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REGISTERED NUMBER: 03670612 (England and Wales)



















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023

FOR

DRIVING FORCE (UK) LIMITED

DRIVING FORCE (UK) LIMITED (REGISTERED NUMBER: 03670612)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 30 NOVEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


DRIVING FORCE (UK) LIMITED

COMPANY INFORMATION
for the Year Ended 30 NOVEMBER 2023







DIRECTOR: Mr R Costa





REGISTERED OFFICE: 260 - 270 Butterfield
Great Marlings
Luton
Bedfordshire
LU2 8DL





BUSINESS ADDRESS: Concorde House
Grenville Place
London
NW7 3SA





REGISTERED NUMBER: 03670612 (England and Wales)





ACCOUNTANTS: Foxley Kingham
Chartered Accountants
260 - 270 Butterfield
Great Marlings
Luton
Bedfordshire
LU2 8DL

DRIVING FORCE (UK) LIMITED (REGISTERED NUMBER: 03670612)

BALANCE SHEET
30 NOVEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 7,219 8,250
Tangible assets 5 73,581 6,699
80,800 14,949

CURRENT ASSETS
Debtors 6 148,752 267,433
Cash at bank 857,872 670,411
1,006,624 937,844
CREDITORS
Amounts falling due within one year 7 369,359 464,871
NET CURRENT ASSETS 637,265 472,973
TOTAL ASSETS LESS CURRENT
LIABILITIES

718,065

487,922

CREDITORS
Amounts falling due after more than one
year

8

(90,757

)

(25,000

)

PROVISIONS FOR LIABILITIES - (12,373 )
NET ASSETS 627,308 450,549

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 627,208 450,449
SHAREHOLDERS' FUNDS 627,308 450,549

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 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.

DRIVING FORCE (UK) LIMITED (REGISTERED NUMBER: 03670612)

BALANCE SHEET - continued
30 NOVEMBER 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 director and authorised for issue on 30 August 2024 and were signed by:





Mr R Costa - Director


DRIVING FORCE (UK) LIMITED (REGISTERED NUMBER: 03670612)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 30 NOVEMBER 2023

1. STATUTORY INFORMATION

Driving Force (UK) 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 fair value of consideration received or receivable after any trade discounts and prompt settlement discounts, excluding value added tax.

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

Registration licences are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 30% on reducing balance

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

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

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 balance sheet date.


DRIVING FORCE (UK) LIMITED (REGISTERED NUMBER: 03670612)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 NOVEMBER 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 6 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 December 2022
and 30 November 2023 10,313
AMORTISATION
At 1 December 2022 2,063
Charge for year 1,031
At 30 November 2023 3,094
NET BOOK VALUE
At 30 November 2023 7,219
At 30 November 2022 8,250

DRIVING FORCE (UK) LIMITED (REGISTERED NUMBER: 03670612)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 NOVEMBER 2023

5. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 December 2022 9,326 7,564 25,493 42,383
Additions - 72,712 4,350 77,062
At 30 November 2023 9,326 80,276 29,843 119,445
DEPRECIATION
At 1 December 2022 7,519 7,523 20,642 35,684
Charge for year 271 7,584 2,325 10,180
At 30 November 2023 7,790 15,107 22,967 45,864
NET BOOK VALUE
At 30 November 2023 1,536 65,169 6,876 73,581
At 30 November 2022 1,807 41 4,851 6,699

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
Additions 72,712
At 30 November 2023 72,712
DEPRECIATION
Charge for year 7,574
At 30 November 2023 7,574
NET BOOK VALUE
At 30 November 2023 65,138

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 136,795 266,267
Other debtors 1,159 1,166
VAT 5,592 -
Deferred tax asset 5,206 -
148,752 267,433

DRIVING FORCE (UK) LIMITED (REGISTERED NUMBER: 03670612)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 NOVEMBER 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts 6,076 -
Trade creditors 286,388 281,307
Corporation tax 53,287 102,645
Taxation and social security 4,376 2,246
VAT - 22,867
Other creditors 4,763 351
Director's loan account 469 505
Accruals and deferred income 4,000 44,950
369,359 464,871

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 1-2 years 10,000 10,000
Bank loans - 2-5 years 5,000 15,000
Hire purchase contracts 75,757 -
90,757 25,000

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase 81,842 -

The company's hire purchase creditors are secured over the assets to which they relate.

10. ULTIMATE CONTROLLING PARTY

Mr R Costa is the ultimate controlling party by virtue of his 100% shareholding.