Registered number
05225214
Drifix Limited
Filleted Accounts
30 September 2024
Drifix Limited
Registered number: 05225214
Balance Sheet
as at 30 September 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 30,784 91,336
Current assets
Debtors 4 26,711 16,799
Cash at bank and in hand 343,934 224,765
370,645 241,564
Creditors: amounts falling due within one year 5 (120,683) (24,883)
Net current assets 249,962 216,681
Total assets less current liabilities 280,746 308,017
Provisions for liabilities - (3,400)
Net assets 280,746 304,617
Capital and reserves
Called up share capital 100 100
Profit and loss account 280,646 304,517
Shareholders' funds 280,746 304,617
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S G Rogers
Director
Approved by the board on 25 March 2025
Drifix Limited
Notes to the Accounts
for the year ended 30 September 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% reducing balance basis
Fixtures, fittings, tools and equipment 25% reducing balance basis
Motor vehicles 25% reducing balance basis
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 October 2023 74,404 190,089 264,493
Additions 1,805 - 1,805
Disposals - (158,589) (158,589)
At 30 September 2024 76,209 31,500 107,709
Depreciation
At 1 October 2023 57,289 115,868 173,157
Charge for the year 3,873 23,490 27,363
On disposals - (123,595) (123,595)
At 30 September 2024 61,162 15,763 76,925
Net book value
At 30 September 2024 15,047 15,737 30,784
At 30 September 2023 17,115 74,221 91,336
4 Debtors 2024 2023
£ £
Trade debtors 22,751 13,517
Other debtors 3,960 3,282
26,711 16,799
5 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 48,731 22,102
Other creditors 71,952 2,781
120,683 24,883
6 Other information
Drifix Limited is a private company limited by shares and incorporated in England. Its registered office is:
27 Oakgrove Gardens
Bishopstoke
Eastleigh
Hampshire
SO50 6LZ
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