Southern Counties Drilling Solutions Ltd - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 09873543 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2018

FOR

SOUTHERN COUNTIES DRILLING SOLUTIONS LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

9

DIRECTORS:

J Oak

N G Cooper

REGISTERED OFFICE:

3 Durrant Road

Bournemouth

Dorset

BH2 6NE

REGISTERED NUMBER:

09873543 (England and Wales)

ACCOUNTANTS:

Carter & Coley

3 Durrant Road

Bournemouth

Dorset

BH2 6NE

FIXED ASSETS

Tangible assets

4

98,214

61,090

CURRENT ASSETS

Debtors

5

128,325

119,800

Cash at bank

1,648

22,530

129,973

142,330

CREDITORS

Amounts falling due within one year

6

156,552

167,417

NET CURRENT LIABILITIES

(26,579

)

(25,087

)

TOTAL ASSETS LESS CURRENT LIABILITIES

71,635

36,003

CREDITORS

Amounts falling due after more than one year

7

(16,317

)

(8,620

)

PROVISIONS FOR LIABILITIES

9

(2,958

)

(1,033

)

NET ASSETS

52,360

26,350

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

52,260

26,250

SHAREHOLDERS' FUNDS

52,360

26,350

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 13 June 2018 and were signed on its behalf by:

J Oak - Director

1.	STATUTORY INFORMATION

Southern Counties Drilling Solutions 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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

-

10% on cost

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 7 (2017 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

At 1 April 2017

67,868

Additions

45,136

At 31 March 2018

113,004

DEPRECIATION

At 1 April 2017

6,778

Charge for year

8,012

At 31 March 2018

14,790

NET BOOK VALUE

At 31 March 2018

98,214

At 31 March 2017

61,090

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

Plant and

machinery

£

COST

At 1 April 2017

28,900

Additions

27,151

At 31 March 2018

56,051

DEPRECIATION

At 1 April 2017

1,204

Charge for year

3,116

At 31 March 2018

4,320

NET BOOK VALUE

At 31 March 2018

51,731

At 31 March 2017

27,696

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

79,530

85,850

Amounts owed by group undertakings

50

100

Amounts recoverable on contract

46,209

29,968

VAT

2,536

3,882

128,325

119,800

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Hire purchase contracts (see note 8)

16,779

13,005

Trade creditors

55,050

30,240

Amounts owed to group undertakings

40,536

35,000

Corporation tax

4,277

5,586

Social security and other taxes

4,738

10,264

Other creditors

24,999

61,489

Wages control

2,882

-

Pension control

516

-

Accruals and deferred income

6,775

11,833

156,552

167,417

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Hire purchase contracts (see note 8)

16,317

8,620

8.	LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2018

2017

£

£

Gross obligations repayable:

Within one year

18,151

13,722

Between one and five years

18,006

9,095

36,157

22,817

Finance charges repayable:

Within one year

1,372

717

Between one and five years

1,689

475

3,061

1,192

Net obligations repayable:

Within one year

16,779

13,005

Between one and five years

16,317

8,620

33,096

21,625

9.	PROVISIONS FOR LIABILITIES

2018

2017

£

£

Deferred tax

2,958

1,033

Deferred

tax

£

Balance at 1 April 2017

1,033

Charge to Income Statement during year

1,925

Balance at 31 March 2018

2,958

10.	ULTIMATE CONTROLLING PARTY

Branksome Park Holdings Limited is regarded as being the company's ultimate parent company

throughout the current and previous period.

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 Southern Counties Drilling Solutions Ltd for the year ended

31 March 2018 which comprise the Statement of Income and Retained Earnings, Balance Sheet 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 Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Southern Counties Drilling Solutions Ltd, 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 Southern Counties Drilling Solutions Ltd and state those matters that we have agreed to state to the Board of Directors of Southern Counties Drilling Solutions Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Southern Counties Drilling Solutions Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Southern Counties Drilling Solutions Ltd 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 profit of Southern Counties Drilling Solutions Ltd. You consider that Southern Counties Drilling Solutions Ltd 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 Southern Counties Drilling Solutions Ltd. 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.

Carter & Coley

3 Durrant Road

Bournemouth

Dorset

BH2 6NE

13 June 2018