Caseware UK (AP4) 2022.0.179 2022.0.179 2023-02-282023-02-282022-03-01falseNo description of principal activity911truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 03444731 2022-03-01 2023-02-28 03444731 2023-02-28 03444731 2021-03-01 2022-02-28 03444731 2022-02-28 03444731 c:Director1 2022-03-01 2023-02-28 03444731 d:FurnitureFittings 2022-03-01 2023-02-28 03444731 d:OfficeEquipment 2022-03-01 2023-02-28 03444731 d:ComputerEquipment 2022-03-01 2023-02-28 03444731 d:OtherPropertyPlantEquipment 2023-02-28 03444731 d:OtherPropertyPlantEquipment 2022-02-28 03444731 d:CurrentFinancialInstruments 2023-02-28 03444731 d:CurrentFinancialInstruments 2022-02-28 03444731 d:Non-currentFinancialInstruments 2023-02-28 03444731 d:Non-currentFinancialInstruments 2022-02-28 03444731 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 03444731 d:CurrentFinancialInstruments d:WithinOneYear 2022-02-28 03444731 d:Non-currentFinancialInstruments d:AfterOneYear 2023-02-28 03444731 d:Non-currentFinancialInstruments d:AfterOneYear 2022-02-28 03444731 d:ShareCapital 2023-02-28 03444731 d:ShareCapital 2022-02-28 03444731 d:RetainedEarningsAccumulatedLosses 2023-02-28 03444731 d:RetainedEarningsAccumulatedLosses 2022-02-28 03444731 c:FRS102 2022-03-01 2023-02-28 03444731 c:AuditExempt-NoAccountantsReport 2022-03-01 2023-02-28 03444731 c:FullAccounts 2022-03-01 2023-02-28 03444731 c:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 iso4217:GBP xbrli:pure
Company registration number: 03444731







UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
28 FEBRUARY 2023


DRIVE INC LIMITED






































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DRIVE INC LIMITED
REGISTERED NUMBER:03444731



STATEMENT OF FINANCIAL POSITION
AS AT 28 FEBRUARY 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 5 
389,814
259,913

Cash at bank and in hand
  
201,116
474,313

  
590,930
734,226

Creditors: amounts falling due within one year
 6 
(238,804)
(230,733)

Net current assets
  
 
 
352,126
 
 
503,493

Total assets less current liabilities
  
352,126
503,493

Creditors: amounts falling due after more than one year
 7 
(93,333)
(133,333)

  

Net assets
  
258,793
370,160

Page 1

 


DRIVE INC LIMITED
REGISTERED NUMBER:03444731


    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 28 FEBRUARY 2023

2023
2022
Note
£
£

Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
258,791
370,158

  
258,793
370,160


The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
C J Longmore
Director

Date: 27 November 2023

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 


DRIVE INC LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1.


General information

Drive Inc Limited is a private Company limited by shares incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of its registered office and principal place of business  is One Rose Lane, Ripley, Surrey, GU23 6NE. 

The financial statements are presented in sterling which is the functional currency of the company and rounded to
the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies.

The following principal accounting policies have been applied:

  
2.2

Turnover

The turnover shown in the Statement of Income represents amounts receivable for goods and services provided during the year in the normal course of business, net of trade discounts, VAT and other sales and related taxes.

  
2.3

Research and development

Research and development expenditure is written off in the year in which it is incurred.

Page 3

 


DRIVE INC LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
33%
per annum
Office equipment
-
33%
per annum
Computer equipment
-
33%
per annum

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

 
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

 
2.7

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 4

 


DRIVE INC LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

  
2.10

Pension costs

The company has entered into pension fund arrangements for the benefit of its director. Contributions made by the company and its employees are administerered by trustees in a fund independent from the company's assets.
Contributions are charged to the Statement of Income as incurred.

 
2.11

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.


3.


Employees

The average monthly number of employees, including directors, during the year was 9 (2022 - 11).


4.


Tangible fixed assets





Plant and machinery etc.

£



Cost or valuation


At 1 March 2022
345,215



At 28 February 2023

345,215



Depreciation


At 1 March 2022
345,215



At 28 February 2023

345,215



Net book value



At 28 February 2023
-



At 28 February 2022
-

Page 5

 


DRIVE INC LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

5.


Debtors

2023
2022
£
£


Trade debtors
341,916
223,326

Other debtors
21,532
12,641

Prepayments and accrued income
26,366
23,946

389,814
259,913



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
40,000
40,000

Trade creditors
68,184
72,445

Other taxation and social security
64,309
74,932

Other creditors
3,669
3,413

Accruals and deferred income
62,642
39,943

238,804
230,733



7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
93,333
133,333

93,333
133,333


 
Page 6