Silverfin false false 31/12/2023 01/01/2023 31/12/2023 B J Akker 30/01/2024 06/12/2021 M Grindy 17/10/2017 M J Halstead 03/01/2023 06/12/2021 S T Murdoch 11/10/2023 14/02/2019 A D Wolfson 19/03/2021 19 August 2024 The principal activity of the Company during the financial year was that of mobile vehicle valeting, body repair and servicing. 11018311 2023-12-31 11018311 bus:Director1 2023-12-31 11018311 bus:Director2 2023-12-31 11018311 bus:Director3 2023-12-31 11018311 bus:Director4 2023-12-31 11018311 bus:Director5 2023-12-31 11018311 2022-12-31 11018311 core:CurrentFinancialInstruments 2023-12-31 11018311 core:CurrentFinancialInstruments 2022-12-31 11018311 core:Non-currentFinancialInstruments 2023-12-31 11018311 core:Non-currentFinancialInstruments 2022-12-31 11018311 core:ShareCapital 2023-12-31 11018311 core:ShareCapital 2022-12-31 11018311 core:SharePremium 2023-12-31 11018311 core:SharePremium 2022-12-31 11018311 core:RetainedEarningsAccumulatedLosses 2023-12-31 11018311 core:RetainedEarningsAccumulatedLosses 2022-12-31 11018311 core:ComputerSoftware 2022-12-31 11018311 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 11018311 core:OtherResidualIntangibleAssets 2022-12-31 11018311 core:ComputerSoftware 2023-12-31 11018311 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 11018311 core:OtherResidualIntangibleAssets 2023-12-31 11018311 core:PlantMachinery 2022-12-31 11018311 core:Vehicles 2022-12-31 11018311 core:FurnitureFittings 2022-12-31 11018311 core:OfficeEquipment 2022-12-31 11018311 core:PlantMachinery 2023-12-31 11018311 core:Vehicles 2023-12-31 11018311 core:FurnitureFittings 2023-12-31 11018311 core:OfficeEquipment 2023-12-31 11018311 bus:OrdinaryShareClass1 2023-12-31 11018311 bus:OrdinaryShareClass2 2023-12-31 11018311 bus:PreferenceShareClass1 2023-12-31 11018311 core:WithinOneYear 2023-12-31 11018311 core:WithinOneYear 2022-12-31 11018311 core:BetweenOneFiveYears 2023-12-31 11018311 core:BetweenOneFiveYears 2022-12-31 11018311 2023-01-01 2023-12-31 11018311 bus:FilletedAccounts 2023-01-01 2023-12-31 11018311 bus:SmallEntities 2023-01-01 2023-12-31 11018311 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 11018311 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 11018311 bus:Director1 2023-01-01 2023-12-31 11018311 bus:Director2 2023-01-01 2023-12-31 11018311 bus:Director3 2023-01-01 2023-12-31 11018311 bus:Director4 2023-01-01 2023-12-31 11018311 bus:Director5 2023-01-01 2023-12-31 11018311 core:ComputerSoftware core:TopRangeValue 2023-01-01 2023-12-31 11018311 core:DevelopmentCostsCapitalisedDevelopmentExpenditure core:TopRangeValue 2023-01-01 2023-12-31 11018311 core:OtherResidualIntangibleAssets core:TopRangeValue 2023-01-01 2023-12-31 11018311 core:PlantMachinery core:TopRangeValue 2023-01-01 2023-12-31 11018311 core:Vehicles core:TopRangeValue 2023-01-01 2023-12-31 11018311 core:FurnitureFittings 2023-01-01 2023-12-31 11018311 core:OfficeEquipment 2023-01-01 2023-12-31 11018311 2022-01-01 2022-12-31 11018311 core:ComputerSoftware 2023-01-01 2023-12-31 11018311 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-01 2023-12-31 11018311 core:OtherResidualIntangibleAssets 2023-01-01 2023-12-31 11018311 core:PlantMachinery 2023-01-01 2023-12-31 11018311 core:Vehicles 2023-01-01 2023-12-31 11018311 core:Non-currentFinancialInstruments 2023-01-01 2023-12-31 11018311 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 11018311 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 11018311 bus:OrdinaryShareClass2 2023-01-01 2023-12-31 11018311 bus:OrdinaryShareClass2 2022-01-01 2022-12-31 11018311 bus:PreferenceShareClass1 2023-01-01 2023-12-31 11018311 bus:PreferenceShareClass1 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 11018311 (England and Wales)

DROPLESS LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

DROPLESS LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

DROPLESS LIMITED

BALANCE SHEET

As at 31 December 2023
DROPLESS LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Restated - note 2
Fixed assets
Intangible assets 4 167,572 257,386
Tangible assets 5 534,226 590,454
701,798 847,840
Current assets
Stocks 46,130 13,205
Debtors 6 695,684 326,929
Cash at bank and in hand 181,935 53,899
923,749 394,033
Creditors: amounts falling due within one year 7 ( 521,112) ( 1,316,097)
Net current assets/(liabilities) 402,637 (922,064)
Total assets less current liabilities 1,104,435 (74,224)
Creditors: amounts falling due after more than one year 8 ( 2,464,425) ( 2,404,743)
Net liabilities ( 1,359,990) ( 2,478,967)
Capital and reserves
Called-up share capital 9 261 192
Share premium account 5,205,798 3,013,465
Profit and loss account ( 6,566,049 ) ( 5,492,624 )
Total shareholders' deficit ( 1,359,990) ( 2,478,967)

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Dropless Limited (registered number: 11018311) were approved and authorised for issue by the Board of Directors on 19 August 2024. They were signed on its behalf by:

M Grindy
Director
DROPLESS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
DROPLESS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Dropless Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Francis Clark Llp Melville Building East, Royal William Yard, Plymouth, PL1 3RP, United Kingdom. The principal place of business is Unit 1F, Clapham North Arts Centre, London, SW4 6DH.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Prior year adjustment

The value of a third party loan has been amended to reflect the accrual of loan interest expense not previously charged. Further information has been provided in Note 2 to the accounts.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.

Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Revenue from services is recognised as they are delivered.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Computer software 5 years straight line
Development costs 4 years straight line
Other intangible assets 5 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset over its expected useful life, as follows:

Plant and machinery 2 years straight line
Vehicles 5 years straight line
Fixtures and fittings 25 % reducing balance
Office equipment 20 - 100 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

2. Prior year adjustment

The value of a third party loan has been amended to reflect the accrual of loan interest expense not previously charged. The profit and loss reserve has been amended for these adjustments.

The table below illustrates the increase/(decrease) in each line of the financial statements.

As previously reported Adjustment As restated
Year ended 31 December 2022 £ £ £
Interest payable and similar expenses 44,329 157,808 202,137
Creditors: amounts falling due after more than one year 2,246,935 157,808 2,404,743
Profit and loss account (cumulative) (5,334,816) (157,808) (5,492,624)

3. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 35 105

4. Intangible assets

Computer software Development costs Other intangible assets Total
£ £ £ £
Cost
At 01 January 2023 201,146 191,536 11,460 404,142
Additions 0 0 645 645
At 31 December 2023 201,146 191,536 12,105 404,787
Accumulated amortisation
At 01 January 2023 94,288 47,884 4,584 146,756
Charge for the financial year 40,229 47,884 2,346 90,459
At 31 December 2023 134,517 95,768 6,930 237,215
Net book value
At 31 December 2023 66,629 95,768 5,175 167,572
At 31 December 2022 106,858 143,652 6,876 257,386

5. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £
Cost
At 01 January 2023 139,459 702,744 9,764 45,945 897,912
Additions 55,102 200,570 1,098 833 257,603
Disposals ( 19,560) ( 199,709) ( 3,112) ( 24,488) ( 246,869)
At 31 December 2023 175,001 703,605 7,750 22,290 908,646
Accumulated depreciation
At 01 January 2023 101,134 181,506 2,785 22,033 307,458
Charge for the financial year 56,622 119,396 1,503 5,698 183,219
Disposals ( 15,873) ( 85,121) ( 1,640) ( 13,623) ( 116,257)
At 31 December 2023 141,883 215,781 2,648 14,108 374,420
Net book value
At 31 December 2023 33,118 487,824 5,102 8,182 534,226
At 31 December 2022 38,325 521,238 6,979 23,912 590,454

6. Debtors

2023 2022
£ £
Trade debtors 295,208 252,526
Prepayments 39,488 11,557
Other debtors 360,988 62,846
695,684 326,929

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 8,366 8,159
Trade creditors 106,651 140,075
Other taxation and social security 203,679 234,466
Obligations under finance leases and hire purchase contracts 137,535 171,187
Other creditors 64,881 762,210
521,112 1,316,097

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 12,215 20,581
Obligations under finance leases and hire purchase contracts 76,902 133,854
Other creditors 2,375,308 2,250,308
2,464,425 2,404,743

There are no amounts included above in respect of which any security has been given by the small entity.

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
19,961,626 Ordinary shares of £ 0.00001 each (2022: 16,221,756 shares of £ 0.00001 each) 200 162
3,000,000 Deferred ordinary shares of £ 0.00001 each 30 30
230 192
3,125,421 Preference shares of £ 0.00001 each (2022: nil shares) 31 0
261 192

10. Financial commitments

Commitments

Capital commitments are as follows:

2023 2022
£ £
Contracted for but not provided for:
Tangible fixed assets 10,852 43,407

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
within one year 10,852 32,555
between one and five years 0 10,852
10,852 43,407

11. Related party transactions

Transactions with entities in which the entity itself has a participating interest

2023 2022
£ £
Interest free loan owed to Passion Digital Ltd. This is a company under the control of Mr M Grindy, a director in common with Dropless Ltd 92,500 127,500
Advertising expenditure paid to Passion Digital Ltd. This is a company under the control of Mr M Grindy, a director in common with Dropless Ltd 10,800 31,626