REGISTERED NUMBER: 08658131 (England and Wales)

Financial Statements for the Year Ended 31 August 2025

for

DRIFTSTONE DEVELOPMENTS LIMITED

TRADING AS

DRIFTSTONE HOMES

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

R P Lewis

S C Wright

REGISTERED OFFICE:

Driftstone Manor

Middleway

Kingston Gorse

East Preston

West Sussex

BN16 1SB

REGISTERED NUMBER:

08658131 (England and Wales)

FIXED ASSETS

Tangible assets

4

59,629

79,574

Investments

5

9

9

59,638

79,583

CURRENT ASSETS

Stocks

7,755,719

9,411,432

Debtors

6

3,014,795

3,023,378

Prepayments and accrued income

19,324

-

Cash at bank

90

205

10,789,928

12,435,015

CREDITORS

Amounts falling due within one year

7

(11,946,878

)

(13,644,972

)

NET CURRENT LIABILITIES

(1,156,950

)

(1,209,957

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(1,097,312

)

(1,130,374

)

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

(1,097,314

)

(1,130,376

)

SHAREHOLDERS' FUNDS

(1,097,312

)

(1,130,374

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 May 2026 and were signed on its behalf by:

R P Lewis - Director

1.	STATUTORY INFORMATION

Driftstone Developments Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Preparation of consolidated financial statements

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

Turnover

Revenue comprises income recognised by the company in respect of the sale of property sold during the year and is recognised upon the date of completion, exclusive of VAT.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant & machinery etc - 33% and 15% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset and is credited or charged to profit or loss.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks and work in progress

Stocks and work in progress have been valued at the lower of cost and net realisable value. All properties are held for resale.

Work in progress represents all direct costs and an appropriate proportion of fixed and variable overheads to date in relation to the housing development still under construction.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stock over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit and loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Hire purchase and leasing commitments

Property, plant and equipment acquired under finance leases or hire purchase contracts are capitalised and depreciated in the same manner as other tangible fixed assets. The related obligations, net of future finance charges, are included in creditors.

Rentals payable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.

Basic financial liabilities

Basic financial liabilities, including trade and other creditors, bank loans and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Equity Instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

All called up share capital is allotted and fully paid.

Going concern

The financial statements have been prepared on the going concern basis, which presumes that the company will continue in operational existence for the foreseeable future, being a period of at least 12 months from the date of approval of these financial statements.

The company is reliant on the support from group companies and the group has confirmed its continued support. The directors have considered the working capital requirements across the group as a whole and are satisfied that the healthy cash reserves within the group are sufficient to complete projects and meet its liabilities as they fall due for payment.

In view of the above, and after taking into account all other information that could reasonably be expected to be available, the directors are confident that the company will continue in operational existence for the foreseeable future and that the going concern basis is therefore appropriate for the preparation of the company’s financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2024 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 September 2024

176,440

Additions

3,894

At 31 August 2025

180,334

DEPRECIATION

At 1 September 2024

96,866

Charge for year

23,839

At 31 August 2025

120,705

NET BOOK VALUE

At 31 August 2025

59,629

At 31 August 2024

79,574

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 September 2024

and 31 August 2025

9

NET BOOK VALUE

At 31 August 2025

9

At 31 August 2024

9

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

9,803

3,655

Amounts owed by group undertakings

2,615,737

2,615,737

Other debtors

389,255

403,986

3,014,795

3,023,378

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

76,119

271,584

Amounts owed to group undertakings

11,968,310

13,273,308

Taxation and social security

(141,486

)

6,636

Other creditors

43,935

93,444

11,946,878

13,644,972

Group companies have confirmed their continuing financial support as required.

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2025

2024

£

£

Within one year

13,750

13,750

Between one and five years

11,565

25,315

25,315

39,065

9.	ULTIMATE CONTROLLING PARTY

The smallest group in which the results of the company are consolidated is headed by Speed Group (Holdings) Limited. The registered office is Driftstone Manor, Middle Way, Kingston Gorse, East Preston, West Sussex, England, BN16 1SB.

The consolidated financial statements of the group are available to the public and may be obtained from the Registrar of Companies, Companies House, Crown Way, Cardiff, CF14 3UZ.