Registration number: 13026793

Drillbuddy UK LTD

Statement of Financial Position as at 30 November 2024

	Note	2024 £	2023 £
Fixed assets
Intangible assets	4	1,761	2,291
Tangible assets	5	51,054	13,590
Other financial assets	6	1,000	1,000
		53,815	16,881
Current assets
Stocks	7	1,156	9,191
Debtors	8	4,341	1,037
Cash at bank and in hand		15,349	21,763
		20,846	31,991
Creditors: Amounts falling due within one year	9	(25,585)	(39,410)
Net current liabilities		(4,739)	(7,419)
Total assets less current liabilities		49,076	9,462
Creditors: Amounts falling due after more than one year	9	(39,144)	(5,694)
Provisions for liabilities		(9,700)	(3,481)
Net assets		232	287
Capital and reserves
Called up share capital		110	110
Retained earnings		122	177
Shareholders' funds		232	287

Drillbuddy UK LTD

Statement of Financial Position as at 30 November 2024

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

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

Approved and authorised by the Board on 15 October 2025 and signed on its behalf by:
 

.........................................

Mr A Gillett

Director

Company registration number: 13026793

Drillbuddy UK LTD

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
8 Cromwell Road
Maidstone
Kent
ME14 1EX

The principal activity of the company is that of the retail sale of electrical household appliances in specialised stores and online.

2	Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Going concern

The company had net current liabilities at 30 November 2024 amounting to £4,739. At that date an amount of £11,834 was due to a director who has confirmed that they will not call for repayment until such time as the company has sufficient working capital. The company continues to trade profitably.

Having made enquiries, the directors have a reasonable expectation that the company has adequate resources to remain in operational existence for the foreseeable future. Accordingly, the directors continue to prepare the financial statements on the going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue at the point of despatch.

Drillbuddy UK LTD

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Trademarks	10 Years Straight Line
Website development	3 Years Straight Line

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the costs of assets over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Furniture, fittings & equipment	3 Years Straight Line
Motor vehicles	25% Reducing Balance
Plant & machinery	20% Reducing Balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Drillbuddy UK LTD

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Hire purchase

Assets held under hire purchase contracts are capitalised at the lesser of fair value or present value of minimum lease payments in the statement of financial position. The present value of the minimum lease payments is calculated using the interest rate implicit in the lease. A corresponding liability is recognised at the same value in the statement of financial position. The asset is then depreciated over its useful life.

The minimum lease payments are apportioned between the finance charge recognised in the income statement and the reduction of the outstanding liability using the effective interest method. The finance charge in each period is allocated so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3	Staff numbers

The average number of persons employed by the company during the year, was 1 (2023 - 1).

Drillbuddy UK LTD

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

4	Intangible assets

	Trademarks  £	Website development  £	Total £
Cost or valuation
At 1 December 2023	2,130	950	3,080
At 30 November 2024	2,130	950	3,080
Amortisation
At 1 December 2023	262	527	789
Amortisation charge	213	317	530
At 30 November 2024	475	844	1,319
Carrying amount
At 30 November 2024	1,655	106	1,761
At 30 November 2023	1,868	423	2,291

5	Tangible assets

	Furniture, fittings and equipment  £	Motor vehicles  £	Plant and machinery £	Total £
Cost or valuation
At 1 December 2023	2,912	24,951	2,869	30,732
Additions	598	39,303	12,400	52,301
Disposals	-	(24,951)	-	(24,951)
At 30 November 2024	3,510	39,303	15,269	58,082
Depreciation
At 1 December 2023	1,430	14,426	1,286	17,142
Charge for the year	696	3,450	2,797	6,943
Eliminated on disposal	-	(17,057)	-	(17,057)
At 30 November 2024	2,126	819	4,083	7,028
Carrying amount
At 30 November 2024	1,384	38,484	11,186	51,054
At 30 November 2023	1,482	10,525	1,583	13,590

Drillbuddy UK LTD

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

6	Investments

	Financial assets at fair value through profit and loss £	Total £
Non-current financial assets
Cost or valuation
Additions	1,000	1,000
At 30 November 2024	1,000	1,000
Carrying amount
At 30 November 2024	1,000	1,000

7

Stocks

	2024 £	2023 £
Stock	1,156	9,191

8

Debtors

	2024 £	2023 £
Trade debtors	-	175
Other debtors	4,341	862
	4,341	1,037

Drillbuddy UK LTD

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

9

Creditors

Creditors: amounts falling due within one year

	Note	2024 £	2023 £
Bank loans and overdrafts	10	12,250	3,931
Trade creditors		-	170
Taxation and social security		-	2,260
Other creditors		13,335	33,049
		25,585	39,410

Creditors: amounts falling due after more than one year

	Note	2024 £	2023 £
Loans and borrowings	10	39,144	5,694

10	Loans and borrowings

	2024 £	2023 £
Current loans and borrowings
Hire purchase obligations	12,250	3,931