Company registration number 03154983 (England and Wales)
eDriving Limited
financial statements
For the year ended 31 March 2024
eDriving Limited
Company information
Directors
Mr David Babin
Mr Alberto Cairo
(Appointed 31 December 2023)
Mr A M Cuerden
(Appointed 31 December 2023)
Secretary
Aileen Young
Company number
03154983
Registered office
9 Longbow Close
Pennine Business Park
Bradley Road
Huddersfield
United Kingdom
HD2 1GQ
Auditor
DJH Audit Limited
Bates Mill
Colne Road
Huddersfield
HD1 3AG
eDriving Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 7
eDriving Limited
Statement of financial position
As at 31 March 2024
31 March 2024
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
30,383
51,062
Current assets
Debtors
4
2,544,165
2,801,249
Cash at bank and in hand
460,756
950,340
3,004,921
3,751,589
Creditors: amounts falling due within one year
5
(1,278,065)
(2,193,359)
Net current assets
1,726,856
1,558,230
Total assets less current liabilities
1,757,239
1,609,292
Provisions for liabilities
(3,900)
(7,100)
Net assets
1,753,339
1,602,192
Capital and reserves
Called up share capital
6
3
3
Profit and loss reserves
1,753,336
1,602,189
Total equity
1,753,339
1,602,192

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 26 March 2025 and are signed on its behalf by:
Mr Alberto Cairo
Director
Company registration number 03154983 (England and Wales)
eDriving Limited
Notes to the financial statements
For the year ended 31 March 2024
- 2 -
1
Accounting policies
Company information

eDriving Limited is a private company limited by shares incorporated in England and Wales. The registered office is 9 Longbow Close, Pennine Business Park, Bradley Road, Huddersfield, United Kingdom, HD2 1GQ.

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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Solera Global Corp. These consolidated financial statements are available from its registered office, Solera, 1500 Solana Blvd.Building 6, Suite 6300, Westlake, TX 76262.

1.2
Turnover

Income is recognised on an accrual basis in accordance with the substance of the relevant agreement, provided it is probable that the economic benefits will flow to the company and the amount of revenue can be measured reliably. Income in respect of contracts relating to a time period is recognised on a straight line basis over the period of the agreement. Income that relates to usage of products and services is recognised by reference to that usage at the agreed rates. To the extent that income has not been invoiced at the reporting date it is included as accrued income within Other debtors on the balance sheet.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

eDriving Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
- 3 -

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
Over lease term
Plant and equipment etc
15% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

eDriving Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
- 4 -
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 income statement 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 income statement, 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.

1.7
Employee benefits

The company has no employees but utilises staff employed by a company within the group, the costs of which are invoiced monthly, including contributions to retirement benefit schemes. Costs of unused holiday entitlement are recognised in the period in which the services of those staff are received, by means of an accrual.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.9
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 leased asset are consumed.

1.10
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

eDriving Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
- 5 -
2
Employees

The company has no employees but is charged for the use of employees in the group. This began during the prior period, which meant that during that period the average number of employees was 13. This year the number is nil. Directors are employed elsewhere in the group.

2024
2023
Number
Number
Total
-
0
13
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2023
52,779
188,351
241,130
Additions
-
0
4,231
4,231
Disposals
-
0
(133,794)
(133,794)
At 31 March 2024
52,779
58,788
111,567
Depreciation and impairment
At 1 April 2023
30,318
159,750
190,068
Depreciation charged in the year
6,915
4,958
11,873
Eliminated in respect of disposals
-
0
(120,757)
(120,757)
At 31 March 2024
37,233
43,951
81,184
Carrying amount
At 31 March 2024
15,546
14,837
30,383
At 31 March 2023
22,461
28,601
51,062
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,867,731
1,508,170
Corporation tax recoverable
44,078
20,000
Other debtors
632,356
1,273,079
2,544,165
2,801,249
eDriving Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
- 6 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
56,641
100,934
Amounts owed to group undertakings
817,156
1,815,792
Corporation tax
74,236
52,613
Other taxation and social security
91,404
94
Other creditors
238,628
223,926
1,278,065
2,193,359

The amounts above have been restated for the prior year adjustment detailed in note 10.

6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of 1p each
300
300
3
3
7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Karen Borowski FCA
Statutory Auditor:
DJH Audit Limited
Date of audit report:
26 March 2025
8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
115,775
146,040
eDriving Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
- 7 -
9
Parent company

Edriving Fleet LLC is the company's parent undertaking and is the parent of the smallest group of which the company is a member and for which group accounts are drawn up.

 

Edriving Fleet LLC is a company incorporated in Delaware, USA. The company's principal place of business address is: Solera, 1500 Solana Blvd. Building 6, Suite 6300, Westlake, TX 76262.

 

10
Prior period adjustment
Reconciliation of changes in equity
1 April
31 March
2022
2023
£
£
Adjustments to prior year
Transfer pricing adjustment
-
276,908
Related corporation tax
-
(56,691)
Total adjustments
-
220,217
Equity as previously reported
1,379,590
1,381,975
Equity as adjusted
1,379,590
1,602,192
Analysis of the effect upon equity
Profit and loss reserves
-
220,217
Notes to reconciliation

The prior year financial statements have been adjusted to reflect the impact of the late audit adjustments on the transfer pricing calculation and related corporation tax, which was not updated in the prior year.

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