Caseware UK (AP4) 2023.0.135 2023.0.135 2024-06-302024-06-30false2023-07-01No description of principal activity33truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 02828367 2023-07-01 2024-06-30 02828367 2022-07-01 2023-06-30 02828367 2024-06-30 02828367 2023-06-30 02828367 c:Director1 2023-07-01 2024-06-30 02828367 d:CurrentFinancialInstruments 2024-06-30 02828367 d:CurrentFinancialInstruments 2023-06-30 02828367 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-30 02828367 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 02828367 d:ShareCapital 2024-06-30 02828367 d:ShareCapital 2023-06-30 02828367 d:RetainedEarningsAccumulatedLosses 2024-06-30 02828367 d:RetainedEarningsAccumulatedLosses 2023-06-30 02828367 c:OrdinaryShareClass1 2023-07-01 2024-06-30 02828367 c:OrdinaryShareClass1 2024-06-30 02828367 c:OrdinaryShareClass1 2023-06-30 02828367 c:FRS102 2023-07-01 2024-06-30 02828367 c:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 02828367 c:FullAccounts 2023-07-01 2024-06-30 02828367 c:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 02828367 e:PoundSterling 2023-07-01 2024-06-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 02828367









DRIFT MANAGEMENT LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2024

 
DRIFT MANAGEMENT LIMITED
REGISTERED NUMBER: 02828367

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
871
686

Cash at bank and in hand
 5 
3,194
10

  
4,065
696

Creditors: amounts falling due within one year
 6 
(678,892)
(667,592)

Net current liabilities
  
 
 
(674,827)
 
 
(666,896)

Total assets less current liabilities
  
(674,827)
(666,896)

  

Net liabilities
  
(674,827)
(666,896)


Capital and reserves
  

Called up share capital 
 7 
2
2

Profit and loss account
  
(674,829)
(666,898)

Total equity
  
(674,827)
(666,896)


The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


................................................
M Bush
Director
Date: 21 August 2024

The notes on pages 2 to 5 form part of these financial statements.

Page 1

 
DRIFT MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Drift Management Limited is a private company limited by shares and registered in England and Wales. Its registered office address is Unit 3 Stable Courtyard, Wingrave Road Aston Abbotts, Aylesbury, Buckinghamshire, HP22 4LU. 
The financial statements are presented in Sterling (£), rounded to the nearest £1.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

After making enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. This is due to the ongoing support of the company's main creditors who continue to support the company notwithstanding a deficit in shareholders funds at the year end. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 2

 
DRIFT MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.4

Revenue

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.8

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Page 3

 
DRIFT MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.8
Financial instruments (continued)

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

  
2.9

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.


3.


Employees

2024
2023
£
£

Wages and salaries
94,521
95,430


The average monthly number of employees, including directors, during the year was 3 (2023 - 3).

Page 4

 
DRIFT MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024


4.


Debtors

2024
2023
£
£


Other debtors
871
686



5.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
3,194
10



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
417
417

Other taxation and social security
2,061
2,103

Other creditors
673,954
662,672

Accruals and deferred income
2,460
2,400

678,892
667,592



7.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



2 (2023 - 2) Ordinary shares of £1.00 each
2
2



8.


Related party transactions

During the year the majority shareholder received payments totalling £49,899 (2023 - £33,814) from the company and contributed amounts totalling £61,182 (2023 - £53,803). As at the year end the majority shareholder was owed £673,954 (2023 - £662,672) from the company. No interest is charged on this balance.

 
Page 5