Company registration number 11320154 (England and Wales)
DREAM CAR GIVEAWAYS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
DREAM CAR GIVEAWAYS LIMITED
COMPANY INFORMATION
Directors
Mr D Andrews
Mr M H Hickling
Mr M Andrews
Mr M Hickling
Company number
11320154
Registered office
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Lloyds Bank Plc
PO Box 1000
BX1 1LT
DREAM CAR GIVEAWAYS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 10
DREAM CAR GIVEAWAYS LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF DREAM CAR GIVEAWAYS LIMITED FOR THE YEAR ENDED 30 APRIL 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Dream Car Giveaways Limited for the year ended 30 April 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Dream Car Giveaways Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Dream Car Giveaways Limited and state those matters that we have agreed to state to the board of directors of Dream Car Giveaways Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Dream Car Giveaways Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Dream Car Giveaways Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Dream Car Giveaways Limited. You consider that Dream Car Giveaways Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Dream Car Giveaways Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ormerod Rutter Limited
22 January 2025
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
DREAM CAR GIVEAWAYS LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 2 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
3
242,770
150,257
Tangible assets
4
80,594
61,510
323,364
211,767
Current assets
Stocks
3,853,433
1,969,747
Debtors
5
21,233
1,782,629
Cash at bank and in hand
2,714,194
764,640
6,588,860
4,517,016
Creditors: amounts falling due within one year
6
(2,192,543)
(702,875)
Net current assets
4,396,317
3,814,141
Total assets less current liabilities
4,719,681
4,025,908
Provisions for liabilities
8
(487,232)
(159,661)
Net assets
4,232,449
3,866,247
Capital and reserves
Called up share capital
9
15,000
15,000
Profit and loss reserves
4,217,449
3,851,247
Total equity
4,232,449
3,866,247
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 30 April 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.
DREAM CAR GIVEAWAYS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 22 January 2025 and are signed on its behalf by:
Mr D Andrews
Director
Company registration number 11320154 (England and Wales)
DREAM CAR GIVEAWAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
1
Accounting policies
Company information
Dream Car Giveaways Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Oakley, Kidderminster Road, Droitwich, Worcestershire, WR9 9AY.
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 as applicable to companies subject to the small companies regime. 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 have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from the provision of online competitions is recognised at the point at which the competition is complete.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation 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:
Website development
33% on cost
1.4
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.
DREAM CAR GIVEAWAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
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:
Leasehold land and buildings
33% on cost
Plant and equipment
25% on cost
Fixtures and fittings
25% on cost
Computer equipment
33% on cost
Motor vehicles
20% on cost
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
DREAM CAR GIVEAWAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 6 -
1.7
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
The company operates a customer loyalty scheme. Under this scheme the company awards ‘Dream Points’ to customers, which can be used as consideration towards competition entries. An expense is recognised to reflect the awarding of Dream Points to customers, with a corresponding entry to provision. The actual usage of Dream Points is dependent upon customer habits. Management review the provision at reporting date and make an adjustment to reflect their best estimate of future cost arising from Dream Points balances.
1.8
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
15
11
DREAM CAR GIVEAWAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
3
Intangible fixed assets
Website development
£
Cost
At 1 May 2023
406,470
Additions
251,374
At 30 April 2024
657,844
Amortisation and impairment
At 1 May 2023
256,213
Amortisation charged for the year
158,861
At 30 April 2024
415,074
Carrying amount
At 30 April 2024
242,770
At 30 April 2023
150,257
4
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 May 2023
91,574
27,504
5,851
14,900
32,000
171,829
Additions
52,444
7,463
21,322
81,229
At 30 April 2024
91,574
79,948
13,314
36,222
32,000
253,058
Depreciation and impairment
At 1 May 2023
63,765
17,517
4,531
11,706
12,800
110,319
Depreciation charged in the year
24,843
18,370
2,525
10,007
6,400
62,145
At 30 April 2024
88,608
35,887
7,056
21,713
19,200
172,464
Carrying amount
At 30 April 2024
2,966
44,061
6,258
14,509
12,800
80,594
At 30 April 2023
27,809
9,987
1,320
3,194
19,200
61,510
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
21,233
1,782,629
DREAM CAR GIVEAWAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
17,880
Trade creditors
346,036
108
Amounts owed to group undertakings
336
Taxation and social security
1,346,947
513,029
Other creditors
481,344
189,738
2,192,543
702,875
7
Secured debts
The following secured debts are included within creditors:
2024
2023
£
£
Bank overdrafts
17,880
8
Provisions for liabilities
2024
2023
£
£
Loyalty scheme
415,072
121,103
Deferred tax liabilities
72,160
38,558
487,232
159,661
Movements on provisions apart from deferred tax liabilities:
Loyalty scheme
£
At 1 May 2023
121,103
Net additions and utilisation
293,969
At 30 April 2024
415,072
DREAM CAR GIVEAWAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 9 -
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £5,000 each
-
3
-
15,000
Ordinary of £1 each
15,000
-
15,000
-
15,000
3
15,000
15,000
During the year the company passed an ordinary resolution that the 3 Ordinary shares of £5,000.00 each be subdivided into 15,000 Ordinary shares of £1.00 each. The rights and privileges attached to these shares remain unaltered.
10
Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
11
Control
Ultimate parent company
The ultimate parent company is MDM Holdings (Midlands) Limited, a company registered in England and Wales.
Ultimate controlling party
There is no ultimate controlling party, due to no controlling interest in the ultimate parent company.
12
Prior period adjustment
Reconciliation of changes in equity
1 May
30 April
2022
2023
£
£
Adjustments to prior year
Provision for loyalty scheme
-
(121,103)
Equity as previously reported
3,485,750
3,987,350
Equity as adjusted
3,485,750
3,866,247
Analysis of the effect upon equity
Profit and loss reserves
-
(121,103)
DREAM CAR GIVEAWAYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
12
Prior period adjustment
(Continued)
- 10 -
Reconciliation of changes in profit for the previous financial period
2023
£
Adjustments to prior year
Provision for loyalty scheme
(121,103)
Profit as previously reported
1,551,600
Profit as adjusted
1,430,497
Notes to reconciliation
The prior year comparatives have been restated to recognise the provision for a loyalty scheme which was not previously recognised.
A prior year adjustment has therefore been made which has resulted in the following:
A decrease in profit of £121,103 and a decrease in retained earnings of £121,103.
There was no impact on the tax position of the company.
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