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Registration number: 10314758

Apdan Limited

trading as Driver Hire Bolton

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

Apdan Limited

trading as Driver Hire Bolton

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Apdan Limited

trading as Driver Hire Bolton

Company Information

Director

Mr Andrew Paul Daniels

Registered office

Jackson House
Queen Street
Leigh
Lancashire
WN7 4NQ

 

Apdan Limited

trading as Driver Hire Bolton

(Registration number: 10314758)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

69,000

92,000

Tangible assets

5

13,161

16,879

 

82,161

108,879

Current assets

 

Debtors

6

382,181

396,088

Cash at bank and in hand

 

19,337

32,002

 

401,518

428,090

Creditors: Amounts falling due within one year

7

(193,843)

(224,176)

Net current assets

 

207,675

203,914

Total assets less current liabilities

 

289,836

312,793

Creditors: Amounts falling due after more than one year

7

(75,818)

(98,687)

Provisions for liabilities

497

276

Net assets

 

214,515

214,382

Capital and reserves

 

Called up share capital

100

100

Retained earnings

214,415

214,282

Shareholders' funds

 

214,515

214,382

 

Apdan Limited

trading as Driver Hire Bolton

(Registration number: 10314758)
Balance Sheet as at 31 August 2024

For the financial year ending 31 August 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 25 November 2024
 

.........................................
Mr Andrew Paul Daniels
Director

 

Apdan Limited

trading as Driver Hire Bolton

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Jackson House
Queen Street
Leigh
Lancashire
WN7 4NQ
England

These financial statements were authorised for issue by the director on 25 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Apdan Limited

trading as Driver Hire Bolton

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Tax

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

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% straight line

Motor Vehicle

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

over 10 years

 

Apdan Limited

trading as Driver Hire Bolton

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Apdan Limited

trading as Driver Hire Bolton

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 72 (2023 - 72).

 

Apdan Limited

trading as Driver Hire Bolton

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 September 2023

230,000

230,000

At 31 August 2024

230,000

230,000

Amortisation

At 1 September 2023

138,000

138,000

Amortisation charge

23,000

23,000

At 31 August 2024

161,000

161,000

Carrying amount

At 31 August 2024

69,000

69,000

At 31 August 2023

92,000

92,000

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2023

2,681

19,500

22,181

Additions

2,014

-

2,014

At 31 August 2024

4,695

19,500

24,195

Depreciation

At 1 September 2023

1,175

4,127

5,302

Charge for the year

857

4,875

5,732

At 31 August 2024

2,032

9,002

11,034

Carrying amount

At 31 August 2024

2,663

10,498

13,161

At 31 August 2023

1,506

15,373

16,879

 

Apdan Limited

trading as Driver Hire Bolton

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

341,788

347,013

Prepayments

5,170

3,595

Rent deposit

3,526

3,250

Accrued income

20,484

13,194

Factor debtor

11,213

29,036

 

382,181

396,088

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

8

10,264

9,766

Trade creditors

 

16,291

17,953

Taxation and social security

 

146,325

165,251

Accrued expenses

 

20,680

13,418

Wages and salaries

 

283

17,788

 

193,843

224,176

Due after one year

 

Loans and borrowings

8

75,818

98,687

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

75,818

98,687

 

Apdan Limited

trading as Driver Hire Bolton

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

8

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

9,650

20,160

Directors loan account

66,168

78,527

75,818

98,687

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,264

9,766