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REGISTERED NUMBER: SC473611 (Scotland)














UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

DRIVE SHETLAND ( TRAINING ) LTD

DRIVE SHETLAND ( TRAINING ) LTD (REGISTERED NUMBER: SC473611)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3

Chartered Certified Accountants' Report 6

DRIVE SHETLAND ( TRAINING ) LTD

COMPANY INFORMATION
for the Year Ended 31 March 2024







DIRECTOR: Mr P M Petursson





REGISTERED OFFICE: 17 Hillside Brae
Gulberwick
Shetland
ZE2 9FD





REGISTERED NUMBER: SC473611 (Scotland)





ACCOUNTANTS: Acumen Accountants and Advisors Limited
Bankhead Drive
City South Office Park
Portlethen
Aberdeenshire
AB12 4XX

DRIVE SHETLAND ( TRAINING ) LTD (REGISTERED NUMBER: SC473611)

BALANCE SHEET
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 45,737 4,798
45,737 4,798

CURRENT ASSETS
Debtors 6 13,545 15,385
Cash at bank 16,511 3,268
30,056 18,653
CREDITORS
Amounts falling due within one year 7 55,877 8,493
NET CURRENT (LIABILITIES)/ASSETS (25,821 ) 10,160
TOTAL ASSETS LESS CURRENT
LIABILITIES

19,916

14,958

PROVISIONS FOR LIABILITIES 8 11,434 1,199
NET ASSETS 8,482 13,759

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 8,382 13,659
SHAREHOLDERS' FUNDS 8,482 13,759

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

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 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.

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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 3 November 2024 and were signed by:





Mr P M Petursson - Director


DRIVE SHETLAND ( TRAINING ) LTD (REGISTERED NUMBER: SC473611)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Drive Shetland ( Training ) Ltd is a private company, limited by shares , registered in Scotland. 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. 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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of four years.

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 - 25% on cost
Fixtures and fittings - 25% reducing balance
Motor vehicles - 20% on cost
Computer equipment - 33% 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 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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

DRIVE SHETLAND ( TRAINING ) LTD (REGISTERED NUMBER: SC473611)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 10,000
AMORTISATION
At 1 April 2023
and 31 March 2024 10,000
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 -

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2023 1,482 587 - 7,402 9,471
Additions - - 44,698 818 45,516
At 31 March 2024 1,482 587 44,698 8,220 54,987
DEPRECIATION
At 1 April 2023 1,482 232 - 2,959 4,673
Charge for year - 89 2,980 1,508 4,577
At 31 March 2024 1,482 321 2,980 4,467 9,250
NET BOOK VALUE
At 31 March 2024 - 266 41,718 3,753 45,737
At 31 March 2023 - 355 - 4,443 4,798

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 13,545 15,385

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 2,101 3,266
Tax (605 ) (605 )
Social security and other taxes (162 ) 288
VAT 2,309 1,105
Directors' current accounts 52,234 4,439
55,877 8,493

8. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 11,434 1,199

DRIVE SHETLAND ( TRAINING ) LTD (REGISTERED NUMBER: SC473611)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

8. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 April 2023 1,199
Provided during year 10,235
Balance at 31 March 2024 11,434

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
2 Ordinary 50 100 100

10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
Mr P M Petursson
Balance outstanding at start of year (4,439 ) (227 )
Amounts advanced 16,677 20,268
Amounts repaid (64,473 ) (24,480 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (52,235 ) (4,439 )

This loan is interest free and has no fixed repayment period.

CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE DIRECTOR
ON THE UNAUDITED FINANCIAL STATEMENTS OF
DRIVE SHETLAND ( TRAINING ) LTD

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Drive Shetland ( Training ) Ltd for the year ended 31 March 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes 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 http://www.accaglobal.com/rulebook.

This report is made solely to the director of Drive Shetland ( Training ) Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Drive Shetland ( Training ) Ltd and state those matters that we have agreed to state to the director of Drive Shetland ( Training ) Ltd in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Drive Shetland ( Training ) Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Drive Shetland ( Training ) Ltd. You consider that Drive Shetland ( Training ) 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 financial statements of Drive Shetland ( Training ) 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 financial statements.






Acumen Accountants and Advisors Limited
Bankhead Drive
City South Office Park
Portlethen
Aberdeenshire
AB12 4XX


4 November 2024