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Registered Number: 07295940
England and Wales

 

 

 

THE DRIVE MOTORS LTD


Abridged Accounts
 


Period of accounts

Start date: 01 July 2023

End date: 30 June 2024
  2024   2023
    £ £   £ £
Fixed assets   23,569      20,225 
Current assets 10,656      21,154   
Creditors: amount falling due within one year (11,823)     (10,437)  
Net current assets   (1,167)     10,717 
Total assets less current liabilities   22,402      30,942 
Creditors: amount falling due after more than one year   (21,993)     (35,029)
Net assets   409      (4,087)
 

         
Capital and reserves   409      (4,087)
 
NOTES TO THE ACCOUNTS

General Information
THE DRIVE MOTORS LTD is a private company, limited by shares, registered in England and Wales, registration number 07295940, registration address 38 King Harold Road, Colchester, Essex, CO3 4SE.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 105 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 25% Reducing Balance
Motor Vehicles 25% Reducing Balance
Fixed asset investments
Fixed asset investments are stated at cost less provision for any permanent diminution in value.
2.

Tangible fixed assets

Cost or valuation Plant and Machinery   Motor Vehicles   Total
  £   £   £
At 01 July 2023 14,487    6,000    20,487 
Additions    
Disposals    
At 30 June 2024 14,487    6,000    20,487 
Depreciation
At 01 July 2023 13,310    5,655    18,965 
Charge for year    
On disposals    
At 30 June 2024 13,310    5,655    18,965 
Net book values
Closing balance as at 30 June 2024 1,177    345    1,522 
Opening balance as at 01 July 2023 (1,138)   (684)   (1,822)


3.

Staff Costs

2024   2023
 
Average number of employees during the year Number   Number
Administration 1    2 
 

4.

Average number of employees

Average number of employees during the year was 1 (2023 : 2).


For the year ended 30 June 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.

The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the micro-entity provisions and FRS 105, the Financial Reporting Standard applicable to the micro-entities regime. The accounts have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts.
The financial statements were approved by the director on 24 March 2025 and were signed by:


--------------------------------
Kwamena Williams
Director
1