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Company No: 14474942 (England and Wales)

# DRILLPLUS LTD

### Unaudited Financial Statements
For the financial year ended 28 February 2025
Pages for filing with the registrar

DRILLPLUS LTD

## Unaudited Financial Statements

For the financial year ended 28 February 2025

Contents

DRILLPLUS LTD

## STATEMENT OF FINANCIAL POSITION

As at 28 February 2025
DRILLPLUS LTD

## STATEMENT OF FINANCIAL POSITION (continued)

As at 28 February 2025

| Note | 2025 |  | 2024
|  | £ |  | £
Current assets |  |  |  |
Stocks |  | 69,824 |  | 47,017
Debtors | 3 | 491 |  | 280
Cash at bank and in hand |  | 7,137 |  | 3,214
|  | 77,452 |  | 50,511
Creditors: amounts falling due within one year | 4 | ( 109,034) |  | ( 62,045)
Net current liabilities |  | (31,582) |  | (11,534)
Total assets less current liabilities |  | (31,582) |  | (11,534)
Net liabilities |  | ( 31,582) |  | ( 11,534)
Capital and reserves |  |  |  |
Called-up share capital | 5 | 150 |  | 150
Profit and loss account |  | ( 31,732 ) |  | ( 11,684 )
Total shareholders' deficit |  | ( 31,582) |  | ( 11,534)

For the financial year ending 28 February 2025 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 financial statements for the financial year 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; and
- These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Income Statement has not been delivered.

The financial statements of DrillPlus Ltd (registered number: 14474942) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

Andrew John James Director |  | Richard Walter Director

11 November 2025

DRILLPLUS LTD

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 28 February 2025
DRILLPLUS LTD

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 28 February 2025

##### 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

DrillPlus Ltd (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 Summerhill House, 1 Sculthorpe Road, Fakenham, NR21 9HA, United Kingdom.
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 Statement of Financial Position and likely future cash flows at the date of approving these financial statements. Trading has only just commenced and is supported by related parties. The related parties will continue to support the company and 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.

##### Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.
Exchange differences are recognised in the Income Statement in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

##### 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.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

##### 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 includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

##### Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

##### Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

##### Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

#### 2. Employees

| 2025 |  | 2024
| Number |  | Number
Monthly average number of persons employed by the Company during the year, including directors | 3 |  | 3

#### 3. Debtors

| 2025 |  | 2024
| £ |  | £
Trade debtors | 391 |  | 180
Amounts owed by directors | 100 |  | 100
| 491 |  | 280

#### 4. Creditors: amounts falling due within one year

| 2025 |  | 2024
| £ |  | £
Trade creditors | 28,462 |  | 0
Amounts owed to related parties | 57,599 |  | 45,852
Amounts owed to directors | 14,943 |  | 14,943
Accruals | 1,855 |  | 1,250
Other taxation and social security | 6,175 |  | 0
| 109,034 |  | 62,045

#### 5. Called-up share capital

| 2025 |  | 2024
| £ |  | £
Allotted, called-up and fully-paid |  |  |
150 Ordinary shares of £ 1.00 each | 150 |  | 150

#### 6. Related party transactions

During the period, the company purchased goods and services from a limited company in which A James, director, is sole shareholder. A total of £1,275 (£4,325 in the period ended 29 February 2024) was paid in respect of the goods and services.
The company also purchased goods and services from a limited company in which A James and R Walter, directors, are equal shareholders. A total of £1,205 (56,519 in the period ended 29 February 2024) was paid in respect of the goods and services.