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Registration number: 05100433

Driftwood Sailing Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2020

 

Driftwood Sailing Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Driftwood Sailing Limited

Company Information

Directors

Mr Adrian Ivor Crook

Mrs Brenda Kristin Crook

Company secretary

Mrs Brenda Kristin Crook

Registered office

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

Accountants

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

 

Driftwood Sailing Limited

(Registration number: 05100433)
Balance Sheet as at 31 March 2020

Note

2020
£

2019
£

Fixed assets

 

Tangible assets

4

99,071

103,888

Current assets

 

Debtors

5

3,754

9,634

Cash at bank and in hand

 

4,338

988

 

8,092

10,622

Creditors: Amounts falling due within one year

6

(128,586)

(141,156)

Net current liabilities

 

(120,494)

(130,534)

Net liabilities

 

(21,423)

(26,646)

Capital and reserves

 

Called up share capital

7

100

100

Profit and loss account

(21,523)

(26,746)

Shareholders' deficit

 

(21,423)

(26,646)

For the financial year ending 31 March 2020 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.

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 Profit and Loss Account has been taken.

Approved and authorised by the Board on 25 March 2021 and signed on its behalf by:
 

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

Mrs Brenda Kristin Crook
Company secretary and director

 

Driftwood Sailing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020

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:
Stafford House
10 Prince of Wales Road
Dorchester
Dorset
DT1 1PW

The principal place of business is:
Driftwood
10 Southdown Avenue
Preston
Weymouth
Dorset
DT3 6HR

These financial statements were authorised for issue by the Board on 25 March 2021.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

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 that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services 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 when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

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

 

Driftwood Sailing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020

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.

Tangible assets

Tangible assets are stated in the balance sheet 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 cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Yacht and Rib

over 25 years and 10 years on the straight line basis

Fixture, fittings and equipment

25% on the reducing balance basis

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

 

Driftwood Sailing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2019 - 2).

 

Driftwood Sailing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2019

70,447

199,000

269,447

Additions

9,773

-

9,773

At 31 March 2020

80,220

199,000

279,220

Depreciation

At 1 April 2019

60,659

104,900

165,559

Charge for the year

4,890

9,700

14,590

At 31 March 2020

65,549

114,600

180,149

Carrying amount

At 31 March 2020

14,671

84,400

99,071

At 31 March 2019

9,788

94,100

103,888

5

Debtors

2020
£

2019
£

Other debtors

3,754

9,634

3,754

9,634

6

Creditors

Creditors: amounts falling due within one year

2020
£

2019
£

Due within one year

Taxation and social security

578

214

Accruals and deferred income

10,786

4,500

Other creditors

117,222

136,442

128,586

141,156

 

Driftwood Sailing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2020

7

Share capital

Allotted, called up and fully paid shares

 

2020

2019

 

No.

£

No.

£

Ordinary shares of £ 1 each

100

100

100

100

         

8

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2020
£

2019
£

Remuneration

8,628

8,424