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REGISTERED NUMBER: 03945248 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 JULY 2023

FOR

DRIVEOVER LTD

DRIVEOVER LTD (REGISTERED NUMBER: 03945248)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 JULY 2023










Page

Statement of Financial Position 1 to 2

Notes to the Financial Statements 3 to 7


DRIVEOVER LTD (REGISTERED NUMBER: 03945248)

STATEMENT OF FINANCIAL POSITION
29 JULY 2023

29.7.23 29.7.22
Notes £    £   
FIXED ASSETS
Property, plant and equipment 4 1,296 3,327
Investment property 5 500,000 500,000
501,296 503,327

CURRENT ASSETS
Inventories 138,867 219,732
Debtors 6 7,641 1,459
Cash at bank 81,059 74,577
227,567 295,768
CREDITORS
Amounts falling due within one year 7 (102,293 ) (123,765 )
NET CURRENT ASSETS 125,274 172,003
TOTAL ASSETS LESS CURRENT
LIABILITIES

626,570

675,330

PROVISIONS FOR LIABILITIES (324 ) (832 )
NET ASSETS 626,246 674,498

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 88,896 88,896
Retained earnings 537,250 585,502
626,246 674,498

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 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.

DRIVEOVER LTD (REGISTERED NUMBER: 03945248)

STATEMENT OF FINANCIAL POSITION - continued
29 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 Board of Directors and authorised for issue on 27 August 2024 and were signed on its behalf by:





C W Spragg - Director


DRIVEOVER LTD (REGISTERED NUMBER: 03945248)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 JULY 2023


1. STATUTORY INFORMATION

Driveover Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 03945248

Registered office: C/P DPC
Stone House
55 Stone Road Business Park
Stoke on Trent
Staffordshire
ST4 6SR

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.

The financial statements are prepared in sterling, which is the functional currency of the entity.

SIGNIFICANT JUDGEMENTS AND ESTIMATES
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Significant judgements

The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:

(i) Depreciation of tangible fixed assets

Depreciation of tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take into account estimated useful lives used by other companies operating in the sector and actual asset lives and residual values, as evidenced by disposals during the current and prior accounting periods.

(ii) Valuation of investment property

The investment property is stated in the balance sheet at fair value, based on the valuation performed by the directors. The directors are of the opinion that the year-end valuation is not materially different to the current market price observed.

DRIVEOVER LTD (REGISTERED NUMBER: 03945248)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 JULY 2023


2. ACCOUNTING POLICIES - continued

REVENUE RECOGNITION
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% reducing balance

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

INVESTMENT PROPERTY
Investment property is included at fair value and is revalued by the directors to its fair value at each reporting date. Any changes in fair value are recognised in other comprehensive income/profit or loss.

Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

If a reliable measure of fair value is no longer available without undue costs or effect for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.

STOCKS
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

DRIVEOVER LTD (REGISTERED NUMBER: 03945248)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 JULY 2023


2. ACCOUNTING POLICIES - continued

FINANCIAL INSTRUMENTS
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

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 statement of financial position date.

DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

DRIVEOVER LTD (REGISTERED NUMBER: 03945248)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 JULY 2023


2. ACCOUNTING POLICIES - continued

PROVISIONS
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Fixtures
and
fittings
£   
COST
At 30 July 2022 18,792
Disposals (8,949 )
At 29 July 2023 9,843
DEPRECIATION
At 30 July 2022 15,465
Charge for year 228
Eliminated on disposal (7,146 )
At 29 July 2023 8,547
NET BOOK VALUE
At 29 July 2023 1,296
At 29 July 2022 3,327

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 30 July 2022
and 29 July 2023 500,000
NET BOOK VALUE
At 29 July 2023 500,000
At 29 July 2022 500,000

The investment property was revalued by the directors at £500,000 at 29 July 2022. The directors consider this the fair value of the property at 29 July 2023.

DRIVEOVER LTD (REGISTERED NUMBER: 03945248)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 JULY 2023


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.7.23 29.7.22
£    £   
Other debtors 7,641 1,459

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.7.23 29.7.22
£    £   
Trade creditors 2,791 26,515
Taxation and social security 27,125 51,552
Other creditors 72,377 45,698
102,293 123,765

8. RELATED PARTY DISCLOSURES

All transactions undertaken with the directors are deemed to be conducted under normal market conditions and/or are not material.