Registered number
SC570821
Driftwood Floatation Spa Ltd
Filleted Accounts
31 July 2023
Driftwood Floatation Spa Ltd
Registered number: SC570821
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 8,968 10,550
Current assets
Debtors 4 1,500 -
Paypal Account 1,950 2,758
Cash at bank and in hand 4,494 3,038
7,944 5,796
Creditors: amounts falling due within one year 5 (9,735) (3,905)
Net current (liabilities)/assets (1,791) 1,891
Total assets less current liabilities 7,177 12,441
Creditors: amounts falling due after more than one year 6 (5,386) (9,977)
Provisions for liabilities (1,704) (2,359)
Net assets 87 105
Capital and reserves
Profit and loss account 87 105
Shareholder's funds 87 105
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S Simms
Director
Approved by the board on 6 March 2024
Driftwood Floatation Spa Ltd
Notes to the Accounts
for the year ended 31 July 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment 15% by Reducing Balance Method
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax asset is recognised in respect of a tax loss that can be carried forwards to be offset against tax due in a future period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 4
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2022 18,390
At 31 July 2023 18,390
Depreciation
At 1 August 2022 7,840
Charge for the year 1,582
At 31 July 2023 9,422
Net book value
At 31 July 2023 8,968
At 31 July 2022 10,550
4 Debtors 2023 2022
£ £
Other debtors 1,500 -
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts - 2
Taxation and social security costs 9,256 3,423
Other creditors 479 480
9,735 3,905
6 Creditors: amounts falling due after one year 2023 2022
£ £
Director's account 74 130
Bounce back loan 6,602 8,801
Wages Control Account (1,155) (1,452)
Pension Creditor (135) 43
Obligations under finance lease and hire purchase contracts - 2,455
5,386 9,977
7 Other information
Driftwood Floatation Spa Ltd is a private company limited by shares and incorporated in Scotland. Its registered office is:
61 Dunnikier Road
Kirkcaldy
Fife
KY1 2RL
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