Registered number
SC570821
Driftwood Floatation Spa Ltd
Filleted Accounts
31 July 2024
Driftwood Floatation Spa Ltd
Registered number: SC570821
Balance Sheet
as at 31 July 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 7,623 8,968
Current assets
Debtors 4 9,500 1,500
Paypal Account 1,601 1,950
Cash at bank and in hand 3,652 4,494
14,753 7,944
Creditors: amounts falling due within one year 5 (10,628) (9,735)
Net current assets/(liabilities) 4,125 (1,791)
Total assets less current liabilities 11,748 7,177
Creditors: amounts falling due after more than one year 6 (10,263) (5,386)
Provisions for liabilities (1,448) (1,704)
Net assets 37 87
Capital and reserves
Called up share capital 1 -
Profit and loss account 36 87
Shareholder's funds 37 87
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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 Simms
Director
Approved by the board on 31 March 2025
Driftwood Floatation Spa Ltd
Notes to the Accounts
for the year ended 31 July 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:
Fixtures, fittings, tools and equipment 15% by Reducing Balance Method
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 asset is recognised in respect of a tax loss that can be carried forwards to be offset against tax due in a future 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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 4
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2023 18,390
At 31 July 2024 18,390
Depreciation
At 1 August 2023 9,422
Charge for the year 1,345
At 31 July 2024 10,767
Net book value
At 31 July 2024 7,623
At 31 July 2023 8,968
4 Debtors 2024 2023
£ £
Other debtors 9,500 1,500
5 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 10,100 9,256
Other creditors 528 479
10,628 9,735
6 Creditors: amounts falling due after one year 2024 2023
£ £
Director's account 87 74
Bounce back loan 4,402 6,602
Wages Control Account 3,105 (1,155)
Pension Creditor 118 (135)
Bank loans 2,551 -
10,263 5,386
7 Other information
Driftwood Floatation Spa Ltd is a private company limited by shares and incorporated in Scotland. Its registered office is:
61 Dunnikier Road
Kirkcaldy
Fife
KY1 2RL
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