Registered Number:10387190 |
For the year ended 31 March 2024
England and Wales
Unaudited Financial Statements
For the year ended 31 March 2024
Drive The Change Ltd
Contents Page
1
Statement of Financial Position
2 to 5
Notes to the Financial Statements
Drive The Change Ltd
Statement of Financial Position
2023
2024
Property, plant and equipment |
6,917
5,787
2
54,500
39,500
3
46,417
60,287
Trade and other receivables |
407,761
302,560
4
356,457
Cash and cash equivalents |
418,474
721,034
764,218
Trade and other payables: amounts falling due within one |
year |
(88,036)
(28,534)
5
676,182
692,500
Net current assets
Total assets less current liabilities |
738,917
736,469
Trade and other payables: amounts falling due after more |
than one year |
(34,972)
(25,999)
6
712,918
Net assets
701,497
100
100
712,818
701,397
712,918
701,497
Shareholders' funds
For the year ended 31 March 2024 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies. |
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 proper 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 Section |
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. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. |
These financial statements were approved and authorised for issue by the Board on 10 September 2024 and were signed by: |
The notes form part of these financial statements |
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For the year ended 31 March 2024
Drive The Change Ltd
Notes to the Financial Statements
Statutory Information
Drive The Change Ltd is a private limited company, limited by shares, domiciled in England and Wales, registration |
number 10387190. |
Principal place of business: |
31 The Avenue
Ickenham
Uxbridge
UB10 8NR
8 Peterborough Road
Harrow
Middlesex
HA1 2BQ
The presentation currency is £ sterling. |
Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A of Financial |
Reporting Standard 102 ''The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the |
Companies Act 2006. The financial statements have been prepared under the historical costs convention as |
modified by the revaluation of certain assets. |
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For the year ended 31 March 2024
Drive The Change Ltd
Notes to the Financial Statements Continued
Significant judgements and estimates
Tax The tax expense for the period comprises current tax. Tax is recognised in profit and 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. 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 UK. Cash & cash equivalents Cash and cash equivalents comprise cash in 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 effecive 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 accordingto the original terms of the receivables. Trade Credtitors Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of buisness from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the accounting period, to defer the settlement of the creditor 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. 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. |
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax or other similar sales taxes. 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. |
Intangible assets
The premium on the debenture is entitles the buyer to a season ticket at Wimbledon over 5 years. Accordingly the company will amortise the premium on a straightline basis over 5 years. Ther nominal value on the debenture of £2,000 is redeemable after 5 years. |
Property, plant and equipment
Property, plant and equipment, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis: |
Computer Equipment
Furniture and Fittings
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. |
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For the year ended 31 March 2024
Drive The Change Ltd
Notes to the Financial Statements Continued
2. Property, plant and equipment |
45,388
18,740
26,648
5,057
2,407
2,650
29,298
21,147
50,445
Provision for depreciation and impairment |
39,601
12,953
26,648
Charge for year
3,927
3,265
662
43,528
16,218
27,310
1,988
4,929
6,917
-
5,787
5,787
3. Investments held as fixed assets |
54,500
54,500
(15,000)
(15,000)
39,500
39,500
39,500
39,500
54,500
54,500
4. Trade and other receivables |
2023
2024
25,871
25,871
Amounts owed by group undertakings and participating interests |
-
106,469
276,689
275,421
407,761
302,560
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For the year ended 31 March 2024
Drive The Change Ltd
Notes to the Financial Statements Continued
5. Trade and other payables: amounts falling due within one year |
2023
2024
13,374
10,784
Amounts owed to group undertaking and undertaking in which the |
company has a participating interest |
4,900
-
Taxation and social security |
6,858
74,403
3,402
2,849
28,534
88,036
6. Trade and other payables: amounts falling due after more than one year |
2023
2024
25,999
34,972
7. Average number of persons employed |
During the year the average number of employees was 2 (2023 : 2)
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