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REGISTERED NUMBER: 07932750 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

ELITE DRIVERS LTD

ELITE DRIVERS LTD (REGISTERED NUMBER: 07932750)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


ELITE DRIVERS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTOR: J Rigg





REGISTERED OFFICE: William James House (Unit 9)
Cowley Road
Cambridge
CB4 0WX





REGISTERED NUMBER: 07932750 (England and Wales)





ACCOUNTANTS: Prentis & Co LLP
Chartered Accountants
115c Milton Road
Cambridge
CB4 1XE

ELITE DRIVERS LTD (REGISTERED NUMBER: 07932750)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £   
CURRENT ASSETS
Debtors 6 94,746 94,433
Cash at bank 5,661 11,102
100,407 105,535
CREDITORS
Amounts falling due within one year 7 99,316 125,490
NET CURRENT ASSETS/(LIABILITIES) 1,091 (19,955 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,091

(19,955

)

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 1,089 (19,957 )
SHAREHOLDERS' FUNDS 1,091 (19,955 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 5 August 2024 and were signed by:





J Rigg - Director


ELITE DRIVERS LTD (REGISTERED NUMBER: 07932750)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Elite Drivers Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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

Taxation
Taxation for the year comprises current tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Franchise
The franchise fee, being the amount paid for the acquisition of the franchise is amortised over the life of the franchise at a rate of 14% per annum on a straight line basis.

Factored debts
The company has a factor agreement. Its book debts can be factored out at a certain agreed percentage of their gross worth including VAT. All trade debtors approved by the factors are factored. Amounts owed to the factor company are disclosed separately under creditors. No significant risk has been passed on.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2023 - 20 ) .

ELITE DRIVERS LTD (REGISTERED NUMBER: 07932750)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

4. INTANGIBLE FIXED ASSETS
Franchise
£   
COST
At 1 April 2023
and 31 March 2024 150,000
AMORTISATION
At 1 April 2023
and 31 March 2024 150,000
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 -

5. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 April 2023
and 31 March 2024 5,882
DEPRECIATION
At 1 April 2023
and 31 March 2024 5,882
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 -

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 89,314 80,617
Other debtors 5,432 -
Accrued income - 13,816
94,746 94,433

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 8,321 8,980
Tax 19,544 12,872
Social security and other taxes 10,646 11,812
VAT 46,258 45,689
Other creditors - 32,622
Directors' current accounts 257 228
Accruals 14,290 13,287
99,316 125,490

ELITE DRIVERS LTD (REGISTERED NUMBER: 07932750)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

8. RELATED PARTY DISCLOSURES

During the year, total dividends of £47,200 (2023 - £52,500) were paid to the directors .

9. ULTIMATE CONTROLLING PARTY

The ultimate controlling parties are J Rigg and the estate of M O'Dell by virtue of their 100% joint ownership of the issued ordinary share capital of the company.

10. DEBENTURE

A debenture exists in favour of Abn Amro Commercial Finance PLC who factor the company's debts. The debenture covers a fixed and floating charge over all the company's assets. The amount outstanding at the year end included in debtors is £5,282. (The comparative amount in 2023 included under creditors that was secured is £32,622)