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REGISTERED NUMBER: 11136681 (England and Wales)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024

FOR

DRIVE 45 LIMITED

DRIVE 45 LIMITED (REGISTERED NUMBER: 11136681)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024




Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 6


DRIVE 45 LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2024







DIRECTORS: Mr Rodney Victor Addis
Mr Dave Ian Smith
Mr Michael Victor Smith





REGISTERED OFFICE: 123 Wellington Road South
Stockport
Greater Manchester
SK1 3TH





REGISTERED NUMBER: 11136681 (England and Wales)





ACCOUNTANTS: Allens Accountants Limited
Chartered Accountants
123 Wellington Road South
Stockport
Cheshire
SK1 3TH

DRIVE 45 LIMITED (REGISTERED NUMBER: 11136681)

BALANCE SHEET
31 JANUARY 2024

31/1/24 31/1/23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,192 1,779

CURRENT ASSETS
Debtors 5 3,421 2,142
Cash at bank 1,879 906
5,300 3,048
CREDITORS
Amounts falling due within one year 6 45,241 45,200
NET CURRENT LIABILITIES (39,941 ) (42,152 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(38,749

)

(40,373

)

CAPITAL AND RESERVES
Called up share capital 8 300 300
Retained earnings (39,049 ) (40,673 )
SHAREHOLDERS' FUNDS (38,749 ) (40,373 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 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 45 LIMITED (REGISTERED NUMBER: 11136681)

BALANCE SHEET - continued
31 JANUARY 2024


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 Board of Directors and authorised for issue on 30 October 2024 and were signed on its behalf by:




Mr Michael Victor Smith - Director Mr Rodney Victor Addis - Director




Mr Dave Ian Smith - Director


DRIVE 45 LIMITED (REGISTERED NUMBER: 11136681)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1. STATUTORY INFORMATION

Drive 45 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.

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.

Going Concern
During the year the company met its working capital requirements through financial assistance provided by the company's directors. The directors have indicated that they will continue to provide the financial support considered necessary and have no intention of withdrawing their support until the company has improved its position. The directors consider that with their continued support and a significant improvement in trading conditions the company will return to profitability and will continue in operational existence for the foreseeable future. On this basis the directors are of the opinion that it is appropriate to prepare the financial statements on a going concern basis.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on reducing balance

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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

DRIVE 45 LIMITED (REGISTERED NUMBER: 11136681)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 February 2023
and 31 January 2024 3,750
DEPRECIATION
At 1 February 2023 1,971
Charge for year 587
At 31 January 2024 2,558
NET BOOK VALUE
At 31 January 2024 1,192
At 31 January 2023 1,779

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/1/24 31/1/23
£    £   
Trade debtors 2,880 1,800
Other debtors 541 342
3,421 2,142

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/1/24 31/1/23
£    £   
Trade creditors - 1,482
Taxation and social security 484 165
Other creditors 44,757 43,553
45,241 45,200

7. SECURED DEBTS

The following secured debts are included within creditors:

31/1/24 31/1/23
£    £   
Other creditors 15,000 15,000

The amount shown as other creditors is a secured loan to the company from Centro Consulting Limited. The debenture is covered by a floating charge over all the property or undertakings of the company.

DRIVE 45 LIMITED (REGISTERED NUMBER: 11136681)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2024

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31/1/24 31/1/23
value: £    £   
100 Ordinary A £1 100 100
200 Ordinary B £1 200 200
300 300