Registered number
03513758
Drive Computer Services Limited
Report and Accounts
31 March 2023
Drive Computer Services Limited
Report and accounts
Contents
Page
Company information 1
Directors' report 2
Accountants' report 3
Profit and loss account 4
Balance sheet 5
Statement of changes in equity 6
Notes to the accounts 7-9
Drive Computer Services Limited
Company Information
Directors
R. G. Holderness
R. I. Grant
Secretary
R. I. Grant
Accountants
Victor S. Green & Co.
Raynor House, 6 Raynor Road
Fallings Park
Wolverhampton
West Midlands
WV10 9QY
Bankers
HSBC
P.O. Box 105,
33, Park Row,
Leeds,
West Yorkshire
Registered office
Raynor House, 6 Raynor Road
Fallings Park
Wolverhampton
West Midlands
WV10 9QY
Registered number
03513758
Drive Computer Services Limited
Registered number: 03513758
Directors' Report
The directors present their report and accounts for the year ended 31 March 2023.
Principal activities
The company's principal activity during the year continued to be that of computer software developers and consultants.
Directors
The following persons served as directors during the year:
R. G. Holderness
R. I. Grant
Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
This report was approved by the board on 9 June 2023 and signed by its order.
R. I. Grant
Secretary
Drive Computer Services Limited
Accountants' Report
Accountants' report to the directors of
Drive Computer Services Limited
You consider that the company is exempt from an audit for the year ended 31 March 2023. You have acknowledged, on the balance sheet, your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year.
In accordance with your instructions, we have prepared the accounts which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the related notes from the accounting records of the company and on the basis of information and explanations you have given to us.
We have not carried out an audit or any other review, and consequently we do not express any opinion on these accounts.
Victor S. Green & Co.
Accountants
Raynor House, 6 Raynor Road
Fallings Park
Wolverhampton
West Midlands
WV10 9QY
9 June 2023
Drive Computer Services Limited
Profit and Loss Account
for the year ended 31 March 2023
2023 2022
£ £
Turnover 545,695 604,592
Cost of sales (273,753) (314,651)
Gross profit 271,942 289,941
Administrative expenses (250,054) (295,442)
Operating profit/(loss) 21,888 (5,501)
Interest receivable 13,746 7,392
Profit on ordinary activities before taxation 35,634 1,891
Tax on profit on ordinary activities (6,161) (546)
Profit for the financial year 29,473 1,345
Drive Computer Services Limited
Registered number: 03513758
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 7,628 -
Current assets
Debtors 4 734,664 701,617
Investments held as current assets 309 429
Cash at bank and in hand 740,374 633,323
1,475,347 1,335,369
Creditors: amounts falling due within one year 5 (1,005,801) (887,668)
Net current assets 469,546 447,701
Net assets 477,174 447,701
Capital and reserves
Called up share capital 50,002 50,002
Profit and loss account 427,172 397,699
Shareholder's funds 477,174 447,701
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
R. G. Holderness
Director
Approved by the board on 9 June 2023
Drive Computer Services Limited
Statement of Changes in Equity
for the year ended 31 March 2023
Share Share Re- Profit Total
capital premium valuation and loss
reserve account
£ £ £ £ £
At 1 April 2021 50,002 - - 396,354 446,356
Profit for the financial year 1,345 1,345
At 31 March 2022 50,002 - - 397,699 447,701
At 1 April 2022 50,002 - - 397,699 447,701
Profit for the financial year 29,473 29,473
At 31 March 2023 50,002 - - 427,172 477,174
Drive Computer Services Limited
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 4 years
Fixtures, fittings, tools and equipment over 4 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 10 10
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2022 8,726 10,715 19,441
Additions 1,202 6,910 8,112
Disposals (8,726) (10,715) (19,441)
At 31 March 2023 1,202 6,910 8,112
Depreciation
At 1 April 2022 8,726 10,715 19,441
Charge for the year 484 - 484
On disposals (8,726) (10,715) (19,441)
At 31 March 2023 484 - 484
Net book value
At 31 March 2023 718 6,910 7,628
At 31 March 2022 - - -
4 Debtors 2023 2022
£ £
Trade debtors 46,333 68,135
Prepayments - 867
Other debtors 688,331 632,615
734,664 701,617
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 9,600 12,527
Amounts owed to group undertakings and undertakings in which the company has a participating interest 729,405 621,876
Corporation tax 6,163 157
Other taxes and social security costs 17,854 19,510
Accrued expenses 242,779 233,598
1,005,801 887,668
6 Related party transactions
All related party transactions have been concluded under normal market conditions
7 Controlling party
The ultimate controlling party is The Trebor Investments Limited, whose registered office is:
Raynor House, 6 Raynor Road
Fallings Park
Wolverhampton
West Midlands
WV10 9QY
8 Other information
Drive Computer Services Limited is a private company limited by shares and incorporated in England. Its registered office is:
Raynor House, 6 Raynor Road
Fallings Park
Wolverhampton
West Midlands
WV10 9QY
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