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Registration number: 05100433

Driftwood Consulting Limited

trading as Driftwood Consulting

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2015
 

Kennedy Legg
Accountants
Stafford House
10 Prince of Wales Road
Dorchester
Dorset
DT1 1PW

 

Driftwood Consulting Limited
trading as Driftwood Consulting
Contents

Accountants' Report

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3 to 4

 

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 4 ) have been prepared.

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Driftwood Consulting Limited
trading as Driftwood Consulting
for the Year Ended 31 March 2015

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Driftwood Consulting Limited for the year ended 31 March 2015 set out on pages from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW) , we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook .

This report is made solely to the Board of Directors of Driftwood Consulting Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Driftwood Consulting Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Driftwood Consulting Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Driftwood Consulting Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and results of Driftwood Consulting Limited. You consider that Driftwood Consulting Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Driftwood Consulting Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

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

Kennedy Legg
Accountants
Stafford House
10 Prince of Wales Road
Dorchester
Dorset
DT1 1PW

23 December 2015

 

Driftwood Consulting Limited
trading as Driftwood Consulting
(Registration number: 05100433)
Abbreviated Balance Sheet at 31 March 2015

   

Note

   

2015
£

   

2014
£

 

Fixed assets

 

             

Tangible fixed assets

 

   

135,019

   

135,019

 

Current assets

 

             

Debtors

 

   

183,935

   

183,935

 

Cash at bank and in hand

 

   

228,899

   

228,899

 
   

   

412,834

   

412,834

 

Creditors: Amounts falling due within one year

 

   

(110,690)

   

(110,690)

 

Net current assets

 

   

302,144

   

302,144

 

Net assets

 

   

437,163

   

437,163

 

Capital and reserves

 

             

Called up share capital

 

3

   

100

   

100

 

Profit and loss account

 

   

437,063

   

437,063

 

Shareholders' funds

 

   

437,163

   

437,163

 

For the year ending 31 March 2015 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 23 December 2015 and signed on its behalf by:

.........................................
Mrs Brenda Kristin Crook
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

 

Driftwood Consulting Limited
trading as Driftwood Consulting
Notes to the Abbreviated Accounts for the Year Ended 31 March 2015
......... continued

1

Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over its expected useful economic life as follows

Asset class

Depreciation method and rate

Yacht

25 years on the straight line basis

Fixtures fittings and equipment

25% reducing balance basis

Hire purchase and leasing

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

 

Driftwood Consulting Limited
trading as Driftwood Consulting
Notes to the Abbreviated Accounts for the Year Ended 31 March 2015
......... continued

2

Fixed assets

   

Tangible assets
£

   

Total
£

 

Cost

           

At 1 April 2014

 

228,058

   

228,058

 

At 31 March 2015

 

228,058

   

228,058

 

Depreciation

           

At 1 April 2014

 

93,039

   

93,039

 

At 31 March 2015

 

93,039

   

93,039

 

Net book value

           

At 31 March 2015

 

135,019

   

135,019

 

At 31 March 2014

 

135,019

   

135,019

 

3

Share capital

Allotted, called up and fully paid shares

 

2015

2014

   

No.

   

£

   

No.

   

£

 

Ordinary of £1 each

 

100

   

100

   

100

   

100