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REGISTERED NUMBER: 04119206 (England and Wales)











ABRIDGED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

DRIVE (EDGWARE) LTD.

DRIVE (EDGWARE) LTD. (REGISTERED NUMBER: 04119206)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Abridged Statement of Financial Position 2

Notes to the Financial Statements 4


DRIVE (EDGWARE) LTD.

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: P A Tobin
Mrs M C Tobin





SECRETARY: Mrs M C Tobin





REGISTERED OFFICE: 2 Mountside
Stanmore
Middlesex
HA7 2DT





REGISTERED NUMBER: 04119206 (England and Wales)





ACCOUNTANTS: Mountsides Limited
Chartered Accountants
2 Mountside
Stanmore
Middlesex
HA7 2DT

DRIVE (EDGWARE) LTD. (REGISTERED NUMBER: 04119206)

ABRIDGED STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 5 45,355 60,586

CURRENT ASSETS
Debtors 1,703,989 1,972,938
Cash at bank 1,057,815 1,012,302
2,761,804 2,985,240
CREDITORS
Amounts falling due within one year (710,722 ) (969,319 )
NET CURRENT ASSETS 2,051,082 2,015,921
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,096,437

2,076,507

CREDITORS
Amounts falling due after more than one
year

(20,354

)

(37,104

)
NET ASSETS 2,076,083 2,039,403

CAPITAL AND RESERVES
Called up share capital 7 100 100
Retained earnings 2,075,983 2,039,303
SHAREHOLDERS' FUNDS 2,076,083 2,039,403

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

DRIVE (EDGWARE) LTD. (REGISTERED NUMBER: 04119206)

ABRIDGED STATEMENT OF FINANCIAL POSITION - continued
31 DECEMBER 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 September 2024 and were signed on its behalf by:





Mrs M C Tobin - Director


DRIVE (EDGWARE) LTD. (REGISTERED NUMBER: 04119206)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Drive (Edgware) Ltd. 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
The financial statements have been prepared under the historical cost convention.

TURNOVER
Turnover represents revenue recognised by the company in respect of general construction services provided during the year, exclusive of value added tax and discounts.

Turnover from construction contracts is recognised on an individual contract basis based on work certified and to the extent that it is probable that it will be recoverable.

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.
Plant and machinery - 20% on reducing balance
Motor vehicles - 20% on reducing balance

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 statement of financial position date.

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.

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.

DRIVE (EDGWARE) LTD. (REGISTERED NUMBER: 04119206)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


3. ACCOUNTING POLICIES - continued

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.

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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 January 2023 152,730
Disposals (1,200 )
At 31 December 2023 151,530
DEPRECIATION
At 1 January 2023 92,144
Charge for year 15,017
Eliminated on disposal (986 )
At 31 December 2023 106,175
NET BOOK VALUE
At 31 December 2023 45,355
At 31 December 2022 60,586

DRIVE (EDGWARE) LTD. (REGISTERED NUMBER: 04119206)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals
£   
COST
At 1 January 2023
and 31 December 2023 39,750
DEPRECIATION
At 1 January 2023 1,656
Charge for year 9,524
At 31 December 2023 11,180
NET BOOK VALUE
At 31 December 2023 28,570
At 31 December 2022 38,094

6. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 12,936 19,686

Liabilities arising on assets acquired under hire purchase contracts are secured on the respective assets.

The company has bank overdraft facilities in place, which are secured by a combination of legal, fixed and floating charges over the assets of the company and personal guarantee and security provided by one of the directors.

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1.00 100 100