Company Registration No. 06004670 (England and Wales)
Drive Botswana Ltd
Unaudited accounts
for the year ended 31 January 2023
Drive Botswana Ltd
Unaudited accounts
Contents
Drive Botswana Ltd
Company Information
for the year ended 31 January 2023
Directors
A Raggett
P Raggett
D Raggett
H V Raggett
Company Number
06004670 (England and Wales)
Registered Office
34 Birch Valley Road
Kidsgrove
Stoke-on-Trent
Staffordshire
ST7 4GN
Accountants
AP Accountancy Ltd
34 Birch Valley Road
Kidsgrove
Stoke-on-Trent
ST7 4GN
Drive Botswana Ltd
Statement of financial position
as at 31 January 2023
Cash at bank and in hand
166,519
69,037
Creditors: amounts falling due within one year
(603,832)
(435,440)
Net current assets/(liabilities)
10,703
(52,457)
Total assets less current liabilities
10,705
(48,191)
Creditors: amounts falling due after more than one year
(55,000)
(75,000)
Provisions for liabilities
Net liabilities
(44,295)
(123,842)
Called up share capital
20
20
Profit and loss account
(44,315)
(123,862)
Shareholders' funds
(44,295)
(123,842)
For the year ending 31 January 2023 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 directors acknowledge their 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 of Directors and authorised for issue on 24 October 2023 and were signed on its behalf by
P Raggett
Director
Company Registration No. 06004670
Drive Botswana Ltd
Notes to the Accounts
for the year ended 31 January 2023
Drive Botswana Ltd is a private company, limited by shares, registered in England and Wales, registration number 06004670. The registered office is 34 Birch Valley Road, Kidsgrove, Stoke-on-Trent, Staffordshire, ST7 4GN.
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 represents the value, net of VAT and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Income and associated costs are recognised when a client makes a binding booking under the terms displayed at www.drivebotswana.com
Tangible fixed assets policy
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% to 33% straight line
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
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.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no commitment to sell the asset.
Deferred tax assets and liabilities are not discounted.
Drive Botswana Ltd
Notes to the Accounts
for the year ended 31 January 2023
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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.
4
Intangible fixed assets
Other
5
Tangible fixed assets
Plant & machinery
Drive Botswana Ltd
Notes to the Accounts
for the year ended 31 January 2023
6
Investments
Subsidiary undertakings
Valuation at 1 February 2022
2
Valuation at 31 January 2023
2
The company made an investment in its wholly owned subsidiary Drive Namibia Ltd.
Amounts falling due within one year
Trade debtors
398,902
278,158
Amounts due from group undertakings etc.
10,731
10,731
Other debtors
25,464
15,874
8
Investments held as current assets
2023
2022
Unlisted investments
12,919
9,183
The above amounts relate to monies paid for forward foreign exchange contracts to protect the company against adverse movements in exchange rates. Any gain or loss arising from the contracts is recognised in the Income Statement.
9
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
20,000
20,000
Trade creditors
567,612
412,942
Taxes and social security
13,471
60
Other creditors
2,749
2,438
10
Creditors: amounts falling due after more than one year
2023
2022
Allotted, called up and fully paid:
20 Ordinary shares of £1 each
20
20
12
Transactions with related parties
During the year the directors made payments to Jubul Pty of £6,450 (2022: £2,400) for services provided to clients of Drive Botswana Ltd in Botswana . This is a company registered in Botswana and jointly owned by three of the directors of Drive Botswana Ltd.
Drive Botswana Ltd
Notes to the Accounts
for the year ended 31 January 2023
A Raggett and P Raggett the directors and shareholders are the ultimate controlling party.
14
Average number of employees
During the year the average number of employees was 4 (2022: 4).