Registered number
01779375
Drivers Limited
Filleted Accounts
31 May 2024
Drivers Limited
Registered number: 01779375
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Current assets
Debtors 3 318,327 273,248
Cash at bank and in hand 1,558 19,628
319,885 292,876
Creditors: amounts falling due within one year 4 (153,480) (104,948)
Net current assets 166,405 187,928
Total assets less current liabilities 166,405 187,928
Creditors: amounts falling due after more than one year 5 (10,000) (20,000)
Net assets 156,405 167,928
Capital and reserves
Called up share capital 100 100
Profit and loss account 156,305 167,828
Shareholders' funds 156,405 167,928
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
J Harrison
Director
Approved by the board on 6 August 2024
Drivers Limited
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 17 19
3 Debtors 2024 2023
£ £
Trade debtors 278,723 233,483
Other debtors 39,604 39,765
318,327 273,248
4 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 12,690 10,000
Trade creditors 3,240 11,839
Taxation and social security costs 75,754 60,700
Other creditors 61,796 22,409
153,480 104,948
5 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 10,000 20,000
6 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 22,690 30,000
Fixed and floating charge over all the property or undertaking of the company.
7 Other information
Drivers Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:
The Old School House
West Street
Fareham
Hampshire
PO17 6EA
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