MB Diamond Drilling Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07399756 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2020

for

MB Diamond Drilling Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

M Barnard

REGISTERED OFFICE:

69 Knowl Piece

Wilbury Way

Hitchin

Hertfordshire

SG4 0TY

REGISTERED NUMBER:

07399756 (England and Wales)

ACCOUNTANTS:

Godfrey Laws & Co Limited

69 Knowl Piece

Wilbury Way

Hitchin

Hertfordshire

SG4 0TY

FIXED ASSETS

Tangible assets

4

163,725

197,136

CURRENT ASSETS

Debtors

5

202,983

259,710

Cash at bank and in hand

77,172

1,368

280,155

261,078

CREDITORS

Amounts falling due within one year

6

346,049

307,841

NET CURRENT LIABILITIES

(65,894

)

(46,763

)

TOTAL ASSETS LESS CURRENT LIABILITIES

97,831

150,373

CREDITORS

Amounts falling due after more than one year

7

(22,313

)

(49,087

)

PROVISIONS FOR LIABILITIES

(31,108

)

(37,456

)

NET ASSETS

44,410

63,830

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

44,310

63,730

SHAREHOLDERS' FUNDS

44,410

63,830

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 8 July 2021 and were signed by:

M Barnard - Director

1.	STATUTORY INFORMATION

MB Diamond Drilling Ltd 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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

10% on cost

Government grants

Grants are accounted for under the accruals model.

Grants of a revenue nature are recognised in 'other income' within the profit and loss in the same period as the related expenditure.

Grants include grants from the Government Coronavirus Job Retention Scheme.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2019 - 17 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2020

and 31 December 2020

333,122

DEPRECIATION

At 1 January 2020

135,986

Charge for year

33,411

At 31 December 2020

169,397

NET BOOK VALUE

At 31 December 2020

163,725

At 31 December 2019

197,136

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 January 2020

and 31 December 2020

169,975

DEPRECIATION

At 1 January 2020

57,363

Charge for year

16,998

At 31 December 2020

74,361

NET BOOK VALUE

At 31 December 2020

95,614

At 31 December 2019

112,612

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Trade debtors

109,225

144,640

Amounts recoverable on contract

61,338

77,925

Other debtors

32,420

37,145

202,983

259,710

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Bank loans and overdrafts

87,205

58,652

Hire purchase contracts

33,362

36,506

Trade creditors

62,564

107,501

Taxation and social security

138,174

96,110

Other creditors

24,744

9,072

346,049

307,841

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.20

31.12.19

£

£

Hire purchase contracts

22,313

49,087

8.	OTHER FINANCIAL COMMITMENTS

At 31/12/20, the company had total commitments under non cancellable operating leases over the remaining life of those leases of £43,598 (2019: £16,913)

9.	ULTIMATE CONTROLLING PARTY

The controlling party is M Barnard.