Drivepoint Contractors Properties Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—7

1. General Information

Drivepoint Contractors Properties Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04865744 . The registered office is 3 Queen Square, London, WC1N 3AR.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006. 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 £.

2.2. Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery	33.33% Straight line
Motor Vehicles	33.33% Straight line
Fixtures & Fittings	12.50% Straignt line
Computer Equipment	33.33% Straignt line

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.

Impairment of fixed assets

...CONTINUED

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Drivepoint Contractors Properties Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 August 2024

2.3. Tangible Fixed Assets and Depreciation - continued

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

2.4. Investment Properties

All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.

2.5. 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 balance sheet 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.

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Drivepoint Contractors Properties Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 August 2024

2.6. Taxation

Income 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 profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

2.7. Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

2.8. Lease

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2.9. 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.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 2 (2023: 2)

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Drivepoint Contractors Properties Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 August 2024

4. Tangible Assets

	Plant & Machinery	Motor Vehicles	Computer Equipment	Total
	£	£	£	£
Cost or Valuation
As at 1 September 2023	7,341	23,796	6,120	37,257

As at 31 August 2024	7,341	23,796	6,120	37,257

Depreciation
As at 1 September 2023	3,926	22,850	4,442	31,218
Provided during the period	1,902	946	1,622	4,470

As at 31 August 2024	5,828	23,796	6,064	35,688

Net Book Value
As at 31 August 2024	1,513	-	56	1,569

As at 1 September 2023	3,415	946	1,678	6,039

Cost or valuation as at 31 August 2024 represented by:

	Plant & Machinery	Motor Vehicles	Computer Equipment	Total
	£	£	£	£
At cost	7,341	23,796	6,120	37,257

	7,341	23,796	6,120	37,257

Investment property comprises mixed use property, including offices, workshops/storage, other outbuildings and yard space. The fair value of the investment property has been arrived at on the basis of a valuation carried out as at 29 January 2024 by Bruton Knowles Limited who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The directors are satisfied that this valuation is appropriate to use at 31 August 2024.

As of 10 May 2024, Cambridge & Counties Bank holds fixed and floating charges over the undertaking and all property and assets of the company.

5. Investment Property

	2024
	£
Fair Value
As at 1 September 2023 and 31 August 2024	1,635,000

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Drivepoint Contractors Properties Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 August 2024

6. Debtors

	2024	2023
	£	£
Due within one year
Trade debtors	4,561	5,538

7. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Trade creditors	34	667
Bank loans and overdrafts	14,219	323,769
Other creditors	34,142	8,017
Taxation and social security	13,983	28,539

	62,378	360,992

8. Creditors: Amounts Falling Due After More Than One Year

	2024	2023
	£	£
Bank loans	901,220	914,426
Other creditors	241,508	240,553

	1,142,728	1,154,979

The long term loans are secured by fixed and floating charges.

9. Share Capital

	2024	2023
	£	£
Allotted, Called up and fully paid	106	106

10. Reserves

	Fair Value Reserve
	£
As at 1 September 2023	54,129

As at 31 August 2024	54,129

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		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		1,569		6,039
Investment Properties	5		1,635,000		1,635,000

			1,636,569		1,641,039
CURRENT ASSETS
Debtors	6	4,561		5,538
Cash at bank and in hand		89,918		366,187

		94,479		371,725
Creditors: Amounts Falling Due Within One Year	7	(62,378 )		(360,992 )

NET CURRENT ASSETS (LIABILITIES)			32,101		10,733

TOTAL ASSETS LESS CURRENT LIABILITIES			1,668,670		1,651,772

Creditors: Amounts Falling Due After More Than One Year	8		(1,142,728 )		(1,154,979 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			(50,739 )		(50,739 )

NET ASSETS			475,203		446,054

CAPITAL AND RESERVES
Called up share capital	9		106		106
Fair value reserve	10		54,129		54,129
Profit and Loss Account			420,968		391,819

SHAREHOLDERS' FUNDS			475,203		446,054

Mrs L Hawkins Director	Mr M R Hawkins Director
22/05/2025