Drive Creative Studio Limited

Contents

Statement of Financial Position	1
Notes to the Unaudited Financial Statements	2 to 7

Drive Creative Studio Limited

(Registration number: 08635238)
Statement of Financial Position as at 31 July 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	4	944	1,417
Current assets
Stocks	5	4,649	12,248
Debtors	6	24,175	29,132
Cash at bank and in hand		57,877	107,740
		86,701	149,120
Creditors: Amounts falling due within one year	7	(50,930)	(71,002)
Net current assets		35,771	78,118
Total assets less current liabilities		36,715	79,535
Provisions for liabilities		(179)	(269)
Net assets		36,536	79,266
Capital and reserves
Called up share capital		32	32
Capital redemption reserve		16	16
Profit and loss account		36,488	79,218
Shareholders' funds		36,536	79,266

For the financial year ending 31 July 2025 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 Statement of Comprehensive Income.

Approved and authorised by the Board on 5 November 2025 and signed on its behalf by:
 

Mr Simon Farrow Director

Drive Creative Studio Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2025

1	General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
26-28 Southernhay East
Exeter
Devon
EX1 1NS

Principal activity

The principal activity of the company is web design.

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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 value added tax, returns, rebates and discounts.

Drive Creative Studio Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2025 (continued)

2	Accounting policies (continued)

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

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:

Asset class	Depreciation method and rate
Fittings fixtures and equipment	33% Straight line (IT) and 25% Straight line

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Drive Creative Studio Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2025 (continued)

2	Accounting policies (continued)

Amounts to be billed to clients

Work in progress has been valued at cost plus the estimated attributable profit and is included in the sales and work in progress.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2024 - 6).

Drive Creative Studio Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2025 (continued)

4	Tangible assets

	Fixtures and fittings £	Total £
Cost or valuation
At 1 August 2024	25,373	25,373
Additions	835	835
At 31 July 2025	26,208	26,208
Depreciation
At 1 August 2024	23,956	23,956
Charge for the year	1,308	1,308
At 31 July 2025	25,264	25,264
Carrying amount
At 31 July 2025	944	944
At 31 July 2024	1,417	1,417

5

Stocks

	2025 £	2024 £
Work in progress	4,649	12,248

6

Debtors

	Note	2025 £	2024 £
Trade debtors		15,973	23,404
Other debtors		2,400	2,400
Prepayments		4,068	3,328
Accrued income		974	-
Income tax asset		760	-
		24,175	29,132

Drive Creative Studio Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2025 (continued)

7

Creditors

Creditors: amounts falling due within one year

	2025 £	2024 £
Due within one year
Trade creditors	2,689	3,226
Taxation and social security	9,555	31,775
Accruals and deferred income	23,881	6,384
Other creditors	14,805	29,617
	50,930	71,002

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

9	Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

	2025 £	2024 £
Not later than one year	-	9,577
Later than one year and not later than five years	-	7,183
	-	16,760

The amount of non-cancellable operating lease payments recognised as an expense during the year was £Nil (2024 - £9,653).

Drive Creative Studio Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2025 (continued)

10	Related party transactions

Transactions with directors

2025	At 1 August 2024 £	Advances to director £	Repayments by director £	At 31 July 2025 £
Directors	(28,185)	(40,522)	55,377	(13,330)
	-	-	-	-
	(28,185)	(40,522)	55,377	(13,330)

2024	At 1 August 2023 £	Advances to director £	Repayments by director £	At 31 July 2024 £
Directors	(37,389)	(60,522)	69,726	(28,185)
	-	-	-	-
	(37,389)	(60,522)	69,726	(28,185)