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REGISTERED NUMBER: 03302776 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

DRIFTWORLD LIMITED
T/A
ACORN ASSOCIATES

DRIFTWORLD LIMITED (REGISTERED NUMBER: 03302776)
T/A ACORN ASSOCIATES






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


DRIFTWORLD LIMITED
T/A ACORN ASSOCIATES

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: Mr J A Ashley
Mrs M L Ashley





SECRETARY: Mr J A Ashley





REGISTERED OFFICE: Oake House
Tolleys
Crediton
Devon
EX17 1HG





REGISTERED NUMBER: 03302776 (England and Wales)






DRIFTWORLD LIMITED (REGISTERED NUMBER: 03302776)
T/A ACORN ASSOCIATES

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 598 131
Investments 5 274,825 628,660
275,423 628,791

CURRENT ASSETS
Inventories 789,000 209,000
Debtors 6 22,387 235,226
Cash at bank 54 92
811,441 444,318
CREDITORS
Amounts falling due within one year 7 1,082,116 1,071,457
NET CURRENT LIABILITIES (270,675 ) (627,139 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,748

1,652

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 4,746 1,650
SHAREHOLDERS' FUNDS 9 4,748 1,652

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

DRIFTWORLD LIMITED (REGISTERED NUMBER: 03302776)
T/A ACORN ASSOCIATES

BALANCE SHEET - continued
31 MARCH 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 December 2024 and were signed on its behalf by:





Mr J A Ashley - Director


DRIFTWORLD LIMITED (REGISTERED NUMBER: 03302776)
T/A ACORN ASSOCIATES

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Driftworld 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 Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
At 31 March 2024 the Company had net current liabilities of £270.675 (2023 £627,139) which included loans from the directors of £1,079,343 (2023 £1,069,112). The directors have indicated their willingness to continue supporting the Company for the foreseeable future and the financial statements have therefore been prepared on the going concern basis.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Office equipment: 25% on cost

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing inventories to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.


DRIFTWORLD LIMITED (REGISTERED NUMBER: 03302776)
T/A ACORN ASSOCIATES

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Plant and
machinery
etc
£   
COST
At 1 April 2023 3,539
Additions 727
Disposals (60 )
At 31 March 2024 4,206
DEPRECIATION
At 1 April 2023 3,408
Charge for year 260
Eliminated on disposal (60 )
At 31 March 2024 3,608
NET BOOK VALUE
At 31 March 2024 598
At 31 March 2023 131

DRIFTWORLD LIMITED (REGISTERED NUMBER: 03302776)
T/A ACORN ASSOCIATES

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

5. FIXED ASSET INVESTMENTS

Unlisted investments are 23,143 ordinary shares of 1p each in Integrated Development Projects Limited at cost.

Loans at 31 March 2023 included loans to Eco Positive Limited of £349,060 which have been written off during the current year following the dissolution of that company.

Other loans at 31 March 2024 include loans to ARC Power Ltd of £200 (2023 £200) and to Integrated Development Projects Limited of £17,330 (2023 £17,330).

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 22,308 235,081
Other debtors 79 145
22,387 235,226

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 7 43
Taxation and social security 2,761 2,297
Other creditors 1,079,348 1,069,117
1,082,116 1,071,457

8. RELATED PARTY DISCLOSURES

Included in Creditors: Amounts falling due within one year at 31 March 2024 is a joint directors' loan account of £1,079,343 (2023 £1,069,112). The loan is interest free and there are no terms as to repayment.

Mr J A Ashley, a director of the Company, is also a director of ARC Power Ltd. Fixed asset investments include loans to ARC Power Ltd of £200 (2023 £200).

During the year the Company invoiced ARC Power Ltd consultancy fees and disbursements totalling £330 (2023 £1,708).

DRIFTWORLD LIMITED (REGISTERED NUMBER: 03302776)
T/A ACORN ASSOCIATES

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

9. RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
2024 2023
£    £   
Profit for the financial year 3,096 1,233
Net addition to shareholders' funds 3,096 1,233
Opening shareholders' funds 1,652 419
Closing shareholders' funds 4,748 1,652