Registered number: 03608196 | ||||||||
FOR THE YEAR ENDED 31/03/2023 | ||||||||
(Ceased trading 31/03/2023) | ||||||||
Prepared By: | ||||||||
Somersby Consulting Limited | ||||||||
Accountants and Tax Advisors | ||||||||
Unit 2 Sherbrook Enterprise | ||||||||
100 Sherbrook Road | ||||||||
Daybrook | ||||||||
Nottingham | ||||||||
NG5 6AB |
Drivers Relief! Ltd | ||||||||
ACCOUNTS | ||||||||
FOR THE YEAR ENDED 31/03/2023 | ||||||||
DIRECTORS | ||||||||
REGISTERED OFFICE | ||||||||
Nottingham | ||||||||
COMPANY DETAILS | ||||||||
Private company limited by shares registered in EW - England and Wales, registered number 03608196 | ||||||||
ACCOUNTANTS | ||||||||
Somersby Consulting Limited | ||||||||
Accountants and Tax Advisors | ||||||||
Unit 2 Sherbrook Enterprise | ||||||||
100 Sherbrook Road | ||||||||
Daybrook | ||||||||
Nottingham | ||||||||
NG5 6AB |
Drivers Relief! Ltd | ||||||||
ACCOUNTS | ||||||||
FOR THEYEARENDED31/03/2023 | ||||||||
CONTENTS | ||||||||
Page | ||||||||
Balance Sheet | 3 | |||||||
Notes To The Accounts | 4 |
Drivers Relief! Ltd | ||||||||
BALANCE SHEET AT | ||||||||||
2023 | 2022 | |||||||||
Notes | £ | £ | ||||||||
FIXED ASSETS | ||||||||||
Intangible assets | 3 | |||||||||
Tangible assets | 4 | |||||||||
CURRENT ASSETS | ||||||||||
Stock | 5 | |||||||||
Debtors | 6 | |||||||||
Cash at bank and in hand | ||||||||||
100 | 339,230 | |||||||||
CREDITORS: Amounts falling due within one year | 7 | |||||||||
NET CURRENT ASSETS | 76,953 | |||||||||
TOTAL ASSETS LESS CURRENT LIABILITIES | ||||||||||
CAPITAL AND RESERVES | ||||||||||
Called up share capital | 8 | |||||||||
Profit and loss account | - | 140,928 | ||||||||
SHAREHOLDERS' FUNDS | ||||||||||
Approved by the board on | ||||||||||
............................. | ||||||||||
Director | ||||||||||
Drivers Relief! Ltd | ||||||||
NOTES TO THE ACCOUNTS | ||||||||||
FOR THE YEAR ENDED 31/03/2023 | ||||||||||
1. ACCOUNTING POLICIES |
1a. General Information | ||||||||
Drivers Relief! Ltd is a private company, limited by shares and registered in England and Wales. The registered office address is stated on page 1 of these accounts. The company's principle activity is that of temporary employment agency activities. |
1b. 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 years presented, unless otherwise stated. |
1c. Basis Of Accounting Frs 102 1a | ||||||||
The accounts have been prepared under the historical cost convention except that as disclosed in the accounting policies certain items shown at fair value. | ||||||||
The accounts have been prepared in accordance with FRS102 section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006. |
1d. Revenue Recognition | ||||||||
Revenue is measured at 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. |
1e. Government Grants | ||||||||
Government grants in relation to tangible fixed assets are credited to the profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are recognised in profit and loss when the expenditure is incurred. |
1f. Taxation | ||||||||
Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. |
Drivers Relief! Ltd | ||||||||
1g. Tangible Fixed 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. |
1h. Depreciation | ||||||||
Office Equipment | straight line20% |
1i. Goodwill | ||||||||
Goodwill is amortised over its estimated economic life to a maximum of 10 years. |
1j. Cash And Cash Equivalents | ||||||||
Cash and cash equivalents comprise cash on hand and all 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. |
1k. Trade Debtors | ||||||||
Trade debtors are amounts due from customers for products 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 metho, 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. |
1l. Stocks | ||||||||
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Costs are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. | ||||||||
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 the profit and loss. |
Drivers Relief! Ltd | ||||||||
1m. Trade Creditors | ||||||||
Trade creditors are obligations to pay for goods or services that have bee 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 repoting 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. |
1n. 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 of the Profit and Loss Account over the period of the relevant borrowing. | ||||||||
Interest expense is recognised on the basis of the cost 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. |
1o. Pension Costs | ||||||||
The company operates a defined contribution pension scheme. The pension charge represents the amounts payable by the company to the fund in respect of the year. |
1p. Leasing Commitments | ||||||||
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account on a straight line basis. |
1q. Financial Instruments | ||||||||
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in the profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in the profit and loss. |
Drivers Relief! Ltd | ||||||||
2. EMPLOYEES | ||||||
2023 | 2022 | |||||
No. | No. | |||||
Average number of employees | 62 | |||||
3. INTANGIBLE FIXED ASSETS | ||||
Goodwill | Total | |||
£ | £ | |||
Cost | ||||
At 01/04/2022 | 90,000 | 90,000 | ||
Disposals | (90,000) | (90,000) | ||
At 31/03/2023 | - | - | ||
Depreciation | ||||
At 01/04/2022 | 27,000 | 27,000 | ||
Disposals | (36,000) | (36,000) | ||
For the year | 9,000 | 9,000 | ||
At 31/03/2023 | - | - | ||
Net Book Amounts | ||||
At 31/03/2023 | ||||
At 31/03/2022 | ||||
4. TANGIBLE FIXED ASSETS | ||||
Office | ||||
Equipment | Total | |||
£ | £ | |||
Cost | ||||
At 01/04/2022 | 2,131 | 2,131 | ||
Disposals | (2,131) | (2,131) | ||
At 31/03/2023 | - | - | ||
Depreciation | ||||
At 01/04/2022 | 1,056 | 1,056 | ||
Disposals | (1,482) | (1,482) | ||
For the year | 426 | 426 | ||
At 31/03/2023 | - | - | ||
Net Book Amounts | ||||
At 31/03/2023 | - | |||
At 31/03/2022 | 1,075 | |||
Drivers Relief! Ltd | ||||||||
5. STOCK | 2023 | 2022 | ||||
£ | £ | |||||
Stock comprises: | ||||||
Stock | ||||||
Work in progress | ||||||
6. DEBTORS | 2023 | 2022 | ||||||
£ | £ | |||||||
Amounts falling due within one year | ||||||||
Trade debtors | - | 175,519 | ||||||
Other debtors | - | 502 | ||||||
Amounts due from group companies | 100 | - | ||||||
Prepayments and accrued income | - | 4,300 | ||||||
100 | 180,321 | |||||||
7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||||||
2023 | 2022 | |||||||
£ | £ | |||||||
UK corporation tax | - | 22,340 | ||||||
VAT | - | 4,681 | ||||||
Directors current account | - | 66,056 | ||||||
Trade creditors | - | 72,756 | ||||||
Accruals and deferred income | - | 96,444 | ||||||
- | 262,277 | |||||||
8. SHARE CAPITAL | 2023 | 2022 | ||||||
£ | £ | |||||||
Allotted, issued and fully paid: | ||||||||
1 | 1 | |||||||
1 | 1 | |||||||
1 | 1 | |||||||
97 | 97 | |||||||
100 | 100 | |||||||
Drivers Relief! Ltd | ||||||||
9. RELATED PARTY TRANSACTIONS | |||||||||||||||||||||||||||||||||||||
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