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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
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Driftwood Joinery (North East) Limited Company Information for the year ended 31 March 2024
Director
D M Clifford
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
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Driftwood Joinery (North East) Limited Statement of financial position as at 31 March 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
20,762 
26,087 
Current assets
Debtors
2,908 
2,180 
Cash at bank and in hand
5,807 
16,701 
8,715 
18,881 
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)
Net assets
3,655 
18,495 
Capital and reserves
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
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Driftwood Joinery (North East) Limited Notes to the Accounts for the year ended 31 March 2024
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
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
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.
Pension costs
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.
Leased assets
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.
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Driftwood Joinery (North East) Limited Notes to the Accounts for the year ended 31 March 2024
4
Intangible fixed assets
Goodwill 
£ 
Cost
At 1 April 2023
10,000 
At 31 March 2024
10,000 
Amortisation
At 1 April 2023
10,000 
At 31 March 2024
10,000 
Net book value
At 31 March 2024
- 
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 
Additions
986 
- 
986 
At 31 March 2024
9,562 
29,995 
39,557 
Depreciation
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 
Net book value
At 31 March 2024
3,890 
16,872 
20,762 
At 31 March 2023
3,591 
22,496 
26,087 
6
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
2,908 
2,180 
7
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
VAT
646 
654 
Obligations under finance leases and hire purchase contracts
3,750 
3,750 
Trade creditors
1,596 
397 
Taxes and social security
294 
132 
6,286 
4,933 
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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 
19,536 
21,540 
9
Average number of employees
During the year the average number of employees was 2 (2023: 2).
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