J. Driver Limited 00483897 false 2023-03-01 2024-02-29 2024-02-29 The principal activity of the company is that of plumbing and heating engineers. Digita Accounts Production Advanced 6.30.9574.0 true true 00483897 2023-03-01 2024-02-29 00483897 2024-02-29 00483897 core:RetainedEarningsAccumulatedLosses 2024-02-29 00483897 core:ShareCapital 2024-02-29 00483897 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-02-29 00483897 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-02-29 00483897 core:CurrentFinancialInstruments 2024-02-29 00483897 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-29 00483897 core:Non-currentFinancialInstruments 2024-02-29 00483897 core:Non-currentFinancialInstruments core:AfterOneYear 2024-02-29 00483897 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-02-29 00483897 core:FurnitureFittingsToolsEquipment 2024-02-29 00483897 core:LandBuildings 2024-02-29 00483897 core:MotorVehicles 2024-02-29 00483897 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2024-02-29 00483897 1 2024-02-29 00483897 2 2024-02-29 00483897 bus:SmallEntities 2023-03-01 2024-02-29 00483897 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 00483897 bus:FilletedAccounts 2023-03-01 2024-02-29 00483897 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 00483897 bus:RegisteredOffice 2023-03-01 2024-02-29 00483897 bus:Director1 2023-03-01 2024-02-29 00483897 bus:Director3 2023-03-01 2024-02-29 00483897 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 00483897 bus:Agent1 2023-03-01 2024-02-29 00483897 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-03-01 2024-02-29 00483897 core:FurnitureFittingsToolsEquipment 2023-03-01 2024-02-29 00483897 core:LandBuildings 2023-03-01 2024-02-29 00483897 core:MotorVehicles 2023-03-01 2024-02-29 00483897 core:PlantMachinery 2023-03-01 2024-02-29 00483897 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2023-03-01 2024-02-29 00483897 countries:EnglandWales 2023-03-01 2024-02-29 00483897 1 2023-03-01 2024-02-29 00483897 2 2023-03-01 2024-02-29 00483897 2023-02-28 00483897 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-02-28 00483897 core:FurnitureFittingsToolsEquipment 2023-02-28 00483897 core:LandBuildings 2023-02-28 00483897 core:MotorVehicles 2023-02-28 00483897 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2023-02-28 00483897 1 2023-02-28 00483897 2 2023-02-28 00483897 2022-03-01 2023-02-28 00483897 2023-02-28 00483897 core:RetainedEarningsAccumulatedLosses 2023-02-28 00483897 core:ShareCapital 2023-02-28 00483897 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-02-28 00483897 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-02-28 00483897 core:CurrentFinancialInstruments 2023-02-28 00483897 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 00483897 core:Non-currentFinancialInstruments 2023-02-28 00483897 core:Non-currentFinancialInstruments core:AfterOneYear 2023-02-28 00483897 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-02-28 00483897 core:FurnitureFittingsToolsEquipment 2023-02-28 00483897 core:LandBuildings 2023-02-28 00483897 core:MotorVehicles 2023-02-28 00483897 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2023-02-28 00483897 1 2023-02-28 00483897 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2022-03-01 2023-02-28 00483897 1 2022-03-01 2023-02-28 00483897 2022-02-28 00483897 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2022-02-28 00483897 1 2022-02-28 iso4217:GBP xbrli:pure

Registration number: 00483897

J. Driver Limited

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

J. Driver Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 11

 

J. Driver Limited

Company Information

Directors

Mr A B Pinder

Mrs L C Pinder

Registered office

36 Albert Road
Colne
Lancashire
BB8 0AD

Accountants

Hargreaves Brown & Benson
Chartered Accountants
1 Bond Street
Colne
Lancashire
BB8 9DG

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
J. Driver Limited
for the Year Ended 29 February 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of J. Driver Limited for the year ended 29 February 2024 as set out on pages 3 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of J. Driver Limited, as a body. Our work has been undertaken solely to prepare for your approval the accounts of J. Driver Limited and state those matters that we have agreed to state to the Board of Directors of J. Driver Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than J. Driver Limited and its Board of Directors as a body for our work or for this report.

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

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

Hargreaves Brown & Benson
Chartered Accountants
1 Bond Street
Colne
Lancashire
BB8 9DG

27 November 2024

 

J. Driver Limited

(Registration number: 00483897)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

41,789

41,789

Tangible assets

5

164,774

134,577

 

206,563

176,366

Current assets

 

Stocks

6

285,331

279,715

Debtors

7

300,393

275,804

Cash at bank and in hand

 

3,955

5,574

 

589,679

561,093

Creditors: Amounts falling due within one year

8

(547,310)

(456,552)

Net current assets

 

42,369

104,541

Total assets less current liabilities

 

248,932

280,907

Creditors: Amounts falling due after more than one year

8

(101,822)

(139,022)

Provisions for liabilities

(37,827)

(32,805)

Net assets

 

109,283

109,080

Capital and reserves

 

Called up share capital

1,001

1,001

Retained earnings

108,282

108,079

Shareholders' funds

 

109,283

109,080

 

J. Driver Limited

(Registration number: 00483897)
Balance Sheet as at 29 February 2024

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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.

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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 27 November 2024 and signed on its behalf by:
 

.........................................
Mr A B Pinder
Director

 

J. Driver Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 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:
36 Albert Road
Colne
Lancashire
BB8 0AD

These financial statements were authorised for issue by the Board on 27 November 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 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 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.

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, based on their estimated residual values, as follows:

Asset class

Depreciation method and rate

Leasehold property

Reducing balance 10%

Plant and machinery

Reducing balance 10%

Motor vehicles

Reducing balance 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:

 

J. Driver Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Asset class

Amortisation method and rate

Development costs

Straight line over 5 years

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

J. Driver Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 16 (2023 - 16).

 

J. Driver Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Intangible assets

Development costs
£

Total
£

Cost or valuation

At 1 March 2023

52,220

52,220

At 29 February 2024

52,220

52,220

Amortisation

At 1 March 2023

10,431

10,431

At 29 February 2024

10,431

10,431

Carrying amount

At 29 February 2024

41,789

41,789

At 28 February 2023

41,789

41,789

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2023

8,609

88,869

92,467

189,945

Additions

-

324

67,525

67,849

Disposals

-

-

(45,117)

(45,117)

At 29 February 2024

8,609

89,193

114,875

212,677

Depreciation

At 1 March 2023

8,332

14,648

32,388

55,368

Eliminated on disposal

-

-

(7,465)

(7,465)

At 29 February 2024

8,332

14,648

24,923

47,903

Carrying amount

At 29 February 2024

277

74,545

89,952

164,774

At 28 February 2023

277

74,221

60,079

134,577

Included within the net book value of land and buildings above is £277 (2023 - £277) in respect of long leasehold land and buildings.
 

 

J. Driver Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

6

Stocks

2024
£

2023
£

Other inventories

285,331

279,715

7

Debtors

2024
£

2023
£

Trade debtors

95,284

158,877

Prepayments

16,568

16,263

Other debtors

188,541

100,664

300,393

275,804

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

162,396

158,496

Trade creditors

 

326,470

186,876

Taxation and social security

 

50,955

111,180

Accruals and deferred income

 

7,000

-

Other creditors

 

489

-

 

547,310

456,552

The bank loans and overdrafts are secured by a fixed and floating charge over the company's assets. The finance leases are secured on the assets concerned.

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

101,822

139,022

 

J. Driver Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

29,139

53,458

Hire purchase contracts

41,230

-

Other borrowings

31,453

85,564

101,822

139,022

Current loans and borrowings

2024
£

2023
£

Bank borrowings

30,000

30,000

Bank overdrafts

75,688

87,465

Hire purchase contracts

6,940

412

Other borrowings

49,768

40,619

162,396

158,496

10

Related party transactions

Transactions with directors

Interest is charged at the official rate on overdrawn balances.

2024

At 1 March 2023
£

Advances to director
£

Repayments by director
£

At 29 February 2024
£

Unsecured and repayable on demand

83,600

125,948

(84,000)

125,548

-

-

-

-

83,600

125,948

(84,000)

125,548

 

2023

At 1 March 2022
£

Advances to director
£

Repayments by director
£

At 28 February 2023
£

Unsecured and repayable on demand

136,734

115,714

(168,848)

83,600

136,734

115,714

(168,848)

83,600

 

J. Driver Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

 

Summary of transactions with entities with joint control or significant interest

Mr A B & Mrs L C Pinder are identified as the controlling parties of ALMP Developments Ltd.

 

Loans to related parties

2024

Entities with joint control or significant influence
£

Total
£

At start of period

16,807

16,807

Advanced

5,900

5,900

At end of period

22,707

22,707

2023

Entities with joint control or significant influence
£

Total
£

At start of period

7,502

7,502

Advanced

23,705

23,705

Repaid

(14,400)

(14,400)

At end of period

16,807

16,807