Price Diamond Drilling Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04577340 (England and Wales)

Unaudited Financial Statements for the Year Ended 31st March 2018

for

PRICE DIAMOND DRILLING LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr J D Price

Mr J R Price

SECRETARY:

Mrs A Price

REGISTERED OFFICE:

41 St. Thomas's Road

Chorley

Lancashire

PR7 1JE

REGISTERED NUMBER:

04577340 (England and Wales)

ACCOUNTANTS:

Abrams Ashton

Chartered Certified Accountants

41 St Thomas's Road

Chorley

Lancashire

PR7 1JE

FIXED ASSETS

Tangible assets

4

24,375

28,458

CURRENT ASSETS

Debtors

5

47,968

50,955

CREDITORS

Amounts falling due within one year

6

40,935

72,588

NET CURRENT ASSETS/(LIABILITIES)

7,033

(21,633

)

TOTAL ASSETS LESS CURRENT LIABILITIES

31,408

6,825

CREDITORS

Amounts falling due after more than one year

7

(25,000

)

-

PROVISIONS FOR LIABILITIES

(4,631

)

(5,692

)

NET ASSETS

1,777

1,133

CAPITAL AND RESERVES

Called up share capital

9

1,000

1,000

Retained earnings

777

133

SHAREHOLDERS' FUNDS

1,777

1,133

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 21st August 2018 and were signed on its behalf by:

Mr J D Price - Director

1.	STATUTORY INFORMATION

Price Diamond Drilling 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.

2.	ACCOUNTING POLICIES

Basis of preparation

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 the value of goods, net of value added tax, provided to customers during the year.

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

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

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.

Cash and cash equivalents

Cash and cash equivalents includes cash in hand, deposits held with banks, and bank overdrafts. Bank

overdrafts, when applicable, are shown within borrowings in current liabilities.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12

'Other Financial Instruments' of FRS 102 to all its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the

contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there

is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or

to realise the asset and settle the liability simultaneously.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2017 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1st April 2017

43,945

25,740

69,685

Additions

1,386

-

1,386

At 31st March 2018

45,331

25,740

71,071

DEPRECIATION

At 1st April 2017

26,213

15,014

41,227

Charge for year

2,787

2,682

5,469

At 31st March 2018

29,000

17,696

46,696

NET BOOK VALUE

At 31st March 2018

16,331

8,044

24,375

At 31st March 2017

17,732

10,726

28,458

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

Motor

vehicles

£

COST

At 1st April 2017

25,740

Transfer to ownership

(25,740

)

At 31st March 2018

-

DEPRECIATION

At 1st April 2017

15,014

Charge for year

2,682

Transfer to ownership

(17,696

)

At 31st March 2018

-

NET BOOK VALUE

At 31st March 2018

-

At 31st March 2017

10,726

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.18

31.3.17

£

£

Trade debtors

33,295

33,582

Other debtors

800

-

PAYE

13,773

15,476

Directors' current accounts

-

1,797

Prepayments and accrued income

100

100

47,968

50,955

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.18

31.3.17

£

£

Bank loans and overdrafts

220

6,635

Hire purchase contracts

-

3,740

Trade creditors

745

2,314

Corporation tax

4,800

4,813

Social security and other taxes

12,795

10,603

Other creditors

-

695

Directors' current accounts

20,525

41,988

Accrued expenses

1,850

1,800

40,935

72,588

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.18

31.3.17

£

£

Directors' loan accounts

25,000

-

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.18

31.3.17

£

£

Bank overdrafts

220

6,635

Hire purchase contracts

-

3,740

220

10,375

Hire purchase creditors are secured on the asset to which they relate.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.18

31.3.17

value:

£

£

1,000

Ordinary

£1

1,000

1,000

10.	RELATED PARTY DISCLOSURES

At the 31 March 2018 the company owed £45,525 to its directors (2017: £41,988). No interest has been charged

to the company in respect of this loan and there is no formal repayment date for this loan, £25,000 of the loan is

classified in creditors due after more than one year.

11.	CONTROLLING PARTY

Throughout the current and previous year, Mr J D Price has controlled the company by virtue of holding 70% of

the issued share capital.