DRIFTWOOD CINEMA C.I.C.

Company limited by guarantee

Company Registration Number:
SC498511 (Scotland)

Unaudited statutory accounts for the year ended 28 February 2024

Period of accounts

Start date: 1 March 2023

End date: 28 February 2024

DRIFTWOOD CINEMA C.I.C.

Contents of the Financial Statements

for the Period Ended 28 February 2024

Profit and loss
Balance sheet
Additional notes
Balance sheet notes
Community Interest Report

DRIFTWOOD CINEMA C.I.C.

Profit And Loss Account

for the Period Ended 28 February 2024

2024 2023


£

£
Turnover: 14,733 23,473
Cost of sales: ( 15,207 ) ( 28,697 )
Gross profit(or loss): (474) (5,224)
Administrative expenses: ( 35,178 ) ( 35,784 )
Other operating income: 30,448 40,020
Operating profit(or loss): (5,204) (988)
Profit(or loss) before tax: (5,204) (988)
Tax: 1,158 424
Profit(or loss) for the financial year: (4,046) (564)

DRIFTWOOD CINEMA C.I.C.

Balance sheet

As at 28 February 2024

Notes 2024 2023


£

£
Fixed assets
Tangible assets: 3 25,617 10,802
Total fixed assets: 25,617 10,802
Current assets
Debtors: 4 2,584 2,217
Cash at bank and in hand: 14,360 19,250
Total current assets: 16,944 21,467
Creditors: amounts falling due within one year: 5 ( 942 ) ( 1,051 )
Net current assets (liabilities): 16,002 20,416
Total assets less current liabilities: 41,619 31,218
Provision for liabilities: ( 894 ) ( 2,052 )
Accruals and deferred income: ( 26,550 ) ( 10,945 )
Total net assets (liabilities): 14,175 18,221
Members' funds
Profit and loss account: 14,175 18,221
Total members' funds: 14,175 18,221

The notes form part of these financial statements

DRIFTWOOD CINEMA C.I.C.

Balance sheet statements

For the year ending 28 February 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 15 November 2024
and signed on behalf of the board by:

Name: Matthew R Kitson
Status: Director

The notes form part of these financial statements

DRIFTWOOD CINEMA C.I.C.

Notes to the Financial Statements

for the Period Ended 28 February 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Tangible fixed assets depreciation policy

    Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: Plant and equipment 20% on reducing balance. The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to surplus or deficit.

    Other accounting policies

    1.1 Accounting convention These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. 1.2 Income and expenditure Income and expenses are included in the financial statements as they become receivable or due. Expenses include VAT where applicable as the company cannot reclaim it. 1.3 Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: Plant and equipment 20% on reducing balance The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to surplus or deficit. 1.4 Impairment of fixed assets At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at are valued amount, in which case the impairment loss is treated as a revaluation decrease. Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase. 1.5 Cash and cash equivalents Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.6 Financial instruments The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12‘Other Financial Instruments Issues’ 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 Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised. Classification of financial liabilities 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. Basic financial liabilities Basic financial liabilities, including 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. 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. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. 1.7 Taxation The tax expense represents the sum of the tax currently payable and deferred tax. 1.8 Employee benefits The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits. 1.9 Retirement benefits Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. 1.10 Government grants Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability. 1.11 Foreign exchange Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss. Judgements and key sources of estimation uncertainty In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

DRIFTWOOD CINEMA C.I.C.

Notes to the Financial Statements

for the Period Ended 28 February 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 3 2

DRIFTWOOD CINEMA C.I.C.

Notes to the Financial Statements

for the Period Ended 28 February 2024

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 March 2023 23,885 23,885
Additions 21,219 21,219
Disposals 0 0
Revaluations 0 0
Transfers 0 0
At 28 February 2024 45,104 45,104
Depreciation
At 1 March 2023 13,083 13,083
Charge for year 6,404 6,404
On disposals
Other adjustments
At 28 February 2024 19,487 19,487
Net book value
At 28 February 2024 25,617 25,617
At 28 February 2023 10,802 10,802

DRIFTWOOD CINEMA C.I.C.

Notes to the Financial Statements

for the Period Ended 28 February 2024

4. Debtors

2024 2023
£ £
Trade debtors 1,513 1,219
Other debtors 1,071 998
Total 2,584 2,217

DRIFTWOOD CINEMA C.I.C.

Notes to the Financial Statements

for the Period Ended 28 February 2024

5. Creditors: amounts falling due within one year note

2024 2023
£ £
Taxation and social security 88 357
Accruals and deferred income 570 410
Other creditors 284 284
Total 942 1,051

COMMUNITY INTEREST ANNUAL REPORT

DRIFTWOOD CINEMA C.I.C.

Company Number: SC498511 (Scotland)

Year Ending: 28 February 2024

Company activities and impact

This company supports community voluntary groups to provide cinema screenings and other community events in their local village halls and in public spaces indoors and outdoors. We started supporting community cinemas in February 2015 and have grown to support 24 locations across the Southwest of Scotland. Our support benefits communities in the following ways: - it enables those on low incomes to access cinema, music and arts experiences locally, saving on travel costs and tickets are offered on a pay-what-you-can basis: it enables people who are socially isolated or have access to transport issues to access film and filmed performances and meet socially with other member of their community: it supports dementia friendly screening for those with dementia and their carers: it supports accessible screenings for Deaf and D/Deaf audiences: it provides access to a wide variety of Scottish, Independent and International films to enable people to experience a wider world cultural view.

Consultation with stakeholders

The company's stakeholders are voluntary groups located in rural and underserved communities who run film screenings. We also engage with the local council exhibition officer , the local community councils and primary and high schools. We support a network of 24 stakeholders. We undertake audience surveys at our screenings and hold regular network meetings with our stakeholders. This has helped to build a better understanding of our audience, develop programmes of films to support audience engagement and provide targeted funding to support bringing audiences into local community venues.

Directors' remuneration

The total amount paid to directors for qualifying services was £12,480. There were no other transactions or arrangements in connection with the remuneration of directors, or compensation for director's loss of office, which require to be disclosed.

Transfer of assets

No transfer of assets other than for full consideration

This report was approved by the board of directors on
15 November 2024

And signed on behalf of the board by:
Name: Matthew R Kitson
Status: Director