Drive 59 Limited 09643680 false 2023-08-01 2024-07-31 2024-07-31 The principal activity of the company is provision of loan finance. Digita Accounts Production Advanced 6.30.9574.0 true 09643680 2023-08-01 2024-07-31 09643680 2024-07-31 09643680 bus:OrdinaryShareClass1 2024-07-31 09643680 core:CurrentFinancialInstruments 2024-07-31 09643680 core:CurrentFinancialInstruments core:WithinOneYear 2024-07-31 09643680 bus:SmallEntities 2023-08-01 2024-07-31 09643680 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 09643680 bus:FilletedAccounts 2023-08-01 2024-07-31 09643680 bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 09643680 bus:RegisteredOffice 2023-08-01 2024-07-31 09643680 bus:Director1 2023-08-01 2024-07-31 09643680 bus:Director2 2023-08-01 2024-07-31 09643680 bus:Director3 2023-08-01 2024-07-31 09643680 bus:OrdinaryShareClass1 2023-08-01 2024-07-31 09643680 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 09643680 bus:Agent1 2023-08-01 2024-07-31 09643680 countries:AllCountries 2023-08-01 2024-07-31 09643680 2022-08-01 2023-07-31 09643680 2023-07-31 09643680 bus:OrdinaryShareClass1 2023-07-31 09643680 core:CurrentFinancialInstruments 2023-07-31 09643680 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 09643680

Drive 59 Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

Drive 59 Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 5

 

Drive 59 Limited

Company Information

Directors

Mr R C Shelley MBE

Mrs G S Stock

Mrs J Thake

Registered office

Flat 20 Rydal Court
Stonegrove
Edgware
Middlesex
HA8 7TW

Accountants

Sterlings Ltd
Chartered AccountantsLawford House
Albert Place
London
N3 1QA

 

Drive 59 Limited

(Registration number: 09643680)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Current assets

 

Debtors

4

677,931

732,977

Cash at bank and in hand

 

69,118

51,446

 

747,049

784,423

Creditors: Amounts falling due within one year

5

(420,430)

(504,461)

Net assets

 

326,619

279,962

Capital and reserves

 

Called up share capital

6

100

100

Profit and loss account

326,519

279,862

Shareholders' funds

 

326,619

279,962

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 and 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 Profit and Loss Account.

Approved and authorised by the Board on 12 April 2025 and signed on its behalf by:
 

.........................................
Mr R C Shelley MBE
Director

 

Drive 59 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 and Wales .

The address of its registered office is:
Flat 20 Rydal Court
Stonegrove
Edgware
Middlesex
HA8 7TW
England

These financial statements were authorised for issue by the Board on 12 April 2025.

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.

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 sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current 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.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, 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.

 

Drive 59 Limited

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

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

4

Debtors

Current

2024
£

2023
£

Trade debtors

677,931

732,977

 

677,931

732,977

 

Drive 59 Limited

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

5

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

129,000

130,000

Taxation and social security

 

11,720

10,226

Accruals and deferred income

 

14,688

12,723

Other creditors

 

265,022

351,512

 

420,430

504,461

6

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

7

Related party disclosures

During the year, the directors of the company advanced £17,000 (2023 - £2,500) to Drive 59 Limited and withdrew £103,490 (2023 - £16,091).

Additionally, other related parties were repaid £1,000 (2023 – nil) during the year.

As at the balance sheet date, Drive 59 Limited owed £265,022 (2023 - £351,512) to the directors and £129,000 (2023 - £130,000) to other related parties.

There are no fixed terms in respect of the above loans and no interest is being charged.