Drill Service (Horley) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00696597 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 June 2019

for

Drill Service (Horley) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

MS G P C Howell

W A Prangle

Ms T H E Worsley

H A J Worsley

MS C Griffith

SECRETARY:

MS. G Howell

REGISTERED OFFICE:

23 Albert Road

Horley

Surrey

RH6 7HR

REGISTERED NUMBER:

00696597 (England and Wales)

ACCOUNTANTS:

PB Associates

Chartered Accountants and Chartered Tax Advisers

2 Castle Business Village

Station Road

Hampton

Middlesex

TW12 2BX

FIXED ASSETS

Tangible assets

4

868,319

858,382

CURRENT ASSETS

Stocks

1,015,809

956,106

Debtors

5

195,239

208,033

Cash at bank and in hand

94,516

154,473

1,305,564

1,318,612

CREDITORS

Amounts falling due within one year

6

163,776

158,782

NET CURRENT ASSETS

1,141,788

1,159,830

TOTAL ASSETS LESS CURRENT LIABILITIES

2,010,107

2,018,212

CAPITAL AND RESERVES

Called up share capital

5,910

5,910

Revaluation reserve

7

585,414

585,414

Retained earnings

1,418,783

1,426,888

SHAREHOLDERS' FUNDS

2,010,107

2,018,212

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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 applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 19 March 2020 and were signed on its behalf by:

MS G P C Howell - Director

1.	STATUTORY INFORMATION

Drill Service (Horley) 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 preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

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

Leasehold property - 2% on building cost, straight line. Plant and machinery - 20% reducing balance,

Computers, office equipment and motor vehicles - 25% reducing balance.

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance

for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in

bringing stocks to their present location and condition.

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

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2018 - 18 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

Long

Plant and

property

leasehold

machinery

£

£

£

COST

At 1 July 2018

745,000

38,062

437,672

Additions

-

-

37,003

At 30 June 2019

745,000

38,062

474,675

DEPRECIATION

At 1 July 2018

-

18,600

413,171

Charge for year

-

300

9,411

At 30 June 2019

-

18,900

422,582

NET BOOK VALUE

At 30 June 2019

745,000

19,162

52,093

At 30 June 2018

745,000

19,462

24,501

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 July 2018

93,167

67,952

1,381,853

Additions

-

-

37,003

At 30 June 2019

93,167

67,952

1,418,856

DEPRECIATION

At 1 July 2018

32,990

58,710

523,471

Charge for year

15,044

2,311

27,066

At 30 June 2019

48,034

61,021

550,537

NET BOOK VALUE

At 30 June 2019

45,133

6,931

868,319

At 30 June 2018

60,177

9,242

858,382

Freehold land and buildings was revalued during the year ended 30 June 2007 to £745,000 from it's original cost

of £159,586.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.19

30.6.18

£

£

Trade debtors

191,747

204,363

Other debtors

3,492

3,670

195,239

208,033

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.19

30.6.18

£

£

Trade creditors

127,083

106,728

Taxation and social security

36,693

52,054

163,776

158,782

7.

RESERVES

Revaluation

reserve

£

At 1 July 2018

and 30 June 2019

585,414

8.	CONTINGENT LIABILITIES

One of the company's bankers has provided a guarantee to HM Revenue and Customs with recourse to the

company. The guarantee amounted to £25,000 at 30 June 2018 (2018: £25,000)

9.	RELATED PARTY DISCLOSURES

The company conducts its business from two premises,which are owned by the managing director.Rent was paid

to that director amounting to £15,879 (2018 £15,000).