Driver Europe Limited - Period Ending 2019-04-30

Registration number: 07256445

Driver Europe Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 30 April 2019

HPT (Luton) Limited
Basepoint Business Centre
110 Butterfield
Luton
Bedfordshire
LU2 8DL

 

Driver Europe Limited

Contents

Company Information	1
Accountants' Report	2
Abridged Balance Sheet	3
Notes to the Unaudited Abridged Financial Statements	4 to 5

Driver Europe Limited

Company Information

Director

Mrs J L Skeet

Registered office

Basepoint Business Centre 110 Butterfield Luton Bedfordshire LU2 8DL

Accountants

HPT (Luton) Limited Basepoint Business Centre 110 Butterfield Luton Bedfordshire LU2 8DL

Page 1

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Driver Europe Limited
for the Year Ended 30 April 2019

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Driver Europe Limited for the year ended 30 April 2019 as set out on pages 3 to 5 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Driver Europe Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Driver Europe Limited and state those matters that we have agreed to state to the Board of Directors of Driver Europe Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Driver Europe Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Driver Europe Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Driver Europe Limited. You consider that Driver Europe Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Driver Europe Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

HPT (Luton) Limited
Basepoint Business Centre
110 Butterfield
Luton
Bedfordshire
LU2 8DL

31 January 2020

Page 2

Driver Europe Limited

(Registration number: 07256445)
Abridged Balance Sheet as at 30 April 2019

	Note	2019 £	2018 £
Current assets
Debtors		47,188	107,835
Prepayments and accrued income		-	40,583
Creditors: Amounts falling due within one year		(33,037)	(112,128)
Total assets less current liabilities		14,151	36,290
Accruals and deferred income		(2,902)	(1,665)
Net assets		11,249	34,625
Capital and reserves
Called up share capital	3	100	100
Profit and loss account		11,149	34,525
Total equity		11,249	34,625

For the financial year ending 30 April 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges her 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the director on 31 January 2020
 

.........................................

Mrs J L Skeet
Director

The notes on pages 4 to 5 form an integral part of these abridged financial statements.

Page 3

Driver Europe Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2019

1	General information

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

The address of its registered office is:
Basepoint Business Centre
110 Butterfield
Luton
Bedfordshire
LU2 8DL
England

These financial statements were authorised for issue by the director on 31 January 2020.

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 abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

The abridged financial statements have been prepared under the historical cost convention in accordance with the accounting policies set out below. These financial statements were prepared in accordance with Financial Reporting Standard 102, section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.

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 sales/value added tax, returns, rebates and discounts.
The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity, specific criteria have been met for each of the company's activities and legal title has passed.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Page 4

Driver Europe Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2019

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of Taxation represents the sum of tax currently payable and deferred tax.

The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3	Share capital

Allotted, called up and fully paid shares

	2019		2018
	No.	£	No.	£
Ordinary Shares of £1 each	100	100	100	100

4	Related party transactions

Summary of transactions with all associates

Storm Selection Ltd and the company share certain common costs that are initially borne by Storm Selection Ltd and then re-charged at cost to the company as a management charge. The management charge in the year was £210,765 (2018 £143,131).
 

Loans from related parties

2019	Associates £	Total £
At start of period	50,482	50,482
Advanced	210,765	210,765
Repaid	(254,677)	(254,677)
At end of period	6,570	6,570

2018	Associates £	Total £
At start of period	50,767	50,767
Advanced	143,131	143,131
Repaid	(143,416)	(143,416)
At end of period	50,482	50,482

Page 5