Silverfin false false 30/04/2024 01/05/2023 30/04/2024 C A Easton 14/02/2011 J V Easton 14/02/2011 N L Easton 14/02/2011 31 January 2025 The principal activity of the Company during the financial year was retail sale in commercial art galleries. 07528440 2024-04-30 07528440 bus:Director1 2024-04-30 07528440 bus:Director2 2024-04-30 07528440 bus:Director3 2024-04-30 07528440 2023-04-30 07528440 core:CurrentFinancialInstruments 2024-04-30 07528440 core:CurrentFinancialInstruments 2023-04-30 07528440 core:Non-currentFinancialInstruments 2024-04-30 07528440 core:Non-currentFinancialInstruments 2023-04-30 07528440 core:ShareCapital 2024-04-30 07528440 core:ShareCapital 2023-04-30 07528440 core:RetainedEarningsAccumulatedLosses 2024-04-30 07528440 core:RetainedEarningsAccumulatedLosses 2023-04-30 07528440 core:Goodwill 2023-04-30 07528440 core:Goodwill 2024-04-30 07528440 core:LandBuildings 2023-04-30 07528440 core:Vehicles 2023-04-30 07528440 core:FurnitureFittings 2023-04-30 07528440 core:OtherPropertyPlantEquipment 2023-04-30 07528440 core:LandBuildings 2024-04-30 07528440 core:Vehicles 2024-04-30 07528440 core:FurnitureFittings 2024-04-30 07528440 core:OtherPropertyPlantEquipment 2024-04-30 07528440 core:WithinOneYear 2024-04-30 07528440 core:WithinOneYear 2023-04-30 07528440 core:BetweenOneFiveYears 2024-04-30 07528440 core:BetweenOneFiveYears 2023-04-30 07528440 2023-05-01 2024-04-30 07528440 bus:FilletedAccounts 2023-05-01 2024-04-30 07528440 bus:SmallEntities 2023-05-01 2024-04-30 07528440 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 07528440 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 07528440 bus:Director1 2023-05-01 2024-04-30 07528440 bus:Director2 2023-05-01 2024-04-30 07528440 bus:Director3 2023-05-01 2024-04-30 07528440 core:Goodwill core:TopRangeValue 2023-05-01 2024-04-30 07528440 core:Goodwill 2023-05-01 2024-04-30 07528440 core:Vehicles 2023-05-01 2024-04-30 07528440 core:FurnitureFittings core:TopRangeValue 2023-05-01 2024-04-30 07528440 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-05-01 2024-04-30 07528440 2022-05-01 2023-04-30 07528440 core:LandBuildings 2023-05-01 2024-04-30 07528440 core:FurnitureFittings 2023-05-01 2024-04-30 07528440 core:OtherPropertyPlantEquipment 2023-05-01 2024-04-30 07528440 core:Non-currentFinancialInstruments 2023-05-01 2024-04-30 iso4217:GBP xbrli:pure

Company No: 07528440 (England and Wales)

DRIFTWOOD GALLERY LIMITED

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

DRIFTWOOD GALLERY LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

DRIFTWOOD GALLERY LIMITED

BALANCE SHEET

As at 30 April 2024
DRIFTWOOD GALLERY LIMITED

BALANCE SHEET (continued)

As at 30 April 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 8,487 11,050
8,487 11,050
Current assets
Stocks 66,790 61,721
Debtors 5 84,469 76,020
Cash at bank and in hand 2,874 39,889
154,133 177,630
Creditors: amounts falling due within one year 6 ( 95,915) ( 116,259)
Net current assets 58,218 61,371
Total assets less current liabilities 66,705 72,421
Creditors: amounts falling due after more than one year 7 ( 10,853) ( 20,826)
Provision for liabilities ( 1,295) ( 1,702)
Net assets 54,557 49,893
Capital and reserves
Called-up share capital 300 300
Profit and loss account 54,257 49,593
Total shareholders' funds 54,557 49,893

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

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Driftwood Gallery Limited (registered number: 07528440) were approved and authorised for issue by the Board of Directors on 31 January 2025. They were signed on its behalf by:

J V Easton
Director
DRIFTWOOD GALLERY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
DRIFTWOOD GALLERY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 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 Gallery Limited (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 Acorn Cottage, Penrose, St Ervan, PL27 7TB, 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 goods and provision of services in the ordinary course of the company's activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
- The amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity;
- specific criteria have been met for each of the company's activities.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

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 5 years straight line
Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is 5 years.

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-line or reducing balance basis over its expected useful life, as follows:

Land and buildings depreciated over the life of the lease
Vehicles 25 % reducing balance
Fixtures and fittings 8 years straight line
Other property, plant and equipment 8 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit and loss.

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.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 7 7

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 May 2023 100,000 100,000
At 30 April 2024 100,000 100,000
Accumulated amortisation
At 01 May 2023 100,000 100,000
At 30 April 2024 100,000 100,000
Net book value
At 30 April 2024 0 0
At 30 April 2023 0 0

4. Tangible assets

Land and buildings Vehicles Fixtures and fittings Other property, plant
and equipment
Total
£ £ £ £ £
Cost
At 01 May 2023 13,531 34,607 25,919 5,375 79,432
At 30 April 2024 13,531 34,607 25,919 5,375 79,432
Accumulated depreciation
At 01 May 2023 12,353 30,025 20,801 5,203 68,382
Charge for the financial year 149 1,146 1,096 172 2,563
At 30 April 2024 12,502 31,171 21,897 5,375 70,945
Net book value
At 30 April 2024 1,029 3,436 4,022 0 8,487
At 30 April 2023 1,178 4,582 5,118 172 11,050

5. Debtors

2024 2023
£ £
Trade debtors 3,465 3,595
Corporation tax 18,774 20,190
Other debtors 62,230 52,235
84,469 76,020

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 10,648 10,648
Trade creditors 28,187 43,122
Other taxation and social security 10,421 16,770
Other creditors 46,659 45,719
95,915 116,259

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

2024 2023
£ £
Bank loans 10,853 20,826

There are no amounts included above in respect of which any security has been given by the small entity.

8. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 19,938 21,750
between one and five years 0 19,938
19,938 41,688

The total amount of financial commitments not included in the balance sheet is £19,938 (2023 - £41,688). The commitments relate to the lease of one premise.