Silverfin false false 30/06/2023 01/07/2022 30/06/2023 L Treseder 08/05/2015 13 March 2024 The principal activity of the Company during the financial year was running a restaurant, pub and rooms called the Driftwood Spars. 09582440 2023-06-30 09582440 bus:Director1 2023-06-30 09582440 2022-06-30 09582440 core:CurrentFinancialInstruments 2023-06-30 09582440 core:CurrentFinancialInstruments 2022-06-30 09582440 core:Non-currentFinancialInstruments 2023-06-30 09582440 core:Non-currentFinancialInstruments 2022-06-30 09582440 core:ShareCapital 2023-06-30 09582440 core:ShareCapital 2022-06-30 09582440 core:RetainedEarningsAccumulatedLosses 2023-06-30 09582440 core:RetainedEarningsAccumulatedLosses 2022-06-30 09582440 core:Goodwill 2022-06-30 09582440 core:Goodwill 2023-06-30 09582440 core:LandBuildings 2022-06-30 09582440 core:PlantMachinery 2022-06-30 09582440 core:Vehicles 2022-06-30 09582440 core:FurnitureFittings 2022-06-30 09582440 core:LandBuildings 2023-06-30 09582440 core:PlantMachinery 2023-06-30 09582440 core:Vehicles 2023-06-30 09582440 core:FurnitureFittings 2023-06-30 09582440 bus:OrdinaryShareClass1 2023-06-30 09582440 2022-07-01 2023-06-30 09582440 bus:FilletedAccounts 2022-07-01 2023-06-30 09582440 bus:SmallEntities 2022-07-01 2023-06-30 09582440 bus:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 09582440 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 09582440 bus:Director1 2022-07-01 2023-06-30 09582440 core:Goodwill core:TopRangeValue 2022-07-01 2023-06-30 09582440 core:PlantMachinery core:TopRangeValue 2022-07-01 2023-06-30 09582440 core:Vehicles core:TopRangeValue 2022-07-01 2023-06-30 09582440 core:FurnitureFittings core:TopRangeValue 2022-07-01 2023-06-30 09582440 2021-07-01 2022-06-30 09582440 core:Goodwill 2022-07-01 2023-06-30 09582440 core:LandBuildings 2022-07-01 2023-06-30 09582440 core:PlantMachinery 2022-07-01 2023-06-30 09582440 core:Vehicles 2022-07-01 2023-06-30 09582440 core:FurnitureFittings 2022-07-01 2023-06-30 09582440 bus:OrdinaryShareClass1 2022-07-01 2023-06-30 09582440 bus:OrdinaryShareClass1 2021-07-01 2022-06-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: 09582440 (England and Wales)

DRIFTWOOD SPARS LTD

Unaudited Financial Statements
For the financial year ended 30 June 2023
Pages for filing with the registrar

DRIFTWOOD SPARS LTD

Unaudited Financial Statements

For the financial year ended 30 June 2023

Contents

DRIFTWOOD SPARS LTD

COMPANY INFORMATION

For the financial year ended 30 June 2023
DRIFTWOOD SPARS LTD

COMPANY INFORMATION (continued)

For the financial year ended 30 June 2023
DIRECTOR L Treseder
REGISTERED OFFICE Lowin House
Tregolls Road
Truro
TR1 2NA
United Kingdom
COMPANY NUMBER 09582440 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Lowin House
Tregolls Road
Truro
Cornwall TR1 2NA
DRIFTWOOD SPARS LTD

BALANCE SHEET

As at 30 June 2023
DRIFTWOOD SPARS LTD

BALANCE SHEET (continued)

As at 30 June 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 12,000 18,000
Tangible assets 4 1,795,464 1,738,141
1,807,464 1,756,141
Current assets
Stocks 5 30,000 10,000
Debtors 6 70,812 31,931
Cash at bank and in hand 7 268,926 443,803
369,738 485,734
Creditors: amounts falling due within one year 8 ( 796,534) ( 873,659)
Net current liabilities (426,796) (387,925)
Total assets less current liabilities 1,380,668 1,368,216
Creditors: amounts falling due after more than one year 9 ( 810,424) ( 879,117)
Provision for liabilities ( 19,656) ( 8,765)
Net assets 550,588 480,334
Capital and reserves
Called-up share capital 10 1 1
Profit and loss account 550,587 480,333
Total shareholder's funds 550,588 480,334

For the financial 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.

Director's responsibilities:

The financial statements of Driftwood Spars Ltd (registered number: 09582440) were approved and authorised for issue by the Director on 13 March 2024. They were signed on its behalf by:

L Treseder
Director
DRIFTWOOD SPARS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2023
DRIFTWOOD SPARS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2023
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

Driftwood Spars 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 Lowin House, Tregolls Road, Truro, TR1 2NA, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 £.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of food and drink and provision of accommodation. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises the revenue once the accommodation has been provided or the sales have been completed and therefore deposits received in advance and prepaid accommodation have been included as creditors on the balance sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-linebasis over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery 4 years straight line
Vehicles 5 years straight line
Fixtures and fittings 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

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 is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 30 30

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 July 2022 60,000 60,000
At 30 June 2023 60,000 60,000
Accumulated amortisation
At 01 July 2022 42,000 42,000
Charge for the financial year 6,000 6,000
At 30 June 2023 48,000 48,000
Net book value
At 30 June 2023 12,000 12,000
At 30 June 2022 18,000 18,000

4. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 01 July 2022 1,692,009 219,203 26,090 97,806 2,035,108
Additions 0 32,234 24,995 21,912 79,141
At 30 June 2023 1,692,009 251,437 51,085 119,718 2,114,249
Accumulated depreciation
At 01 July 2022 0 205,364 10,436 81,167 296,967
Charge for the financial year 0 9,609 5,218 6,991 21,818
At 30 June 2023 0 214,973 15,654 88,158 318,785
Net book value
At 30 June 2023 1,692,009 36,464 35,431 31,560 1,795,464
At 30 June 2022 1,692,009 13,839 15,654 16,639 1,738,141

5. Stocks

2023 2022
£ £
Stocks 30,000 10,000

6. Debtors

2023 2022
£ £
Trade debtors 35,955 12,779
Other debtors 34,857 19,152
70,812 31,931

7. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 268,926 443,803

8. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 63,967 62,115
Trade creditors 87,540 75,087
Taxation and social security 118,930 144,727
Obligations under finance leases and hire purchase contracts 2,872 2,872
Other creditors 523,225 588,858
796,534 873,659

9. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 798,066 863,887
Obligations under finance leases and hire purchase contracts 12,358 15,230
810,424 879,117

10. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
1 Ordinary Share share of £ 1.00 1 1

11. Related party transactions

Transactions with the entity's director

2023 2022
£ £
Louise Treseder - Balance brought forward (62,307) 0
Advances made during the year 111,152 0
Repayments made during the year (25,000) 0
Balance carried forward 23,845 0

Interest has been charged on any balance outstanding during the year.

Other related party transactions

2023 2022
£ £
Amounts due from Driftwood Brewery (L Treseder Sole Trade) 40,068 16,949