Drivestandard Limited Filleted accounts for Companies House (small and micro)

DRIVESTANDARD LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03354998

Drivestandard Limited

Filleted Unaudited Financial Statements

30 September 2018

Drivestandard Limited

Statement of Financial Position

30 September 2018

	2018		2017
Note	£	£	£

Fixed assets

Tangible assets	5		1,924,810	1,963,261

Current assets

Debtors	6	83,393	19,000
Cash at bank and in hand		1,935	25,711
		--------	--------
		85,328	44,711

Creditors: amounts falling due within one year	7	528,110		545,586
		---------		---------
Net current liabilities			442,782	500,875
			------------	------------
Total assets less current liabilities			1,482,028	1,462,386

Creditors: amounts falling due after more than one year	8	318,510	416,889
		------------	------------
Net assets		1,163,518	1,045,497
		------------	------------

Capital and reserves

Called up share capital	1	1
Profit and loss account	1,163,517	1,045,496
	------------	------------
Shareholders funds	1,163,518	1,045,497
	------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 30 September 2018 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 financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Drivestandard Limited

Statement of Financial Position (continued)

30 September 2018

These financial statements were approved by the board of directors and authorised for issue on 10 June 2019 , and are signed on behalf of the board by:

Mr D Lenton

Director

Company registration number: 03354998

Drivestandard Limited

Notes to the Financial Statements

Year ended 30 September 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is St Georges Place, 140 Lord Street, Southport, PR9 0AH.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

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

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.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

Land and buildings	-	2% reducing balance
Equipment	-	15% reducing balance

Impairment of fixed assets

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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of banks loans which are subsequently measured at amortised cost using the effective interest method.

Debtors

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.

Creditors

Short term trade 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.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2017: Nil).

5. Tangible assets

	Land and buildings	Equipment	Total
	£	£	£
Cost
At 1 October 2017	2,259,857	12,770	2,272,627
Additions	–	1,176	1,176
	------------	--------	------------
At 30 September 2018	2,259,857	13,946	2,273,803
	------------	--------	------------
Depreciation
At 1 October 2017	298,017	11,349	309,366
Charge for the year	39,237	390	39,627
	------------	--------	------------
At 30 September 2018	337,254	11,739	348,993
	------------	--------	------------
Carrying amount
At 30 September 2018	1,922,603	2,207	1,924,810
	------------	--------	------------
At 30 September 2017	1,961,840	1,421	1,963,261
	------------	--------	------------

6. Debtors

	2018	2017
	£	£
Trade debtors	21,500	19,000
Other debtors	61,893	–
	--------	--------
	83,393	19,000
	--------	--------

7. Creditors: amounts falling due within one year

	2018	2017
	£	£
Bank loans and overdrafts	97,393	96,407
Trade creditors	1,292	3,085
Corporation tax	61,243	117,667
Social security and other taxes	1,736	2,311
Other creditors	366,446	326,116
	---------	---------
	528,110	545,586
	---------	---------

The bank borrowings are secured by a fixed charge over the property and by a floating charge over the other assets of the company.

8. Creditors: amounts falling due after more than one year

	2018	2017
	£	£
Bank loans and overdrafts	318,510	416,889
	---------	---------

The bank borrowings are secured by a fixed charge over the property and by a floating charge over the other assets of the company.

9. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2018
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr D Lenton	( 287,117)	28,386	( 68,635)	( 327,366)
	---------	--------	--------	---------

	2017
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr D Lenton	( 316,388)	54,495	( 25,224)	( 287,117)
	---------	--------	--------	---------

10. Related party transactions

The company was under the control of the Directors throughout the current and previous year. No transactions with related parties were undertaken such as are required to be disclosed.