Company Registration No. 05459247 (England and Wales)
DRIFT IT LIMITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2014
DRIFT IT LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
DRIFT IT LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2014
31 March 2014
- 1 -
2014
2013
Notes
£
£
£
£
Fixed assets
Tangible assets
2
25,562
22,815
Current assets
Stocks
2,433
2,600
Debtors
121,093
144,352
Cash at bank and in hand
753
19,339
124,279
166,291
Creditors: amounts falling due within one year
(132,565)
(177,528)
Net current liabilities
(8,286)
(11,237)
Total assets less current liabilities
17,276
11,578
Creditors: amounts falling due after more than one year
(12,393)
(9,993)
4,883
1,585
Capital and reserves
Called up share capital
3
1,000
1,000
Profit and loss account
3,883
585
Shareholders' funds
4,883
1,585
For the financial year ended 31 March 2014 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 financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 19 August 2014
P Morgan
P Shone
Director
Director
Company Registration No. 05459247
DRIFT IT LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2014
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.4
Tangible fixed assets and depreciation
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
2
Fixed assets
Tangible assets
£
Cost
At 1 April 2013
51,620
Additions
11,268
At 31 March 2014
62,888
Depreciation
At 1 April 2013
28,805
Charge for the year
8,521
At 31 March 2014
37,326
Net book value
At 31 March 2014
25,562
At 31 March 2013
22,815
DRIFT IT LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2014
- 3 -
3
Share capital
2014
2013
£
£
Allotted, called up and fully paid
600 Ordinary shares of £1 each
600
600
300 Ordinary 'A' shares of £1 each
300
300
100 Ordinary 'G' shares of £1 each
100
100
1,000
1,000