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Registered number: 05248662
JUST DRIVE LEASING LIMITED
(FORMERLY KNOWN AS CAR CONTRACTS BRITAIN LIMITED)
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 30 JUNE 2018
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JUST DRIVE LEASING LIMITED (FORMERLY KNOWN AS CAR CONTRACTS BRITAIN LIMITED)
COMPANY INFORMATION
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Unit 8 The Oak Trees Business Park
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Crossley Financial Accounting
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JUST DRIVE LEASING LIMITED (FORMERLY KNOWN AS CAR CONTRACTS BRITAIN LIMITED)
CONTENTS
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Statement of financial position
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Notes to the financial statements
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JUST DRIVE LEASING LIMITED (FORMERLY KNOWN AS CAR CONTRACTS BRITAIN LIMITED)
REGISTERED NUMBER: 05248662
STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2018
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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Capital redemption reserve
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Page 1
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JUST DRIVE LEASING LIMITED (FORMERLY KNOWN AS CAR CONTRACTS BRITAIN LIMITED)
REGISTERED NUMBER: 05248662
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2018
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 March 2019.
The notes on pages 3 to 12 form part of these financial statements.
Page 2
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JUST DRIVE LEASING LIMITED (FORMERLY KNOWN AS CAR CONTRACTS BRITAIN LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2018
Car Contracts Britain Limited is a private company, limited by shares domiciled in England and Wales. The registered office is Unit 8 Oak Trees Business Park, Orbital Park, Ashford, Kent, TN24 0SY.
On 6 March 2019 a special resolution was agreed to change the company's name from Car Contracts Britain Limited to Just Drive Leasing Limited.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
∙the Company has transferred the significant risks and rewards of ownership to the buyer;
∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Page 3
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JUST DRIVE LEASING LIMITED (FORMERLY KNOWN AS CAR CONTRACTS BRITAIN LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2018
2.Accounting policies (continued)
Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of comprehensive income over its useful economic life.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
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L/Term Leasehold Property
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over the period of the lease
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first outbasis. Work in progress and finished goods include labour and attributable overheads.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Page 4
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JUST DRIVE LEASING LIMITED (FORMERLY KNOWN AS CAR CONTRACTS BRITAIN LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2018
2.Accounting policies (continued)
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight line basis over the lease term.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.
Page 5
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JUST DRIVE LEASING LIMITED (FORMERLY KNOWN AS CAR CONTRACTS BRITAIN LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2018
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
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 income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of financial position date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
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The average monthly number of employees, including directors, during the year was 9 (2017 - 10).
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Page 6
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JUST DRIVE LEASING LIMITED (FORMERLY KNOWN AS CAR CONTRACTS BRITAIN LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2018
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Current tax on profits for the year
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Origination and reversal of timing differences
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Taxation on profit on ordinary activities
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Factors affecting tax charge for the year
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There were no factors that affected the tax charge for the year which has been calculated on the profits on ordinary activities before tax at the standard rate of corporation tax in the UK of 19% (2017 - 20%).
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Factors that may affect future tax charges
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There were no factors that may affect future tax charges.
Page 7
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JUST DRIVE LEASING LIMITED (FORMERLY KNOWN AS CAR CONTRACTS BRITAIN LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2018
Page 8
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JUST DRIVE LEASING LIMITED (FORMERLY KNOWN AS CAR CONTRACTS BRITAIN LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2018
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L/Term Leasehold Property
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Charge for the year on owned assets
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Page 9
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JUST DRIVE LEASING LIMITED (FORMERLY KNOWN AS CAR CONTRACTS BRITAIN LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2018
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Finished goods and goods for resale
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Prepayments and accrued income
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Cash and cash equivalents
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Page 10
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JUST DRIVE LEASING LIMITED (FORMERLY KNOWN AS CAR CONTRACTS BRITAIN LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2018
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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The bank loans and overdrafts are secured by personal guarantee of the Director.
HSBC Bank Plc hold a fixed and floating charge over the undertaking and all property and assets present and future.
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Accelerated capital allowances
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The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £2,953 (2017 - £2,026) . Contributions totalling £Nil (2017 - £Nil) were payable to the fund at the reporting date and are included in creditors.
Page 11
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JUST DRIVE LEASING LIMITED (FORMERLY KNOWN AS CAR CONTRACTS BRITAIN LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2018
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Commitments under operating leases
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At 30 June 2018 the Company had future minimum lease payments under non-cancellable operating leases as follows:
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Later than 1 year and not later than 5 years
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Related party transactions
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Transactions with Directors
During the year the following transactions took place with the director:
Advances of £173,869 (2017 - £47,568)
Repayments of £28,945 (2017 - £56,659)
As at 30 June 2018 £145,241 (2017 - £317) was due to the director.
Dividends of £102,000 (2017 - £44,680) were paid in respect of prior years, reducing the proposed dividends liability and and a dividend of £38,612 (2017 - £119,844) was proposed for the current year. As at 30 June 2018 all dividends proposed, not paid, have been credited to the directors loan account and are now effectively paid.
During the period the directors, joint owners of Unit 8 The Oak Trees Business Park, rented the premises to Car Contracts Britain Limited for a rent of £33,600 (2017 - £28,726).
Transactions with entities in which the owners hold a participating interest
During the year the following transactions took place with the entity:
Purchases of £50,875 (2017 - £57,082);
The balance due in relation to these purchases is £4,655 (2017 - £3,616) and is included in trade creditors.
Sales of £296,251 (2017 - £66,946);
The balance due in relation to these sales is £61,303 (2017 - £78,925) and is included in trade debtors.
Advances amounting to £88,413 (2017 - £Nil)
Repayments totaling £Nil (2017 - £162,724)
As at 30 June 2018 £88,413 (2017 - £Nil) was due from the entity.
A dividend of £53,575 (2017 - £45,394) was paid in respect of prior years and dividend of £22,154 (2017 - £68,763) was proposed for the current period. All dividends proposed, not paid, have been credited to the entity's loan account and are now effectively paid.
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Page 12
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