IRIS Accounts Production v23.3.1.45 03976170 Board of Directors 1.11.22 31.10.23 31.10.23 false true false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh039761702022-10-31039761702023-10-31039761702022-11-012023-10-31039761702021-10-31039761702021-11-012022-10-31039761702022-10-3103976170ns10:Originalns15:EnglandWales2022-11-012023-10-3103976170ns14:PoundSterlingns10:Original2022-11-012023-10-3103976170ns10:Originalns10:Director12022-11-012023-10-3103976170ns10:Original2022-11-012023-10-3103976170ns10:CompanySecretary1ns10:Original2022-11-012023-10-3103976170ns10:Original2023-10-3103976170ns10:Originalns10:PrivateLimitedCompanyLtd2022-11-012023-10-3103976170ns10:Originalns10:SmallEntities2022-11-012023-10-3103976170ns10:Originalns10:AuditExemptWithAccountantsReport2022-11-012023-10-3103976170ns10:Originalns10:SmallCompaniesRegimeForDirectorsReport2022-11-012023-10-3103976170ns10:SmallCompaniesRegimeForAccountsns10:Original2022-11-012023-10-3103976170ns10:Originalns10:FullAccounts2022-11-012023-10-3103976170ns10:Originalns10:Director22022-11-012023-10-3103976170ns10:Originalns10:Director32022-11-012023-10-3103976170ns10:Originalns10:Director42022-11-012023-10-3103976170ns10:Originalns10:RegisteredOffice2022-11-012023-10-3103976170ns10:Original2022-10-3103976170ns10:Originalns5:CurrentFinancialInstruments2023-10-3103976170ns10:Originalns5:CurrentFinancialInstruments2022-10-3103976170ns5:ShareCapitalns10:Original2023-10-3103976170ns5:ShareCapitalns10:Original2022-10-3103976170ns10:Originalns5:SharePremium2023-10-3103976170ns10:Originalns5:SharePremium2022-10-3103976170ns10:Originalns5:FurtherSpecificReserve3ComponentTotalEquity2023-10-3103976170ns10:Originalns5:FurtherSpecificReserve3ComponentTotalEquity2022-10-3103976170ns10:Originalns5:RetainedEarningsAccumulatedLosses2023-10-3103976170ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-10-3103976170ns10:Originalns5:FurnitureFittings2022-11-012023-10-3103976170ns10:Originalns5:ComputerEquipment2022-11-012023-10-3103976170ns10:Original2021-11-012022-10-3103976170ns10:Originalns5:FurnitureFittings2022-10-3103976170ns10:Originalns5:ComputerEquipment2022-10-3103976170ns10:Original2022-10-3103976170ns10:Originalns5:FurnitureFittings2023-10-3103976170ns10:Originalns5:ComputerEquipment2023-10-3103976170ns10:Originalns5:FurnitureFittings2022-10-3103976170ns10:Originalns5:ComputerEquipment2022-10-3103976170ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-10-3103976170ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-10-3103976170ns10:Originalns5:FurtherSpecificReserve3ComponentTotalEquity2022-10-31




























REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2023

FOR

DRIFTWOOD LIMITED

DRIFTWOOD LIMITED (REGISTERED NUMBER: 03976170)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 October 2023




Page

Company Information 1

Report of the Directors 2

Balance Sheet 3

Notes to the Financial Statements 4

Chartered Certified Accountant's Report 7

DRIFTWOOD LIMITED

COMPANY INFORMATION
for the year ended 31 October 2023







DIRECTORS: Mr M W Vardy
Mrs S A Vardy
Mrs K J Knight
Mr C W Vardy





SECRETARY: Mrs K J Knight





REGISTERED OFFICE: Railway View
Fackley Road
Teversal
Sutton-in-Ashfield
Nottinghamshire
NG17 3JA





REGISTERED NUMBER: 03976170 (England and Wales)





ACCOUNTANT: Hewitt Card Limited
Chartered Certified Accountants
70-72 Nottingham Road
Mansfield
Nottinghamshire
NG18 1BN

DRIFTWOOD LIMITED (REGISTERED NUMBER: 03976170)

REPORT OF THE DIRECTORS
for the year ended 31 October 2023

The directors present their report with the financial statements of the company for the year ended 31 October 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of property rental.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 November 2022 to the date of this report.

Mr M W Vardy
Mrs S A Vardy
Mrs K J Knight
Mr C W Vardy

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





Mrs K J Knight - Secretary


20 February 2024

DRIFTWOOD LIMITED (REGISTERED NUMBER: 03976170)

BALANCE SHEET
31 October 2023

31.10.23 31.10.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 3,408 3,158
Investment property 6 1,035,000 830,000
1,038,408 833,158

CURRENT ASSETS
Debtors 7 17,202 10,278
Cash at bank 43,074 62,227
60,276 72,505
CREDITORS
Amounts falling due within one year 8 221,586 80,553
NET CURRENT LIABILITIES (161,310 ) (8,048 )
TOTAL ASSETS LESS CURRENT LIABILITIES 877,098 825,110

PROVISIONS FOR LIABILITIES 21,689 13,289
NET ASSETS 855,409 811,821

CAPITAL AND RESERVES
Called up share capital 1,796 1,796
Share premium 201,708 201,708
Fair value reserve 9 166,251 130,437
Retained earnings 485,654 477,880
SHAREHOLDERS' FUNDS 855,409 811,821

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 February 2024 and were signed on its behalf by:



Mrs K J Knight - Director


DRIFTWOOD LIMITED (REGISTERED NUMBER: 03976170)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 October 2023

1. STATUTORY INFORMATION

Driftwood Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents income from property rentals.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance
Computer equipment - Straight line over 3 years

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in market value is transferred to a revaluation reserve.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Deferred taxation
Provision is made at current rates for taxation deferred in respect of all material timing differences.


DRIFTWOOD LIMITED (REGISTERED NUMBER: 03976170)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 October 2023

3. ACCOUNTING POLICIES - continued

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in market value is transferred to a revaluation reserve.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

5. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 November 2022 15,179 6,436 21,615
Additions - 1,087 1,087
Disposals - (3,074 ) (3,074 )
At 31 October 2023 15,179 4,449 19,628
DEPRECIATION
At 1 November 2022 12,021 6,436 18,457
Charge for year 474 363 837
Eliminated on disposal - (3,074 ) (3,074 )
At 31 October 2023 12,495 3,725 16,220
NET BOOK VALUE
At 31 October 2023 2,684 724 3,408
At 31 October 2022 3,158 - 3,158

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 November 2022 830,000
Additions 160,786
Revaluations 44,214
At 31 October 2023 1,035,000
NET BOOK VALUE
At 31 October 2023 1,035,000
At 31 October 2022 830,000

Fair value at 31 October 2023 is represented by:
£   
Valuation in 2015 67,038
Valuation in 2017 18,688
Valuation in 2018 31,750
Valuation in 2021 26,250
Valuation in 2023 44,214
Cost 847,060
1,035,000

DRIFTWOOD LIMITED (REGISTERED NUMBER: 03976170)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 October 2023

6. INVESTMENT PROPERTY - continued

Valuations are carried out by the directors of the company using current values of similar properties in the area.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Trade debtors 14,664 7,158
Other debtors 915 2,227
Prepayments 1,623 893
17,202 10,278

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Tax 2,777 1,595
Social security and other taxes 327 121
Other creditors - 200
Directors' current accounts 203,592 65,087
Accrued expenses 14,890 13,550
221,586 80,553

9. RESERVES
Fair
value
reserve
£   
At 1 November 2022 130,437
Revaluation in year 35,814

At 31 October 2023 166,251

CHARTERED CERTIFIED ACCOUNTANT'S REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
DRIFTWOOD LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of Driftwood Limited for the year ended 31 October 2023 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given me.

As a practising member of the Association of Chartered Certified Accountants, I am subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Driftwood Limited, as a body, in accordance with my terms of engagement. My work has been undertaken solely to prepare for your approval the financial statements of Driftwood Limited and state those matters that I have agreed to state to the Board of Directors of Driftwood Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for my work or for this report.

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

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






Hewitt Card Limited
Chartered Certified Accountants
70-72 Nottingham Road
Mansfield
Nottinghamshire
NG18 1BN


Date: .............................................