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

REGISTERED NUMBER: 00696597 (England and Wales)

Drill Service (Horley) Limited

Unaudited Financial Statements

for the Year Ended 30 June 2021

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Ms G P C Howell

W A Prangle

H A J Worsley

Miss T H E Worsley

Mrs C J Griffith

SECRETARY:

Ms G P C Howell

REGISTERED OFFICE:

23 Albert Road

Horley

Surrey

RH6 7HR

REGISTERED NUMBER:

00696597 (England and Wales)

ACCOUNTANTS:

Dyke Ruscoe & Hayes Ltd

Chartered Certified Accountants

110 Corve Street

Ludlow

SHROPSHIRE

SY8 1DJ

FIXED ASSETS

Tangible assets

4

878,380

887,348

CURRENT ASSETS

Stocks

959,222

991,472

Debtors

5

165,271

135,003

Prepayments and accrued income

32,789

20,739

Cash at bank and in hand

153,139

102,140

1,310,421

1,249,354

CREDITORS

Amounts falling due within one year

6

192,483

167,679

NET CURRENT ASSETS

1,117,938

1,081,675

TOTAL ASSETS LESS CURRENT LIABILITIES

1,996,318

1,969,023

CREDITORS

Amounts falling due after more than one year

7

(41,851

)

-

ACCRUALS AND DEFERRED INCOME

(6,635

)

(6,773

)

NET ASSETS

1,947,832

1,962,250

CAPITAL AND RESERVES

Called up share capital

5,910

5,910

Revaluation reserve

8

585,414

585,414

Retained earnings

1,356,508

1,370,926

1,947,832

1,962,250

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2021 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 22 March 2022 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.

No profit and loss account is filed.

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.

Long leasehold

-

2% on cost

Plant and machinery

-

20% on reducing balance and 10% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on 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 16 (2020 - 16 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

Long

Plant and

property

leasehold

machinery

£

£

£

COST

At 1 July 2020

784,400

38,062

476,205

Additions

3,850

-

2,350

At 30 June 2021

788,250

38,062

478,555

DEPRECIATION

At 1 July 2020

-

19,661

430,707

Charge for year

-

761

6,812

At 30 June 2021

-

20,422

437,519

NET BOOK VALUE

At 30 June 2021

788,250

17,640

41,036

At 30 June 2020

784,400

18,401

45,498

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 July 2020

93,167

67,952

1,459,786

Additions

-

2,890

9,090

At 30 June 2021

93,167

70,842

1,468,876

DEPRECIATION

At 1 July 2020

59,317

62,753

572,438

Charge for year

8,462

2,023

18,058

At 30 June 2021

67,779

64,776

590,496

NET BOOK VALUE

At 30 June 2021

25,388

6,066

878,380

At 30 June 2020

33,850

5,199

887,348

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

147,801

132,503

Other debtors

2,500

2,500

Directors' current accounts

14,970

-

165,271

135,003

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

25,106

18,232

Trade creditors

109,979

100,147

Social security and other taxes

11,708

7,654

VAT

44,978

39,418

Other creditors

712

762

Directors' current accounts

-

1,466

192,483

167,679

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans - 1-2 years

9,954

-

Bank loans - 2-5 years

31,897

-

41,851

-

8.

RESERVES

Revaluation

reserve

£

At 1 July 2020

and 30 June 2021

585,414

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 June 2021 and 30 June 2020:

2021

2020

£

£

Ms G P C Howell

Balance outstanding at start of year

(1,466

)

(5,024

)

Amounts advanced

27,212

9,318

Amounts repaid

(10,776

)

(5,760

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

14,970

(1,466

)

Loans with directors are repayable on demand and interest has been charged at official rates..

10.	GOING CONCERN

Section 1A of FRS 102 does not require entities to provide going concern disclosures but does encourage them to disclose material uncertainties that might affect the entity's ability to continue as a going concern.

In the opinion of the directors the company is expected to remain a going concern for at least 12 months from the date of signing of these financial statements.

In arriving at this opinion, the directors have assumed that the current pandemic will continue indefinitely and have based their forecasts on the financial resources available to the company, its liabilities and when they fall due and on the levels of government support announced to date.