Company Registration No. 8429459 (England and Wales)
Driftwood Joinery (North East) Limited
Unaudited accounts
for the year ended 31 March 2024
Driftwood Joinery (North East) Limited
Unaudited accounts
Contents
Driftwood Joinery (North East) Limited
Company Information
for the year ended 31 March 2024
Company Number
8429459 (England and Wales)
Registered Office
2 Manor Close
Low Worsall
Yarm
TS15 9QE
Accountants
Tarrens Accountants Limited
11 Wheatsheaf Close
Ripon
HG4 2SH
Driftwood Joinery (North East) Limited
Statement of financial position
as at 31 March 2024
Tangible assets
20,762
26,087
Cash at bank and in hand
5,807
16,701
Creditors: amounts falling due within one year
(6,286)
(4,933)
Net current assets
2,429
13,948
Total assets less current liabilities
23,191
40,035
Creditors: amounts falling due after more than one year
(19,536)
(21,540)
Called up share capital
100
100
Profit and loss account
3,555
18,395
Shareholders' funds
3,655
18,495
For the year ending 31 March 2024 the company was entitled to exemption from audit 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 director acknowledges his 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 14 August 2024 and were signed on its behalf by
D M Clifford
Director
Company Registration No. 8429459
Driftwood Joinery (North East) Limited
Notes to the Accounts
for the year ended 31 March 2024
Driftwood Joinery (North East) Limited is a private company, limited by shares, registered in England and Wales, registration number 8429459. The registered office is 2 Manor Close , Low Worsall, Yarm, TS15 9QE.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
15% reducing balance
Motor vehicles
25% reducing balance
Goodwill, being the amount paid in connection with the acquisition of the business in 2013, is being amortised evenly over its useful life of ten years.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Driftwood Joinery (North East) Limited
Notes to the Accounts
for the year ended 31 March 2024
4
Intangible fixed assets
Goodwill
5
Tangible fixed assets
Plant & machinery
Motor vehicles
Total
Cost or valuation
At cost
At cost
At 1 April 2023
8,576
29,995
38,571
At 31 March 2024
9,562
29,995
39,557
At 1 April 2023
4,985
7,499
12,484
Charge for the year
687
5,624
6,311
At 31 March 2024
5,672
13,123
18,795
At 31 March 2024
3,890
16,872
20,762
At 31 March 2023
3,591
22,496
26,087
Amounts falling due within one year
7
Creditors: amounts falling due within one year
2024
2023
Obligations under finance leases and hire purchase contracts
3,750
3,750
Taxes and social security
294
132
Driftwood Joinery (North East) Limited
Notes to the Accounts
for the year ended 31 March 2024
8
Creditors: amounts falling due after more than one year
2024
2023
Obligations under finance leases and hire purchase contracts
5,625
9,375
Other creditors
13,911
12,165
9
Average number of employees
During the year the average number of employees was 2 (2023: 2).