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Registration number: 00483897

J Driver Limited

Annual Report and Unaudited Financial Statements

for the Period from 1 September 2020 to 28 February 2022

 

J Driver Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 11

 

J Driver Limited

Company Information

Directors

Mr A B Pinder

Mrs L C Pinder

Registered office

36 Albert Road
Colne
Lancashire
BB8 0AD

Accountants

Hargreaves Brown & Benson
Chartered Accountants
1 Bond Street
Colne
Lancashire
BB8 9DG

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
J Driver Limited
for the Period Ended 28 February 2022

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of J Driver Limited for the period ended 28 February 2022 as set out on pages 3 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of J Driver Limited. Our work has been undertaken solely to prepare for your approval the accounts of J Driver Limited and state those matters that we have agreed to state to the Board of Directors of J Driver Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than J Driver Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that J Driver Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of J Driver Limited. You consider that J Driver Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the accounts of J Driver Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Hargreaves Brown & Benson
Chartered Accountants
1 Bond Street
Colne
Lancashire
BB8 9DG

1 September 2022

 

J Driver Limited

(Registration number: 00483897)
Balance Sheet as at 28 February 2022

Note

2022
£

2020
£

Fixed assets

 

Intangible assets

4

41,789

34,770

Tangible assets

5

142,421

153,174

 

184,210

187,944

Current assets

 

Stocks

6

311,755

285,714

Debtors

7

330,501

305,393

Cash at bank and in hand

 

2,886

5,148

 

645,142

596,255

Creditors: Amounts falling due within one year

8

(458,399)

(363,290)

Net current assets

 

186,743

232,965

Total assets less current liabilities

 

370,953

420,909

Creditors: Amounts falling due after more than one year

8

(232,419)

(247,128)

Provisions for liabilities

(34,244)

(35,648)

Net assets

 

104,290

138,133

Capital and reserves

 

Called up share capital

1,001

1,001

Profit and loss account

103,289

137,132

Shareholders' funds

 

104,290

138,133

 

J Driver Limited

(Registration number: 00483897)
Balance Sheet as at 28 February 2022

For the financial period ending 28 February 2022 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 accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 1 September 2022 and signed on its behalf by:
 

.........................................
Mr A B Pinder
Director

 

J Driver Limited

Notes to the Unaudited Financial Statements for the Period from 1 September 2020 to 28 February 2022

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
36 Albert Road
Colne
Lancashire
BB8 0AD

These financial statements were authorised for issue by the Board on 1 September 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, based on their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold property

Reducing balance 10%

Plant and machinery

Reducing balance 10%

Motor vehicles

Reducing balance 25%

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Development costs

Straight line over 5 years

 

J Driver Limited

Notes to the Unaudited Financial Statements for the Period from 1 September 2020 to 28 February 2022

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

J Driver Limited

Notes to the Unaudited Financial Statements for the Period from 1 September 2020 to 28 February 2022

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period was 20 (2020 - 18).

 

J Driver Limited

Notes to the Unaudited Financial Statements for the Period from 1 September 2020 to 28 February 2022

4

Intangible assets

Development
costs
£

Total
£

Cost or valuation

At 1 September 2020

34,770

34,770

Additions acquired separately

17,450

17,450

At 28 February 2022

52,220

52,220

Amortisation

Amortisation charge

10,431

10,431

At 28 February 2022

10,431

10,431

Carrying amount

At 28 February 2022

41,789

41,789

At 31 August 2020

34,770

34,770

5

Tangible assets

Long leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2020

8,609

51,305

13,185

151,817

224,916

Additions

-

22,460

1,919

19,500

43,879

Disposals

-

-

-

(63,050)

(63,050)

At 28 February 2022

8,609

73,765

15,104

108,267

205,745

Depreciation

At 1 September 2020

8,283

1,907

5,538

56,014

71,742

Charge for the period

49

5,766

1,437

-

7,252

Eliminated on disposal

-

-

-

(15,670)

(15,670)

At 28 February 2022

8,332

7,673

6,975

40,344

63,324

Carrying amount

At 28 February 2022

277

66,092

8,129

67,923

142,421

At 31 August 2020

326

49,398

7,647

95,803

153,174

Included within the net book value of land and buildings above is £277 (2020 - £326) in respect of long leasehold land and buildings.
 

 

J Driver Limited

Notes to the Unaudited Financial Statements for the Period from 1 September 2020 to 28 February 2022

6

Stocks

2022
£

2020
£

Other inventories

311,755

285,714

7

Debtors

2022
£

2020
£

Trade debtors

153,546

140,834

Prepayments

17,390

12,271

Other debtors

159,565

152,288

330,501

305,393

8

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2020
£

Due within one year

 

Loans and borrowings

9

145,176

128,203

Trade creditors

 

246,959

128,923

Taxation and social security

 

35,757

73,156

Other creditors

 

30,507

33,008

 

458,399

363,290

Due after one year

 

Loans and borrowings

9

232,419

247,128

Creditors: amounts falling due after more than one year

Note

2022
£

2020
£

Due after one year

 

Loans and borrowings

9

232,419

247,128

 

J Driver Limited

Notes to the Unaudited Financial Statements for the Period from 1 September 2020 to 28 February 2022

9

Loans and borrowings

2022
£

2020
£

Non-current loans and borrowings

Bank borrowings

105,824

125,000

Hire purchase contracts

412

40,963

Other borrowings

126,183

81,165

232,419

247,128

2022
£

2020
£

Current loans and borrowings

Bank overdrafts

99,607

82,396

Hire purchase contracts

4,950

14,037

Other borrowings

40,619

31,770

145,176

128,203

10

Related party transactions

Transactions with directors

Interest is charged at 2.15% on overdrawn balance.

Transactions with directors

2022

At 1 September 2020
£

Advances to directors
£

Repayments by director
£

At 28 February 2022
£

Mr A B Pinder

103,797

85,014

(102,000)

86,811

         
       

Mrs L C Pinder

48,491

60,432

(59,000)

49,923

         
       

 

2020

At 1 September 2019
£

Advances to directors
£

Repayments by director
£

At 31 August 2020
£

Mr A B Pinder

62,375

119,422

(78,000)

103,797

         
       

Mrs L C Pinder

-

48,491

-

48,491

         
       

 

J Driver Limited

Notes to the Unaudited Financial Statements for the Period from 1 September 2020 to 28 February 2022

 

Summary of transactions with entities with joint control or significant interest

Mr A B & Mrs L C Pinder are identified as the controlling parties of ALMP Developments Ltd.

 

Loans to related parties

2022

Entities with joint control or significant influence
£

Total
£

At start of period

(7,553)

(7,553)

Advanced

25,055

25,055

Repaid

(10,000)

(10,000)

At end of period

7,502

7,502

2020

Entities with joint control or significant influence
£

Total
£

At start of period

26,973

26,973

Advanced

19,874

19,874

Repaid

(54,400)

(54,400)

At end of period

(7,553)

(7,553)