Registered Number 05459247

DRIFT IT LIMITED

Abbreviated Accounts

31 March 2016

DRIFT IT LIMITED Registered Number 05459247

Abbreviated Balance Sheet as at 31 March 2016

Notes 2016 2015
£ £
Fixed assets
Tangible assets 2 8,054 19,646
8,054 19,646
Current assets
Stocks 10,629 50,372
Debtors 74,394 43,777
Cash at bank and in hand 57,519 17,077
142,542 111,226
Creditors: amounts falling due within one year (138,429) (119,468)
Net current assets (liabilities) 4,113 (8,242)
Total assets less current liabilities 12,167 11,404
Creditors: amounts falling due after more than one year - (5,456)
Total net assets (liabilities) 12,167 5,948
Capital and reserves
Called up share capital 3 1,000 1,000
Profit and loss account 11,167 4,948
Shareholders' funds 12,167 5,948
  • For the year ending 31 March 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
  • The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
  • The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
  • These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 20 September 2016

And signed on their behalf by:
P Morgan, Director
P Shone, Director

DRIFT IT LIMITED Registered Number 05459247

Notes to the Abbreviated Accounts for the period ended 31 March 2016

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.

Turnover policy
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

Tangible assets depreciation policy
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Plant and machinery 25% reducing balance basis
Computer equipment 25% reducing balance basis
Fixtures, fittings and equipment 25% reducing balance basis
Motor vehicles 25% reducing balance basis

2Tangible fixed assets
£
Cost
At 1 April 2015 63,520
Additions 402
Disposals (33,680)
Revaluations -
Transfers -
At 31 March 2016 30,242
Depreciation
At 1 April 2015 43,874
Charge for the year 2,686
On disposals (24,372)
At 31 March 2016 22,188
Net book values
At 31 March 2016 8,054
At 31 March 2015 19,646
3Called Up Share Capital
Allotted, called up and fully paid:
2016
£
2015
£
1,000 Ordinary shares of £1 each (600 shares for 2015) 1,000 600
0 A Ordinary shares of £1 each (300 shares for 2015) 0 300

Ordinary ' G' Share £1 each: 2016 = 0 and 2015 = 100