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REGISTERED NUMBER: SC541080 (Scotland)















Unaudited Financial Statements

for the Year Ended 31 July 2023

for

Geared Up Driver Ltd

Geared Up Driver Ltd (Registered number: SC541080)






Contents of the Financial Statements
for the Year Ended 31 July 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Geared Up Driver Ltd

Company Information
for the Year Ended 31 July 2023







DIRECTOR: Ms S R Stephen





REGISTERED OFFICE: 2 Watson Crescent
Peterhead
Aberdeenshire
AB42 2WS





REGISTERED NUMBER: SC541080 (Scotland)





ACCOUNTANTS: SBP
Accountants
Glebefield House
21 Links Terrace
Peterhead
Aberdeenshire
AB42 2XA

Geared Up Driver Ltd (Registered number: SC541080)

Balance Sheet
31 July 2023

31.7.23 31.7.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 13,166 17,557

CURRENT ASSETS
Debtors 5 340 510
Cash at bank 3,042 3,201
3,382 3,711
CREDITORS
Amounts falling due within one year 6 13,994 11,741
NET CURRENT LIABILITIES (10,612 ) (8,030 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,554

9,527

PROVISIONS FOR LIABILITIES 2,502 3,336
NET ASSETS 52 6,191

CAPITAL AND RESERVES
Called up share capital 10 10
Retained earnings 42 6,181
52 6,191

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Geared Up Driver Ltd (Registered number: SC541080)

Balance Sheet - continued
31 July 2023


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 27 March 2024 and were signed by:





Ms S R Stephen - Director


Geared Up Driver Ltd (Registered number: SC541080)

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

1. STATUTORY INFORMATION

Geared Up Driver Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents the amounts (excluding value added tax) derived from the provision of services to customers. Revenue is recognised at the point services are provided.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on reducing balance

Tangible fixed assets are included at cost less depreciation and impairment. The residual value is reassessed at the end of each accounting period.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

Geared Up Driver Ltd (Registered number: SC541080)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

4. TANGIBLE FIXED ASSETS
Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 August 2022
and 31 July 2023 23,385 133 23,518
DEPRECIATION
At 1 August 2022 5,846 115 5,961
Charge for year 4,385 6 4,391
At 31 July 2023 10,231 121 10,352
NET BOOK VALUE
At 31 July 2023 13,154 12 13,166
At 31 July 2022 17,539 18 17,557

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Other debtors 340 510

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Taxation and social security 6,368 1,725
Other creditors 7,626 10,016
13,994 11,741