Company registration number 07926213 (England and Wales)
DROVA LIMITED (FORMERLY TRILINE GRC LIMITED)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
DROVA LIMITED (FORMERLY TRILINE GRC LIMITED)
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
DROVA LIMITED (FORMERLY TRILINE GRC LIMITED)
BALANCE SHEET
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
757
Current assets
Debtors
4
751,400
654,606
Cash at bank and in hand
424,838
28,523
1,176,238
683,129
Creditors: amounts falling due within one year
5
(1,436,166)
(790,382)
Net current liabilities
(259,928)
(107,253)
Net liabilities
(259,928)
(106,496)
Capital and reserves
Called up share capital
6
20
20
Profit and loss reserves
(259,948)
(106,516)
Total equity
(259,928)
(106,496)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 27 June 2025 and are signed on its behalf by:
Ms R Riley
Director
Company registration number 07926213 (England and Wales)
DROVA LIMITED (FORMERLY TRILINE GRC LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
1
Accounting policies
Company information
Drova Limited (formerly Triline GRC Limited) is a private company limited by shares incorporated in England and Wales. The registered office is 22 Wycombe End, Beaconsfield, Buckinghamshire, HP9 1NB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’ – Presentation of a statement of cash low and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ – Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument
Section 26 ‘Share based Payment’ – Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements
Section 33 ‘Related Party Disclosures’ – Compensation for key management personnel
The financial statements of the company are consolidated in the financial statements of Ansarada Group Limited. These consolidated financial statements are available from its registered office, Level 2, 80 George Street, The Rocks, Sydney NSW 2000, Australia.
1.2
Going concern
The accounts have been prepared on a going concern basis. Throughout the year the company was supported by the group. After year end, Drova Limited (formerly Triline GRC Limited) exited the group, amounts owed to the group were waived and the company has secured significant convertible loan notes. The directors trueare of the opinion that through a combination of future trading income and the convertible loan notes, the company will continue as a going concern for the foreseeable future.
1.3
Turnover
Turnover is measured at the fair value of the consideration received or receivable for the sale of goods and the rendering of services in the normal course of business, and is shown net of discounts and VAT.
Rendering of services
Revenue arises from the provision of management services. Revenue is recognised proportionally over the performance of the service contract, by reference to the stage of completion of the transaction at the end of the reporting period.
DROVA LIMITED (FORMERLY TRILINE GRC LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 3 -
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
20% straight line
Computers
20% straight 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.
1.5
Impairment of fixed assets
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).
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ”Basic Financial Instruments” 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.
Basic financial assets
Short term debtors are measured at transaction price less any provision for impairment. Loans receivable are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method, less any provision for impairment.
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
Short term creditors are measured at transaction price. Other financial liabilities, including bank loans and other loans, are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method.
1.7
Taxation
The 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 net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
DROVA LIMITED (FORMERLY TRILINE GRC LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
DROVA LIMITED (FORMERLY TRILINE GRC LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2023
2,202
Disposals
(2,202)
At 30 June 2024
Depreciation and impairment
At 1 July 2023
1,445
Depreciation charged in the year
184
Eliminated in respect of disposals
(1,629)
At 30 June 2024
Carrying amount
At 30 June 2024
At 30 June 2023
757
4
Debtors
2024
2023
as restated
Amounts falling due within one year:
£
£
Trade debtors
33,284
Amounts owed by group undertakings
610,159
618,931
Other debtors
107,957
28,246
751,400
647,177
2024
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset
7,429
Total debtors
751,400
654,606
DROVA LIMITED (FORMERLY TRILINE GRC LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
5
Creditors: amounts falling due within one year
2024
2023
as restated
£
£
Trade creditors
16,800
Amounts owed to group undertakings
752,959
206,490
Other creditors
683,207
567,092
1,436,166
790,382
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
20
20
20
20
7
Related party transactions
The company is a wholly owned member of Ansarada Group Limited. and as such has taken advantage of the exemption permitted by Section 33 'Related Party Disclosures', not to provide disclosures of transactions entered into with other wholly-owned members of the group.
8
Parent company
Year end
The immediate parent undertaking of Drova Limited (formerly Triline GRC Limited) is Drova Pty Ltd (formerly TriLine GRC Pty Limited), a company incorporated in Australia. Its registered office is, Level 2, 80 George Street, The Rocks, Sydney NSW 2000, Australia.
The ultimate parent undertaking of Drova Limited (formerly Triline GRC Limited) is Ansarada Group Limited. No singular individual has control of Ansarada Group Limited.
The largest and smallest group for which group accounts are drawn up, and of which the company is a member, is Ansarada Group Limited. The consolidated accounts of this company are publicly available from the Australian Securities & Investments Commission.
Events after year end
On 5 September 2024, Drova Limited (formerly Triline GRC Limited) and its immediate parent undertaking, Drova Pty Ltd (formerly Triline GRC Pty Limited), were disposed of by Ansarada Group Limited. Drova Pty Ltd (formerly Triline GRC Pty Limited) remains the immediate parent undertaking of the company. The new ultimate parent undertaking is Another Company Pty Limited, a company registered in Australia. The small group of companies is controlled by Samuel Riley.
9
Events after the reporting period
The Amounts owed by group undertakings (note 4) and Amounts owed to group undertakings (note 5) with a net balance of £142,800 owed to the group were waived at the date Ansarada Group Limited disposed of Drova Limited (formerly Triline GRC Limited). See note 8 for further details of the disposal.
DROVA LIMITED (FORMERLY TRILINE GRC LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Keir Singleton
Statutory Auditor:
S&W Partners Audit Limited
Date of audit report:
27 June 2025
DROVA LIMITED (FORMERLY TRILINE GRC LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
11
Prior period adjustment
Reconciliation of changes in equity
1 July
30 June
2022
2023
£
£
Adjustments to prior year
Correction of overstated revenue in the prior year
-
(17,348)
Equity as previously reported
(63,636)
(89,148)
Equity as adjusted
(63,636)
(106,496)
Analysis of the effect upon equity
Profit and loss reserves
-
(17,348)
Reconciliation of changes in loss for the previous financial period
2023
£
Adjustments to prior year
Correction of overstated revenue in the prior year
(17,348)
Loss as previously reported
(25,512)
Loss as adjusted
(42,860)
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