compost bin?

I have been given this from the neighbours and thought about using it for hot composting, will it be ok to use as it has a floor ? was just going to put a layer of soil in and then any kitchen scrap, hoover dust and grass cuttings, do I need to modify it in anyway?

 

I would keep it as a water butt personally. Plastic composters (aka darleks) are cheap as chips to buy on eBay.