Drive Creative Studio Limited 08635238 false 2023-08-01 2024-07-31 2024-07-31 The principal activity of the company is web design. Digita Accounts Production Advanced 6.30.9574.0 true 08635238 2023-08-01 2024-07-31 08635238 2024-07-31 08635238 core:CurrentFinancialInstruments 2024-07-31 08635238 core:CurrentFinancialInstruments core:WithinOneYear 2024-07-31 08635238 core:BetweenTwoFiveYears 2024-07-31 08635238 core:WithinOneYear 2024-07-31 08635238 core:FurnitureFittings 2024-07-31 08635238 1 2024-07-31 08635238 2 2024-07-31 08635238 bus:SmallEntities 2023-08-01 2024-07-31 08635238 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 08635238 bus:FilletedAccounts 2023-08-01 2024-07-31 08635238 bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 08635238 bus:RegisteredOffice 2023-08-01 2024-07-31 08635238 bus:Director1 2023-08-01 2024-07-31 08635238 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 08635238 core:FurnitureFittings 2023-08-01 2024-07-31 08635238 core:FurnitureFittingsToolsEquipment 2023-08-01 2024-07-31 08635238 countries:England 2023-08-01 2024-07-31 08635238 1 2023-08-01 2024-07-31 08635238 2 2023-08-01 2024-07-31 08635238 2023-07-31 08635238 core:FurnitureFittings 2023-07-31 08635238 1 2023-07-31 08635238 2 2023-07-31 08635238 2022-08-01 2023-07-31 08635238 2023-07-31 08635238 core:CurrentFinancialInstruments 2023-07-31 08635238 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 08635238 core:BetweenTwoFiveYears 2023-07-31 08635238 core:WithinOneYear 2023-07-31 08635238 core:FurnitureFittings 2023-07-31 08635238 1 2023-07-31 08635238 2 2023-07-31 08635238 1 2022-08-01 2023-07-31 08635238 2 2022-08-01 2023-07-31 08635238 1 2022-07-31 08635238 2 2022-07-31 iso4217:GBP xbrli:pure

Registration number: 08635238

Drive Creative Studio Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

Drive Creative Studio Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Drive Creative Studio Limited

(Registration number: 08635238)
Statement of Financial Position as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,417

2,267

Current assets

 

Stocks

5

12,248

10,414

Debtors

6

29,129

26,040

Cash at bank and in hand

 

107,740

129,156

 

149,117

165,610

Creditors: Amounts falling due within one year

7

(70,999)

(78,037)

Net current assets

 

78,118

87,573

Total assets less current liabilities

 

79,535

89,840

Provisions for liabilities

(269)

(431)

Net assets

 

79,266

89,409

Capital and reserves

 

Called up share capital

32

32

Capital redemption reserve

16

16

Profit and loss account

79,218

89,361

Shareholders' funds

 

79,266

89,409

For the financial year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 19 March 2025 and signed on its behalf by:
 

 

Drive Creative Studio Limited

(Registration number: 08635238)
Statement of Financial Position as at 31 July 2024 (continued)


Mr Simon Farrow
Director

 

Drive Creative Studio Limited

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

1

General information

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

The address of its registered office is:
26-28 Southernhay East
Exeter
Devon
EX1 1NS

Principal activity

The principal activity of the company is web design.

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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 value added tax, returns, rebates and discounts.

 

Drive Creative Studio Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

2

Accounting policies (continued)

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 statement of financial position 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 calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Asset class

Depreciation method and rate

Fittings fixtures and equipment

33% Straight line (IT) and 25% Straight line

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

 

Drive Creative Studio Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

2

Accounting policies (continued)

Amounts to be billed to clients

Work in progress has been valued at cost plus the estimated attributable profit and is included in the sales and work in progress.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2023 - 6).

 

Drive Creative Studio Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

4

Tangible assets

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 August 2023

24,341

24,341

Additions

1,032

1,032

At 31 July 2024

25,373

25,373

Depreciation

At 1 August 2023

22,074

22,074

Charge for the year

1,882

1,882

At 31 July 2024

23,956

23,956

Carrying amount

At 31 July 2024

1,417

1,417

At 31 July 2023

2,267

2,267

5

Stocks

2024
£

2023
£

Work in progress

12,248

10,414

6

Debtors

2024
£

2023
£

Trade debtors

23,404

17,479

Other debtors

2,400

2,400

Prepayments

3,325

6,161

29,129

26,040

 

Drive Creative Studio Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

3,226

7,387

Taxation and social security

31,775

25,763

Accruals and deferred income

6,384

5,629

Other creditors

29,614

39,258

70,999

78,037

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

9

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

9,577

9,035

Later than one year and not later than five years

7,183

15,811

16,760

24,846

The amount of non-cancellable operating lease payments recognised as an expense during the year was £9,653 (2023 - £9,035).

 

Drive Creative Studio Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

10

Related party transactions

Transactions with directors

2024

At 1 August 2023
£

Advances to director
£

Repayments by director
£

At 31 July 2024
£

Directors

(37,389)

(60,522)

69,726

(28,185)

-

-

-

-

 

(37,389)

(60,522)

69,726

(28,185)

       

 

2023

At 1 August 2022
£

Advances to director
£

Repayments by director
£

At 31 July 2023
£

Directors

(29,242)

(80,522)

72,375

(37,389)

-

-

-

-

(29,242)

(80,522)

72,375

(37,389)