Driftwood Limited - Accounts to registrar (filleted)

REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

FOR

DRIFTWOOD LIMITED

Page

Company Information

1

Report of the Directors

2

Balance Sheet

3

Notes to the Financial Statements

4

Chartered Certified Accountant's Report

7

DIRECTORS:

Mr M W Vardy

Mrs S A Vardy

Mrs K J Knight

Mr C W Vardy

SECRETARY:

Mrs K J Knight

REGISTERED OFFICE:

Railway View

Fackley Road

Teversal

Sutton-in-Ashfield

Nottinghamshire

NG17 3JA

REGISTERED NUMBER:

03976170 (England and Wales)

ACCOUNTANT:

Hewitt Card Limited

Chartered Certified Accountants

70-72 Nottingham Road

Mansfield

Nottinghamshire

NG18 1BN

The directors present their report with the financial statements of the company for the year ended 31 October 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of property rental.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 November 2024 to the date of this report.

Mr M W Vardy

Mrs S A Vardy

Mrs K J Knight

Mr C W Vardy

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

Mrs K J Knight - Secretary

28 May 2026

FIXED ASSETS

Tangible assets

5

1,939

2,643

Investment property

6

1,170,000

1,171,939

1,172,643

CURRENT ASSETS

Debtors

7

8,592

12,363

Cash at bank

51,207

45,998

59,799

58,361

CREDITORS

Amounts falling due within one year

8

210,219

213,198

NET CURRENT LIABILITIES

(150,420

)

(154,837

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,021,519

1,017,806

PROVISIONS FOR LIABILITIES

28,522

NET ASSETS

992,997

989,284

CAPITAL AND RESERVES

Called up share capital

1,796

Share premium

201,708

Fair value reserve

9

166,251

294,418

Retained earnings

623,242

491,362

SHAREHOLDERS' FUNDS

992,997

989,284

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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 28 May 2026 and were signed on its behalf by:

Mrs K J Knight - Director

1.	STATUTORY INFORMATION

Driftwood 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover represents income from property rentals.

Tangible fixed assets

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

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

Straight line over 3 years

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in market value is transferred to a revaluation reserve.

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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.

Deferred taxation

Provision is made at current rates for taxation deferred in respect of all material timing differences.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in market value is transferred to a revaluation reserve.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2024 - 4 ) .

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

COST

At 1 November 2024

and 31 October 2025

15,179

4,449

19,628

DEPRECIATION

At 1 November 2024

12,898

4,087

16,985

Charge for year

342

362

704

At 31 October 2025

13,240

4,449

17,689

NET BOOK VALUE

At 31 October 2025

1,939

-

1,939

At 31 October 2024

2,281

362

2,643

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 November 2024

and 31 October 2025

1,170,000

NET BOOK VALUE

At 31 October 2025

1,170,000

At 31 October 2024

1,170,000

Fair value at 31 October 2025 is represented by:

£

Valuation in 2015

67,038

Valuation in 2017

18,688

Valuation in 2018

31,750

Valuation in 2021

26,250

Valuation in 2023

44,214

Valuation in 2024

135,000

Cost

847,060

1,170,000

Valuations are carried out by the directors of the company using current values of similar properties in the area.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.25

31.10.24

£

Trade debtors

-

8,174

Other debtors

-

2,093

Prepayments

8,592

2,096

8,592

12,363

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.25

31.10.24

£

Tax

1,435

2,407

Social security and other taxes

366

-

Other creditors

1,186

-

Directors' current accounts

203,481

203,074

Accrued expenses

3,751

7,717

210,219

213,198

9.

RESERVES

Fair

value

reserve

£

At 1 November 2024

and 31 October 2025

166,251

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of Driftwood Limited for the year ended 31 October 2025 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given me.

As a practising member of the Association of Chartered Certified Accountants, I am subject to its ethical and other professional requirements which are detailed at accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Driftwood Limited, as a body, in accordance with my terms of engagement. My work has been undertaken solely to prepare for your approval the financial statements of Driftwood Limited and state those matters that I have agreed to state to the Board of Directors of Driftwood Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at

https://www.accaglobal.com/gb/en/technical-activities/technical-resources-

search/2009/october/factsheet-163-audit-exempt-companies.html.

To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for my work or for this report.

It is your duty to ensure that Driftwood Limited 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 Driftwood Limited. You consider that Driftwood Limited is exempt from the statutory audit requirement for the year.

I have not been instructed to carry out an audit or a review of the financial statements of Driftwood Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.

Hewitt Card Limited

Chartered Certified Accountants

70-72 Nottingham Road

Mansfield

Nottinghamshire

NG18 1BN

Date: .............................................