Price Diamond Drilling Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04577340 (England and Wales)

Unaudited Financial Statements for the Year Ended 31st March 2019

for

PRICE DIAMOND DRILLING LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr J D Price

Mr J R Price

SECRETARY:

Mrs A Price

REGISTERED OFFICE:

41 St. Thomas's Road

Chorley

Lancashire

PR7 1JE

REGISTERED NUMBER:

04577340 (England and Wales)

ACCOUNTANTS:

Abrams Ashton - Chorley

Chartered Certified Accountants

41 St Thomas's Road

Chorley

Lancashire

PR7 1JE

FIXED ASSETS

Tangible assets

4

18,043

24,375

CURRENT ASSETS

Debtors

5

46,359

47,968

CREDITORS

Amounts falling due within one year

6

43,742

40,935

NET CURRENT ASSETS

2,617

7,033

TOTAL ASSETS LESS CURRENT LIABILITIES

20,660

31,408

CREDITORS

Amounts falling due after more than one year

7

(16,000

)

(25,000

)

PROVISIONS FOR LIABILITIES

(3,428

)

(4,631

)

NET ASSETS

1,232

1,777

CAPITAL AND RESERVES

Called up share capital

10

1,000

1,000

Retained earnings

232

777

SHAREHOLDERS' FUNDS

1,232

1,777

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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 on 20th August 2019 and were signed on its behalf by:

Mr J D Price - Director

1.	STATUTORY INFORMATION

Price Diamond Drilling Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparation

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.

Revenue recognition

Revenue is measured at the fair value of the consideration received or receivable and represents amounts

received for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Impairment of Assets

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets

have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any

affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the

carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised

immediately in profit or loss.

If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of

its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss

been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit

or loss

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

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 the shorter.

The interest element of these 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.

Cash and cash equivalents

Cash and cash equivalents includes cash in hand, deposits held with banks, and bank overdrafts. Bank overdrafts,

when applicable, are shown within borrowings in current liabilities.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12

'Other Financial Instruments' of FRS 102 to all its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2018 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1st April 2018

45,331

25,740

71,071

Additions

800

-

800

Disposals

-

(10,750

)

(10,750

)

At 31st March 2019

46,131

14,990

61,121

DEPRECIATION

At 1st April 2018

29,000

17,696

46,696

Charge for year

2,571

1,161

3,732

Eliminated on disposal

-

(7,350

)

(7,350

)

At 31st March 2019

31,571

11,507

43,078

NET BOOK VALUE

At 31st March 2019

14,560

3,483

18,043

At 31st March 2018

16,331

8,044

24,375

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Trade debtors

32,156

33,295

Other debtors

-

800

PAYE

14,103

13,773

Prepayments and accrued income

100

100

46,359

47,968

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Bank loans and overdrafts

4,610

220

Trade creditors

288

745

Corporation tax

2,731

4,800

Social security and other taxes

11,704

12,795

Directors' current accounts

22,545

20,525

Accrued expenses

1,864

1,850

43,742

40,935

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.19

31.3.18

£

£

Directors' loan accounts

16,000

25,000

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.3.19

31.3.18

£

£

Within one year

2,623

-

Between one and five years

437

-

3,060

-

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.19

31.3.18

£

£

Bank overdrafts

4,610

220

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.19

31.3.18

value:

£

£

1,000

Ordinary

£1

1,000

1,000

11.	RELATED PARTY DISCLOSURES

At the 31 March 2019 the company owed £38,545 to its directors (2018: £45,525). No interest has been charged

to the company in respect of this loan and there is no formal repayment date for this loan, £16,000 of the loan is

classified in creditors due after more than one year.

12.	ULTIMATE CONTROLLING PARTY

The company is controlled by Mr J D Price by virtue of his 70% holding of the company's issued share capital.