Company registration number 02882328 (England and Wales)
DRIVE TRUE BRIT (FIBRES) LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
DRIVE TRUE BRIT (FIBRES) LIMITED
COMPANY INFORMATION
Director
Mr S W Richardson
Company number
02882328
Registered office
Hedley Court
Boothferry Road
Goole
East Yorkshire
United Kingdom
DN14 6AA
Accountants
Jones Cooper Limited
Hedley Court
Boothferry Road
Goole
East Yorkshire
United Kingdom
DN14 6AA
DRIVE TRUE BRIT (FIBRES) LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The director presents his annual report and financial statements for the year ended 31 December 2023.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

Mr S W Richardson
Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Mr S W Richardson
Director
28 June 2024
DRIVE TRUE BRIT (FIBRES) LIMITED
REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF DRIVE TRUE BRIT (FIBRES) LIMITED
- 2 -

The financial statements have been prepared in accordance with our terms of engagement and in order to assist you to fulfil your duties under the Companies Act that relate to preparing the financial statements of the company for the year ended 31st December 2023.

 

We have prepared these financial statements based on the accounting records, information and explanations provided by you. We do not express an opinion on the financial statements.

You have determined that the company is exempt from the statutory requirement for an audit for this accounting year. Therefore, the financial statements are unaudited.

 

The financial statements are provided exclusively to the director for the limited purpose mentioned above, and may not be used or relied upon for any other purpose or by any other person, and we shall not be liable for any other usage or reliance.

Jones Cooper Limited
28 June 2024
Financial Accountants
Hedley Court
Boothferry Road
Goole
East Yorkshire
United Kingdom
DN14 6AA
DRIVE TRUE BRIT (FIBRES) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 3 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
17,496
7,051
Investment property
5
288,000
468,201
305,496
475,252
Current assets
Stocks
6
59,646
54,568
Debtors
7
42,306
56,108
Cash at bank and in hand
160,891
-
0
262,843
110,676
Creditors: amounts falling due within one year
8
(46,606)
(40,561)
Net current assets
216,237
70,115
Total assets less current liabilities
521,733
545,367
Creditors: amounts falling due after more than one year
9
(36,740)
(41,973)
Provisions for liabilities
(54,985)
(77,794)
Net assets
430,008
425,600
Capital and reserves
Called up share capital
10
100
100
Revaluation reserve
220,239
343,014
Profit and loss reserves
209,669
82,486
Total equity
430,008
425,600

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

DRIVE TRUE BRIT (FIBRES) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 4 -
The financial statements were approved and signed by the director and authorised for issue on 28 June 2024
Mr S W Richardson
Director
Company registration number 02882328 (England and Wales)
DRIVE TRUE BRIT (FIBRES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
1
Accounting policies
Company information

Drive True Brit (Fibres) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Hedley Court, Boothferry Road, Goole, East Yorkshire, United Kingdom, DN14 6AA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

1.3
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Buying Entitlements
15% Straight Line Basis
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
None
Plant and equipment
15% Reducing Balance Basis
Fixtures and fittings
15% Reducing Balance Basis
Motor vehicles
25% Reducing Balance Basis
DRIVE TRUE BRIT (FIBRES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

DRIVE TRUE BRIT (FIBRES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
2
3
Intangible fixed assets
Other
£
Cost
At 1 January 2023 and 31 December 2023
1,860
Amortisation and impairment
At 1 January 2023 and 31 December 2023
1,860
Carrying amount
At 31 December 2023
-
0
At 31 December 2022
-
0
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023
3,435
24,709
28,144
Additions
-
0
17,995
17,995
Disposals
-
0
(7,995)
(7,995)
At 31 December 2023
3,435
34,709
38,144
Depreciation and impairment
At 1 January 2023
3,435
17,658
21,093
Depreciation charged in the year
-
0
3,053
3,053
Eliminated in respect of disposals
-
0
(3,498)
(3,498)
At 31 December 2023
3,435
17,213
20,648
Carrying amount
At 31 December 2023
-
0
17,496
17,496
At 31 December 2022
-
0
7,051
7,051
DRIVE TRUE BRIT (FIBRES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
5
Investment property
2023
£
Fair value
At 1 January 2023
468,201
Disposals
(49,701)
Revaluations
(130,500)
At 31 December 2023
288,000

 

The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

6
Stocks
2023
2022
£
£
Stocks
59,646
54,568
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
3,434
40,634
Other debtors
38,872
15,474
42,306
56,108
8
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
75
23,626
Trade creditors
15,847
1,759
Corporation tax
28,322
8,407
Other taxation and social security
-
0
4,163
Other creditors
2,362
2,606
46,606
40,561
9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
36,740
41,973
DRIVE TRUE BRIT (FIBRES) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
10
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
100
100
100
100
11
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Directors Loan Account
-
14,007
40,384
(34,443)
19,948
14,007
40,384
(34,443)
19,948
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