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Registration number: 10495389

Driive Consulting Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2022

 

Driive Consulting Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 5

 

Driive Consulting Limited

(Registration number: 10495389)
Balance Sheet as at 31 December 2022

Note

2022
£

2021
£

Current assets

 

Debtors

4

41,224

19,928

Cash at bank and in hand

 

85,185

16,503

 

126,409

36,431

Creditors: Amounts falling due within one year

5

(1,812,752)

(1,326,333)

Net liabilities

 

(1,686,343)

(1,289,902)

Capital and reserves

 

Called up share capital

6

100

100

Retained earnings

(1,686,443)

(1,290,002)

Shareholders' deficit

 

(1,686,343)

(1,289,902)

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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 29 September 2023 and signed on its behalf by:
 

.........................................
Mr Mark Packman
Company secretary and director

 

Driive Consulting Limited

Notes to the Financial Statements for the Year Ended 31 December 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:
Matrix House
Merlin Court
Atlantic Street
Altrincham
WA14 5NL

These financial statements were authorised for issue by the Board on 29 September 2023.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

At the time of approving these financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the forseeable furture. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. The company is financially supported from the wider group and the directors have written representation that the company will continue to be financially supported by the group for the forseeable future.

 

Driive Consulting Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 29 September 2023 was Iain Round, BSc, FCA, who signed for and on behalf of Beever and Struthers.

Key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are review on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Management have deemed there to be no key accounting estimates within the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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 cost 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.

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 at the transaction price.

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.

 

Driive Consulting Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

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 year, was 8 (2021 - 11).

4

Debtors

Current

2022
£

2021
£

Trade debtors

41,224

19,928

 

Driive Consulting Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

5

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Trade creditors

 

8,887

4,400

Amounts owed to group undertakings and undertakings in which the company has a participating interest

1,778,725

1,293,023

Taxation and social security

 

22,139

13,086

Accruals and deferred income

 

3,001

14,290

Other creditors

 

-

1,534

 

1,812,752

1,326,333

6

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

7

Parent and ultimate parent undertaking

The company's immediate parent is Matrix Telematics Limited, incorporated in England and Wales.

 The ultimate parent is Project Trinity Topco Limited, incorporated in England and Wales.

 The most senior parent entity producing publicly available financial statements is Project Trinity Topco Limited. These financial statements are available upon request from Matrix House, Merlin Court, Atlantic Street, Altrincham, WA14 5NL.