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REGISTERED NUMBER: 06060119 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

WALLACE DRIVING ACADEMY LIMITED

WALLACE DRIVING ACADEMY LIMITED (REGISTERED NUMBER: 06060119)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


WALLACE DRIVING ACADEMY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTOR: R Wallace





SECRETARY: Mrs N Wallace





REGISTERED OFFICE: 61 Station Road
Sudbruy
Suffolk
CO10 2SP





REGISTERED NUMBER: 06060119 (England and Wales)





ACCOUNTANTS: Seago and Stopps
Chartered Certified Accountants
61 Station Road
Sudbury
Suffolk
CO10 2SP

WALLACE DRIVING ACADEMY LIMITED (REGISTERED NUMBER: 06060119)

BALANCE SHEET
31 MARCH 2024

31.3.23 31.3.24
£    £    Notes £    £   
FIXED ASSETS
31,234 Tangible assets 4 24,323

CURRENT ASSETS
2,631 Debtors 5 5,772
4,945 Cash at bank 6,069
7,576 11,841
CREDITORS
12,989 Amounts falling due within one year 6 22,658
(5,413 ) NET CURRENT LIABILITIES (10,817 )
25,821 TOTAL ASSETS LESS CURRENT
LIABILITIES

13,506

CREDITORS
(19,562 ) Amounts falling due after more than one
year

7

(8,671

)

(5,952 ) PROVISIONS FOR LIABILITIES (4,621 )
307 NET ASSETS 214

CAPITAL AND RESERVES
100 Called up share capital 100
207 Retained earnings 114
307 SHAREHOLDERS' FUNDS 214

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.

WALLACE DRIVING ACADEMY LIMITED (REGISTERED NUMBER: 06060119)

BALANCE SHEET - continued
31 MARCH 2024


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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 8 August 2024 and were signed by:





R Wallace - Director


WALLACE DRIVING ACADEMY LIMITED (REGISTERED NUMBER: 06060119)

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

1. STATUTORY INFORMATION

Wallace Driving Academy 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.

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 represents the amounts received during the year in respect of driving tuition given to pupils.

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% reducing balance
Motor vehicles - 25% reducing balance

Financial instruments
The company enters into basic financial instrument transactions, as appropriate and as and when required, that result in the recognition of financial assets and liabilities within the financial statements such as trade and other accounts receivable and payable, bank loans and hire purchase and leasing contracts.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

WALLACE DRIVING ACADEMY LIMITED (REGISTERED NUMBER: 06060119)

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

2. ACCOUNTING POLICIES - continued

Financial instruments
The company enters into basic financial instrument transactions, as appropriate and as and when required, that result in the recognition of financial assets and liabilities within the financial statements such as trade and other accounts receivable and payable, bank loans and hire purchase and lease contracts.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4. TANGIBLE FIXED ASSETS
Motor Computer
Totals vehicles equipment
£    £    £   
COST
At 1 April 2023 42,792 38,732 4,060
Additions 1,199 - 1,199
At 31 March 2024 43,991 38,732 5,259
DEPRECIATION
At 1 April 2023 11,558 9,683 1,875
Charge for year 8,110 7,262 848
At 31 March 2024 19,668 16,945 2,723
NET BOOK VALUE
At 31 March 2024 24,323 21,787 2,536
At 31 March 2023 31,234 29,049 2,185

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Other debtors 5,772 2,631

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Hire purchase contracts 10,891 10,891
Taxation and social security 9,588 213
Other creditors 2,179 1,885
22,658 12,989

WALLACE DRIVING ACADEMY LIMITED (REGISTERED NUMBER: 06060119)

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

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.3.24 31.3.23
£    £   
Hire purchase contracts 8,671 19,562

8. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Hire purchase contracts 19,562 30,453

Liabilities generated under hire purchase contracts are secured against the asset upon which the liability was originally created.