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Registration number: 07119633

Acceleration Driver Development Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 January 2024

 

Acceleration Driver Development Limited

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Abridged Balance Sheet

4

Notes to the Unaudited Abridged Financial Statements

5 to 9

 

Acceleration Driver Development Limited

Company Information

Director

Mr F J Sheader

Registered office

12 Coxwell Street
Cirencester
Gloucestershire
GL7 2BH

Accountants

Abtax CA Limited
Certified Accountants
The Joiners Shop The Historic Dockyard
Main Gate Road
Chatham
Kent
ME4 4TZ

 

Acceleration Driver Development Limited

Director's Report for the Year Ended 31 January 2024

The director presents his report and the abridged financial statements for the year ended 31 January 2024.

Director of the company

The director who held office during the year was as follows:

Mr F J Sheader

Principal activity

The principal activity of the company is Motor racing

Small companies provision statement

This report has 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 director on 16 September 2024
 

.........................................
Mr F J Sheader
Director

 

Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Acceleration Driver Development Limited
for the Year Ended 31 January 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Acceleration Driver Development Limited for the year ended 31 January 2024 as set out on pages 4 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of Acceleration Driver Development Limited, 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 Acceleration Driver Development Limited and state those matters that we have agreed to state to the Board of Directors of Acceleration Driver Development Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Acceleration Driver Development Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Acceleration Driver Development Limited 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 Acceleration Driver Development Limited. You consider that Acceleration Driver Development Limited 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 Acceleration Driver Development Limited. 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.

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

Abtax CA Limited
Certified Accountants
The Joiners Shop The Historic Dockyard
Main Gate Road
Chatham
Kent
ME4 4TZ

16 September 2024

 

Acceleration Driver Development Limited

(Registration number: 07119633)
Abridged Balance Sheet as at 31 January 2024

Share capital
£

Profit and loss account
£

Total
£

At 1 February 2023

100

397,854

397,954

Profit for the year

-

635,548

635,548

Total comprehensive income

-

635,548

635,548

Dividends

-

(146,722)

(146,722)

At 31 January 2024

100

886,680

886,780

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

Director's 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 director acknowledges his 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.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 16 September 2024
 

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

Mr F J Sheader

Director

 

Acceleration Driver Development Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2024

1

General information

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

The address of its registered office is:
12 Coxwell Street
Cirencester
Gloucestershire
GL7 2BH
England

These financial statements were authorised for issue by the director on 16 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 abridged 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 abridged 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.

Foreign currency transactions and balances

Monetary assets and liabiities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange difference are included to the profit and loss account.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Acceleration Driver Development Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

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

Office Equipment

Straight Line Basis 25%

Vehicles

Straight Line Basis 25%

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

License Plate

SLB 2%

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.

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.

 

Acceleration Driver Development Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2024

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2023 - 3).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

95,011

51,166

 

Acceleration Driver Development Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2024

5

Intangible assets

Total
£

Cost or valuation

At 1 February 2023

5,646

At 31 January 2024

5,646

Amortisation

Carrying amount

At 31 January 2024

5,646

At 31 January 2023

5,646

6

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2023

95,989

272,898

368,887

Additions

9,548

226,555

236,103

Disposals

-

(140,115)

(140,115)

At 31 January 2024

105,537

359,338

464,875

Depreciation

At 1 February 2023

93,199

173,025

266,224

Charge for the year

5,177

89,834

95,011

Eliminated on disposal

-

(124,541)

(124,541)

At 31 January 2024

98,376

138,318

236,694

Carrying amount

At 31 January 2024

7,161

221,020

228,181

At 31 January 2023

2,790

99,873

102,663

7

Debtors

Debtors includes £Nil (2023 - £Nil) due after more than one year.

8

Share capital

Allotted, called up and fully paid shares

 

Acceleration Driver Development Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2024

2024

2023

No.

£

No.

£

Ordinary share of £1 each

100

100

100

100