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COMPANY REGISTRATION NUMBER: 11974843
Driveline Vehicle Delivery Hull Limited
Filleted Unaudited Financial Statements
31 May 2024
Driveline Vehicle Delivery Hull Limited
Statement of Financial Position
31 May 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
6
305,091
161,201
Current assets
Stocks
44,742
45,761
Debtors
7
468,868
250,221
Cash at bank and in hand
19,689
47,669
---------
---------
533,299
343,651
Creditors: amounts falling due within one year
8
520,433
269,124
---------
---------
Net current assets
12,866
74,527
---------
---------
Total assets less current liabilities
317,957
235,728
Creditors: amounts falling due after more than one year
9
254,962
196,388
Provisions
Taxation including deferred tax
14,081
4,985
---------
---------
Net assets
48,914
34,355
---------
---------
Capital and reserves
Called up share capital
10
1
1
Profit and loss account
48,913
34,354
--------
--------
Shareholders funds
48,914
34,355
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 May 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Driveline Vehicle Delivery Hull Limited
Statement of Financial Position (continued)
31 May 2024
These financial statements were approved by the board of directors and authorised for issue on 24 February 2025 , and are signed on behalf of the board by:
Mr A Oglesby
Director
Company registration number: 11974843
Driveline Vehicle Delivery Hull Limited
Notes to the Financial Statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 47 Lincoln Street, Hull, East Yorkshire, HU2 OPB, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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 is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Plant and machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 13 (2023: 13 ).
5. Tax on profit
Major components of tax expense
2024
2023
£
£
Deferred tax:
Origination and reversal of timing differences
9,096
4,985
-------
-------
Tax on profit
9,096
4,985
-------
-------
6. Tangible assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 June 2023
214,935
214,935
Additions
5,065
192,189
197,254
-------
---------
---------
At 31 May 2024
5,065
407,124
412,189
-------
---------
---------
Depreciation
At 1 June 2023
53,734
53,734
Charge for the year
1,266
52,098
53,364
-------
---------
---------
At 31 May 2024
1,266
105,832
107,098
-------
---------
---------
Carrying amount
At 31 May 2024
3,799
301,292
305,091
-------
---------
---------
At 31 May 2023
161,201
161,201
-------
---------
---------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 31 May 2024
243,866
---------
At 31 May 2023
161,201
---------
7. Debtors
2024
2023
£
£
Trade debtors
268,483
204,064
Amounts owed by undertakings in which the company has a participating interest
17,000
Prepayments and accrued income
53,235
37,568
Other debtors
130,150
8,589
---------
---------
468,868
250,221
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
15,704
26,415
Trade creditors
169,146
56,896
Accruals and deferred income
23,162
33,000
Social security and other taxes
45,928
15,096
Obligations under finance leases and hire purchase contracts
99,001
72,598
Director loan accounts
56,422
54,216
Factoring loan
108,197
Other creditors
2,873
10,903
---------
---------
520,433
269,124
---------
---------
The factoring loan is secured on the trade debtors of the company.
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
9,905
23,146
Obligations under finance leases and hire purchase contracts
245,057
173,242
---------
---------
254,962
196,388
---------
---------
10. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
1
1
1
1
----
----
----
----
11. Director's advances, credits and guarantees
During the year there were no director's advances, credits and guarantees.