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 2020

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

31,557

18,043

CURRENT ASSETS

Debtors

5

32,960

46,359

Cash at bank

5,008

-

37,968

46,359

CREDITORS

Amounts falling due within one year

6

27,181

43,742

NET CURRENT ASSETS

10,787

2,617

TOTAL ASSETS LESS CURRENT LIABILITIES

42,344

20,660

CREDITORS

Amounts falling due after more than one year

7

(25,400

)

(16,000

)

PROVISIONS FOR LIABILITIES

(5,996

)

(3,428

)

NET ASSETS

10,948

1,232

CAPITAL AND RESERVES

Called up share capital

10

1,000

1,000

Retained earnings

9,948

232

SHAREHOLDERS' FUNDS

10,948

1,232

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2020 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 and authorised for issue on 6th November 2020 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

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 4 (2019 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1st April 2019

46,131

14,990

61,121

Additions

1,536

19,500

21,036

Disposals

-

(14,990

)

(14,990

)

At 31st March 2020

47,667

19,500

67,167

DEPRECIATION

At 1st April 2019

31,571

11,507

43,078

Charge for year

2,414

1,625

4,039

Eliminated on disposal

-

(11,507

)

(11,507

)

At 31st March 2020

33,985

1,625

35,610

NET BOOK VALUE

At 31st March 2020

13,682

17,875

31,557

At 31st March 2019

14,560

3,483

18,043

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Trade debtors

11,626

32,156

Other debtors

192

-

PAYE

21,042

14,103

Prepayments and accrued income

100

100

32,960

46,359

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Bank loans and overdrafts

-

4,610

Hire purchase contracts (see note 8)

3,525

-

Trade creditors

1,464

288

Corporation tax

1,410

2,731

Social security and other taxes

11,240

11,704

Directors' current accounts

7,562

22,545

Accrued expenses

1,980

1,864

27,181

43,742

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.20

31.3.19

£

£

Hire purchase contracts (see note 8)

9,400

-

Directors' loan accounts

16,000

16,000

25,400

16,000

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

31.3.20

31.3.19

£

£

Net obligations repayable:

Within one year

3,525

-

Between one and five years

9,400

-

12,925

-

Non-cancellable

operating leases

31.3.20

31.3.19

£

£

Within one year

431

2,623

Between one and five years

-

437

431

3,060

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.20

31.3.19

£

£

Bank overdraft

-

4,610

Hire purchase contracts

12,925

-

12,925

4,610

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.20

31.3.19

value:

£

£

1,000

Ordinary

£1

1,000

1,000

11.	RELATED PARTY DISCLOSURES

At the 31 March 2020 the company owed £23,562 to its directors (2019: £38,545). 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.