Caseware UK (AP4) 2022.0.179 2022.0.179 2023-08-312023-08-31falsefalse2022-09-01No description of principal activity55trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 05481503 2022-09-01 2023-08-31 05481503 2021-09-01 2022-08-31 05481503 2023-08-31 05481503 2022-08-31 05481503 c:Director1 2022-09-01 2023-08-31 05481503 c:Director2 2022-09-01 2023-08-31 05481503 d:PlantMachinery 2022-09-01 2023-08-31 05481503 d:PlantMachinery 2023-08-31 05481503 d:PlantMachinery 2022-08-31 05481503 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 05481503 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2022-09-01 2023-08-31 05481503 d:MotorVehicles 2022-09-01 2023-08-31 05481503 d:MotorVehicles 2023-08-31 05481503 d:MotorVehicles 2022-08-31 05481503 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 05481503 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-09-01 2023-08-31 05481503 d:FurnitureFittings 2022-09-01 2023-08-31 05481503 d:FurnitureFittings 2023-08-31 05481503 d:FurnitureFittings 2022-08-31 05481503 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 05481503 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2022-09-01 2023-08-31 05481503 d:OfficeEquipment 2022-09-01 2023-08-31 05481503 d:OfficeEquipment 2023-08-31 05481503 d:OfficeEquipment 2022-08-31 05481503 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 05481503 d:OfficeEquipment d:LeasedAssetsHeldAsLessee 2022-09-01 2023-08-31 05481503 d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 05481503 d:LeasedAssetsHeldAsLessee 2022-09-01 2023-08-31 05481503 d:Goodwill 2022-09-01 2023-08-31 05481503 d:Goodwill 2023-08-31 05481503 d:Goodwill 2022-08-31 05481503 d:CurrentFinancialInstruments 2023-08-31 05481503 d:CurrentFinancialInstruments 2022-08-31 05481503 d:Non-currentFinancialInstruments 2023-08-31 05481503 d:Non-currentFinancialInstruments 2022-08-31 05481503 d:CurrentFinancialInstruments d:WithinOneYear 2023-08-31 05481503 d:CurrentFinancialInstruments d:WithinOneYear 2022-08-31 05481503 d:Non-currentFinancialInstruments d:AfterOneYear 2023-08-31 05481503 d:Non-currentFinancialInstruments d:AfterOneYear 2022-08-31 05481503 d:ShareCapital 2023-08-31 05481503 d:ShareCapital 2022-08-31 05481503 d:RetainedEarningsAccumulatedLosses 2023-08-31 05481503 d:RetainedEarningsAccumulatedLosses 2022-08-31 05481503 c:FRS102 2022-09-01 2023-08-31 05481503 c:AuditExempt-NoAccountantsReport 2022-09-01 2023-08-31 05481503 c:FullAccounts 2022-09-01 2023-08-31 05481503 c:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 05481503 d:HirePurchaseContracts d:WithinOneYear 2023-08-31 05481503 d:HirePurchaseContracts d:WithinOneYear 2022-08-31 05481503 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-08-31 05481503 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-08-31 05481503 2 2022-09-01 2023-08-31 05481503 d:AcceleratedTaxDepreciationDeferredTax 2023-08-31 05481503 d:AcceleratedTaxDepreciationDeferredTax 2022-08-31 05481503 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-08-31 05481503 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-08-31 05481503 d:LeasedAssetsHeldAsLessee 2023-08-31 05481503 d:LeasedAssetsHeldAsLessee 2022-08-31 05481503 d:Goodwill d:OwnedIntangibleAssets 2022-09-01 2023-08-31 iso4217:GBP xbrli:pure

Registered number: 05481503










FIRST SELF DRIVE LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

 
FIRST SELF DRIVE LIMITED
REGISTERED NUMBER: 05481503

STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
8,453
12,503

Tangible assets
 5 
1,055,192
983,208

  
1,063,645
995,711

Current assets
  

Stocks
  
2,250
2,250

Debtors: amounts falling due within one year
 6 
28,920
34,073

Cash at bank and in hand
  
73,643
187,536

  
104,813
223,859

Creditors: amounts falling due within one year
 7 
(566,172)
(541,578)

Net current liabilities
  
 
 
(461,359)
 
 
(317,719)

Total assets less current liabilities
  
602,286
677,992

Creditors: amounts falling due after more than one year
 8 
(240,329)
(356,973)

Provisions for liabilities
  

Deferred tax
 10 
(123,994)
(146,699)

  
 
 
(123,994)
 
 
(146,699)

Net assets
  
237,963
174,320


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
237,863
174,220

  
237,963
174,320


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.

Page 1

 
FIRST SELF DRIVE LIMITED
REGISTERED NUMBER: 05481503
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 AUGUST 2023

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 income statement 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 on 12 January 2024.




................................................
S Howard
................................................
J M Howes
Director
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
FIRST SELF DRIVE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

1.


General information

First Self Drive Limited is a private company limited by shares and incorporated in England and Wales, registration number 05481503. The registered office is 7 Paddock Street, Norwich, Norfolk, NR2 4TW

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 financial statements are presented in sterling which is the fuctional currency of the company and rounded to the nearest £.
The signifcant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

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 Income statement in the same period as the related expenditure.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
FIRST SELF DRIVE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.5

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.

 
2.6

Borrowing costs

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

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Current and deferred taxation

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

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 4

 
FIRST SELF DRIVE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.9

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Income statement over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.10

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. 

Depreciation is provided on the following basis:

Plant and machinery
-
25%
reducing balance
Motor vehicles
-
20%
reducing balance
Fixtures and fittings
-
10%
straight line
Office equipment
-
33%
straight line

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is 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.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 5

 
FIRST SELF DRIVE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial position.

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.


3.


Employees

The average monthly number of employees, including directors, during the year was 5 (2022 - 5).

Page 6

 
FIRST SELF DRIVE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

4.


Intangible assets




Goodwill

£



Cost


At 1 September 2022
81,000



At 31 August 2023

81,000



Amortisation


At 1 September 2022
68,497


Charge for the year on owned assets
4,050



At 31 August 2023

72,547



Net book value



At 31 August 2023
8,453



At 31 August 2022
12,503



Page 7

 
FIRST SELF DRIVE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

5.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 September 2022
21,309
1,407,395
18,831
16,702
1,464,237


Additions
2,929
634,914
-
210
638,053


Disposals
-
(433,795)
-
-
(433,795)



At 31 August 2023

24,238
1,608,514
18,831
16,912
1,668,495



Depreciation


At 1 September 2022
20,270
426,548
18,831
15,380
481,029


Charge for the year on owned assets
992
15,594
-
908
17,494


Charge for the year on financed assets
-
247,261
-
-
247,261


Disposals
-
(132,481)
-
-
(132,481)



At 31 August 2023

21,262
556,922
18,831
16,288
613,303



Net book value



At 31 August 2023
2,976
1,051,592
-
624
1,055,192



At 31 August 2022
1,039
980,847
-
1,322
983,208

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Motor vehicles
959,281
883,672

959,281
883,672

Page 8

 
FIRST SELF DRIVE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

6.


Debtors

2023
2022
£
£


Trade debtors
22,159
22,834

Other debtors
-
5,417

Prepayments and accrued income
6,761
5,822

28,920
34,073



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
2,373
439

Bank loans
37,500
37,500

Payments received on account
1,826
3,526

Trade creditors
12,586
13,607

Corporation tax
85,044
34,724

Other taxation and social security
37,231
9,514

Obligations under finance lease and hire purchase contracts
388,880
431,881

Other creditors
732
1,508

Accruals and deferred income
-
8,879

566,172
541,578


Page 9

 
FIRST SELF DRIVE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
588
40,625

Net obligations under finance leases and hire purchase contracts
189,741
316,348

Other creditors
50,000
-

240,329
356,973


The following liabilities were secured:




Details of security provided:

Included in Net obligations under finance leases and hire purchase contracts are secured creditors of £578,621 (2022: £748,229), all of which is secured against the assets themselves.


9.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
430,052
470,930

Between 1-5 years
212,781
348,657

642,833
819,587

Page 10

 
FIRST SELF DRIVE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

10.


Deferred taxation




2023


£






At beginning of year
(146,699)


Charged to profit or loss
22,705



At end of year
(123,994)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(123,994)
(146,699)

(123,994)
(146,699)

 
Page 11