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Registered number: 07951189
Pass n Go Driving School Limited
Financial Statements
For The Year Ended 28 February 2024
Smith & Co Accountants Limited
ACCA
Unit G2
Tanfield Lea Business Centre
Stanley
Co Durham
DH9 9DB
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—5
Page 1
Statement of Financial Position
Registered number: 07951189
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,114,079 945,931
1,114,079 945,931
CURRENT ASSETS
Debtors 5 417,435 185,461
Cash at bank and in hand 1,673,118 2,085,013
2,090,553 2,270,474
Creditors: Amounts Falling Due Within One Year 6 (2,248,281 ) (2,274,865 )
NET CURRENT ASSETS (LIABILITIES) (157,728 ) (4,391 )
TOTAL ASSETS LESS CURRENT LIABILITIES 956,351 941,540
PROVISIONS FOR LIABILITIES
Deferred Taxation (149,091 ) (97,402 )
NET ASSETS 807,260 844,138
CAPITAL AND RESERVES
Called up share capital 8 1 1
Income Statement 807,259 844,137
SHAREHOLDERS' FUNDS 807,260 844,138
Page 1
Page 2
For the year ending 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mr Lee Clark
Director
28/11/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Pass n Go Driving School Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07951189 . The registered office is Coupe House Station Lane, Birtley, Chester Le Street, County Durham, DH2 1AW.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold NO depreciation charge
Plant & Machinery 25% reducing balance
Motor Vehicles 15% reducing balance
Fixtures & Fittings 25% reducing balance
Computer Equipment 25% reducing balance
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the income statement so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to income statement as incurred.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
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Page 4
2.5. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 26 (2023: 22)
26 22
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 March 2023 - 6,380 1,279,301 29,636
Additions 108,333 - 242,035 -
Disposals - - (39,648 ) -
As at 28 February 2024 108,333 6,380 1,481,688 29,636
Depreciation
As at 1 March 2023 - 4,361 353,692 24,940
Provided during the period - 505 160,048 1,174
Disposals - - (17,636 ) -
As at 28 February 2024 - 4,866 496,104 26,114
Net Book Value
As at 28 February 2024 108,333 1,514 985,584 3,522
As at 1 March 2023 - 2,019 925,609 4,696
Computer Equipment Total
£ £
Cost
As at 1 March 2023 74,504 1,389,821
Additions 6,561 356,929
Disposals - (39,648 )
As at 28 February 2024 81,065 1,707,102
Depreciation
As at 1 March 2023 60,897 443,890
Provided during the period 5,042 166,769
Disposals - (17,636 )
As at 28 February 2024 65,939 593,023
...CONTINUED
Page 4
Page 5
Net Book Value
As at 28 February 2024 15,126 1,114,079
As at 1 March 2023 13,607 945,931
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 215,485 182,477
Net wages - 2,984
215,485 185,461
Due after more than one year
Other debtors (1) 200,000 -
Other debtors (2) 1,950 -
201,950 -
417,435 185,461
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts - 7,127
Trade creditors 11,753 26,599
Corporation tax - 96,950
PAYE and NI 12,560 5,936
VAT 40,339 46,310
Other creditors 2,778 1,380
Other creditors - bonds 2,156,622 2,061,510
Company credit card 21,764 26,788
Accruals and deferred income 2,465 2,265
2,248,281 2,274,865
7. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year - 7,127
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
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