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Registration number: 10540331

Companion Driving Services Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Companion Driving Services Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 8

 

Companion Driving Services Ltd

Company Information

Directors

Mrs RT Staddon

Mr JJ Staddon

Registered office

9 Waterside Way
Bersted Park
Bognor Regis
West Sussex
PO21 5FQ

Accountants

Blue Spire Limited
Chartered Accountants
Cawley Priory
South Pallant
Chichester
West Sussex
PO19 1SY

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Companion Driving Services Ltd
for the Year Ended 31 May 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Companion Driving Services Ltd for the year ended 31 May 2024 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Companion Driving Services Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Companion Driving Services Ltd and state those matters that we have agreed to state to the Board of Directors of Companion Driving Services Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Companion Driving Services Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Companion Driving Services Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Companion Driving Services Ltd. You consider that Companion Driving Services Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Companion Driving Services Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Blue Spire Limited
Chartered Accountants
Cawley Priory
South Pallant
Chichester
West Sussex
PO19 1SY

12 September 2024

 

Companion Driving Services Ltd

(Registration number: 10540331)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

9,036

10,459

Tangible assets

5

3,949

5,266

 

12,985

15,725

Current assets

 

Debtors

6

1,690

603

Cash at bank and in hand

 

2,468

5,888

 

4,158

6,491

Creditors: Amounts falling due within one year

7

(38,259)

(43,787)

Net current liabilities

 

(34,101)

(37,296)

Total assets less current liabilities

 

(21,116)

(21,571)

Creditors: Amounts falling due after more than one year

7

(2,000)

(4,000)

Net liabilities

 

(23,116)

(25,571)

Capital and reserves

 

Called up share capital

8

10

10

Retained earnings

(23,126)

(25,581)

Shareholders' deficit

 

(23,116)

(25,571)

For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 12 September 2024 and signed on its behalf by:
 

.........................................
Mrs RT Staddon
Director

.........................................
Mr JJ Staddon
Director

 
     
 

Companion Driving Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
9 Waterside Way
Bersted Park
Bognor Regis
West Sussex
PO21 5FQ

These financial statements were authorised for issue by the Board on 12 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% Reducing balance

Computer equipment

25% Straight line

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Franchise licence

15 years

 

Companion Driving Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Companion Driving Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 June 2023

17,150

17,150

At 31 May 2024

17,150

17,150

Amortisation

At 1 June 2023

6,691

6,691

Amortisation charge

1,423

1,423

At 31 May 2024

8,114

8,114

Carrying amount

At 31 May 2024

9,036

9,036

At 31 May 2023

10,459

10,459

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2023

460

25,791

26,251

At 31 May 2024

460

25,791

26,251

Depreciation

At 1 June 2023

460

20,525

20,985

Charge for the year

-

1,317

1,317

At 31 May 2024

460

21,842

22,302

Carrying amount

At 31 May 2024

-

3,949

3,949

At 31 May 2023

-

5,266

5,266

6

Debtors

Current

2024
£

2023
£

Trade debtors

1,690

603

 

1,690

603

 

Companion Driving Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

2,000

2,000

Trade creditors

 

236

224

Accruals and deferred income

 

780

780

Other creditors

 

35,243

40,783

 

38,259

43,787

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

2,000

4,000

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Oridinary shares of £1 each

10

10

10

10

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

2,000

4,000

Current loans and borrowings

2024
£

2023
£

Bank borrowings

2,000

2,000

 

Companion Driving Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

10

Related party transactions

Transactions with directors

2024

At 1 June 2023
£

Advances to director
£

Repayments by director
£

At 31 May 2024
£

Balance owed (to)/from directors

(40,754)

23,711

(18,200)

(35,242)

 

2023

At 1 June 2022
£

Advances to director
£

Repayments by director
£

At 31 May 2023
£

Balance owed (to)/from directors

(48,127)

25,573

(18,200)

(40,754)