REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
DRIFTWORLD LIMITED |
T/A |
ACORN ASSOCIATES |
REGISTERED NUMBER: |
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: |
SECRETARY: | Mr J A Ashley |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
DRIFTWORLD LIMITED (REGISTERED NUMBER: 03302776) |
T/A ACORN ASSOCIATES |
BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 4 |
Investments | 5 |
CURRENT ASSETS |
Inventories |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS | 9 |
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 were approved by the Board of Directors and authorised for issue on |
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 |
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 |
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 |
4. | PROPERTY, PLANT AND EQUIPMENT |
Plant and |
machinery |
etc |
£ |
COST |
At 1 April 2023 |
Additions |
Disposals | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
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 |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
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 |
Net addition to shareholders' funds | 3,096 | 1,233 |
Opening shareholders' funds | 1,652 | 419 |
Closing shareholders' funds | 4,748 | 1,652 |