Drill Service (Horley) Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 00696597 (England and Wales)

Drill Service (Horley) Limited

Unaudited Financial Statements

for the Year Ended 30 June 2023

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Certified Accountants' Report

8

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

901,787

870,934

CURRENT ASSETS

Stocks

869,626

942,973

Debtors

5

209,239

147,138

Prepayments and accrued income

24,582

29,982

Cash at bank and in hand

93,478

109,590

1,196,925

1,229,683

CREDITORS

Amounts falling due within one year

6

221,334

216,103

NET CURRENT ASSETS

975,591

1,013,580

TOTAL ASSETS LESS CURRENT LIABILITIES

1,877,378

1,884,514

CREDITORS

Amounts falling due after more than one year

7

(21,752

)

(31,898

)

ACCRUALS AND DEFERRED INCOME

(15,134

)

(7,401

)

NET ASSETS

1,840,492

1,845,215

CAPITAL AND RESERVES

Called up share capital

5,910

5,910

Revaluation reserve

8

585,414

585,414

Retained earnings

1,249,168

1,253,891

1,840,492

1,845,215

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 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 21 March 2024 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 or, if held under a finance lease, over the lease term, whichever is the shorter.

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

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 (2022 - 16 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

Long

Plant and

property

leasehold

machinery

£

£

£

COST

At 1 July 2022

793,761

38,062

478,555

Additions

18,430

-

27,953

At 30 June 2023

812,191

38,062

506,508

DEPRECIATION

At 1 July 2022

-

21,184

443,620

Charge for year

-

761

9,674

At 30 June 2023

-

21,945

453,294

NET BOOK VALUE

At 30 June 2023

812,191

16,117

53,214

At 30 June 2022

793,761

16,878

34,935

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 July 2022

93,167

73,017

1,476,562

Additions

-

1,350

47,733

At 30 June 2023

93,167

74,367

1,524,295

DEPRECIATION

At 1 July 2022

74,126

66,698

605,628

Charge for year

4,760

1,685

16,880

At 30 June 2023

78,886

68,383

622,508

NET BOOK VALUE

At 30 June 2023

14,281

5,984

901,787

At 30 June 2022

19,041

6,319

870,934

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

Plant and

machinery

£

COST

Additions

10,000

At 30 June 2023

10,000

DEPRECIATION

Charge for year

1,748

At 30 June 2023

1,748

NET BOOK VALUE

At 30 June 2023

8,252

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

196,034

147,138

Other debtors

13,205

-

209,239

147,138

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

36,430

30,997

Hire purchase contracts

856

-

Trade creditors

108,389

122,875

Social security and other taxes

7,033

11,523

VAT

56,994

48,798

Other creditors

1,649

1,157

Directors' current accounts

9,983

753

221,334

216,103

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans - 1-2 years

10,337

10,146

Bank loans - 2-5 years

11,415

21,752

21,752

31,898

8.

RESERVES

Revaluation

reserve

£

At 1 July 2022

and 30 June 2023

585,414

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 June 2023 and 30 June 2022:

2023

2022

£

£

Ms G P C Howell

Balance outstanding at start of year

(753

)

14,970

Amounts advanced

33,728

89,899

Amounts repaid

(42,959

)

(105,622

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(9,984

)

(753

)

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

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Drill Service (Horley) Limited for the year ended 30 June 2023 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Drill Service (Horley) Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Drill Service (Horley) Limited and state those matters that we have agreed to state to the Board of Directors of Drill Service (Horley) Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Drill Service (Horley) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Drill Service (Horley) Limited. You consider that Drill Service (Horley) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Drill Service (Horley) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Dyke Ruscoe & Hayes Ltd

Chartered Certified Accountants

110 Corve Street

Ludlow

SHROPSHIRE

SY8 1DJ

21 March 2024