Company Registration No. 13475016 (England and Wales)
Drift Energy Ltd
Unaudited accounts
for the year ended 30 June 2023
Drift Energy Ltd
Unaudited accounts
Contents
Drift Energy Ltd
Company Information
for the year ended 30 June 2023
Director
Ben Stuart Medland
Company Number
13475016 (England and Wales)
Registered Office
13 Gatekeepers Way
Watton At Stone
Hertford
Hertfordshire
SG14 3QB
England
Accountants
P10 Accountancy Ltd
77A Richmond Road
Twickenham
TW1 3AW
Drift Energy Ltd
Statement of financial position
as at 30 June 2023
Tangible assets
24,041
34,402
Cash at bank and in hand
11,609
71,424
Creditors: amounts falling due within one year
(171,432)
(316,958)
Net current liabilities
(152,986)
(185,596)
Total assets less current liabilities
(128,945)
(151,194)
Creditors: amounts falling due after more than one year
(430,500)
-
Net liabilities
(559,445)
(151,194)
Called up share capital
1,000
1,000
Profit and loss account
(560,445)
(152,194)
Shareholders' funds
(559,445)
(151,194)
For the year ending 30 June 2023 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 in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 30 October 2023 and were signed on its behalf by
Ben Stuart Medland
Director
Company Registration No. 13475016
Drift Energy Ltd
Notes to the Accounts
for the year ended 30 June 2023
Drift Energy Ltd is a private company, limited by shares, registered in England and Wales, registration number 13475016. The registered office is 13 Gatekeepers Way, Watton At Stone , Hertford, Hertfordshire, SG14 3QB, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% on cost
Computer equipment
25% on cost
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
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 current liabilities.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Drift Energy Ltd
Notes to the Accounts
for the year ended 30 June 2023
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Expenditure on research and development is written off in the year in which it is incurred.
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Tangible fixed assets
Plant & machinery
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 July 2022
45,869
-
45,869
At 30 June 2023
45,869
1,475
47,344
At 1 July 2022
11,467
-
11,467
Charge for the year
11,467
369
11,836
At 30 June 2023
22,934
369
23,303
At 30 June 2023
22,935
1,106
24,041
At 30 June 2022
34,402
-
34,402
Amounts falling due within one year
Drift Energy Ltd
Notes to the Accounts
for the year ended 30 June 2023
6
Creditors: amounts falling due within one year
2023
2022
Obligations under finance leases and hire purchase contracts
1,147
-
Trade creditors
1,852
4,646
Taxes and social security
5,199
-
Other creditors
2,422
237,500
Loans from directors
159,312
74,312
7
Creditors: amounts falling due after more than one year
2023
2022
8
Average number of employees
During the year the average number of employees was 3 (2022: 1).