Premier Deep Hole Drilling Ltd - Limited company - abbreviated - 11.0.0

Premier Deep Hole Drilling Ltd

Abbreviated Accounts for the Year Ended 31 December 2013

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTOR:

Mr S Grant

SECRETARY:

Mrs S J Grant

REGISTERED OFFICE:

Wellington Road

London Colney

St Albans

Hertfordshire

AL2 1EY

REGISTERED NUMBER:

01215178 (England and Wales)

ACCOUNTANTS:

Hargreaves Owen Limited

Chartered Accountants

Red Sky House

Fairclough Hall

Halls Green, Weston

Hertfordshire

SG4 7DP

FIXED ASSETS

Tangible assets

2

885,628

595,876

CURRENT ASSETS

Stocks

191,328

288,206

Debtors

1,708,767

1,704,766

Cash at bank

31,353

39,888

1,931,448

2,032,860

CREDITORS

Amounts falling due within one year

3

1,089,030

1,455,593

NET CURRENT ASSETS

842,418

577,267

TOTAL ASSETS LESS CURRENT LIABILITIES

1,728,046

1,173,143

CREDITORS

Amounts falling due after more than one year

3

(256,817

)

(58,439

)

PROVISIONS FOR LIABILITIES

(34,668

)

-

NET ASSETS

1,436,561

1,114,704

CAPITAL AND RESERVES

Called up share capital

4

202

202

Profit and loss account

1,436,359

1,114,502

SHAREHOLDERS' FUNDS

1,436,561

1,114,704

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2013.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2013 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 28 May 2014 and were signed by:

Mr S Grant - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance

with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

10% on cost

Fixtures and fittings

-

25% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

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 the profit and loss account in the period to which they

relate.

Leasing and hire purchase commitments

Assets held under finance leases and hire purchase contracts, which are those where substantially all

the risks and rewards of ownership of the asset have passed to the company, are capitalised in the

balance sheet and depreciated over their useful lives. The corresponding lease or hire purchase

obligation is treated in the balance sheet as a liability.

The interest element of the rental obligations is charged to the profit and loss account over the period

of the lease and represents a constant proportion of the balance of capital repayments outstanding.

Rentals paid under operating leases are charged to income on a straight line basis over the lease

term.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 January 2013

1,671,393

Additions

449,207

At 31 December 2013

2,120,600

DEPRECIATION

At 1 January 2013

1,075,517

Charge for year

159,455

At 31 December 2013

1,234,972

NET BOOK VALUE

At 31 December 2013

885,628

At 31 December 2012

595,876

3.

CREDITORS

Creditors include an amount of £ 724,916 (2012 - £ 1,002,334 ) for which security has been given.

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2013

2012

value:

£

£

2,020

Ordinary

10p

202

202