Company Registration No. 05459247 (England and Wales)
DRIFT IT LIMITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2015
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 2015
31 March 2015
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
19,646
25,562
Current assets
Stocks
50,372
2,433
Debtors
43,777
121,093
Cash at bank and in hand
17,077
753
111,226
124,279
Creditors: amounts falling due within one year
(119,468)
(132,565)
Net current liabilities
(8,242)
(8,286)
Total assets less current liabilities
11,404
17,276
Creditors: amounts falling due after more than one year
(5,456)
(12,393)
5,948
4,883
Capital and reserves
Called up share capital
3
1,000
1,000
Profit and loss account
4,948
3,883
Shareholders' funds
5,948
4,883
For the financial year ended 31 March 2015 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 27 August 2015
P Morgan
P Shone
Director
Director
Company Registration No. 05459247
DRIFT IT LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2015
- 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 2014
62,888
Additions
632
At 31 March 2015
63,520
Depreciation
At 1 April 2014
37,325
Charge for the year
6,549
At 31 March 2015
43,874
Net book value
At 31 March 2015
19,646
At 31 March 2014
25,562
DRIFT IT LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2015
- 3 -
3
Share capital
2015
2014
£
£
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