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REGISTERED NUMBER: 07673189 (England and Wales)
















DRIVERS DIRECT RECRUITMENT GROUP LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024






DRIVERS DIRECT RECRUITMENT GROUP LIMITED (REGISTERED NUMBER: 07673189)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Statement of Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 18


DRIVERS DIRECT RECRUITMENT GROUP LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2024







DIRECTORS: D Jellicoe
P Salt
T Mutton
J P Coan
S Holland





SECRETARY: P Salt





REGISTERED OFFICE: 2 Lakeview Stables
Lower St. Clere
Kemsing
Sevenoaks
Kent
TN15 6NL





REGISTERED NUMBER: 07673189 (England and Wales)





AUDITORS: Lakeview Southern Audit Limited
Chartered Accountants and
Statutory Auditors
2 Lakeview Stables
Lower St. Clere
Kemsing
Sevenoaks
Kent
TN15 6NL

DRIVERS DIRECT RECRUITMENT GROUP LIMITED (REGISTERED NUMBER: 07673189)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024


The directors present their strategic report of the company and the group for the year ended 30 September 2024.

The directors changed the previous period end date to enable them complete period end financial statements after their busiest trading period. This has created an 18 month period and therefore the comparatives are not entirely comparable.

The principal activity of the group in the period under review was that of the recruitment of transport personnel as well as the supply of a complete logistics service.

REVIEW OF BUSINESS
The directors recognise that following a difficult few years where the UK economy has seen almost no growth, interest rates have remained high, and inflation has pushed up costs. Coupled with this, consumer confidence has remained low. Overall, this has caused a very difficult trading environment.

The group has had to consolidate its business structure, which included managing overheads whilst remaining agile and being able to take advantage of new business opportunities whilst also maximising the opportunities within the existing client base.

The restructuring of the senior management team has worked well, these changes have supported the growth that the group has seen towards the end of the last accounting period, this growth has also continued into the new period.

More recently the group continues to make week by week and month by month profit and has forecast continual growth in sales, gross profit and net profit during the new financial year.

PRINCIPAL RISKS AND UNCERTAINTIES
The board of directors continually reviews the risks and uncertainties relating to the group. The uncertain political landscape causes concern with additional legislation and tax burden a real possibility.

The directors are pleased that margins have remained strong and indeed have grown in some areas despite the economic challenges that we have faced in the UK.

The group recognises that the cost of hiring and retaining has continued to increase during the period, largely due to the continued high inflation in the UK. Despite this, the group is happy with its cost base and its retention levels.

FINANCIAL KEY PERFORMANCE INDICATORS
The following Key Performance Indicators are part of the tools used by management to monitor the group's performance:

The directors monitor the gross profit margins, turnover, expenditure, and cash flow on a daily and weekly basis.

Overheads are closely monitored by management, resulting in the continued reduction in administrative expenses and the increase in profit, this has helped mitigate the tough economic conditions.

FUTURE DEVELOPMENTS
The group will continue to develop its logistics division by increasing the number of operating centers as well as the number of vehicles operating out of each center.

The group will also continue to review and develop the recruitment branches with a view to maximising the existing branches' gross profit whilst identifying any new locations that would give the group new opportunities to expand and increase gross profit.


DRIVERS DIRECT RECRUITMENT GROUP LIMITED (REGISTERED NUMBER: 07673189)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

FINANCIAL INSTRUMENTS
The group has a normal level of exposure to price, credit, liquidity and cashflow risks arising from trading activities which are all conducted in sterling.

ON BEHALF OF THE BOARD:





D Jellicoe - Director


26 June 2025

DRIVERS DIRECT RECRUITMENT GROUP LIMITED (REGISTERED NUMBER: 07673189)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 SEPTEMBER 2024


The directors present their report with the financial statements of the company and the group for the year ended 30 September 2024.

DIVIDENDS
Interim dividends of £226.48 per ordinary share were paid during the period.

The total distribution of dividends for the period ended 30 September 2024 is £226,482.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 October 2023 to the date of this report.

D Jellicoe
P Salt
T Mutton
J P Coan
S Holland

Other changes in directors holding office are as follows:

Z Parks - resigned 2 May 2024

DISCLOSURE IN THE STRATEGIC REPORT
The group has chosen in accordance with Companies Act 2006, s.414C(11) to set out in the group's strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the directors' report. It has done so in respect of future developments, financial instruments and the principal activity.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

DRIVERS DIRECT RECRUITMENT GROUP LIMITED (REGISTERED NUMBER: 07673189)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 SEPTEMBER 2024


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Lakeview Southern Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





P Salt - Director


26 June 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
DRIVERS DIRECT RECRUITMENT GROUP LIMITED


Opinion
We have audited the financial statements of Drivers Direct Recruitment Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 30 September 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Material uncertainty relating to going concern
We draw attention to note 12 in the financial statements, which provides details of matters which indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Key audit matters
Except for the matter described in the Material uncertainty related to going concern section, we have determined that there are no other key audit matters to be communicated in our report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
DRIVERS DIRECT RECRUITMENT GROUP LIMITED


Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial period for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
DRIVERS DIRECT RECRUITMENT GROUP LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We considered the central laws and regulations to the entity and identified those being of significance. We undertook an enquiry of management and those charged with governance to evaluate those of significance and any instances of non-compliance.

Through discussion and, where appropriate, written representation we obtained an understanding of the entity's policies and procedures in relation to fraud risks, including knowledge of any actual, suspected or alleged fraud.

The Senior Statutory Auditor has assessed that the engagement team collectively have the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations within the areas that they are responsible for testing.

Where necessary, documentation scrutiny was used to determine the significance of any instances with non-compliance of central laws and regulations and reviewed disclosures made in the financial statements to ensure these were appropriately made. We also reviewed the journals processed by the finance team and reviewed all transactions outside the normal course of the entity's business.

We communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Irregularities that result from fraud are inherently more difficult to detect from irregularities that result from error.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
DRIVERS DIRECT RECRUITMENT GROUP LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Adrian Hull (Senior Statutory Auditor)
for and on behalf of Lakeview Southern Audit Limited
Chartered Accountants and
Statutory Auditors
2 Lakeview Stables
Lower St. Clere
Kemsing
Sevenoaks
Kent
TN15 6NL

26 June 2025

DRIVERS DIRECT RECRUITMENT GROUP LIMITED (REGISTERED NUMBER: 07673189)

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Period
1.4.22
Year Ended to
30.9.24 30.9.23
as restated
Notes £    £   

TURNOVER 3 15,668,548 31,041,078

Cost of sales 12,596,026 24,633,396
GROSS PROFIT 3,072,522 6,407,682

Administrative expenses 2,606,685 5,466,736
465,837 940,946

Other operating income 56,102 77,461
OPERATING PROFIT 5 521,939 1,018,407

Interest receivable and similar income 3,811 6,123
525,750 1,024,530

Interest payable and similar expenses 7 212,390 320,731
PROFIT BEFORE TAXATION 313,360 703,799

Tax on profit 8 83,342 160,810
PROFIT FOR THE FINANCIAL YEAR 230,018 542,989

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

230,018

542,989

Profit attributable to:
Owners of the parent 230,018 542,989

Total comprehensive income attributable to:
Owners of the parent 230,018 542,989

DRIVERS DIRECT RECRUITMENT GROUP LIMITED (REGISTERED NUMBER: 07673189)

CONSOLIDATED BALANCE SHEET
30 SEPTEMBER 2024

30.9.24 30.9.23
as restated
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 13 - -
Tangible assets 14 191,024 198,939
Investments 15 - -
191,024 198,939

CURRENT ASSETS
Debtors 16 2,980,716 3,590,602
Cash at bank and in hand 32,403 772,396
3,013,119 4,362,998
CREDITORS
Amounts falling due within one year 17 4,918,082 6,272,268
NET CURRENT LIABILITIES (1,904,963 ) (1,909,270 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(1,713,939

)

(1,710,331

)

CREDITORS
Amounts falling due after more than one year 18 (1,599,814 ) (1,598,312 )

PROVISIONS FOR LIABILITIES 23 (7,044 ) (6,939 )
NET LIABILITIES (3,320,797 ) (3,315,582 )

CAPITAL AND RESERVES
Called up share capital 24 4,267 5,018
Share premium 25 1,975 9,975
Capital redemption reserve 25 (600 ) (600 )
Retained earnings 25 (3,326,439 ) (3,329,975 )
SHAREHOLDERS' FUNDS (3,320,797 ) (3,315,582 )

The financial statements were approved by the Board of Directors and authorised for issue on 26 June 2025 and were signed on its behalf by:





D Jellicoe - Director


DRIVERS DIRECT RECRUITMENT GROUP LIMITED (REGISTERED NUMBER: 07673189)

COMPANY BALANCE SHEET
30 SEPTEMBER 2024

30.9.24 30.9.23
as restated
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 13 - -
Tangible assets 14 - -
Investments 15 3,590,285 3,590,285
3,590,285 3,590,285

CURRENT ASSETS
Cash at bank 70 -

CREDITORS
Amounts falling due within one year 17 1,980,144 1,973,074
NET CURRENT LIABILITIES (1,980,074 ) (1,973,074 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,610,211

1,617,211

CREDITORS
Amounts falling due after more than one year 18 1,599,814 1,598,312
NET ASSETS 10,397 18,899

CAPITAL AND RESERVES
Called up share capital 24 4,267 5,018
Share premium 25 1,975 9,975
Capital redemption reserve 25 (600 ) (600 )
Retained earnings 25 4,755 4,506
SHAREHOLDERS' FUNDS 10,397 18,899

Company's profit for the financial year 226,731 744,622

The financial statements were approved by the Board of Directors and authorised for issue on 26 June 2025 and were signed on its behalf by:





D Jellicoe - Director


DRIVERS DIRECT RECRUITMENT GROUP LIMITED (REGISTERED NUMBER: 07673189)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 April 2022 7,104 (3,148,342 ) 19,975 (600 ) (3,121,863 )

Changes in equity
Reduction in share capital (2,086 ) - - - (2,086 )
Purchase of own shares - - (10,000 ) - (10,000 )
Dividends - (724,622 ) - - (724,622 )
Total comprehensive income - 542,989 - - 542,989
Balance at 30 September 2023 5,018 (3,329,975 ) 9,975 (600 ) (3,315,582 )

Changes in equity
Reduction in share capital (751 ) - - - (751 )
Purchase of own shares - - (8,000 ) - (8,000 )
Dividends - (226,482 ) - - (226,482 )
Total comprehensive income - 230,018 - - 230,018
Balance at 30 September 2024 4,267 (3,326,439 ) 1,975 (600 ) (3,320,797 )

DRIVERS DIRECT RECRUITMENT GROUP LIMITED (REGISTERED NUMBER: 07673189)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 April 2022 7,104 (15,494 ) 19,975 (600 ) 10,985

Changes in equity
Reduction in share capital (2,086 ) - - - (2,086 )
Purchase of own shares - - (10,000 ) - (10,000 )
Dividends - (724,622 ) - - (724,622 )
Total comprehensive income - 744,622 - - 744,622
Balance at 30 September 2023 5,018 4,506 9,975 (600 ) 18,899

Changes in equity
Reduction in share capital (751 ) - - - (751 )
Purchase of own shares - - (8,000 ) - (8,000 )
Dividends - (226,482 ) - - (226,482 )
Total comprehensive income - 226,731 - - 226,731
Balance at 30 September 2024 4,267 4,755 1,975 (600 ) 10,397

DRIVERS DIRECT RECRUITMENT GROUP LIMITED (REGISTERED NUMBER: 07673189)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Period
1.4.22
Year Ended to
30.9.24 30.9.23
as restated
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 307,856 306,575
Interest paid (212,390 ) (320,731 )
Tax paid - (270,639 )
Net cash from operating activities 95,466 (284,795 )

Cash flows from investing activities
Purchase of tangible fixed assets (8,863 ) (7,265 )
Interest received 3,811 6,123
Net cash from investing activities (5,052 ) (1,142 )

Cash flows from financing activities
Loan repayments in year (290,916 ) (289,581 )
Movement on invoice financing debt (220,788 ) 235,935
Amount introduced by directors - 120,510
Amount withdrawn by directors (84,221 ) -
Share buyback (8,000 ) (5,000 )
Equity dividends paid (226,482 ) (724,622 )
Net cash from financing activities (830,407 ) (662,758 )

Decrease in cash and cash equivalents (739,993 ) (948,695 )
Cash and cash equivalents at beginning of
year

2

772,396

1,721,091

Cash and cash equivalents at end of year 2 32,403 772,396

DRIVERS DIRECT RECRUITMENT GROUP LIMITED (REGISTERED NUMBER: 07673189)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

Period
1.4.22
Year Ended to
30.9.24 30.9.23
as restated
£    £   
Profit before taxation 313,360 703,799
Depreciation charges 16,778 22,414
Finance costs 212,390 320,731
Finance income (3,811 ) (6,123 )
538,717 1,040,821
(Increase)/decrease in trade and other debtors (63,026 ) 85,106
Decrease in trade and other creditors (167,835 ) (819,352 )
Cash generated from operations 307,856 306,575

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 September 2024
30.9.24 1.10.23
£    £   
Cash and cash equivalents 32,403 772,396
Period ended 30 September 2023
30.9.23 1.4.22
as restated
£    £   
Cash and cash equivalents 772,396 1,721,091


DRIVERS DIRECT RECRUITMENT GROUP LIMITED (REGISTERED NUMBER: 07673189)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.10.23 Cash flow At 30.9.24
£    £    £   
Net cash
Cash at bank and in hand 772,396 (739,993 ) 32,403
772,396 (739,993 ) 32,403
Debt
Debts falling due within 1 year (4,530,643 ) 1,181,152 (3,349,491 )
(4,530,643 ) 1,181,152 (3,349,491 )
Total (3,758,247 ) 441,159 (3,317,088 )

DRIVERS DIRECT RECRUITMENT GROUP LIMITED (REGISTERED NUMBER: 07673189)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024


1. STATUTORY INFORMATION

Drivers Direct Recruitment Group Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The functional currency of the business is pound sterling.

The place of business is 13 Whitworth Court, Runcorn, Cheshire, WA7 1WA.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Basis of consolidation
The consolidated financial statements incorporate those of Drivers Direct Recruitment Group Limited and it's subsidiary. Both financial statements are made up to 30 September using the same accounting policies. All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation.

Turnover
Turnover represents net amounts receivable for services provided in recruiting haulage personnel, haulage services and franchise fees. All amounts are shown within the financial statements excluding value added tax.

Turnover is recognised during the period in which the service is carried out.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2012, was amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 5% on cost
Plant and machinery - 20% on reducing balance
Motor vehicles - 25% on reducing balance

Tangible fixed assets are stated at cost less accumulated depreciation. The depreciation policy noted above for freehold property is not applied to land.

DRIVERS DIRECT RECRUITMENT GROUP LIMITED (REGISTERED NUMBER: 07673189)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
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 entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classified as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains and losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

The group has elected to apply the provisions of Section 11 "Basic Financial Instruments" and Section 12 "Other Financial Instruments Issues" of FRS102 to all of its financial instruments.

Financial instruments are recognised when the group becomes party to the contractual provisions of the instrument.

Basic Financial Assets and Liabilities, which include trade debtors and other debtors, loans to and from group companies, trade creditors and cash and bank balances, are initially measured at transaction price including transaction costs.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

DRIVERS DIRECT RECRUITMENT GROUP LIMITED (REGISTERED NUMBER: 07673189)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Cash and cash equivalents
The company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. The company does not have any such investments.

Impairment of financial assets
Financial assets, are assessed for indicators of impairment at the end of each reporting period, Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial assets, the estimated future cash flows of the investment have been affected.

Any impairment identified is recognised in the profit and loss.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by geographical market is given below:

Period
1.4.22
Year Ended to
30.9.24 30.9.23
as restated
£    £   
United Kingdom 15,668,548 31,041,078
15,668,548 31,041,078

4. EMPLOYEES AND DIRECTORS
Period
1.4.22
Year Ended to
30.9.24 30.9.23
as restated
£    £   
Wages and salaries 1,287,998 2,606,262
Social security costs 118,836 243,245
Other pension costs 19,730 38,952
1,426,564 2,888,459

DRIVERS DIRECT RECRUITMENT GROUP LIMITED (REGISTERED NUMBER: 07673189)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
Period
1.4.22
Year Ended to
30.9.24 30.9.23
as restated

Direct Staff 6 6
Administrative staff 38 60
44 66

The average number of employees by undertakings that were proportionately consolidated during the year was 44 (2023 - 66 ) .

Period
1.4.22
Year Ended to
30.9.24 30.9.23
as restated
£    £   
Directors' remuneration 139,665 137,275

Remuneration paid to the highest paid Director in the period totalled £52,675 (2023: £26,580).

Directors pension costs totalled £1,028 (2023: £339).

5. OPERATING PROFIT

The operating profit is stated after charging:

Period
1.4.22
Year Ended to
30.9.24 30.9.23
as restated
£    £   
Hire of plant and machinery 3,153 7,786
Other operating leases 198,392 345,456
Depreciation - owned assets 16,778 22,414

DRIVERS DIRECT RECRUITMENT GROUP LIMITED (REGISTERED NUMBER: 07673189)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


6. AUDITORS' REMUNERATION
Period
1.4.22
Year Ended to
30.9.24 30.9.23
as restated
£    £   
Fees payable to the company's auditors for the audit of the company's
financial statements

13,710

18,641
Total audit fees 13,710 18,641

Taxation compliance services - 13,570
Other non- audit services 10,800 15,300
Total non-audit fees 10,800 28,870
Total fees payable 24,510 47,511

7. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
1.4.22
Year Ended to
30.9.24 30.9.23
as restated
£    £   
Bank loan interest 102,323 133,020
Interest payable 110,067 187,711
212,390 320,731

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
Period
1.4.22
Year Ended to
30.9.24 30.9.23
as restated
£    £   
Current tax:
UK corporation tax 83,237 159,648

Deferred tax 105 1,162
Tax on profit 83,342 160,810

DRIVERS DIRECT RECRUITMENT GROUP LIMITED (REGISTERED NUMBER: 07673189)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


8. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

Period
1.4.22
Year Ended to
30.9.24 30.9.23
as restated
£    £   
Profit before tax 313,360 703,799
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 25 %)

78,340

175,950

Effects of:
Expenses not deductible for tax purposes 2,918 10,114
Depreciation in excess of capital allowances and net of deferred tax 2,084 4,949
Effect of changes in corporation tax rate - (30,203 )
Total tax charge 83,342 160,810

9. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


DRIVERS DIRECT RECRUITMENT GROUP LIMITED (REGISTERED NUMBER: 07673189)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


10. DIVIDENDS
Period
1.4.22
Year Ended to
30.9.24 30.9.23
as restated
£    £   
Ordinary B shares of £1 each
Interim 31,219 139,266
Ordinary C shares of £1 each
Interim 40,684 121,644
Ordinary D shares of £1 each
Interim 47,618 132,108
Ordinary E shares of £1 each
Interim 77,246 138,375
Ordinary F shares of £1 each
Interim 17,734 86,619
Ordinary H shares of £1 each
Interim - 34,379
Ordinary J shares of £1 each
Interim - 8,331
Ordinary N shares of £1 each
Interim 11,981 63,900
226,482 724,622

The total distribution of dividend for the period ended 30 September 2024 is £226,482 (2023: £724,622).

There are different classes of shares each attracting different rates of dividend.

11. PRIOR YEAR ADJUSTMENT

The comparative figures for the period to 30 September 2023 have been restated to reflect all bank loans as short term liabilities rather than an element being disclosed as a long term liability. The bank have not called in the loan and have confirmed that they do not intend to, but they have retained the right to do so. The balance sheet value has not changed as a result of this restatement. The amount of long term liability disclosed in the 2023 accounts which has been reclassified as short term is £1,166,666.

DRIVERS DIRECT RECRUITMENT GROUP LIMITED (REGISTERED NUMBER: 07673189)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


12. GOING CONCERN

The directors consider the group to be a going concern. However, the following matter indicates there is a material uncertainty that may cast a significant doubt on the group's ability to continue as a going concern.

Subsequent to the period end, cash flow continues to be an issue for the group with the cash reserves remaining low. The directors are confident that the group will trade through the current cash flow issues and the group has now returned to positive cash flow. Provided the continued support from the bank, in relation to the invoice discounting facility and loan, is not withdrawn, the directors do not consider there to be any going concern issues in this regard. Should this support be withdrawn, the directors would endeavor to arrange alternative funding. There is uncertainty as to whether this would be achievable. Should alternative funding not be available this would have a material impact on the group's ability to continue as a going concern and, therefore, that it might be unable to realise its assets and discharge its liabilities in the normal course of business.

13. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 October 2023
and 30 September 2024 3,197,800
AMORTISATION
At 1 October 2023
and 30 September 2024 3,197,800
NET BOOK VALUE
At 30 September 2024 -
At 30 September 2023 -

DRIVERS DIRECT RECRUITMENT GROUP LIMITED (REGISTERED NUMBER: 07673189)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


14. TANGIBLE FIXED ASSETS

Group
Freehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST
At 1 October 2023 230,019 80,154 52,189 362,362
Additions - 8,863 - 8,863
At 30 September 2024 230,019 89,017 52,189 371,225
DEPRECIATION
At 1 October 2023 58,837 62,704 41,882 163,423
Charge for year 8,334 5,867 2,577 16,778
At 30 September 2024 67,171 68,571 44,459 180,201
NET BOOK VALUE
At 30 September 2024 162,848 20,446 7,730 191,024
At 30 September 2023 171,182 17,450 10,307 198,939

15. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 October 2023
and 30 September 2024 3,590,285
NET BOOK VALUE
At 30 September 2024 3,590,285
At 30 September 2023 3,590,285


The above investment relates entirely to the 100% owned subsidiary Drivers Direct Recruitment Agency Ltd. As disclosed in that company's financial statements, and in note 11 to these consolidated financial statements, the group continues to have cash flow concerns subsequent to the period end. Should the financial support from the bank not continue, there is uncertainty as to whether alternative funding would be available. Should this occur, there is a risk that a material adjustment may be required in relation to the carrying amount of the investment, which is currently included at cost.

DRIVERS DIRECT RECRUITMENT GROUP LIMITED (REGISTERED NUMBER: 07673189)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
30.9.24 30.9.23
as restated
£    £   
Trade debtors 2,880,611 3,490,949
Other debtors 73,370 36,230
Directors' current accounts - 4,215
Prepayments 26,735 59,208
2,980,716 3,590,602

17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.9.24 30.9.23 30.9.24 30.9.23
as restated as restated
£    £    £    £   
Bank loans and overdrafts (see note 19) 1,166,666 1,458,333 1,166,666 1,458,333
Other loans (see note 19) 2,182,825 3,072,310 - -
Trade creditors 126,773 244,749 - -
Amounts owed to group undertakings - - 808,478 509,741
Tax 242,885 159,648 - -
Social security and other taxes 990,285 1,017,258 - -
Other creditors 129,194 128,140 5,000 5,000
Directors' current accounts - 88,436 - -
Accrued expenses 79,454 103,394 - -
4,918,082 6,272,268 1,980,144 1,973,074

18. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
30.9.24 30.9.23 30.9.24 30.9.23
as restated as restated
£    £    £    £   
Other creditors 1,599,814 1,598,312 1,599,814 1,598,312

Other creditors arose as a result of the reclassification of preference shares under Section 22 of FRS102 and further details are contained within note 21 to the financial statements.

DRIVERS DIRECT RECRUITMENT GROUP LIMITED (REGISTERED NUMBER: 07673189)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


19. LOANS

An analysis of the maturity of loans is given below:

Group Company
30.9.24 30.9.23 30.9.24 30.9.23
as restated as restated
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans 1,166,666 1,458,333 1,166,666 1,458,333
Invoice discounting 2,182,825 3,072,310 - -
3,349,491 4,530,643 1,166,666 1,458,333

20. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable operating leases
30.9.24 30.9.23
as restated
£    £   
Within one year 28,669 153,565
Between one and five years 8,681 20,833
37,350 174,398

Rentals paid under operating leases are charged to the statement of comprehensive income on a straight line basis over the period of the lease.

21. SECURED DEBTS

The following secured debts are included within creditors:

Group
30.9.24 30.9.23
as restated
£    £   
Invoice discounting 2,182,825 3,072,310

The group has an invoice discounting advance which is secured by a fixed charge over the trade debtors and also a floating charge over all other assets.

DRIVERS DIRECT RECRUITMENT GROUP LIMITED (REGISTERED NUMBER: 07673189)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


22. FINANCIAL INSTRUMENTS

The redeemable preference shares are treated as financial instruments in accordance with FRS102.

The shares are redeemable at the option of the issuer and have a fixed payment due on them. They are therefore split between equity and creditors within the accounts.

The method used to calculate the split is set out in Section 22 of FRS102. This method has been used applying an assumed interest rate of 7% and a period to redemption of five years from 12 October 2021. The resultant creditor is therefore disclosed as due after more than one year. The discount is then amortised over ten years.

The payments made annually on these shares are then split between the creditor and the interest charge in the year as set out in the guidelines.

23. PROVISIONS FOR LIABILITIES

Group
30.9.24 30.9.23
as restated
£    £   
Deferred tax
Accelerated capital allowances 7,044 6,939

Group
Deferred
tax
£   
Balance at 1 October 2023 6,939
Provided during year 105
Balance at 30 September 2024 7,044

DRIVERS DIRECT RECRUITMENT GROUP LIMITED (REGISTERED NUMBER: 07673189)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


24. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.9.24 30.9.23
value: as restated
£    £   
3,267 Preference £1 3,267 4,018
(30.9.23 - 4,018
)
530 Ordinary B £1 530 530
120 Ordinary C £1 120 120
120 Ordinary D £1 120 120
120 Ordinary E £1 120 120
25 Ordinary F £1 25 25
25 Ordinary H £1 25 25
25 Ordinary J £1 25 25
5 Ordinary K £1 5 5
25 Ordinary N £1 25 25
5 Ordinary O £1 5 5
4,267 5,018

Preference shares have no voting rights but have rights to be notified of and attend any general meeting. They have a right to a fixed coupon rate payment. They are redeemable at the option of the company, they are therefore disclosed in the accounts partly within creditors and partly within share capital as outlined in section 22 of FRS102.

B Ordinary shares hold 100% of the voting rights of the company, they have a right to a dividend as determined by the company and a right to capital on winding up.

All other ordinary shares have no voting rights, they have a right to a dividend as determined by the company and a right to capital on winding up.

All preference shares and ordinary shares are redeemable at par by the company in the event of the shareholder leaving the company and other specified circumstances. Full details of this are disclosed in the company's articles of association. The preference shares are treated as financial instruments in accordance with FRS 102. The details of this are in note 20.

The ordinary D, H, J and K shares are currently held in treasury by the company to enable them to be reassigned at a later date.

DRIVERS DIRECT RECRUITMENT GROUP LIMITED (REGISTERED NUMBER: 07673189)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


25. RESERVES

Group
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1 October 2023 (3,329,975 ) 9,975 (600 ) (3,320,600 )
Profit for the year 230,018 230,018
Dividends (226,482 ) (226,482 )
Purchase of own shares - (8,000 ) - (8,000 )
At 30 September 2024 (3,326,439 ) 1,975 (600 ) (3,325,064 )

Company
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1 October 2023 4,506 9,975 (600 ) 13,881
Profit for the year 226,731 226,731
Dividends (226,482 ) (226,482 )
Purchase of own shares - (8,000 ) - (8,000 )
At 30 September 2024 4,755 1,975 (600 ) 6,130

The retained earnings is the cumulative profit and loss net of distributions. This also includes the amortised distribution on redeemable preference shares which does not reduce the company's realised, and, therefore, distributable profits.

The share premium account represents amounts paid for share capital in excess of the par value.

26. PENSION COMMITMENTS

The group makes contributions to a defined contribution pension scheme. During the period contributions of £20,758 (2023: £39,291) were paid. The contributions due are those specified in the legal requirements of auto-enrolment. The costs of these contributions are charged to the statement of comprehensive income on an accruals basis as the become payable under the scheme.

DRIVERS DIRECT RECRUITMENT GROUP LIMITED (REGISTERED NUMBER: 07673189)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


27. ULTIMATE PARENT COMPANY

Drivers Direct Recruitment Group Limited is regarded by the directors as being the group's ultimate parent company.

The registered office where the financial statements may be obtained is 2 Lakeview Stables, Lower St. Clere, Kemsing, Sevenoaks, Kent, TN15 6NL.

Drivers Direct Recruitment Group Limited holds 100% of the voting shares in Drivers Direct Recruitment Agency Limited.

The subsidiary's registered office where the financial statements may be obtained is 2 Lakeview Stables, Lower St. Clere, Kemsing, Sevenoaks, Kent, TN15 6NL.

The principal place of business of the parent and the subsidiary is 13 Whitworth Court, Runcorn, Cheshire, WA7 1WA.

28. RELATED PARTY DISCLOSURES

At the balance sheet date, there were no amounts due to or from the directors (2023: some directors were owed a combined £88,436 and one director owed the group £4,215. No interest was charged on this balance).

During the period, dividends were paid to the directors in their capacity as shareholders.

Directors remuneration is disclosed in note 4 to the financial statements.

29. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is D Jellicoe.