Company registration number 00696136 (England and Wales)
DRIVERS & NORRIS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
DRIVERS & NORRIS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
DRIVERS & NORRIS LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
60,786
80,790
Current assets
Debtors
6
777,369
703,383
Cash at bank and in hand
103,352
239,765
880,721
943,148
Creditors: amounts falling due within one year
7
(392,587)
(381,857)
Net current assets
488,134
561,291
Net assets
548,920
642,081
Capital and reserves
Called up share capital
10
112
100
Profit and loss reserves
548,808
641,981
Total equity
548,920
642,081

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial 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 directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 4 November 2024 and are signed on its behalf by:
S A Hailou
Director
Company registration number 00696136 (England and Wales)
DRIVERS & NORRIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

Drivers & Norris Limited is a private company limited by shares incorporated in England and Wales. The registered office is Winston House, 2 Dollis Park, London, England, N3 1HF.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represent fees and commissions receivable, excluding VAT.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
Straight line over 4 years
Motor vehicles
Straight line over 4 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

DRIVERS & NORRIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

DRIVERS & NORRIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Employees
22
23
4
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
699,730
Amortisation and impairment
At 1 April 2023 and 31 March 2024
699,730
Carrying amount
At 31 March 2024
-
0
At 31 March 2023
-
0

The sum of £699,730 relates to goodwill and associated costs in connection with the acquisition of the business of Drivers and Norris, an estate agency business.

DRIVERS & NORRIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
5
Tangible fixed assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 April 2023
53,565
89,811
143,376
Additions
9,066
-
0
9,066
Disposals
-
0
(6,498)
(6,498)
At 31 March 2024
62,631
83,313
145,944
Depreciation and impairment
At 1 April 2023
26,372
36,214
62,586
Depreciation charged in the year
11,441
17,089
28,530
Eliminated in respect of disposals
-
0
(5,958)
(5,958)
At 31 March 2024
37,813
47,345
85,158
Carrying amount
At 31 March 2024
24,818
35,968
60,786
At 31 March 2023
27,193
53,597
80,790
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
150,639
61,765
Other debtors
585,572
595,960
Prepayments and accrued income
6,158
10,658
742,369
668,383
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
35,000
35,000
Total debtors
777,369
703,383
DRIVERS & NORRIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
117,204
79,885
Amounts owed to group undertakings
87,500
-
0
Corporation tax
8,435
15,397
Other taxation and social security
129,802
94,564
Other creditors
30,000
150,000
Accruals and deferred income
19,646
42,011
392,587
381,857
8
Related party disclosures

Trade creditors includes £30,000 (2023: £150,000) owed to company under the control of majority shareholder.

9
Ultimate controlling party

The company is under the control of the director, P L Murphy, by virtue of his beneficial interest in the company.

10
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
112
100
112
100

The company has granted share options to one of its directors under the Enterprise Management Incentive (EMI) Scheme, as approved by HM Revenue & Customs.

 

The scheme granted the director the right to acquire 20 ordinary shares in the company at a fixed exercise price. The director's ability to exercise these options is subject to him being employed by the company at the end of each vesting period.

 

As at 31 March 2024, 12 shares have been issued to the director following the vesting of options. The remaining 8 options are exercisable and will be issued to the director upon exercise.

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