REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 December 2023 |
for |
Drvn Solutions Limited |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 December 2023 |
for |
Drvn Solutions Limited |
Drvn Solutions Limited (Registered number: 09915313) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Drvn Solutions Limited |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
24 Picton House |
Hussar Court |
Waterlooville |
Hampshire |
PO7 7SQ |
Drvn Solutions Limited (Registered number: 09915313) |
Balance Sheet |
31 December 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Share premium |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Drvn Solutions Limited (Registered number: 09915313) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Drvn Solutions Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
Accounts are rounded to the nearest pound. |
The accounts represent the company as an individual entity. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. |
Turnover consists of various elements: the sales of hardware, data plans, platform fees and recharges to associated companies. |
Revenue from the sale of hardware is recognised when the significant risks and rewards of ownership of the goods have been 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 in respect of the transaction can be measured reliably. |
Revenue from contracts for the provision of data plans and platform fees are recognised over the term of the contact and costs incurred and costs to complete can be estimated reliably. Where the outcome of a contract cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable. |
The recharge of development costs to associated companies is recognised in the period to which the development costs relate. |
Tangible fixed assets |
Fixtures and fittings | - |
Computer equipment | - |
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. |
Drvn Solutions Limited (Registered number: 09915313) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Employee benefits |
The costs of short term employee benefits are recongnised as a liability and an expense. |
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. |
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits. |
Going concern |
The company meets its day to day working capital requirements through support from its shareholders and the shareholders have confirmed that will continue to support the company for a period of at least 12 months. The directors consider that it is appropriate to prepare the financial statements on a going concern basis as they expect the company to be able to continue to trade within the facilities made available. |
Average number of employees |
The directors are employed by the joint venture shareholders as employees of those entities. In the opinion of the the directors the time spent performing their duties as directors of the company is insignificant and as a result no costs have been recognised in the statement of comprehensive income. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Drvn Solutions Limited (Registered number: 09915313) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Amounts owed to group undertakings |
Drvn Solutions Limited (Registered number: 09915313) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.23 | 31.12.22 |
value: | £ | £ |
A Ordinary | £1 | 2,280,000 | 2,280,000 |
B Ordinary | £1 | 120,000 | 120,000 |
2,400,000 | 2,400,000 |
A ordinary shares are entitled to one vote per share held, the shares rank equally in respect of dividends and a capital distribution on liquidation |
B ordinary share have no dividend or voting rights and are entitled to a refund of capital on liquidation. |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
10. | RELATED PARTY DISCLOSURES |
The AA, ANWB and OAMTC are joint venture owners of the company, together owning, 100% of the issue ordinary share capital. The company has benefitted from the provision of management, legal, professional and administrative support from the AA and ANWB, some of which has been provided at no cost to the company. It is not possible to identify the costs of the services provided as they are in house resource at the AA and ANWB and the cost is marginal. |
Included within the amounts due to related parties is an amount of £11,314k (2022: 8,687k) which comprises of loan amounts due to the AA and ANWB, these amounts incur no interest and are repayable by either the issuance of shares at £1 per share, by cash or by a combination of both. |
Included within deferred income is an amount of £128k (2022: £196k) representing sales invoiced in advance to the AA, ANWB and OAMTC. |
Amounts due from related parties of £561k (2022: £529k) comprise the trading balances with the AA, ANWB and OAMTC. |
Included within profit and loss is £1,547k (2022: £1,407k) of sales to the AA, ANWB and OAMTC, and costs of £137k (2022: £133k from the AA and ANWB). |
11. | ULTIMATE CONTROLLING PARTY |
The directors do not consider there to be one ultimate controlling party. |