J M H Directional Drilling Limited Filleted accounts for Companies House (small and micro)

J M H DIRECTIONAL DRILLING LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03399891

J M H Directional Drilling Limited

Filleted Financial Statements

For the year ended

30 April 2023

J M H Directional Drilling Limited

Statement of Financial Position

30 April 2023

	2023		2022
Note	£	£	£

Fixed assets

Tangible assets	5		2,029,363	2,207,707

Current assets

Debtors	6	1,709,167	728,546
Cash at bank and in hand		188,957	2,002
		-------------	----------
		1,898,124	730,548

Creditors: amounts falling due within one year	7	1,085,986		823,844
		-------------		----------
Net current assets/(liabilities)			812,138	( 93,296)
			-------------	-------------
Total assets less current liabilities			2,841,501	2,114,411

Creditors: amounts falling due after more than one year	8		461,878	846,083

Provisions

Taxation including deferred tax	322,287	37,507
	-------------	-------------
Net assets	2,057,336	1,230,821
	-------------	-------------

Capital and reserves

Called up share capital	100	100
Profit and loss account	2,057,236	1,230,721
	-------------	-------------
Shareholders funds	2,057,336	1,230,821
	-------------	-------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements were approved by the board of directors and authorised for issue on 18 December 2023 , and are signed on behalf of the board by:

J Martin-Hoyes
Director

Company registration number: 03399891

J M H Directional Drilling Limited

Notes to the Financial Statements

Year ended 30 April 2023

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Martin House, Exchange Road, Doddington Road, Lincoln, Lincolnshire, LN6 3JZ.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. The directors therefore do not consider there to be any material uncertainty regarding the company's ability to continue as a going concern. Accordingly, the directors have adopted the going concern basis for the preparation of these financial statements.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of John Martin Hoyes Holdings Limited which can be obtained from Companies House. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented. (c) No disclosure has been given for the aggregate remuneration of key management personnel.

Judgements and key sources of estimation uncertainty

The directors make estimates and assumptions about the future. These estimates and assumptions impact recognised assets and liabilities, as well as revenue and expenses and other disclosures. These estimates are based on historical experience and on various assumptions considered reasonable under the prevailing conditions. The actual outcome may diverge from these estimates if other assumptions are made, or other conditions arise. The estimates and assumptions that may have a significant effect on the carrying amounts of assets and liabilities within financial year include: Tangible fixed assets are recognised at cost, less accumulated depreciation and any impairments. Depreciation takes place over the estimated useful life, down to the assessed residual value. The carrying amount of the company's fixed assets is tested as soon as changed conditions show that a need for impairment has arisen. The recoverability of trade debtors and associated provisioning is considered on a regular basis. When calculating the debtor provision, the directors consider the age of the debts and the financial position of its customers.

Revenue recognition

The turnover shown in the profit and loss account represents the value of all work done during the period, exclusive of Value Added Tax. Turnover is recognised at the point at which the company has fulfilled its contractual obligations and the risks and rewards attaching to the sale have been transferred to the customer.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant & machinery	-	7.5%-25% reducing balance
Motor vehicles	-	20%-25% reducing balance

Computer equipment included within plant and machinery is depreciated on a straight line basis over 3 years.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 11 (2022: 10 ).

5. Tangible assets

	Plant and machinery	Motor vehicles	Total
	£	£	£
Cost
At 1 May 2022	4,026,866	274,069	4,300,935
Additions	83,691	54,189	137,880
Disposals	( 219,995)	–	( 219,995)
	-------------	----------	-------------
At 30 April 2023	3,890,562	328,258	4,218,820
	-------------	----------	-------------
Depreciation
At 1 May 2022	1,913,764	179,464	2,093,228
Charge for the year	219,033	19,824	238,857
Disposals	( 142,628)	–	( 142,628)
	-------------	----------	-------------
At 30 April 2023	1,990,169	199,288	2,189,457
	-------------	----------	-------------
Carrying amount
At 30 April 2023	1,900,393	128,970	2,029,363
	-------------	----------	-------------
At 30 April 2022	2,113,102	94,605	2,207,707
	-------------	----------	-------------

Included within the net book value of £2,029,363 is £1,544,878 (2022 - £1,588,004) relating to assets held under hire purchase agreements. The depreciation charged to the financial statements in the year in respect of such assets amounted to £165,525 (2022 - £167,457).

6. Debtors

	2023	2022
	£	£
Trade debtors	808,610	301,784
Amounts owed by group undertakings and undertakings in which the company has a participating interest	779,740	406,447
Other debtors	120,817	20,315
	-------------	----------
	1,709,167	728,546
	-------------	----------

7. Creditors: amounts falling due within one year

	2023	2022
	£	£
Trade creditors	512,420	241,305
Amounts owed to group undertakings and undertakings in which the company has a participating interest	141,724	141,724
Social security and other taxes	22,027	19,576
Other creditors	409,815	421,239
	-------------	----------
	1,085,986	823,844
	-------------	----------

Bank loans and overdrafts are secured by a charge over the assets held by the company. Other creditors includes hire purchase agreements which are secured over the assets concerned.

8. Creditors: amounts falling due after more than one year

	2023	2022
	£	£
Other creditors	461,878	846,083
	----------	----------

Other creditors include hire purchase agreements which are secured over the assets concerned.

9. Summary audit opinion

The auditor's report for the year dated 23 January 2024 was unqualified .

The senior statutory auditor was Linda Lord , for and on behalf of Streets Audit LLP .

10. Related party transactions

The company was a 100% subsidiary during the current and previous year of John Martin-Hoyes (Holdings) Limited, a company registered in England at Martin House, Exchange Road, Doddington Road, Lincoln, Lincolnshire, LN6 3JZ. That company prepares consolidated group financial statements. Accordingly, the company has taken advantage of the exemption in the Financial Reporting Standard 102 from disclosing transactions with members or investees of the group in these financial statements. No further transactions with related parties are required to be disclosed under the Financial Reporting 102.

11. Controlling party

The company was under the control of John Martin-Hoyes throughout the current and previous year. John Martin-Hoyes is the managing director and majority shareholder of the ultimate parent company, John Martin-Hoyes Holdings Limited.