Company registration number 06822605 (England and Wales)
THE DRILL INN LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 AUGUST 2024
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 2024
30 August 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
23,487
24,625
Current assets
Stocks
10,000
10,000
Debtors
4
20,018
18,708
Cash at bank and in hand
4,418
2,243
34,436
30,951
Creditors: amounts falling due within one year
5
(47,704)
(62,308)
Net current liabilities
(13,268)
(31,357)
Total assets less current liabilities
10,219
(6,732)
Creditors: amounts falling due after more than one year
6
(431,545)
(386,860)
Net liabilities
(421,326)
(393,592)
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
(421,426)
(393,692)
Total equity
(421,326)
(393,592)
THE DRILL INN LTD
BALANCE SHEET (CONTINUED)
AS AT
30 AUGUST 2024
30 August 2024
- 2 -

For the financial year ended 30 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.

The financial statements were approved by the board of directors and authorised for issue on 20 May 2025 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 YEAR ENDED 30 AUGUST 2024
- 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
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. The principal accounting policies adopted are set out below.

1.2
Going concern

At 30 August 2024, the company had negative profit and loss reserves of £421k (2023: £394k) and net liabilities of £421k (2023: £394k). The directors and other creditors have confirmed they will not call in the amount owed until the company is in the financial position to do so. Thus the directors continue to adopt the going concern basis of accounting the preparing these financial statements.

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, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost 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 YEAR ENDED 30 AUGUST 2024
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.

 

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.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
13
10
THE DRILL INN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 AUGUST 2024
- 5 -
3
Tangible fixed assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 31 August 2023
43,458
57,204
100,662
Additions
2,671
4,093
6,764
At 30 August 2024
46,129
61,297
107,426
Depreciation and impairment
At 31 August 2023
22,909
53,128
76,037
Depreciation charged in the year
4,288
3,614
7,902
At 30 August 2024
27,197
56,742
83,939
Carrying amount
At 30 August 2024
18,932
4,555
23,487
At 30 August 2023
20,549
4,076
24,625
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
20,018
18,708
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
5,000
5,000
Trade creditors
16,372
39,697
Taxation and social security
22,332
15,611
Accruals and deferred income
4,000
2,000
47,704
62,308

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.

THE DRILL INN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 AUGUST 2024
- 6 -
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
3,750
8,750
Other creditors
427,795
378,110
431,545
386,860

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
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
8
Related party transactions

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due to related parties
£
£
Key management personnel
186,523
136,838

The amounts due to key management personnel were repayable on demand and interest free.

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