Silverfin false 30/04/2023 01/05/2022 30/04/2023 J V Easton 14/02/2011 N L Easton 14/02/2011 C A Easton 14/02/2011 Mr J V Easton 11 April 2024 The principal activity of the Company during the financial year was retail sale in commercial art galleries. 07528440 2023-04-30 07528440 bus:Director1 2023-04-30 07528440 bus:Director2 2023-04-30 07528440 bus:Director3 2023-04-30 07528440 2022-04-30 07528440 core:CurrentFinancialInstruments 2023-04-30 07528440 core:CurrentFinancialInstruments 2022-04-30 07528440 core:Non-currentFinancialInstruments 2023-04-30 07528440 core:Non-currentFinancialInstruments 2022-04-30 07528440 core:ShareCapital 2023-04-30 07528440 core:ShareCapital 2022-04-30 07528440 core:RetainedEarningsAccumulatedLosses 2023-04-30 07528440 core:RetainedEarningsAccumulatedLosses 2022-04-30 07528440 core:Goodwill 2022-04-30 07528440 core:Goodwill 2023-04-30 07528440 core:LandBuildings 2022-04-30 07528440 core:Vehicles 2022-04-30 07528440 core:FurnitureFittings 2022-04-30 07528440 core:OtherPropertyPlantEquipment 2022-04-30 07528440 core:LandBuildings 2023-04-30 07528440 core:Vehicles 2023-04-30 07528440 core:FurnitureFittings 2023-04-30 07528440 core:OtherPropertyPlantEquipment 2023-04-30 07528440 core:WithinOneYear 2023-04-30 07528440 core:WithinOneYear 2022-04-30 07528440 core:BetweenOneFiveYears 2023-04-30 07528440 core:BetweenOneFiveYears 2022-04-30 07528440 2022-05-01 2023-04-30 07528440 bus:FullAccounts 2022-05-01 2023-04-30 07528440 bus:SmallEntities 2022-05-01 2023-04-30 07528440 bus:AuditExemptWithAccountantsReport 2022-05-01 2023-04-30 07528440 bus:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 07528440 bus:Director1 2022-05-01 2023-04-30 07528440 bus:Director2 2022-05-01 2023-04-30 07528440 bus:Director3 2022-05-01 2023-04-30 07528440 bus:Director4 2022-05-01 2023-04-30 07528440 core:Goodwill core:TopRangeValue 2022-05-01 2023-04-30 07528440 core:Goodwill 2022-05-01 2023-04-30 07528440 core:Vehicles 2022-05-01 2023-04-30 07528440 core:FurnitureFittings core:TopRangeValue 2022-05-01 2023-04-30 07528440 core:OtherPropertyPlantEquipment core:TopRangeValue 2022-05-01 2023-04-30 07528440 2021-05-01 2022-04-30 07528440 core:LandBuildings 2022-05-01 2023-04-30 07528440 core:FurnitureFittings 2022-05-01 2023-04-30 07528440 core:OtherPropertyPlantEquipment 2022-05-01 2023-04-30 07528440 core:Non-currentFinancialInstruments 2022-05-01 2023-04-30 iso4217:GBP xbrli:pure

Company No: 07528440 (England and Wales)

DRIFTWOOD GALLERY LIMITED

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

DRIFTWOOD GALLERY LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2023

Contents

DRIFTWOOD GALLERY LIMITED

COMPANY INFORMATION

For the financial year ended 30 April 2023
DRIFTWOOD GALLERY LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 30 April 2023
DIRECTORS J V Easton
N L Easton
C A Easton
REGISTERED OFFICE Acorn Cottage
Penrose
St Ervan
PL27 7TB
United Kingdom
COMPANY NUMBER 07528440 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Lowin House
Tregolls Road
Truro
Cornwall TR1 2NA
DRIFTWOOD GALLERY LIMITED

BALANCE SHEET

As at 30 April 2023
DRIFTWOOD GALLERY LIMITED

BALANCE SHEET (continued)

As at 30 April 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 11,050 12,782
11,050 12,782
Current assets
Stocks 61,721 42,315
Debtors 5 76,020 176,067
Cash at bank and in hand 39,889 140,439
177,630 358,821
Creditors: amounts falling due within one year 6 ( 116,259) ( 182,870)
Net current assets 61,371 175,951
Total assets less current liabilities 72,421 188,733
Creditors: amounts falling due after more than one year 7 ( 20,826) ( 42,967)
Provision for liabilities ( 1,702) ( 2,254)
Net assets 49,893 143,512
Capital and reserves
Called-up share capital 300 300
Profit and loss account 49,593 143,212
Total shareholders' funds 49,893 143,512

For the financial year ending 30 April 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Driftwood Gallery Limited (registered number: 07528440) were approved and authorised for issue by the Board of Directors on 11 April 2024. They were signed on its behalf by:

Mr J V Easton
Director
DRIFTWOOD GALLERY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2023
DRIFTWOOD GALLERY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 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 Gallery Limited (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 Acorn Cottage, Penrose, St Ervan, PL27 7TB, 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 goods and provision of services in the ordinary course of the company's activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

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;
- specific criteria have been met for each of the company's activities.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

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 5 years straight line
Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is 5 years.

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-line or reducing balance basis over its expected useful life, as follows:

Land and buildings depreciated over the life of the lease
Vehicles 25 % reducing balance
Fixtures and fittings 8 years straight line
Other property, plant and equipment 8 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit and loss.

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.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 7 8

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 May 2022 100,000 100,000
At 30 April 2023 100,000 100,000
Accumulated amortisation
At 01 May 2022 100,000 100,000
At 30 April 2023 100,000 100,000
Net book value
At 30 April 2023 0 0
At 30 April 2022 0 0

4. Tangible assets

Land and buildings Vehicles Fixtures and fittings Other property, plant
and equipment
Total
£ £ £ £ £
Cost
At 01 May 2022 12,341 34,607 25,919 5,375 78,242
Additions 1,190 0 0 0 1,190
At 30 April 2023 13,531 34,607 25,919 5,375 79,432
Accumulated depreciation
At 01 May 2022 12,240 28,498 19,706 5,016 65,460
Charge for the financial year 113 1,527 1,095 187 2,922
At 30 April 2023 12,353 30,025 20,801 5,203 68,382
Net book value
At 30 April 2023 1,178 4,582 5,118 172 11,050
At 30 April 2022 101 6,109 6,213 359 12,782

5. Debtors

2023 2022
£ £
Trade debtors 3,595 17,569
Corporation tax 20,190 0
Other debtors 52,235 158,498
76,020 176,067

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 10,648 10,648
Trade creditors 43,122 64,901
Amounts owed to directors 0 10,035
Other loans 14,608 25,707
Accruals 29,854 35,679
Corporation tax 0 21,127
Other taxation and social security 16,770 14,225
Other creditors 1,257 548
116,259 182,870

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

2023 2022
£ £
Bank loans 20,826 30,532
Other creditors 0 12,435
20,826 42,967

There are no amounts included above in respect of which any security has been given by the small entity.

8. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
within one year 21,750 15,000
between one and five years 19,938 0
41,688 15,000

The total amount of financial commitments not included in the balance sheet is £41,688 (2022 - £15,000). The commitments relate to the lease of one premise.

9. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Balance brought forward (10,035) (38,890)
Advances to director 63,375 290,857
Repayments from director (53,340) (262,002)
Balance carried forward 0 (10,035)

Mr N L and Mrs C A Easton and Mr J V Easton have a loan repayable on demand. Interest is charged on this loan at a rate of 2%/2.25%. At the end of the year there was an amount of £nil due by (2022 - £10,035) the company.