Company Registration No. 03765177 (England and Wales)
LMR DRILLING UK LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
PAGES FOR FILING WITH REGISTRAR
LMR DRILLING UK LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
LMR DRILLING UK LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2020
31 December 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
26,311
27,661
Current assets
Debtors
4
1,324,119
3,628,300
Cash at bank and in hand
2,761,121
2,703,620
4,085,240
6,331,920
Creditors: amounts falling due within one year
5
(359,299)
(2,716,738)
Net current assets
3,725,941
3,615,182
Total assets less current liabilities
3,752,252
3,642,843
Provisions for liabilities
(713)
(283)
Net assets
3,751,539
3,642,560
Capital and reserves
Called up share capital
15,000
15,000
Profit and loss reserves
3,736,539
3,627,560
Total equity
3,751,539
3,642,560
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 27 May 2021 and are signed on its behalf by:
Mr J Seamans
Director
Company Registration No. 03765177
LMR DRILLING UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
- 2 -
1
Accounting policies
Company information
LMR Drilling UK Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Egerton House, 2 Tower Road, Birkenhead, Merseyside, United Kingdom, CH41 1FN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention.
1.2
Going concern
We have contInued to trade throughout the pandemic, whilst taking a number of measures to monitor and mitigate the effects of COVID19. At this stage, the impact on our business and results has not been significant and based on our experience to date we expect this to remain the case. We will continue to follow the various government policies and advice and, in parallel, we will do our utmost to continue our operations in the best and safest way possible without jeopardising the health of our employees or clients.
true
1.3
Turnover
Turnover
represents the measure of work done on contracts, net of value added tax, after provisions for contingencies and anticipated future losses on contracts, including amounts not invoiced.
Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The profit recognised reflects the proportion of work completed to date on the contract determined by reference to the proportion of the value of work completed to total contract value.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
20% on cost
Fixtures and fittings
20% on cost
Computers
20% on cost
Motor vehicles
20% on cost
Site equipment
20% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
LMR DRILLING UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 3 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.7
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
1.8
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
7
7
LMR DRILLING UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 4 -
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Site equipment
Total
£
£
£
£
£
£
Cost
At 1 January 2020
65,342
13,660
73,913
62,226
5,244
220,385
Additions
10,269
10,269
At 31 December 2020
65,342
13,660
84,182
62,226
5,244
230,654
Depreciation and impairment
At 1 January 2020
63,464
13,657
67,054
44,886
3,663
192,724
Depreciation charged in the year
734
3
3,803
6,718
361
11,619
At 31 December 2020
64,198
13,660
70,857
51,604
4,024
204,343
Carrying amount
At 31 December 2020
1,144
13,325
10,622
1,220
26,311
At 31 December 2019
1,878
3
6,859
17,340
1,581
27,661
4
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
1,225,008
3,617,152
Amounts owed by group undertakings
61,593
Other debtors
28,905
500
Prepayments and accrued income
8,613
10,648
1,324,119
3,628,300
5
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
200,382
996,771
Amounts owed to group undertakings
52,458
375,373
Corporation tax
24,000
456,000
Other taxation and social security
5,987
241,894
Other creditors
300
1,079
Accruals and deferred income
76,172
645,621
359,299
2,716,738
LMR DRILLING UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 5 -
6
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Mr Peter Alcock.
The auditor was Wilson Henry LLP.
7
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2020
2019
£
£
33,088
15,052
8
Ultimate Parent Undertaking and Controlling Party
The controlling party is LMR Drilling GmbH, a company incorporated in Germany.
The ultimate controlling party is DGL Beteilgungsgesellschaft mitbeschrankter Haftung Oldenburg.
9
Non-audit services provided by auditor
In common with many businesses of our size and nature we use our auditor to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements