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Registration number: 14764403

Driftwood (Woolacombe) Ltd

Unaudited Filleted Financial Statements

for the Period from 28 March 2023 to 31 March 2024

 

Driftwood (Woolacombe) Ltd

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 8

 

Driftwood (Woolacombe) Ltd

(Registration number: 14764403)
Statement of Financial Position as at 31 March 2024

Note

2024
£

Fixed assets

 

Tangible assets

4

1,358,018

Current assets

 

Cash at bank and in hand

 

2

Creditors: Amounts falling due within one year

5

(707,870)

Net current liabilities

 

(707,868)

Total assets less current liabilities

 

650,150

Creditors: Amounts falling due after more than one year

5

(674,998)

Net liabilities

 

(24,848)

Capital and reserves

 

Called up share capital

100

Profit and loss account

(24,948)

Shareholders' deficit

 

(24,848)

For the financial period ending 31 March 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 members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the director on 13 March 2025
 


Mr S Lea
Director

 

Driftwood (Woolacombe) Ltd

Notes to the Unaudited Financial Statements for the Period from 28 March 2023 to 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
47 Boutport Street
Barnstaple
Devon
EX31 1SQ

Principal activity

The principal activity of the company is property letting.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

 

Driftwood (Woolacombe) Ltd

Notes to the Unaudited Financial Statements for the Period from 28 March 2023 to 31 March 2024 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

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.

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;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Long leasehold land and buildings

No depreciation is applied to the investment property

Fixtures and fittings

20% reducing balance

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.

 

Driftwood (Woolacombe) Ltd

Notes to the Unaudited Financial Statements for the Period from 28 March 2023 to 31 March 2024 (continued)

2

Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 1.

 

Driftwood (Woolacombe) Ltd

Notes to the Unaudited Financial Statements for the Period from 28 March 2023 to 31 March 2024 (continued)

4

Tangible assets

Long leasehold land and buildings
£

Fixtures and fittings
£

Total
£

Cost or valuation

Additions

1,352,760

6,573

1,359,333

At 31 March 2024

1,352,760

6,573

1,359,333

Depreciation

Charge for the period

-

1,315

1,315

At 31 March 2024

-

1,315

1,315

Carrying amount

At 31 March 2024

1,352,760

5,258

1,358,018

Included within the net book value of long leasehold land and buildings above is £1,352,760 in respect of investment property.
 

 

Driftwood (Woolacombe) Ltd

Notes to the Unaudited Financial Statements for the Period from 28 March 2023 to 31 March 2024 (continued)

4

Tangible assets (continued)

Revaluation

The fair value of the company's long leasehold property was revalued on 31 March 2024. An independent valuer was not involved.
The investment property was purchased in November 2023. The director believes the purchase cost to be a fair approximation of the market value as at 31 March 2024.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £1,352,760.

5

Creditors

Creditors: amounts falling due within one year

Note

2024
£

Due within one year

 

Amounts owed to group undertakings and undertakings in which the company has a participating interest

9

683,598

Accruals and deferred income

 

1,000

Other creditors

 

23,272

 

707,870

Creditors: amounts falling due after more than one year

Note

2024
£

Due after one year

 

Loans and borrowings

8

674,998


Creditors include bank loans which are secured by a fixed and floating charge over all property or undertakings of the company, and over all property and undertakings of its parent company Prime Seascape Limited, of £674,998.

Creditors include bank loans repayable by instalments of £674,998 due after more than five years.

6

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

Driftwood (Woolacombe) Ltd

Notes to the Unaudited Financial Statements for the Period from 28 March 2023 to 31 March 2024 (continued)

7

Going concern

The company benefits from an ongoing support from its director. The director has determined that the company will have adequate resources available to finance its trading and other obligations during the course of the twelve months from the date of approval of these financial statements. These financial statements have therefore been prepared on a going concern basis.

8

Loans and borrowings

Non-current loans and borrowings

2024
£

Bank borrowings

674,998

9

Related party transactions

Summary of transactions with key management

During the year the director entered into the following interest free advances and credits with the company. The loan is repayable on demand.
 

Transactions with the director

2024

At 28 March 2023
£

Advances to director
£

Repayments by director
£

Other payments made to company by director
£

At 31 March 2024
£

Director

-

4,179

(4,179)

(23,122)

(23,122)

           
         

 

Loans from related parties

2024

Parent
£

Total
£

Advanced

683,598

683,598

At end of period

683,598

683,598

Terms of loans from related parties

The loan is interest free and repayable on demand.
 

 

Driftwood (Woolacombe) Ltd

Notes to the Unaudited Financial Statements for the Period from 28 March 2023 to 31 March 2024 (continued)

10

Parent and ultimate parent undertaking

The company's immediate parent is Prime Seascape Limited, incorporated in England and Wales. The registered office is 47 Boutport Street, Barnstaple, Devon EX31 1SQ.