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COMPANY REGISTRATION NUMBER: 04593059
Driveline Drivers Limited
Filleted Unaudited Financial Statements
31 March 2024
Driveline Drivers Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
20,646
24,667
Current assets
Stocks
890
645
Debtors
6
6,004
12,414
Cash at bank and in hand
21,192
12,266
--------
--------
28,086
25,325
Creditors: amounts falling due within one year
7
26,288
30,322
--------
--------
Net current assets/(liabilities)
1,798
( 4,997)
--------
--------
Total assets less current liabilities
22,444
19,670
Creditors: amounts falling due after more than one year
8
12,010
18,000
Provisions
900
900
--------
--------
Net assets
9,534
770
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
9,434
670
-------
----
Shareholders funds
9,534
770
-------
----
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Driveline Drivers Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 28 November 2024 , and are signed on behalf of the board by:
Mr S J Appleby
Director
Company registration number: 04593059
Driveline Drivers Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 24A, Crown street, Brentwood, CM144BA, Essex.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20% reducing balance
Fixtures and fittings
-
20% reducing balance
Equipment
-
20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 April 2023
34,650
7,000
1,115
42,765
Additions
1,141
1,141
--------
-------
-------
--------
At 31 March 2024
34,650
7,000
2,256
43,906
--------
-------
-------
--------
Depreciation
At 1 April 2023
12,184
4,799
1,115
18,098
Charge for the year
4,493
440
229
5,162
--------
-------
-------
--------
At 31 March 2024
16,677
5,239
1,344
23,260
--------
-------
-------
--------
Carrying amount
At 31 March 2024
17,973
1,761
912
20,646
--------
-------
-------
--------
At 31 March 2023
22,466
2,201
24,667
--------
-------
-------
--------
6. Debtors
2024
2023
£
£
Trade debtors
6,004
12,414
-------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
6,000
6,000
Trade creditors
189
6,423
Social security and other taxes
4,138
3,930
Other creditors
15,961
13,969
--------
--------
26,288
30,322
--------
--------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
12,010
18,000
--------
--------