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REGISTERED NUMBER: 09643680 (England and Wales)




UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

FOR

DRIVE 59 LIMITED

DRIVE 59 LIMITED (REGISTERED NUMBER: 09643680)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


DRIVE 59 LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2023







DIRECTORS: Mr R C Shelley MBE
Mrs G Stock
Mrs J Thake





REGISTERED OFFICE: Flat 20
Rydal Court
Stonegrove
Edgware
Middlesex
HA8 7TW





REGISTERED NUMBER: 09643680 (England and Wales)





ACCOUNTANTS: Sterlings Ltd
Chartered Accountants
Lawford House
Albert Place
London
N3 1QA

DRIVE 59 LIMITED (REGISTERED NUMBER: 09643680)

BALANCE SHEET
31 JULY 2023

2023 2022
Notes £    £   
CURRENT ASSETS
Debtors 4 732,977 694,187
Cash at bank 51,446 62,877
784,423 757,064
CREDITORS
Amounts falling due within one year 5 (504,461 ) (520,238 )
NET CURRENT ASSETS 279,962 236,826
TOTAL ASSETS LESS CURRENT
LIABILITIES

279,962

236,826

CAPITAL AND RESERVES
Called up share capital 6 100 100
Retained earnings 279,862 236,726
SHAREHOLDERS' FUNDS 279,962 236,826

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 directors acknowledge their 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.

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 Board of Directors and authorised for issue on 23 April 2024 and were signed on its behalf by:





Mr R C Shelley MBE - Director


DRIVE 59 LIMITED (REGISTERED NUMBER: 09643680)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1. STATUTORY INFORMATION

Drive 59 Limited is a private company, limited by shares , registered in England and Wales. 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Financial instruments
The company only enters into basic financial instruments that result in the recognition of financial assets or liabilities like trade debtors, other debtors, trade creditors and other creditors, loans from banks or other third parties and loans to/from related parties.

Debt instruments that consitute a financing transaction are initially measured at fair value of future payments and subsequently at amortised cost using the effective interest method. Debt instruments which are payable or receivable within one year such as trade debtors or trade creditors are measured, initially and subsequently at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit & loss account.

Taxation
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 732,977 694,187

DRIVE 59 LIMITED (REGISTERED NUMBER: 09643680)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Corporation Tax 10,226 9,460
Other loans 130,000 130,000
Directors' current accounts 351,512 365,103
Accruals and deferred income 12,723 15,675
504,461 520,238

6. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary shares £1 100 100

7. RELATED PARTY DISCLOSURES

During the year, the directors of the company advanced £2,500 (2022 - £40,010) to Drive 59 Limited and withdrew £16,091 (2022 - £12,332).

As at the balance sheet date, Drive 59 Limited owed £351,512 (2022 - £365,103) to the directors and £130,000 (2022 - £130,000) to other related parties.

There are no fixed terms in respect of the above loans and no interest is being charged.