2023-07-012024-06-302024-06-30false13475016DRIFT ENERGY 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DRIFT ENERGY LTD

Registered Number
13475016
(England and Wales)

Unaudited Financial Statements for the Year ended
30 June 2024

DRIFT ENERGY LTD
Company Information
for the year from 1 July 2023 to 30 June 2024

Directors

MEDLAND, Ben Stuart
MUNRO, Mathew Hamilton

Registered Address

Spaces, 2nd Floor Northgate House
Upper Borough Walls
Bath
BA1 1RG

Registered Number

13475016 (England and Wales)
DRIFT ENERGY LTD
Balance Sheet as at
30 June 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets312,20624,042
12,20624,042
Current assets
Debtors4149,287105,063
Cash at bank and on hand2,538,29711,609
2,687,584116,672
Creditors amounts falling due within one year5(219,300)(601,963)
Net current assets (liabilities)2,468,284(485,291)
Total assets less current liabilities2,480,490(461,249)
Net assets2,480,490(461,249)
Capital and reserves
Called up share capital3,586,5261,000
Profit and loss account(1,106,036)(462,249)
Shareholders' funds2,480,490(461,249)
The financial statements were approved and authorised for issue by the Board of Directors on 19 March 2025, and are signed on its behalf by:
MEDLAND, Ben Stuart
Director
Registered Company No. 13475016
DRIFT ENERGY LTD
Notes to the Financial Statements
for the year ended 30 June 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
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).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
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.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Research and development
All research costs are expensed. Costs related to the development of products are capitalised when they meet the criteria stated in FRS 102, Section 18 Intangible assets other than Goodwill. All other development expenditure is recognised as an expense in the period in which it is incurred.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Straight line (years)
Plant and machinery4
Office Equipment4
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit and loss. All other investments are subsequently measured at cost less impairment. Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment.
2.Average number of employees

20242023
Average number of employees during the year43
3.Tangible fixed assets

Total

£
Cost or valuation
At 01 July 2347,345
At 30 June 2447,345
Depreciation and impairment
At 01 July 2323,303
Charge for year11,836
At 30 June 2435,139
Net book value
At 30 June 2412,206
At 30 June 2324,042
4.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables13,625-
Other debtors77,462105,063
Prepayments and accrued income58,200-
Total149,287105,063
Rent deposit £13.6k & VAT rebate £77K
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables191,3911,882
Convertible loans-430,500
Other creditors22,009168,081
Accrued liabilities and deferred income5,9001,500
Total219,300601,963
DLA £162.7k & PAYE/Pension £21.4k