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Company registration number: 08600969
Drift Limits Ltd
Unaudited filleted financial statements
31 July 2024
Drift Limits Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Drift Limits Ltd
Directors and other information
Director Mr J E Barden
Company number 08600969
Registered office Runways Farm
Upper Bourne End Lane
Hemel Hempstead
HP1 2RR
Accountants Hicks and Company
Chartered Accountants
Vaughan Chambers
Vaughan Road
Harpenden
AL5 4EE
Drift Limits Ltd
Chartered accountants report to the director on the preparation of the
unaudited statutory financial statements of Drift Limits Ltd
Year ended 31 July 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Drift Limits Ltd for the year ended 31 July 2024 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the director of Drift Limits Ltd, as a body, in accordance with the terms of our engagement letter dated 1 August 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Drift Limits Ltd and state those matters that we have agreed to state to them, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Drift Limits Ltd and its director as a body for our work or for this report.
It is your duty to ensure that Drift Limits Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Drift Limits Ltd. You consider that Drift Limits Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Drift Limits Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Hicks and Company
Chartered Accountants
Vaughan Chambers
Vaughan Road
Harpenden
AL5 4EE
29 April 2025
Drift Limits Ltd
Statement of financial position
31 July 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 602,287 701,141
_________ _________
602,287 701,141
Current assets
Debtors 7 3,271 2,840
Cash at bank and in hand 129,146 148,587
_________ _________
132,417 151,427
Creditors: amounts falling due
within one year 8 ( 575,357) ( 679,192)
_________ _________
Net current liabilities ( 442,940) ( 527,765)
_________ _________
Total assets less current liabilities 159,347 173,376
Creditors: amounts falling due
after more than one year 9 ( 66,667) ( 116,667)
_________ _________
Net assets 92,680 56,709
_________ _________
Capital and reserves
Called up share capital 100 100
Profit and loss account 92,580 56,609
_________ _________
Shareholder funds 92,680 56,709
_________ _________
For the year ending 31 July 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 member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 29 April 2025 , and are signed on behalf of the board by:
Mr J E Barden
Director
Company registration number: 08600969
Drift Limits Ltd
Notes to the financial statements
Year ended 31 July 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Runways Farm, Upper Bourne End Lane, Hemel Hempstead, HP1 2RR.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - Straight line over five years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 18% reducing balance
Fittings fixtures and equipment - 18% reducing balance
Motor vehicles - 18% reducing balance
Computer equipment - 18% reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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 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.Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 40 (2023: 40 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 August 2023 and 31 July 2024 150,000 150,000
_________ _________
Amortisation
At 1 August 2023 and 31 July 2024 150,000 150,000
_________ _________
Carrying amount
At 31 July 2024 - -
_________ _________
At 31 July 2023 - -
_________ _________
6. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Computer equipment Total
£ £ £ £ £
Cost
At 1 August 2023 157,616 136,679 1,503,634 7,257 1,805,186
Additions 6,270 - 27,896 - 34,166
Disposals - - ( 5,300) - ( 5,300)
_________ _________ _________ _________ _________
At 31 July 2024 163,886 136,679 1,526,230 7,257 1,834,052
_________ _________ _________ _________ _________
Depreciation
At 1 August 2023 74,011 109,571 916,009 4,454 1,104,045
Charge for the year 16,178 4,880 109,930 505 131,493
Disposals - - ( 3,773) - ( 3,773)
_________ _________ _________ _________ _________
At 31 July 2024 90,189 114,451 1,022,166 4,959 1,231,765
_________ _________ _________ _________ _________
Carrying amount
At 31 July 2024 73,697 22,228 504,064 2,298 602,287
_________ _________ _________ _________ _________
At 31 July 2023 83,605 27,108 587,625 2,803 701,141
_________ _________ _________ _________ _________
7. Debtors
2024 2023
£ £
Other debtors 3,271 2,840
_________ _________
8. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 50,000 140,000
Trade creditors 4,671 -
Social security and other taxes 168,522 264,325
Other creditors 352,164 274,867
_________ _________
575,357 679,192
_________ _________
The loans are secured by a fixed and floating charge over the assets of the company.
9. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 66,667 116,667
_________ _________
10. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr J E Barden ( 272,918) ( 77,120) - ( 350,038)
_________ _________ _________ _________
2023
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr J E Barden ( 278,818) - 5,900 ( 272,918)
_________ _________ _________ _________