4 8XP. The principal activity continues to be that of the company is that of an investment holding company. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3). The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The following principal accounting policies have been applied:
| 2.2 | Basis of consolidation
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases. In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 January 2014. Page 20
M & J DRILLING HOLDING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.3 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Group will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.4 | Operating leases: the Group as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.5 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.6 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.7 | Pensions
Defined contribution pension plan The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds. Page 21
M & J DRILLING HOLDING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.8 | Share-based payments
Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition. The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Group keeping the scheme open or the employee maintaining any contributions required by the scheme). Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period. Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.
| 2.9 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. 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 and the Group operate and generate income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and ∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date. Page 22
M & J DRILLING HOLDING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.10 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis. Depreciation is provided on the following basis:
|  |  |  | Short-term leasehold property | - | straight line over the life of the lease
|  |  |  | Plant and machinery | - | 15% reducing balance
|  |  |  | Motor vehicles | - | 25% reducing balance
|  |  |  | Fixtures and fittings | - | 10% reducing balance
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.11 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment. Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Consolidated Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment. Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.
| 2.12 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.13 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management. Page 23
M & J DRILLING HOLDING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 2.Accounting policies (continued)
| 2.14 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.15 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.16 | Financial instruments
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102. Financial instruments are recognised in the Group's Statement of Financial Position when the Group becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
| 2.17 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Page 24
M & J DRILLING HOLDING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
To be able to prepare financial statements in accordance with FRS102, M & J Drilling Holding Limited must make certain estimates and judgments that have an impact on the policies and the amounts reported in the annual accounts. The estimates and judgments are based on historical experiences and other factors including expectations of future events that are believed to be reasonable at the time such estimates and judgments are made. Actual experience may vary from these estimates. The estimates and assumptions which have the most significant risk of causing a material adjustment to the carrying amounts of assets and liabilities are discussed below: Depreciation and amortisation: M & J Drilling Holding Limited accounts for depreciation and amortisation in accordance with FRS102. The depreciation and amortisation expense is the recognition of the decline in the value of the assets and allocation of the cost of the asset over the periods in which the asset will be used. Judgments are made on the estimated useful life of the assets which are regularly reviewed to reflect the changing environment. Impairment of debtors: The Company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. Deferred tax: Management estimation is required to determine the amount of deferred tax assets that can be recognised, based upon likely timing and level of future taxable profits together with an asessment of the effect of future planning strategies.
4. | Turnover
The whole of the turnover is attributable to site investigation and ground stabilisation contractor work..
| All turnover arose within the United Kingdom.
5. | Other operating income
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other operating income | 7,000 | 3,691
|  | 7,000 | 3,691
6. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other operating lease rentals | 170,422 | 169,812
Page 25
M & J DRILLING HOLDING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
7. | Auditors' remuneration
| During the year, the Group obtained the following services from the Company's auditors:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements | 12,000 | 12,000
| The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.
8. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Wages and salaries | 2,080,001 | 1,913,180 | 26,462 | 29,692
| Social security costs | 256,108 | 211,922 | - | -
| Cost of defined contribution scheme | 255,761 | 244,101 | - | -
|  | 2,591,870 | 2,369,203 | 26,462 | 29,692
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | Group | Group | Company | Company
|  |  | 2025 | 2024 | 2025 | 2024
|  |  | No. | No. | No. | No.
|  | Directors | 2 | 2 | - | 2
|  | Staff | 54 | 53 | - | -
|  |  | 56 | 55 | 0 | 2
Page 26
M & J DRILLING HOLDING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
9. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 26,462 | 29,692
|  | 26,462 | 29,692
| During the year retirement benefits were accruing to no directors (2024 - 2) in respect of defined contribution pension schemes.
10. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 90,451 | 80,753
|  | 90,451 | 80,753
11. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Finance leases and hire purchase contracts | 13,292 | 5,017
| Other interest payable | - | 353
|  | 13,292 | 5,370
Page 27
M & J DRILLING HOLDING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
12. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 769,798 | 363,687
| Adjustments in respect of previous periods | - | 1,185
|  | 769,798 | 364,872
| Total current tax | 769,798 | 364,872
| Deferred tax |  |
| Origination and reversal of timing differences | (37,267) | 112,072
| Total deferred tax | (37,267) | 112,072
|  | 732,531 | 476,944
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 2,913,147 | 1,779,137
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 728,287 | 444,784
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 5,660 | 5,736
| Adjustments to tax charge in respect of prior periods | - | 1,185
| Other differences leading to an increase (decrease) in the tax charge | (1,416) | 25,239
| Total tax charge for the year | 732,531 | 476,944
| Factors that may affect future tax charges
There were no factors that may affect future tax charges. Page 28
M & J DRILLING HOLDING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
13. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Dividends paid on equity capital | 1,692,000 | 2,207,304
|  | 1,692,000 | 2,207,304
14. | Parent company profit for the year
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit after tax of the parent Company for the year was £2,204,791 (2024 - £1,143,803). Page 29
M & J DRILLING HOLDING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
15. | Tangible fixed assets
| Group
|  | Short-term leasehold property | Plant and machinery | Motor vehicles | Fixtures and fittings | Total
|  | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |
| At 1 July 2024 | 145,078 | 1,217,064 | 1,301,515 | 111,789 | 2,775,446
| Additions | - | 34,584 | 26,784 | - | 61,368
| Disposals | - | (16,000) | (21,279) | - | (37,279)
| At 30 June 2025 | 145,078 | 1,235,648 | 1,307,020 | 111,789 | 2,799,535
| Depreciation |  |  |  |  |
| At 1 July 2024 | 135,541 | 1,041,691 | 656,245 | 62,470 | 1,895,947
| Charge for the year on owned assets | 3,831 | 30,221 | 44,832 | 4,933 | 83,817
| Charge for the year on financed assets | - | - | 119,048 | - | 119,048
| Disposals | - | (13,752) | (11,461) | - | (25,213)
| At 30 June 2025 | 139,372 | 1,058,160 | 808,664 | 67,403 | 2,073,599
| Net book value |  |  |  |  |
| At 30 June 2025 | 5,706 | 177,488 | 498,356 | 44,386 | 725,936
| At 30 June 2024 | 9,537 | 175,373 | 645,270 | 49,319 | 879,499
| The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Motor vehicles | 156,506 | 592,572
|  | 156,506 | 592,572
Page 30
M & J DRILLING HOLDING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
16. | Fixed asset investments
| Company
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 1 July 2024 | 100
| At 30 June 2025 | 100
| Subsidiary undertaking
| The following was a subsidiary undertaking of the Company:
| Name | Class of shares | Holding
| M & J Drilling Services Limited | Ordinary | 100%
| The aggregate of the share capital and reserves as at 30 June 2025 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:
| Name | Aggregate of share capital and reserves | Profit/(Loss)
| M & J Drilling Services Limited | 2,189,202 | 2,159,517
17. | Debtors
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Trade debtors | 1,365,841 | 1,470,117 | - | -
| Amounts owed by group undertakings | - | - | - | 70,875
| Other debtors | 309,962 | 446,079 | - | -
| Prepayments and accrued income | 147,475 | 131,264 | - | -
|  | 1,823,278 | 2,047,460 | - | 70,875
Page 31
M & J DRILLING HOLDING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
18. | Cash and cash equivalents
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Cash at bank and in hand | 3,824,870 | 3,056,890 | 2,997,189 | 2,379,833
|  | 3,824,870 | 3,056,890 | 2,997,189 | 2,379,833
19. | Creditors: Amounts falling due within one year
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Trade creditors | 343,331 | 351,411 | - | -
| Amounts owed to group undertakings | - | - | 7,083 | -
| Corporation tax | 373,981 | 204,783 | 13,197 | 14,172
| Other taxation and social security | 79,749 | 47,514 | - | -
| Obligations under finance lease and hire purchase contracts | 84,247 | 293,783 | - | -
| Other creditors | 28,077 | 116 | 5,000 | -
| Accruals and deferred income | 53,678 | 64,812 | - | -
|  | 963,063 | 962,419 | 25,280 | 14,172
20. | Creditors: Amounts falling due after more than one year
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Net obligations under finance leases and hire purchase contracts | 72,461 | 156,801
|  | 72,461 | 156,801
The hire purchase liabilities are secured over the asssets that they relate to within note 15 of the financial statements. Page 32
M & J DRILLING HOLDING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
21. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Within one year | 84,247 | 293,783
| Between 1-5 years | 72,461 | 156,801
|  | 156,708 | 450,584
22. | Deferred taxation
| Group
|  | 2025 | 2024
|  | £ | £
| At beginning of year | 214,715 | 102,643
| Charged to profit or loss | (37,267) | 112,072
| At end of year | 177,448 | 214,715
| Company
|  | 2025 | 2024
| At end of year | - | -
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Accelerated capital allowances | 177,448 | 214,715
|  | 177,448 | 214,715
Page 33
M & J DRILLING HOLDING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
23. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 32 (2024 - 32) A Ordinary Shares shares of £1.00 each | 32 | 32
|  | 22 (2024 - 22) B Ordinary Shares shares of £1.00 each | 22 | 22
|  | 10 (2024 - 10) C Ordinary Shares shares of £1.00 each | 10 | 10
|  | 72 (2024 - 72) D Ordinary Shares shares of £1.00 each | 72 | 72
|  | 32 (2024 - 32) E Ordinary Shares shares of £1.00 each | 32 | 32
|  | 22 (2024 - 22) F Ordinary Shares shares of £1.00 each | 22 | 22
|  | 10 (2024 - 10) G Ordinary Shares shares of £1.00 each | 10 | 10
|  | 4 (2024 - 4) H Ordinary Shares shares of £1.00 each | 4 | 4
|  | 4 (2024 - 4) I Ordinary Shares shares of £1.00 each | 4 | 4
|  |  | 208 | 208
24. | Share-based payments
| The Company has a share option scheme for certain directors of the Company. The vesting period is 10 years. If the options remain unexercised after a period of 10 years from the date of grant, the options expire. Options are forfeited if the director leaves the Group before the options vest, unless they are deemed to be a good leaver in accordance with the scheme rules.
|  | Weighted average exercise price (pence) 2025 | Number 2025 | Weighted average exercise price (pence) 2024 | Number 2024
| Outstanding at the beginning of the year | 18818.18 | 12 | 18,818.18 | 12
| Outstanding at the end of the year | 18818.18 | 12 | 18,818.18 | 12
|  |  |  |  | 2025 | 2024
| Option pricing model used | Equity | Equity
25. | Pension commitments
The company operates a defined contribution pension scheme in respect of the staff. The scheme and its assets are held by independent managers. The pension charge represents contributions due from the company and amounted to £255,760 (2024 £244,101). Page 34
M & J DRILLING HOLDING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025
26. | Commitments under operating leases
| At 30 June 2025 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  | Group | Group
|  | 2025 | 2024
|  | £ | £
| Total commitments | 502,259 | 599,045
|  | 502,259 | 599,045
27. | Limitation of Auditors' liability
The company has entered into a liability limitation agreement, the principal terms being as follows:- Any liability is limited, pursuant to Section 537 of the Companies Act 2006, to no less than such amount as is considered fair and reasonable in each individual circumstance and to a maximum of ten times the level of the fee for the audit service being carried out. The resolution approving this agreement is dated 2 January 2025.
Page 35