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The Driver Shop Ltd.

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2023

Registration number: 04220238

 

The Driver Shop Ltd.

Contents

Statement of financial position

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

The Driver Shop Ltd.

(Registration number: 04220238)
Statement of financial position as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

639

943

Current assets

 

Debtors

6

13,534

8,714

Investments

7

-

9,000

Cash at bank and in hand

 

21,100

13,700

 

34,634

31,414

Creditors: Amounts falling due within one year

8

(20,323)

(13,106)

Net current assets

 

14,311

18,308

Total assets less current liabilities

 

14,950

19,251

Creditors: Amounts falling due after more than one year

8

(1,548)

(5,206)

Provisions for liabilities

(121)

(179)

Net assets

 

13,281

13,866

Capital and reserves

 

Called up share capital

100

100

Retained earnings

13,181

13,766

Shareholders' funds

 

13,281

13,866

For the financial year ending 31 July 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.

 

The Driver Shop Ltd.

(Registration number: 04220238)
Statement of financial position as at 31 July 2023

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 Income statement.

Approved and authorised by the director on 26 October 2023
 

.........................................
SJ Patchett
Director

 

The Driver Shop Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

General information

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

The address of its registered office is:
9 Crawley Road
Horsham
West Sussex
RH12 4DR

These financial statements were authorised for issue by the director on 26 October 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

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 Driver Shop Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

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.

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 statement of financial position 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

Fixtures, fittings and equipment

25% straight line

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.

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

Goodwill

over useful life

 

The Driver Shop Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

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 income statement 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.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2022 - 3).

 

The Driver Shop Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 August 2022

20,000

20,000

At 31 July 2023

20,000

20,000

Amortisation

At 1 August 2022

20,000

20,000

At 31 July 2023

20,000

20,000

Carrying amount

At 31 July 2023

-

-

 

The Driver Shop Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 August 2022

41,148

41,148

Additions

666

666

Disposals

(37,938)

(37,938)

At 31 July 2023

3,876

3,876

Depreciation

At 1 August 2022

40,205

40,205

Charge for the year

970

970

Eliminated on disposal

(37,938)

(37,938)

At 31 July 2023

3,237

3,237

Carrying amount

At 31 July 2023

639

639

At 31 July 2022

943

943

6

Debtors

Current

2023
£

2022
£

Trade debtors

13,534

8,403

Other debtors

-

311

 

13,534

8,714

7

Current asset investments

2023
£

2022
£

Other investments

-

9,000

 

The Driver Shop Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

2,483

2,483

Trade creditors

 

979

60

Taxation and social security

 

12,873

7,424

Accruals and deferred income

 

2,499

2,739

Other creditors

 

1,489

400

 

20,323

13,106

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

1,548

5,206

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

1,548

5,206

2023
£

2022
£

Current loans and borrowings

Other borrowings

2,483

2,483