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Registration number: 09584828

Driftin Dreamers Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Driftin Dreamers Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

Driftin Dreamers Limited

(Registration number: 09584828)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

15,289

7,163

Tangible assets

5

12,221

16,210

 

27,510

23,373

Current assets

 

Debtors

6

8,477

4,225

Cash at bank and in hand

 

4,596

2,833

 

13,073

7,058

Creditors: Amounts falling due within one year

7

(50,502)

(41,539)

Net current liabilities

 

(37,429)

(34,481)

Total assets less current liabilities

 

(9,919)

(11,108)

Creditors: Amounts falling due after more than one year

7

(26,389)

(31,945)

Net liabilities

 

(36,308)

(43,053)

Capital and reserves

 

Called up share capital

8

40

40

Retained earnings

(36,348)

(43,093)

Shareholders' deficit

 

(36,308)

(43,053)

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 and 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 28 February 2025 and signed on its behalf by:
 

.........................................
Mr A Morris
Director

.........................................
Miss L Duncan
Director

 
     
 

Driftin Dreamers Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in Engalnd.

The address of its registered office is:
15 Beaufort Road
Reigate
RH2 9DQ
UK

These financial statements were authorised for issue by the Board on 28 February 2025.

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.

Revenue recognition

Turnover comprises the fair value of the consideration receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax.

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 balance sheet 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

Plant and machinery

either 20% or 50% straight line method

Motor vehicles

20% straight line

 

Driftin Dreamers Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Application development

20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, 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.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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 profit and loss account 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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Driftin Dreamers Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 October 2023

9,995

9,995

Additions acquired separately

12,656

12,656

At 30 September 2024

22,651

22,651

Amortisation

At 1 October 2023

2,832

2,832

Amortisation charge

4,530

4,530

At 30 September 2024

7,362

7,362

Carrying amount

At 30 September 2024

15,289

15,289

At 30 September 2023

7,163

7,163

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2023

1,099

15,076

4,870

21,045

At 30 September 2024

1,099

15,076

4,870

21,045

Depreciation

At 1 October 2023

1,099

1,626

2,110

4,835

Charge for the year

-

3,015

974

3,989

At 30 September 2024

1,099

4,641

3,084

8,824

Carrying amount

At 30 September 2024

-

10,435

1,786

12,221

At 30 September 2023

-

13,450

2,760

16,210

 

Driftin Dreamers Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

7,742

30

Prepayments

735

695

Other debtors

-

3,500

 

8,477

4,225

 

Driftin Dreamers Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

5,556

5,556

Trade creditors

 

3,017

552

Accruals and deferred income

 

1,900

613

Other creditors

 

40,029

34,818

 

50,502

41,539

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

26,389

31,945

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

40

40

40

40

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

26,389

31,945

Current loans and borrowings

2024
£

2023
£

Bank borrowings

5,556

5,556