Company registration number 06822605 (England and Wales)
THE DRILL INN LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 AUGUST 2023
PAGES FOR FILING WITH REGISTRAR
THE DRILL INN LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
THE DRILL INN LTD
BALANCE SHEET
AS AT
30 AUGUST 2023
30 August 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
24,625
35,415
Current assets
Stocks
10,000
9,138
Debtors
4
18,708
16,823
Cash at bank and in hand
2,243
653
30,951
26,614
Creditors: amounts falling due within one year
5
(62,308)
(55,207)
Net current liabilities
(31,357)
(28,593)
Total assets less current liabilities
(6,732)
6,822
Creditors: amounts falling due after more than one year
6
(386,860)
(314,518)
Net liabilities
(393,592)
(307,696)
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
(393,692)
(307,796)
Total equity
(393,592)
(307,696)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
For the financial period ended 30 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
THE DRILL INN LTD
BALANCE SHEET (CONTINUED)
AS AT
30 AUGUST 2023
30 August 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 11 September 2024 and are signed on its behalf by:
N Tully
Director
Company registration number 06822605 (England and Wales)
THE DRILL INN LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 AUGUST 2023
- 3 -
1
Accounting policies
Company information
The Drill Inn Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 33 Springle Styche Lane, Burntwood, Staffordshire, Walsall, WS7 9HD.
1.1
Reporting period
These financial statements cover the period from 1 September 2022 to 30 August 2023. The comparative figures cover the year ended 31 August 2022.
1.2
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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
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:
Fixtures and fittings
20% reducing balance
Equipment
33% straight line
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
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
THE DRILL INN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 AUGUST 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of 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.
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
THE DRILL INN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 AUGUST 2023
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2023
2022
Number
Number
Total
10
16
3
Tangible fixed assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 September 2022
41,625
54,080
95,705
Additions
1,833
3,124
4,957
At 30 August 2023
43,458
57,204
100,662
Depreciation and impairment
At 1 September 2022
18,154
42,136
60,290
Depreciation charged in the period
4,755
10,992
15,747
At 30 August 2023
22,909
53,128
76,037
Carrying amount
At 30 August 2023
20,549
4,076
24,625
At 31 August 2022
23,471
11,944
35,415
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
18,708
16,823
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
5,000
5,544
Trade creditors
39,697
29,290
Taxation and social security
15,611
19,173
Accruals and deferred income
2,000
1,200
62,308
55,207
THE DRILL INN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 AUGUST 2023
5
Creditors: amounts falling due within one year
(Continued)
- 6 -
The bank loan relates to a Coronavirus Business Interruption Loan (CBIL) that is secured by the UK government as part of its response to the COVID-19 pandemic.
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
8,750
12,516
Other creditors
378,110
302,002
386,860
314,518
The bank loan relates to a Coronavirus Business Interruption Loan (CBIL) that is secured by the UK government as part of its response to the COVID-19 pandemic.
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100