U.K. Diamond Drilling Limited 31/10/2018 iXBRL

U.K. Diamond Drilling Limited 31/10/2018 iXBRL

U.K. DIAMOND DRILLING LIMITED - Company Information

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Statement of consent to prepare abridged financial statements
All of the members of U.K. Diamond Drilling Limited have consented to the preparation of the abridged statement of financial position for the current year ending 31 October 2018 in accordance with Section 444(2A) of the Companies Act 2006.
Company registration number: 02828188
U.K. Diamond Drilling Limited
Unaudited filleted abridged financial statements
31 October 2018
U.K. Diamond Drilling Limited
Contents
Directors and other information
Accountants report
Abridged statement of financial position
Notes to the financial statements
U.K. Diamond Drilling Limited
Directors and other information
Directors Mr S G Brandley
Mr J W Bottomley
Secretary Mr A S Doe
Company number 02828188
Registered office Unit 6 Ellesmere Business Park
Haydn Road
Basford
Nottingham
NG5 1DX
Business address Unit 6 Ellesmere Business Park
Haydn Road
Basford
Nottingham
NG5 1DX
Accountants Higson & Co
White House
Wollaton Street
Nottingham
NG1 5GF
Bankers Barclays Bank Plc
17 Plains Road
Mapperley
Nottingham
NG3 5LG
U.K. Diamond Drilling Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of U.K. Diamond Drilling Limited
Year ended 31 October 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of U.K. Diamond Drilling Limited for the year ended 31 October 2018 which comprise the abridged statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/ regulations-standards-and-guidance/.
This report is made solely to the board of directors of U.K. Diamond Drilling Limited, as a body, in accordance with the terms of our engagement letter dated 28 February 2019. Our work has been undertaken solely to prepare for your approval the financial statements of U.K. Diamond Drilling Limited and state those matters that we have agreed to state to the board of directors of U.K. Diamond Drilling Limited as a body, in this report in accordance with the ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than U.K. Diamond Drilling Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that U.K. Diamond Drilling Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of U.K. Diamond Drilling Limited. You consider that U.K. Diamond Drilling Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of U.K. Diamond Drilling Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Higson & Co
Chartered Accountants
White House
Wollaton Street
Nottingham
NG1 5GF
29 March 2019
U.K. Diamond Drilling Limited
Abridged statement of financial position
31 October 2018
2018 2017
Note £ £ £ £
Fixed assets
Tangible assets 5 167,725 135,717
_______ _______
167,725 135,717
Current assets
Stocks 9,357 7,568
Debtors 1,045,994 670,820
Cash at bank and in hand 66,470 247,423
_______ _______
1,121,821 925,811
Creditors: amounts falling due
within one year ( 587,478) ( 416,091)
_______ _______
Net current assets 534,343 509,720
_______ _______
Total assets less current liabilities 702,068 645,437
Creditors: amounts falling due
after more than one year - ( 40,000)
Provisions for liabilities 6 ( 24,747) ( 20,502)
_______ _______
Net assets 677,321 584,935
_______ _______
Capital and reserves
Called up share capital 8 100 100
Profit and loss account 677,221 584,835
_______ _______
Shareholders funds 677,321 584,935
_______ _______
For the year ending 31 October 2018 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 29 March 2019 , and are signed on behalf of the board by:
Mr S G Brandley
Director
Company registration number: 02828188
U.K. Diamond Drilling Limited
Notes to the financial statements
Year ended 31 October 2018
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 6 Ellesmere Business Park, Haydn Road, Basford, Nottingham, NG5 1DX.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Land and buildings - 4 % straight line
Plant and machinery - 25 % straight line
Fittings fixtures and equipment - 25 % straight line
Motor vehicles - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Staff costs
The average number of persons employed by the company during the year amounted to 41 (2017: 34 ).
5. Tangible assets
£
Cost
At 1 November 2017 364,500
Additions 88,707
_______
At 31 October 2018 453,207
_______
Depreciation
At 1 November 2017 228,782
Charge for the year 56,700
_______
At 31 October 2018 285,482
_______
Carrying amount
At 31 October 2018 167,725
_______
At 31 October 2017 135,718
_______
6. Provisions
Deferred tax (note 7) Total
£ £
At 1 November 2017 20,502 20,502
Additions 4,245 4,245
_______ _______
At 31 October 2018 24,747 24,747
_______ _______
7. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2018 2017
£ £
Included in provisions (note 6) 24,747 20,502
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2018 2017
£ £
Accelerated capital allowances 24,747 20,502
_______ _______
8. Called up share capital
Issued, called up and fully paid
2018 2017
No £ No £
Ordinary shares of £ 1.00 each 100 100 100 100
_______ _______ _______ _______
9. Controlling party
The company is under the control of Mr S G Brandley who owns 100% of the issued ordinary share capital.