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Driveline (GB) Limited

Annual Report and Financial Statements

for the Year Ended 30 April 2023

 

Driveline (GB) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Driveline (GB) Limited

Company Information

Director

Mr Richard George Jacobs

Registered office

Alexander & Co Schooners Business Park
Bess Park Road
Wadebridge
Cornwall
PL27 6HB

Registered number

04148806 (England & Wales)

Accountants

Alexander & Co
AAT Licenced Accountant
Schooners Business Park
Bess Park Road
Wadebridge
Cornwall
PL27 6HB

 

Driveline (GB) Limited

(Registration number: 04148806)
Balance Sheet as at 30 April 2023

Note

2023

2022

   

£

£

£

£

fixed assets

   

 

tangible assets

6

 

1,668,673

 

1,715,055

Other financial assets

7

 

201

 

201

   

1,668,874

 

1,715,256

Current assets

   

 

stocks

8

107,401

 

115,661

 

Debtors

9

556,597

 

583,782

 

Cash at bank and in hand

 

91,866

 

12,481

 

 

755,864

 

711,924

 

Creditors: Amounts falling due within one year

10

(926,835)

 

(972,632)

 

Net current liabilities

   

(170,971)

 

(260,708)

Total assets less current liabilities

   

1,497,903

 

1,454,548

Creditors: Amounts falling due after more than one year

10

 

(689,093)

 

(830,794)

Provisions for liabilities

12

 

(319,694)

 

(209,013)

Net assets

   

489,116

 

414,741

capital and reserves

   

 

Called up share capital

11

1,000

 

1,000

 

Share premium reserve

159,645

 

159,645

 

Profit and loss account

328,471

 

254,096

 

Total equity

   

489,116

 

414,741

For the financial year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Driveline (GB) Limited

(Registration number: 04148806)
Balance Sheet as at 30 April 2023

Approved and authorised by the director on 27 October 2023


 

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

Mr Richard George Jacobs
Director

 

Driveline (GB) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

1

General information

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

The address of its registered office is:
Alexander & Co Schooners Business Park
Bess Park Road
Wadebridge
Cornwall
PL27 6HB
United Kingdom

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

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and 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.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Driveline (GB) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% on cost and 25% on reducing balance

Fixtures and fittings

25% on cost

Motor vehicles

25% reducing balance

Office equipment

33% on cost

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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.

 

Driveline (GB) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

 

Driveline (GB) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 40 (2022 - 39).

4

Taxation

Tax charged/(credited) in the income statement

2023
 £

2022
 £

Current taxation

UK corporation tax

(200)

-

UK corporation tax adjustment to prior periods

-

(32,683)

(200)

(32,683)

Deferred taxation

Arising from origination and reversal of timing differences

110,680

(7,685)

Tax expense/(receipt) in the income statement

110,480

(40,368)

 

Driveline (GB) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2022

175,000

175,000

At 30 April 2023

175,000

175,000

Amortisation

At 1 May 2022

175,000

175,000

At 30 April 2023

175,000

175,000

Carrying amount

At 30 April 2023

-

-

6

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Cost or valuation

At 1 May 2022

144,529

49,308

273,552

94,251

Additions

25,772

-

18,613

2,336

Disposals

-

-

-

-

At 30 April 2023

170,301

49,308

292,165

96,587

Depreciation

At 1 May 2022

-

44,479

189,091

72,142

Charge for the year

-

2,109

36,685

10,799

Eliminated on disposal

-

-

-

-

At 30 April 2023

-

46,588

225,776

82,941

Carrying amount

At 30 April 2023

170,301

2,720

66,389

13,646

At 30 April 2022

144,529

4,829

84,461

22,109

 

Driveline (GB) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2022

3,787,771

4,349,411

Additions

410,696

457,417

Disposals

(315,694)

(315,694)

At 30 April 2023

3,882,773

4,491,134

Depreciation

At 1 May 2022

2,328,644

2,634,356

Charge for the year

400,897

450,490

Eliminated on disposal

(262,385)

(262,385)

At 30 April 2023

2,467,156

2,822,461

Carrying amount

At 30 April 2023

1,415,617

1,668,673

At 30 April 2022

1,459,127

1,715,055

Fixed assets funded by lease and hire purchase contracts are included in the above figures.

7

Other financial assets (current and non-current)

Other investments
£

Total
£

Non-current financial assets

Cost or valuation

At 1 May 2022

201

201

At 30 April 2023

201

201

Impairment

Carrying amount

At 30 April 2023

201

201

8

Stocks

2023
£

2022
£

Work in progress

43,105

51,136

Other inventories

64,296

64,525

107,401

115,661

 

Driveline (GB) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

9

Debtors

Current

2023
£

2022
£

Trade debtors

415,820

390,962

Prepayments

116,236

136,385

Other debtors

24,541

56,435

 

556,597

583,782

 

Driveline (GB) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

10

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

13

519,199

576,239

Trade creditors

 

146,457

194,083

Taxation and social security

 

136,432

73,260

Accruals and deferred income

 

35,546

45,935

Other creditors

 

89,201

83,115

 

926,835

972,632

2023
£

2022
£

Current loans and borrowings

Bank borrowings

43,377

43,142

Bank overdrafts

23,559

24,903

HP and finance lease liabilities

452,263

508,194

519,199

576,239

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

13

689,093

830,794

11

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

1,000

1,000

1,000

1,000

         

12

Deferred tax and other provisions

Deferred tax
£

Total
£

At 1 May 2022

209,013

209,013

Increase (decrease) in existing provisions

110,681

110,681

At 30 April 2023

319,694

319,694

 

Driveline (GB) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

13

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

75,412

118,647

HP 1-2 Yrs

323,533

376,160

HP 2-5 Yrs

290,148

335,987

689,093

830,794

2023
£

2022
£

Current loans and borrowings

Bank borrowings

43,377

43,142

Bank overdrafts

23,559

24,903

HP < 1 Yrs

452,263

508,194

519,199

576,239