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REGISTERED NUMBER: 12691879 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

FOR

DRIVE CORPORATE LTD

DRIVE CORPORATE LTD (REGISTERED NUMBER: 12691879)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


DRIVE CORPORATE LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2023







DIRECTOR: J Pelosi





SECRETARY:





REGISTERED OFFICE: 4 Manor House of Suttons
175 London Road
Stapleford Tawney
Essex
RM4 1BF





REGISTERED NUMBER: 12691879 (England and Wales)





ACCOUNTANTS: Tish Press & Company
Create Business Hub
Ground Floor
5 Rayleigh Road
Hutton, Brentwood.
Essex
CM13 1AB

DRIVE CORPORATE LTD (REGISTERED NUMBER: 12691879)

BALANCE SHEET
30 JUNE 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 67,642 200

CURRENT ASSETS
Debtors 5 407,905 92,624
Cash at bank 1,421 3,713
409,326 96,337
CREDITORS
Amounts falling due within one year 6 452,399 84,440
NET CURRENT (LIABILITIES)/ASSETS (43,073 ) 11,897
TOTAL ASSETS LESS CURRENT
LIABILITIES

24,569

12,097

CREDITORS
Amounts falling due after more than one
year

7

79,061

-
NET (LIABILITIES)/ASSETS (54,492 ) 12,097

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings (55,492 ) 11,097
SHAREHOLDERS' FUNDS (54,492 ) 12,097

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 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.

DRIVE CORPORATE LTD (REGISTERED NUMBER: 12691879)

BALANCE SHEET - continued
30 JUNE 2023


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 2 January 2025 and were signed by:





J Pelosi - Director


DRIVE CORPORATE LTD (REGISTERED NUMBER: 12691879)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1. STATUTORY INFORMATION

Drive Corporate Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance
Computer equipment - 25% on cost

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

DRIVE CORPORATE LTD (REGISTERED NUMBER: 12691879)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 July 2022 - 192 123 315
Additions 120,000 - - 120,000
At 30 June 2023 120,000 192 123 120,315
DEPRECIATION
At 1 July 2022 - 84 31 115
Charge for year 52,500 27 31 52,558
At 30 June 2023 52,500 111 62 52,673
NET BOOK VALUE
At 30 June 2023 67,500 81 61 67,642
At 30 June 2022 - 108 92 200

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors - 6,840
Other debtors 403,107 79,750
Tax 3,048 -
VAT - 4,284
Prepayments 1,750 1,750
407,905 92,624

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other loans 75,000 -
Hire purchase contracts 15,239 -
Trade creditors 45,372 80,510
Amounts owed to group undertakings 182,523 -
Tax 3,050 3,050
VAT 2,667 -
Other creditors 5,000 -
Directors' current accounts 122,048 280
Accruals and deferred income 1,500 600
452,399 84,440

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts 79,061 -