Caseware UK (AP4) 2023.0.135 2023.0.135 2024-08-312024-08-312023-09-016falseNo description of principal activity5falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 05481503 2023-09-01 2024-08-31 05481503 2022-09-01 2023-08-31 05481503 2024-08-31 05481503 2023-08-31 05481503 c:Director1 2023-09-01 2024-08-31 05481503 c:Director2 2023-09-01 2024-08-31 05481503 d:PlantMachinery 2023-09-01 2024-08-31 05481503 d:PlantMachinery 2024-08-31 05481503 d:PlantMachinery 2023-08-31 05481503 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 05481503 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-09-01 2024-08-31 05481503 d:MotorVehicles 2023-09-01 2024-08-31 05481503 d:MotorVehicles 2024-08-31 05481503 d:MotorVehicles 2023-08-31 05481503 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 05481503 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-09-01 2024-08-31 05481503 d:FurnitureFittings 2023-09-01 2024-08-31 05481503 d:FurnitureFittings 2024-08-31 05481503 d:FurnitureFittings 2023-08-31 05481503 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 05481503 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2023-09-01 2024-08-31 05481503 d:OfficeEquipment 2023-09-01 2024-08-31 05481503 d:OfficeEquipment 2024-08-31 05481503 d:OfficeEquipment 2023-08-31 05481503 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 05481503 d:OfficeEquipment d:LeasedAssetsHeldAsLessee 2023-09-01 2024-08-31 05481503 d:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 05481503 d:LeasedAssetsHeldAsLessee 2023-09-01 2024-08-31 05481503 d:Goodwill 2023-09-01 2024-08-31 05481503 d:Goodwill 2024-08-31 05481503 d:Goodwill 2023-08-31 05481503 d:CurrentFinancialInstruments 2024-08-31 05481503 d:CurrentFinancialInstruments 2023-08-31 05481503 d:Non-currentFinancialInstruments 2024-08-31 05481503 d:Non-currentFinancialInstruments 2023-08-31 05481503 d:CurrentFinancialInstruments d:WithinOneYear 2024-08-31 05481503 d:CurrentFinancialInstruments d:WithinOneYear 2023-08-31 05481503 d:Non-currentFinancialInstruments d:AfterOneYear 2024-08-31 05481503 d:Non-currentFinancialInstruments d:AfterOneYear 2023-08-31 05481503 d:ShareCapital 2024-08-31 05481503 d:ShareCapital 2023-08-31 05481503 d:RetainedEarningsAccumulatedLosses 2024-08-31 05481503 d:RetainedEarningsAccumulatedLosses 2023-08-31 05481503 c:FRS102 2023-09-01 2024-08-31 05481503 c:AuditExempt-NoAccountantsReport 2023-09-01 2024-08-31 05481503 c:FullAccounts 2023-09-01 2024-08-31 05481503 c:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 05481503 d:HirePurchaseContracts d:WithinOneYear 2024-08-31 05481503 d:HirePurchaseContracts d:WithinOneYear 2023-08-31 05481503 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-08-31 05481503 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-08-31 05481503 2 2023-09-01 2024-08-31 05481503 d:AcceleratedTaxDepreciationDeferredTax 2024-08-31 05481503 d:AcceleratedTaxDepreciationDeferredTax 2023-08-31 05481503 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2024-08-31 05481503 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-08-31 05481503 d:LeasedAssetsHeldAsLessee 2024-08-31 05481503 d:LeasedAssetsHeldAsLessee 2023-08-31 05481503 d:Goodwill d:OwnedIntangibleAssets 2023-09-01 2024-08-31 05481503 e:PoundSterling 2023-09-01 2024-08-31 iso4217:GBP xbrli:pure

Registered number: 05481503










FIRST SELF DRIVE LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

 
FIRST SELF DRIVE LIMITED
REGISTERED NUMBER: 05481503

STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
4,403
8,453

Tangible assets
 5 
964,704
1,055,192

  
969,107
1,063,645

Current assets
  

Stocks
  
2,250
2,250

Debtors: amounts falling due within one year
 6 
9,961
28,920

Cash at bank and in hand
  
51,425
73,643

  
63,636
104,813

Creditors: amounts falling due within one year
 7 
(345,236)
(566,172)

Net current liabilities
  
 
 
(281,600)
 
 
(461,359)

Total assets less current liabilities
  
687,507
602,286

Creditors: amounts falling due after more than one year
 8 
(388,445)
(240,329)

Provisions for liabilities
  

Deferred tax
 10 
(110,877)
(123,994)

  
 
 
(110,877)
 
 
(123,994)

Net assets
  
188,185
237,963


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
188,085
237,863

  
188,185
237,963


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

Page 1

 
FIRST SELF DRIVE LIMITED
REGISTERED NUMBER: 05481503
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 AUGUST 2024

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

The Company has opted not to file the income statement in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 December 2024.




................................................
S Howard
................................................
J M Howes
Director
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
FIRST SELF DRIVE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1.


General information

First Self Drive Limited is a private company limited by shares and incorporated in England and Wales, registration number 05481503. The registered office is 7 Paddock Street, Norwich, Norfolk, NR2 4TW

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are presented in sterling which is the fuctional currency of the company and rounded to the nearest £.
The signifcant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Income statement in the same period as the related expenditure.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
FIRST SELF DRIVE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


Page 4

 
FIRST SELF DRIVE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.9

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Income statement over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives. 

Depreciation is provided on the following basis:

Plant and machinery
-
25%
reducing balance
Motor vehicles
-
20%
reducing balance
Fixtures and fittings
-
10%
straight line
Office equipment
-
33%
straight line

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is 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.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 5

 
FIRST SELF DRIVE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.


3.


Employees

The average monthly number of employees, including directors, during the year was 6 (2023 - 5).

Page 6

 
FIRST SELF DRIVE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

4.


Intangible assets




Goodwill

£



Cost


At 1 September 2023
81,000



At 31 August 2024

81,000



Amortisation


At 1 September 2023
72,547


Charge for the year on owned assets
4,050



At 31 August 2024

76,597



Net book value



At 31 August 2024
4,403



At 31 August 2023
8,453



Page 7

 
FIRST SELF DRIVE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

5.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 September 2023
24,238
1,608,514
18,831
16,912
1,668,495


Additions
3,061
540,272
-
1,166
544,499


Disposals
-
(657,071)
-
-
(657,071)



At 31 August 2024

27,299
1,491,715
18,831
18,078
1,555,923



Depreciation


At 1 September 2023
21,262
556,922
18,831
16,288
613,303


Charge for the year on owned assets
1,510
5,499
-
944
7,953


Charge for the year on financed assets
-
234,289
-
-
234,289


Disposals
-
(264,326)
-
-
(264,326)



At 31 August 2024

22,772
532,384
18,831
17,232
591,219



Net book value



At 31 August 2024
4,527
959,331
-
846
964,704



At 31 August 2023
2,976
1,051,592
-
624
1,055,192

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Motor vehicles
937,153
959,281

937,153
959,281

Page 8

 
FIRST SELF DRIVE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

6.


Debtors

2024
2023
£
£


Trade debtors
4,790
22,159

Prepayments and accrued income
5,171
6,761

9,961
28,920



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
530
2,373

Bank loans
-
37,500

Payments received on account
3,026
1,826

Trade creditors
19,089
12,586

Corporation tax
8,489
85,044

Other taxation and social security
25,983
37,231

Obligations under finance lease and hire purchase contracts
285,776
388,880

Other creditors
649
732

Accruals and deferred income
1,694
-

345,236
566,172


Page 9

 
FIRST SELF DRIVE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
-
588

Net obligations under finance leases and hire purchase contracts
338,445
189,741

Other creditors
50,000
50,000

388,445
240,329


The following liabilities were secured:




Details of security provided:

Included in Net obligations under finance leases and hire purchase contracts are secured creditors of £624,221 (2023: £578,621), all of which is secured against the assets themselves.


9.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
321,778
430,052

Between 1-5 years
380,932
212,781

702,710
642,833

Page 10

 
FIRST SELF DRIVE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

10.


Deferred taxation




2024


£






At beginning of year
(123,994)


Charged to profit or loss
13,117



At end of year
(110,877)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(110,877)
(123,994)

(110,877)
(123,994)

 
Page 11