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REGISTERED NUMBER: 11484950 (England and Wales)















DRIFTVIEW HOLDINGS LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

AUDITED

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






DRIFTVIEW HOLDINGS LIMITED (REGISTERED NUMBER: 11484950)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Group Strategic Report 2 to 3

Report of the Directors 4

Report of the Independent Auditors 5 to 8

Consolidated Statement of Comprehensive Income 9

Consolidated Statement of Financial Position 10

Company Statement of Financial Position 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Statement of Cash Flows 14

Notes to the Consolidated Statement of Cash Flows 15

Notes to the Consolidated Financial Statements 16 to 28


DRIFTVIEW HOLDINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mrs J M Woolway
J A Woolway





REGISTERED OFFICE: c/o OPICO Limited
Cherry Holt Road
Bourne
Lincolnshire
PE10 9LA





REGISTERED NUMBER: 11484950 (England and Wales)





AUDITORS: Duncan & Toplis Audit Limited, Statutory Auditor
Enterprise Way
Pinchbeck
Spalding
Lincolnshire
PE11 3YR

DRIFTVIEW HOLDINGS LIMITED (REGISTERED NUMBER: 11484950)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their strategic report of the company and the group for the year ended 31 December 2023.

REVIEW OF BUSINESS
Driftview Holdings had a solid year in 2023. As its main investment OPICO performed well despite the change in fortunes in the agricultural machinery market. In this respect property income from Cherry Holt Road and management charge income was stable and expenditure was similar to 2022.
Stocks Ag saw a reduction in turnover due to the tightening market worldwide and impact of weather on sales in Europe. Stocks Ag profitability was also impacted by the significant additional cost of attending the Agritechnica exhibition in Hannover. However, property income from Cromwell Road and management charge income was stable and expenditure was similar to 2022.

Driftview Holdings main investment OPICO limited also divested itself of the Maschio Gaspardo distribution at the end of 2023.

KEY PERFORMANCE INDICATORS
To gain an understanding of the development, performance and financial strength of the company, the management relies on the following key performance indicators:

2023 2022
Movement in turnover 662,978 (166,286)
Gross profit % 24.2% 28.1%
Shareholders' funds 9,448,146 7,998,089


DRIFTVIEW HOLDINGS LIMITED (REGISTERED NUMBER: 11484950)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

PRINCIPAL RISKS AND UNCERTAINTIES
The management of the business and the execution of the group's strategy are subject to a number of risks. Risks are formally reviewed by the board and appropriate processes put in place to monitor and mitigate them.
The key risks affecting the company are set out below:

VIABILITY OF AGRICULTURE
The major risk that the Driftview investment companies face is from volatility in agricultural output prices and input costs combined with farming productivity, each of which affect the viability of agricultural businesses and their ability to invest in equipment. This can be impacted by local factors, such as weather in key growing and harvesting periods, and international factors on world markets. The group companies attempt to mitigate such risk by having a diverse range of equipment available and also through aftersales activities such as servicing and part sales. Driftview itself mitigates this risk through the commercial property income.

FOREIGN EXCHANGE RISK
Driftview's largest investment company OPICO imports machinery from around the world and is exposed to fluctuations in the foreign exchange rate. A blend of forward contracts and various hedging strategies are utilised at OPICO to mitigate these risks.

WAR
The ongoing war between Russia and Ukraine is having knock on effects on commodity and energy prices but the majority of supply chains have now been reorganised so, until there is a fundamental change in the course of the war, OPICO and Stocks are not likely to feel the effect as significantly as in Mid-2022. However, as both countries are large agricultural commodity, energy and steel producers and also significant markets for agricultural machinery the ongoing situation will be watched carefully.

POLITICS & SUBSIDIES
The Political situation in the UK is also important to agriculture, the drive to net Zero, trade deals with other nations and lack of desire for home grown food security are all of concern to the agricultural industry so the direction of travel is being monitored closely by the management.

Government policy is also changing, diminishing BPS subsidy payments are being replaced by different types of funding to encourage farmers to utilise more environmentally friendly farming practices. The Farming and Equipment Technology Fund (FETF) and Sustainable Farming Incentive (SFI) have been introduced and will be expanded over the coming years. The management of Driftview and its investment companies have noted that these subsidies are distorting the market by changing the timings and types of machinery purchased.

WEATHER
The extremes of weather experienced in the UK over the past few years are a concern as weather directly affects crops and causes issues for OPICO and Stocks customers. Their management are now noticing Farmers taking longer term decisions about their businesses to mitigate some of the impact of the difficulties they have had over the past few years. Changes in farming strategy are also being monitored by management.

ON BEHALF OF THE BOARD:





J A Woolway - Director


25 June 2024

DRIFTVIEW HOLDINGS LIMITED (REGISTERED NUMBER: 11484950)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023

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

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of agricultural machinery distributors.

DIVIDENDS
Dividends totalling £178,100 (2022: £177,810) were paid during the year.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

Mrs J M Woolway
J A Woolway

DIRECTORS' INDEMNITY
A qualifying third party indemnity provision is in place for the directors of the company. This covers liability for the actions of directors and officers of the company and associated costs including legal costs.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:





J A Woolway - Director


25 June 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
DRIFTVIEW HOLDINGS LIMITED

Opinion
We have audited the financial statements of Driftview Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
DRIFTVIEW HOLDINGS LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
DRIFTVIEW HOLDINGS LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We have identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience, knowledge of the sector, a review of regulatory and legal correspondence and through discussions with Directors and other management obtained as part of the work required by auditing standards. We have also discussed with the Directors and other management the policies and procedures relating to compliance with laws and regulations. We communicated laws and regulations throughout the team and remained alert to any indications of non-compliance throughout the audit.

The potential impact of different laws and regulations varies considerably. Firstly, the company is subject to laws and regulations that directly impact the financial statements (for example financial reporting legislation) and we have assessed the extent of compliance with such laws as part of our financial statements audit. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates and judgemental areas of the financial statements such as the valuation and impairment of stock, as well as the risk of inappropriate journal entries to increase reported profitability. Audit procedures performed by the engagement team included the identification and testing of material and unusual journal entries and challenging management on key accounting estimates, assumptions and judgements made in the preparation of the financial statements. We carried out detailed substantive tests on accounting estimates, including reviewing the methods used by management to make those estimates, re-performing the calculation, and reviewing the outcome of prior year estimates.

Secondly, the company is subject to other laws and regulations where the consequence for non-compliance could have a material effect on the amounts or disclosures in the financial statements. We identified the following areas as those most likely to have such an effect: Health and Safety regulations and Employment laws.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and other management and inspection. This inspection included a review of the internal health and safety reporting documentation within the year for any evidence of ongoing claims, in addition to an assessment of the company's employment and health and safety controls. Through these procedures, if we became aware of any non-compliance, we considered the impact on the procedures performed on the related financial statement items.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. As with any audit, there is a greater risk of non-detection of irregularities as these may involve collusion, intentional omissions of the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
DRIFTVIEW HOLDINGS LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Alistair Main FCA (Senior Statutory Auditor)
for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor
Enterprise Way
Pinchbeck
Spalding
Lincolnshire
PE11 3YR

25 June 2024

DRIFTVIEW HOLDINGS LIMITED (REGISTERED NUMBER: 11484950)

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £    £    £   

TURNOVER 3 22,396,893 21,733,915

Cost of sales 16,974,904 15,623,818
GROSS PROFIT 5,421,989 6,110,097

Distribution costs 304,220 356,782
Administrative expenses 3,991,219 3,477,828
4,295,439 3,834,610
1,126,550 2,275,487

Other operating income 44,638 3,741
OPERATING PROFIT 5 1,171,188 2,279,228

Profit/loss on sale of investment 6 825,000 -
1,996,188 2,279,228

Interest receivable and similar income 221 -
1,996,409 2,279,228

Interest payable and similar expenses 7 138,929 72,562
PROFIT BEFORE TAXATION 1,857,480 2,206,666

Tax on profit 8 229,323 396,058
PROFIT FOR THE FINANCIAL YEAR 1,628,157 1,810,608

OTHER COMPREHENSIVE INCOME
Deferred tax movements - (26,558 )
Income tax relating to other comprehensive
income

-

-
OTHER COMPREHENSIVE INCOME FOR THE YEAR,
NET OF INCOME TAX

-

(26,558

)
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 1,628,157 1,784,050

Profit attributable to:
Owners of the parent 1,628,157 1,810,608

Total comprehensive income attributable to:
Owners of the parent 1,628,157 1,784,050

DRIFTVIEW HOLDINGS LIMITED (REGISTERED NUMBER: 11484950)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 - -
Tangible assets 12 3,862,582 3,796,022
Investments 13 - -
3,862,582 3,796,022

CURRENT ASSETS
Stocks 14 5,633,433 6,733,583
Debtors 15 1,899,474 2,130,052
Cash at bank and in hand 667,677 313,296
8,200,584 9,176,931
CREDITORS
Amounts falling due within one year 16 1,709,721 4,020,986
NET CURRENT ASSETS 6,490,863 5,155,945
TOTAL ASSETS LESS CURRENT LIABILITIES 10,353,445 8,951,967

CREDITORS
Amounts falling due after more than one year 17 (632,732 ) (709,370 )

PROVISIONS FOR LIABILITIES 22 (272,567 ) (244,508 )
NET ASSETS 9,448,146 7,998,089

CAPITAL AND RESERVES
Called up share capital 23 1,000 1,000
Fair value reserve 24 587,693 587,693
Retained earnings 24 8,859,453 7,409,396
SHAREHOLDERS' FUNDS 9,448,146 7,998,089

The financial statements were approved by the Board of Directors and authorised for issue on 25 June 2024 and were signed on its behalf by:





J A Woolway - Director


DRIFTVIEW HOLDINGS LIMITED (REGISTERED NUMBER: 11484950)

COMPANY STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 - -
Tangible assets 12 3,100,000 3,100,000
Investments 13 2,439,123 2,439,235
5,539,123 5,539,235

CURRENT ASSETS
Debtors 15 1,108,530 322,900
Cash at bank 155,277 59,018
1,263,807 381,918
CREDITORS
Amounts falling due within one year 16 253,505 280,509
NET CURRENT ASSETS 1,010,302 101,409
TOTAL ASSETS LESS CURRENT LIABILITIES 6,549,425 5,640,644

CREDITORS
Amounts falling due after more than one year 17 (632,732 ) (709,370 )

PROVISIONS FOR LIABILITIES 22 (110,656 ) (110,656 )
NET ASSETS 5,806,037 4,820,618

CAPITAL AND RESERVES
Called up share capital 23 1,000 1,000
Fair value reserve 24 861,025 861,025
Retained earnings 24 4,944,012 3,958,593
SHAREHOLDERS' FUNDS 5,806,037 4,820,618

Company's profit for the financial year 1,163,519 740,644

The financial statements were approved by the Board of Directors and authorised for issue on 25 June 2024 and were signed on its behalf by:





J A Woolway - Director


DRIFTVIEW HOLDINGS LIMITED (REGISTERED NUMBER: 11484950)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up Fair
share Retained value Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 January 2022 1,000 5,776,598 614,251 6,391,849

Changes in equity
Dividends - (177,810 ) - (177,810 )
Total comprehensive income - 1,810,608 (26,558 ) 1,784,050
Balance at 31 December 2022 1,000 7,409,396 587,693 7,998,089

Changes in equity
Dividends - (178,100 ) - (178,100 )
Total comprehensive income - 1,628,157 - 1,628,157
Balance at 31 December 2023 1,000 8,859,453 587,693 9,448,146

DRIFTVIEW HOLDINGS LIMITED (REGISTERED NUMBER: 11484950)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up Fair
share Retained value Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 January 2022 1,000 3,395,759 887,583 4,284,342

Changes in equity
Dividends - (177,810 ) - (177,810 )
Total comprehensive income - 740,644 (26,558 ) 714,086
Balance at 31 December 2022 1,000 3,958,593 861,025 4,820,618

Changes in equity
Dividends - (178,100 ) - (178,100 )
Total comprehensive income - 1,163,519 - 1,163,519
Balance at 31 December 2023 1,000 4,944,012 861,025 5,806,037

DRIFTVIEW HOLDINGS LIMITED (REGISTERED NUMBER: 11484950)

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,317,000 853,570
Interest paid (138,929 ) (72,562 )
Tax paid (328,773 ) (459,233 )
Net cash from operating activities 849,298 321,775

Cash flows from investing activities
Purchase of tangible fixed assets (318,326 ) (390,575 )
Sale of tangible fixed assets 104,000 128,705
Interest received 221 -
Net cash from investing activities (214,105 ) (261,870 )

Cash flows from financing activities
Loan repayments in year (102,712 ) (89,268 )
Amount withdrawn by directors - (200,000 )
Equity dividends paid (178,100 ) (177,810 )
Net cash from financing activities (280,812 ) (467,078 )

Increase/(decrease) in cash and cash equivalents 354,381 (407,173 )
Cash and cash equivalents at beginning of year 2 313,296 720,469

Cash and cash equivalents at end of year 2 667,677 313,296

DRIFTVIEW HOLDINGS LIMITED (REGISTERED NUMBER: 11484950)

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
£    £   
Profit before taxation 1,857,480 2,206,666
Depreciation charges 197,086 101,183
Profit on disposal of fixed assets (49,320 ) (47,294 )
Finance costs 138,929 72,562
Finance income (221 ) -
2,143,954 2,333,117
Decrease/(increase) in stocks 1,100,150 (1,678,646 )
Decrease in trade and other debtors 230,578 1,112,362
Decrease in trade and other creditors (2,157,682 ) (913,263 )
Cash generated from operations 1,317,000 853,570

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 667,677 313,296
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 313,296 720,469


3. ANALYSIS OF CHANGES IN NET DEBT

Other
non-cash
At 1.1.23 Cash flow changes At 31.12.23
£    £    £    £   
Net cash
Cash at bank
and in hand 313,296 354,381 667,677
313,296 354,381 667,677
Debt
Debts falling due
within 1 year (110,121 ) 102,712 (76,638 ) (84,047 )
Debts falling due
after 1 year (709,370 ) - 76,638 (632,732 )
(819,491 ) 102,712 - (716,779 )
Total (506,195 ) 457,093 - (49,102 )

DRIFTVIEW HOLDINGS LIMITED (REGISTERED NUMBER: 11484950)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Driftview Holdings 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 General Information page.

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


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Report Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Basis of consolidation
The group financial statements consolidate the financial statements of Driftview Holdings Limited and its subsidiary undertakings drawn up to 31 December 2023.

The consolidated financial statements have been prepared in accordance with the principles of acquisition accounting as set out in FRS 102.

Significant judgements and estimates
In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis,. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key source of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.

(i) Fair value measurement of investment property

The fair value of investment property is sensitive to changes caused by both business and economic events. The fair value is re-assessed annually. Management restate the value(s) of investment property when necessary to reflect current estimates, based on market conditions, future investment, economic utilisation and the physical condition of the asset(s).

(ii) Stock provisions

The estimation and assumptions used to assess that stock is valued in line with the applicable accounting framework are based on the relevant aging of each stock item since the date the company took ownership of the individual item(s). Management then assess the level of impairment required on each item using a standardised methodology which is regularly reviewed.

Non-significant accounting policies are as follows:

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is recognised at the point risk and reward of ownership of a product is passed to the customer, usually this is on despatch for goods sales, on completion for servicing and repair work and for specified periods for service agreements.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

DRIFTVIEW HOLDINGS LIMITED (REGISTERED NUMBER: 11484950)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 15% on cost
Plant and machinery - 25% on cost, 20% on cost, 15% on cost, 15% on reducing balance and Straight line over 15 years
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 20% on reducing balance
Computer equipment - 20% on reducing balance

Tangible fixed assets, other than Freehold Property, are stated at cost less accumulated depreciation and accumulated impairment losses. Costs includes costs directly attributable to making the asset capable of operating as intended.

Freehold Property is held under the Revaluation model and is therefore carried at the revalued amount less accumulated depreciation and accumulated impairment losses.

Stocks
Stocks and work in progress are valued at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average costing method.

At each financial reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Income Statement .

Financial instruments
The company has adopted Sections 11 and 12 of FRS 102 in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, 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.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cashflows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price,unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are measured at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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 statement of financial position date.


DRIFTVIEW HOLDINGS LIMITED (REGISTERED NUMBER: 11484950)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Foreign currencies
The company's functional currency is the same as the presentational currency for these financial statements.

Foreign currency transactions are initially recognised by applying the foreign currency amount at spot exchange rate between the functional currency and the foreign currency at the date of transaction.

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 the fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Income Statement.

Foreign exchange gains and losses that relate to borrowings of cash and cash equivalents are presented in the Income Statement within 'financial income or costs'. All other foreign exchange gains and losses are presented in the Income Statement within 'administrative expenses'.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

2023 2022
£    £   
Wholegoods 16,238,050 15,369,345
Parts 5,961,615 6,178,039
Carriage 197,228 186,531
22,396,893 21,733,915

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 2,714,945 2,504,576
Social security costs 272,135 275,603
Other pension costs 83,596 81,022
3,070,676 2,861,201

DRIFTVIEW HOLDINGS LIMITED (REGISTERED NUMBER: 11484950)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2023 2022

Directors 2 2
Administration and Production 70 70
72 72

2023 2022
£    £   
Directors' remuneration 22,584 20,400

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Hire of plant and machinery 5,755 4,710
Other operating leases - (15,000 )
Depreciation - owned assets 197,086 101,183
Profit on disposal of fixed assets (49,320 ) (47,294 )
Auditors' remuneration 28,009 26,639
Auditors' remuneration for non audit work 7,709 6,913
Foreign exchange differences (110,072 ) (185,469 )

6. EXCEPTIONAL ITEMS
2023 2022
£    £   
Profit/loss on sale of investment 825,000 -

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank interest 111,320 46,222
Bank loan interest 27,609 26,340
138,929 72,562

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 246,576 345,513
Over provided in prior year (45,312 ) -
Total current tax 201,264 345,513

Deferred tax 28,059 50,545
Tax on profit 229,323 396,058

DRIFTVIEW HOLDINGS LIMITED (REGISTERED NUMBER: 11484950)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

8. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 1,857,480 2,206,666
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2022 -
19 %)

464,370

419,267

Effects of:
Expenses not deductible for tax purposes 8,912 9,032
Capital allowances in excess of depreciation - (4,945 )
Depreciation in excess of capital allowances 281 -
Adjustments to tax charge in respect of previous periods (45,312 ) -
Research & development tax credit - (25,109 )

Change in tax rate 6,539 (2,187 )
Capital disposal relief (205,467 ) -
Total tax charge 229,323 396,058

Tax effects relating to effects of other comprehensive income

There were no tax effects for the year ended 31 December 2023.

2022
Gross Tax Net
£    £    £   
Revaluation of property (26,558 ) - (26,558 )

The statutory UK corporation tax is currently 25%, with a small profits rate of 19%.

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled, or the asset is realised, based on tax law and the corporation tax rates that have been enacted, or substantially enacted, at the year end date.

9. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


10. DIVIDENDS
2023 2022
£    £   
Ordinary shares of 1 each
Interim 178,100 177,810

DRIFTVIEW HOLDINGS LIMITED (REGISTERED NUMBER: 11484950)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

11. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 (195,722 )
AMORTISATION
At 1 January 2023
and 31 December 2023 (195,722 )
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

12. TANGIBLE FIXED ASSETS

Group
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST OR VALUATION
At 1 January 2023 3,126,668 168,049 1,033,269
Additions - - 234,870
Disposals - - (213,007 )
Reclassification/transfer - - 291,322
At 31 December 2023 3,126,668 168,049 1,346,454
DEPRECIATION
At 1 January 2023 - 153,840 390,065
Charge for year - 3,969 141,863
Eliminated on disposal - - (158,327 )
Reclassification/transfer - - 424,299
At 31 December 2023 - 157,809 797,900
NET BOOK VALUE
At 31 December 2023 3,126,668 10,240 548,554
At 31 December 2022 3,126,668 14,209 643,204

DRIFTVIEW HOLDINGS LIMITED (REGISTERED NUMBER: 11484950)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

12. TANGIBLE FIXED ASSETS - continued

Group

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST OR VALUATION
At 1 January 2023 43,573 49,948 (118,445 ) 4,303,062
Additions 36,408 43,457 3,591 318,326
Disposals - - - (213,007 )
Reclassification/transfer 59,555 23,304 227,061 601,242
At 31 December 2023 139,536 116,709 112,207 5,009,623
DEPRECIATION
At 1 January 2023 (23,256 ) (9,485 ) (4,124 ) 507,040
Charge for year 17,443 17,681 16,130 197,086
Eliminated on disposal - - - (158,327 )
Reclassification/transfer 59,555 23,304 94,084 601,242
At 31 December 2023 53,742 31,500 106,090 1,147,041
NET BOOK VALUE
At 31 December 2023 85,794 85,209 6,117 3,862,582
At 31 December 2022 66,829 59,433 (114,321 ) 3,796,022

Included in cost or valuation of land and buildings is freehold land of £3,126,668 (2022 - £3,126,668) which is not depreciated.

Cost or valuation at 31 December 2023 is represented by:

Improvements
Freehold to Plant and
property property machinery
£    £    £   
Valuation in 2023 3,100,000 - -
Cost 26,668 168,049 1,346,454
3,126,668 168,049 1,346,454

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
Valuation in 2023 - - - 3,100,000
Cost 139,536 116,709 112,207 1,909,623
139,536 116,709 112,207 5,009,623

If freehold property had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 2,128,319 2,128,319

DRIFTVIEW HOLDINGS LIMITED (REGISTERED NUMBER: 11484950)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

12. TANGIBLE FIXED ASSETS - continued

Group

Freehold property were included in the accounts for the year ended 31 December 2023 at directors valuation which is based on the latest available valuations on an open market basis, which were as follows:

Valuation as at 13 February 2020 by Savills (UK) Limited
Valuation as at 15 December 2020 by Savills (UK) Limited

The directors have considered the value of freehold property at 31 December 2023 and do not consider the fair value to be materially different from the above valuations.

Company
Freehold
property
£   
COST OR VALUATION
At 1 January 2023
and 31 December 2023 3,100,000
NET BOOK VALUE
At 31 December 2023 3,100,000
At 31 December 2022 3,100,000

Cost or valuation at 31 December 2023 is represented by:

Freehold
property
£   
Valuation in 2023 3,100,000

If freehold property had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 2,128,319 2,128,319

Freehold property were included in the accounts for the year ended 31 December 2023 at directors valuation which is based on the latest available valuations on an open market basis, which were as follows:

Valuation as at 13 February 2020 by Savills (UK) Limited
Valuation as at 15 December 2020 by Savills (UK) Limited

The directors have considered the value of freehold property at 31 December 2023 and do not consider the fair value to be materially different from the above valuations.

DRIFTVIEW HOLDINGS LIMITED (REGISTERED NUMBER: 11484950)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

13. FIXED ASSET INVESTMENTS

Company
Unlisted
investments
£   
COST
At 1 January 2023 2,439,235
Disposals (112 )
At 31 December 2023 2,439,123
NET BOOK VALUE
At 31 December 2023 2,439,123
At 31 December 2022 2,439,235

The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Subsidiaries

Opico Limited
Registered office: England
Nature of business: Agricultural machinery sales
%
Class of shares: holding
Ordinary 100.00

Wearing Metal Limited
Registered office: England
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

Stocks Cooper Limited
Registered office: C/O Opico Ltd, Cherry Holt Road, Bourne, Lincolnshire, PE10 9LA
Nature of business: Holding company
%
Class of shares: holding
Ordinary 100.00

On 18 April 2023 Stock Cooper Limited was dissolved.

Stocks AG Limited
Registered office: C/O Opico Ltd, Cherry Holt Road, Bourne, Lincolnshire, PE10 9LA
Nature of business: Agricultural machinery distributors
%
Class of shares: holding
Ordinary 100.00


14. STOCKS

Group
2023 2022
£    £   
Stocks 5,633,433 6,733,583

DRIFTVIEW HOLDINGS LIMITED (REGISTERED NUMBER: 11484950)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade debtors 1,441,845 1,878,580 - -
Amounts owed by group undertakings - - 1,108,530 322,900
Other debtors 48,531 73,481 - -
VAT 117,780 - - -
Prepayments and accrued income 291,318 177,991 - -
1,899,474 2,130,052 1,108,530 322,900

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans and overdrafts (see note 18) 84,047 110,121 84,047 110,121
Trade creditors 865,057 2,836,805 (65 ) 59
Taxation 246,163 373,672 100,812 85,211
Other taxes and social security 78,490 73,110 759 572
VAT - 87,077 8,888 25,482
Other creditors 11,847 18,627 - -
Factoring advances 148,450 210,928 - -
Directors' current accounts 50,564 50,564 50,564 50,564
Accruals and deferred income 225,103 260,082 8,500 8,500
1,709,721 4,020,986 253,505 280,509

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans (see note 18) 632,732 709,370 632,732 709,370

18. LOANS

An analysis of the maturity of loans is given below:

Group Company
2023 2022 2023 2022
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans 84,047 110,121 84,047 110,121
Amounts falling due between two and five years:
Bank loans - 2-5 years 402,534 440,484 402,534 440,484
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more 5 yr by instal 230,198 268,886 230,198 268,886

Bank loans due in more than five years are repayable in monthly instalments with an interest rate of 1.85% over the Bank of England base rate.

DRIFTVIEW HOLDINGS LIMITED (REGISTERED NUMBER: 11484950)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

19. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable operating leases
2023 2022
£    £   
Within one year 22,852 4,781
Between one and five years 4,108 4,378
26,960 9,159

20. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans 716,779 819,491 716,779 819,491
Factoring advances 148,450 210,928 - -
865,229 1,030,419 716,779 819,491

The bank borrowings are secured as follows:

By fixed and floating charge over the undertakings and all property and assets present and future including goodwill, book debts, uncalled capital, buildings, fixtures and fixed plant and machinery.

21. FINANCIAL INSTRUMENTS

The group has the following financial instruments:
2023 2022
£ £
Financial assets that are debt instruments measured at amortised cost
Trade debtors 1,449,910 1,878,580
Other debtors 48,531 73,481
Financial liabilities measured at amortised cost
Trade creditors 865,057 2,836,805
Bank loans and overdrafts 716,779 819,491
Factoring advances 148,450 210,928


There is no interest income or expense for financial assets and liabilities that are not measured at fair value through profit and loss.

22. PROVISIONS FOR LIABILITIES

Group Company
2023 2022 2023 2022
£    £    £    £   
Deferred tax
Accelerated capital allowances 272,567 244,508 110,656 110,656

DRIFTVIEW HOLDINGS LIMITED (REGISTERED NUMBER: 11484950)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

22. PROVISIONS FOR LIABILITIES - continued

Group
Deferred
tax
£   
Balance at 1 January 2023 244,508
Charge to Statement of Comprehensive Income during year 28,059
Balance at 31 December 2023 272,567

Company
Deferred
tax
£   
Balance at 1 January 2023 110,656
Balance at 31 December 2023 110,656

23. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,000 Ordinary 1 1,000 1,000

24. RESERVES

Group
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 January 2023 7,409,396 587,693 7,997,089
Profit for the year 1,628,157 1,628,157
Dividends (178,100 ) (178,100 )
At 31 December 2023 8,859,453 587,693 9,447,146

Company
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 January 2023 3,958,593 861,025 4,819,618
Profit for the year 1,163,519 1,163,519
Dividends (178,100 ) (178,100 )
At 31 December 2023 4,944,012 861,025 5,805,037

a) Fair value reserve

This reserve is used to record the movements in the value of investment property which are recorded at fair value.

DRIFTVIEW HOLDINGS LIMITED (REGISTERED NUMBER: 11484950)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

25. CONTINGENT LIABILITIES

The group has an inter-company guarantee in place to secure the group bank borrowings, which were £865,229 (2022 - £1,030,419) at the financial position date. Security given is as specified in the secured debts note to the financial statements.

26. OTHER FINANCIAL COMMITMENTS

At the balance sheet date, the group had outstanding currency forward contract deals of a sterling equivalent of £2,971,165 (2022 - £5,676,817). This is in respect of forward contracts in Euros purchased as a hedge against fluctuations in the currency.

27. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

During the year, a total of key management personnel compensation of £ 325,695 (2022 - £ 251,745 ) was paid.

28. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is J A Woolway.