2024-01-012024-12-312024-12-31false12998663DRIVING DOWN 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DRIVING DOWN LIMITED

Registered Number
12998663
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2024

DRIVING DOWN LIMITED
Company Information
for the year from 1 January 2024 to 31 December 2024

Directors

DODDS, Nicholas James
KILVINGTON, Mark David
WALSH, Adam Spencer

Registered Address

Office 47 Sugar Mill
Sugar Mill Business Park
Leeds
LS11 7HL

Registered Number

12998663 (England and Wales)
DRIVING DOWN LIMITED
Balance Sheet as at
31 December 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Intangible assets33,1734,555
Tangible assets4-169
3,1734,724
Current assets
Debtors537,13355,282
Cash at bank and on hand122,662130,422
159,795185,704
Creditors amounts falling due within one year6(92,397)(263,876)
Net current assets (liabilities)67,398(78,172)
Total assets less current liabilities70,571(73,448)
Provisions for liabilities(603)(897)
Net assets69,968(74,345)
Capital and reserves
Called up share capital2,0002,000
Profit and loss account67,968(76,345)
Shareholders' funds69,968(74,345)
The financial statements were approved and authorised for issue by the Board of Directors on 12 March 2025, and are signed on its behalf by:
WALSH, Adam Spencer
Director
Registered Company No. 12998663
DRIVING DOWN LIMITED
Notes to the Financial Statements
for the year ended 31 December 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Going concern
The directors have reviewed the financial position of the company and they are of the consideration that the company will continue trading as a going concern.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value over their useful life.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Straight line (years)
Office Equipment3
2.Average number of employees

20242023
Average number of employees during the year54
3.Intangible assets

Total

£
Cost or valuation
At 01 January 246,908
At 31 December 246,908
Amortisation and impairment
At 01 January 242,353
Charge for year1,382
At 31 December 243,735
Net book value
At 31 December 243,173
At 31 December 234,555
4.Tangible fixed assets

Total

£
Cost or valuation
At 01 January 245,007
At 31 December 245,007
Depreciation and impairment
At 01 January 244,838
Charge for year169
At 31 December 245,007
Net book value
At 31 December 24-
At 31 December 23169
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables36,67544,762
Prepayments and accrued income458286
Deferred tax asset, debtors-10,234
Total37,13355,282
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables37,54620,395
Bank borrowings and overdrafts1,233232
Taxation and social security49,51021,034
Other creditors-215,678
Accrued liabilities and deferred income4,1086,537
Total92,397263,876
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.