Silverfin false false 30/06/2024 01/07/2023 30/06/2024 L Treseder 08/05/2015 08 January 2025 The principal activity of the Company during the financial year was running a restaurant, pub and rooms called the Driftwood Spars. During the year the company purchased the business of the Driftwood Brewery which is now part of the company's trading activity. 09582440 2024-06-30 09582440 bus:Director1 2024-06-30 09582440 2023-06-30 09582440 core:CurrentFinancialInstruments 2024-06-30 09582440 core:CurrentFinancialInstruments 2023-06-30 09582440 core:Non-currentFinancialInstruments 2024-06-30 09582440 core:Non-currentFinancialInstruments 2023-06-30 09582440 core:ShareCapital 2024-06-30 09582440 core:ShareCapital 2023-06-30 09582440 core:RetainedEarningsAccumulatedLosses 2024-06-30 09582440 core:RetainedEarningsAccumulatedLosses 2023-06-30 09582440 core:Goodwill 2023-06-30 09582440 core:Goodwill 2024-06-30 09582440 core:LandBuildings 2023-06-30 09582440 core:PlantMachinery 2023-06-30 09582440 core:Vehicles 2023-06-30 09582440 core:FurnitureFittings 2023-06-30 09582440 core:LandBuildings 2024-06-30 09582440 core:PlantMachinery 2024-06-30 09582440 core:Vehicles 2024-06-30 09582440 core:FurnitureFittings 2024-06-30 09582440 bus:OrdinaryShareClass1 2024-06-30 09582440 2023-07-01 2024-06-30 09582440 bus:FilletedAccounts 2023-07-01 2024-06-30 09582440 bus:SmallEntities 2023-07-01 2024-06-30 09582440 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 09582440 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 09582440 bus:Director1 2023-07-01 2024-06-30 09582440 core:Goodwill core:TopRangeValue 2023-07-01 2024-06-30 09582440 core:PlantMachinery core:TopRangeValue 2023-07-01 2024-06-30 09582440 core:Vehicles core:TopRangeValue 2023-07-01 2024-06-30 09582440 core:FurnitureFittings core:TopRangeValue 2023-07-01 2024-06-30 09582440 2022-07-01 2023-06-30 09582440 core:Goodwill 2023-07-01 2024-06-30 09582440 core:LandBuildings 2023-07-01 2024-06-30 09582440 core:PlantMachinery 2023-07-01 2024-06-30 09582440 core:Vehicles 2023-07-01 2024-06-30 09582440 core:FurnitureFittings 2023-07-01 2024-06-30 09582440 bus:OrdinaryShareClass1 2023-07-01 2024-06-30 09582440 bus:OrdinaryShareClass1 2022-07-01 2023-06-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: 09582440 (England and Wales)

DRIFTWOOD SPARS LTD

Unaudited Financial Statements
For the financial year ended 30 June 2024
Pages for filing with the registrar

DRIFTWOOD SPARS LTD

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

DRIFTWOOD SPARS LTD

BALANCE SHEET

As at 30 June 2024
DRIFTWOOD SPARS LTD

BALANCE SHEET (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 19,500 12,000
Tangible assets 4 1,783,094 1,795,464
1,802,594 1,807,464
Current assets
Stocks 5 72,150 30,000
Debtors 6 42,353 70,812
Cash at bank and in hand 7 175,557 268,926
290,060 369,738
Creditors: amounts falling due within one year 8 ( 803,105) ( 796,534)
Net current liabilities (513,045) (426,796)
Total assets less current liabilities 1,289,549 1,380,668
Creditors: amounts falling due after more than one year 9 ( 737,568) ( 810,424)
Provision for liabilities ( 16,970) ( 19,656)
Net assets 535,011 550,588
Capital and reserves
Called-up share capital 10 1 1
Profit and loss account 535,010 550,587
Total shareholder's funds 535,011 550,588

For the financial year ending 30 June 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Driftwood Spars Ltd (registered number: 09582440) were approved and authorised for issue by the Director on 08 January 2025. They were signed on its behalf by:

L Treseder
Director
DRIFTWOOD SPARS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
DRIFTWOOD SPARS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Driftwood Spars Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Lowin House, Tregolls Road, Truro, TR1 2NA, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of food and drink and provision of accommodation. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises the revenue once the accommodation has been provided or the sales have been completed and therefore deposits received in advance and prepaid accommodation have been included as creditors on the balance sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-linebasis over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery 4 years straight line
Vehicles 5 years straight line
Fixtures and fittings 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 34 30

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 July 2023 60,000 60,000
Additions 15,000 15,000
At 30 June 2024 75,000 75,000
Accumulated amortisation
At 01 July 2023 48,000 48,000
Charge for the financial year 7,500 7,500
At 30 June 2024 55,500 55,500
Net book value
At 30 June 2024 19,500 19,500
At 30 June 2023 12,000 12,000

4. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 01 July 2023 1,692,009 251,437 51,085 119,718 2,114,249
Additions 0 22,629 0 3,051 25,680
At 30 June 2024 1,692,009 274,066 51,085 122,769 2,139,929
Accumulated depreciation
At 01 July 2023 0 214,973 15,654 88,158 318,785
Charge for the financial year 0 17,470 10,217 10,363 38,050
At 30 June 2024 0 232,443 25,871 98,521 356,835
Net book value
At 30 June 2024 1,692,009 41,623 25,214 24,248 1,783,094
At 30 June 2023 1,692,009 36,464 35,431 31,560 1,795,464

5. Stocks

2024 2023
£ £
Stocks 72,150 30,000

6. Debtors

2024 2023
£ £
Trade debtors 15,016 35,955
Other debtors 27,337 34,857
42,353 70,812

7. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 175,557 268,926

8. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 73,897 63,967
Trade creditors 67,792 87,540
Taxation and social security 128,151 118,930
Obligations under finance leases and hire purchase contracts 12,358 2,872
Other creditors 520,907 523,225
803,105 796,534

9. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 737,568 798,066
Obligations under finance leases and hire purchase contracts 0 12,358
737,568 810,424

10. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1 Ordinary Share share of £ 1.00 1 1

11. Related party transactions

Transactions with the entity's director

2024 2023
£ £
Louise Treseder - Balance brought forward 23,845 (62,307)
Advances made during the year 91,615 111,152
Repayments made during the year (89,621) (25,000)
Balance carried forward 25,840 23,845

Interest has been charged on any balance outstanding during the year.

Other related party transactions

2024 2023
£ £
Amounts due from Driftwood Brewery (L Treseder Sole Trade) 0 40,068