Company Registration No. 07170866 (England and Wales)
Owner Drivers Ltd
Unaudited accounts
for the year ended 28 February 2022
Owner Drivers Ltd
Unaudited accounts
Contents
Owner Drivers Ltd
Company Information
for the year ended 28 February 2022
Company Number
07170866 (England and Wales)
Registered Office
12 Cedar Way
Brundall
Norwich
NR13 5NF
Accountants
Mrs A C Howell
13 Ipswich Grove
Norwich
Norfolk
NR2 2LU
Owner Drivers Ltd
Statement of financial position
as at 28 February 2022
Tangible assets
4,273
36,349
Cash at bank and in hand
3,361
20,244
Creditors: amounts falling due within one year
(34,582)
(58,724)
Net current assets/(liabilities)
7,729
(35,202)
Total assets less current liabilities
12,002
1,147
Creditors: amounts falling due after more than one year
(23,330)
(36,150)
Net liabilities
(11,328)
(35,003)
Called up share capital
1
1
Profit and loss account
(11,329)
(35,004)
Shareholders' funds
(11,328)
(35,003)
For the year ending 28 February 2022 the company was entitled to exemption from audit 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 5 September 2022 and were signed on its behalf by
Mr James Jackson
Director
Company Registration No. 07170866
Owner Drivers Ltd
Notes to the Accounts
for the year ended 28 February 2022
Owner Drivers Ltd is a private company, limited by shares, registered in England and Wales, registration number 07170866. The registered office is 12 Cedar Way, Brundall, Norwich, NR13 5NF.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
The company meets it's day to day working capital requirements through loan facilities provided by J Jackson, a director of the company, and P Turner, an employee, which are repayable on demand.
The nature of the company's business is such that there can be considerable unpredictable variation in the timing of cash inflows. The directors have prepared projected cash flow information for the period ending twelve months from the date of approval of these financial statements. On the basis of this cash flow information the directors consider that the company will continue to operate within the facility currently provided.
However the margin of facilities over requirements is not large and, inherently there can be no certainty in relation to these matters. On this basis, the directors consider it appropriate to prepare the financial statement on a going concern basis. The financial statements do not include any adjustments that would result from a withdrawal of the loan facilities.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Motor vehicles
33% and 50% straight line
Owner Drivers Ltd
Notes to the Accounts
for the year ended 28 February 2022
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Tangible fixed assets
Motor vehicles
At 28 February 2022
60,740
Charge for the year
12,566
At 28 February 2022
56,467
At 28 February 2021
36,349
5
Debtors: amounts falling due within one year
2022
2021
Trade debtors
36,000
2,326
6
Creditors: amounts falling due within one year
2022
2021
Bank loans and overdrafts
7,000
4,667
Obligations under finance leases and hire purchase contracts
2,124
20,689
Taxes and social security
9,108
5,945
Other creditors
14,864
25,860
Loans from directors
548
236
Owner Drivers Ltd
Notes to the Accounts
for the year ended 28 February 2022
7
Creditors: amounts falling due after more than one year
2022
2021
Obligations under finance leases and hire purchase contracts
-
5,817
8
Transactions with related parties
J Jackson, the director of the company, provided the company with an unsecured interest free loan on balances outstanding at the year end. The amount due by the company at the year end was £548 (2021: £236).
9
Average number of employees
During the year the average number of employees was 1 (2021: 1).