Drivestandard Limited Company accounts

DRIVESTANDARD LIMITED - Company Information

0 false false false false false false false false false true false false false false false false 2019-10-01 Sage Accounts Production Advanced 2020 - FRS102_2019 81,330 40,390 xbrli:pure xbrli:shares iso4217:GBP 03354998 2019-10-01 2020-09-30 03354998 2020-09-30 03354998 2019-09-30 03354998 2018-10-01 2019-09-30 03354998 2019-09-30 03354998 2018-09-30 03354998 core:LandBuildings core:OwnedOrFreeholdAssets 2019-10-01 2020-09-30 03354998 core:PlantMachinery 2019-10-01 2020-09-30 03354998 bus:RegisteredOffice 2019-10-01 2020-09-30 03354998 bus:LeadAgentIfApplicable 2019-10-01 2020-09-30 03354998 bus:Director1 2019-10-01 2020-09-30 03354998 bus:Director2 2019-10-01 2020-09-30 03354998 core:LandBuildings 2019-09-30 03354998 core:PlantMachinery 2019-09-30 03354998 core:LandBuildings 2020-09-30 03354998 core:PlantMachinery 2020-09-30 03354998 core:LandBuildings 2019-10-01 2020-09-30 03354998 core:WithinOneYear 2020-09-30 03354998 core:WithinOneYear 2019-09-30 03354998 core:AfterOneYear 2020-09-30 03354998 core:AfterOneYear 2019-09-30 03354998 core:RetainedEarningsAccumulatedLosses 2019-09-30 03354998 core:RetainedEarningsAccumulatedLosses 2018-09-30 03354998 core:RetainedEarningsAccumulatedLosses 2020-09-30 03354998 core:RetainedEarningsAccumulatedLosses 2019-09-30 03354998 core:ShareCapital 2020-09-30 03354998 core:ShareCapital 2019-09-30 03354998 core:LandBuildings 2019-09-30 03354998 core:PlantMachinery 2019-09-30 03354998 bus:Director1 2019-09-30 03354998 bus:Director1 2020-09-30 03354998 bus:Director2 2019-09-30 03354998 bus:Director2 2020-09-30 03354998 bus:Director1 2018-09-30 03354998 bus:Director1 2019-09-30 03354998 bus:Director2 2019-09-30 03354998 bus:Director1 2018-10-01 2019-09-30 03354998 bus:Director2 2018-10-01 2019-09-30 03354998 bus:SmallEntities 2019-10-01 2020-09-30 03354998 bus:AuditExemptWithAccountantsReport 2019-10-01 2020-09-30 03354998 bus:FullAccounts 2019-10-01 2020-09-30 03354998 bus:SmallCompaniesRegimeForAccounts 2019-10-01 2020-09-30 03354998 bus:PrivateLimitedCompanyLtd 2019-10-01 2020-09-30 03354998 core:OfficeEquipment 2019-10-01 2020-09-30 03354998 core:OfficeEquipment 2019-09-30 03354998 core:OfficeEquipment 2020-09-30

COMPANY REGISTRATION NUMBER: 03354998

Drivestandard Limited

Unaudited Financial Statements

30 September 2020

Drivestandard Limited

Financial Statements

Year ended 30 September 2020

Contents	Page

Directors' report	1

Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements	2

Statement of income and retained earnings	3

Statement of financial position	4

Notes to the financial statements	6

Drivestandard Limited

Directors' Report

Year ended 30 September 2020

The directors present their report and the unaudited financial statements of the company for the year ended 30 September 2020 .

Principal activities

The principal activity of the company during the year was property rental.

Directors

The directors who served the company during the year were as follows:

Mr D Lenton
Mrs F Sears

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 29 June 2021 and signed on behalf of the board by:

Mr D Lenton

Director

Registered office:

St Georges Place

140 Lord Street

Southport

PR9 0AH

Drivestandard Limited

Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Drivestandard Limited

Year ended 30 September 2020

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Drivestandard Limited for the year ended 30 September 2020, which comprise the statement of income and retained earnings, statement of financial position and the related notes 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 www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Drivestandard Limited, as a body, in accordance with the terms of our engagement letter dated 8 November 2016. Our work has been undertaken solely to prepare for your approval the financial statements of Drivestandard Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Drivestandard Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Drivestandard Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Drivestandard Limited. You consider that Drivestandard 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 financial statements of Drivestandard 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 financial statements.

AGP Chartered Accountants

Sterling House 810 Mandarin Court Centre Park Warrington Cheshire WA1 1GG

29 June 2021

Drivestandard Limited

Statement of Income and Retained Earnings

Year ended 30 September 2020

	2020	2019
Note	£	£
Turnover	76,650	131,139

	--------	---------
Gross profit	76,650	131,139

Administrative expenses		137,657	53,735
		---------	---------
Operating (loss)/profit	4	( 61,007)	77,404

Interest payable and similar expenses	6	28,572	23,661
		---------	---------
(Loss)/profit before taxation		( 89,579)	53,743

Tax on (loss)/profit	( 8,249)	13,353
	--------	--------
(Loss)/profit for the financial year and total comprehensive income	( 81,330)	40,390
	--------	--------

Retained earnings at the start of the year	1,203,907	1,163,517
	------------	------------
Retained earnings at the end of the year	1,122,577	1,203,907
	------------	------------

All the activities of the company are from continuing operations.

Drivestandard Limited

Statement of Financial Position

30 September 2020

	2020		2019
Note	£	£	£

Fixed assets

Tangible assets	7		2,054,798	1,909,439

Current assets

Debtors	8	114,241	49,706
Cash at bank and in hand		1,961	4,440
		---------	--------
		116,202	54,146

Creditors: amounts falling due within one year	9	533,085		462,062
		---------		---------
Net current liabilities			416,883	407,916
			------------	------------
Total assets less current liabilities			1,637,915	1,501,523

Creditors: amounts falling due after more than one year	10	515,337	297,615
		------------	------------
Net assets		1,122,578	1,203,908
		------------	------------

Capital and reserves

Called up share capital	1	1
Profit and loss account	1,122,577	1,203,907
	------------	------------
Shareholders funds	1,122,578	1,203,908
	------------	------------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

For the year ending 30 September 2020 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 2020

These financial statements were approved by the board of directors and authorised for issue on 29 June 2021 , 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 2020

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
Plant and machinery	-	15% 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. Operating profit

Operating profit or loss is stated after charging/crediting:

	2020	2019
	£	£
Depreciation of tangible assets	45,668	42,915
Gains on disposal of tangible assets	–	( 50,000)
Impairment of trade debtors	1,600	–
	--------	--------

5. Employee numbers

The average number of persons employed by the company during the year amounted to Nil (2019: 1 ).

6. Interest payable and similar expenses

	2020	2019
	£	£
Interest on banks loans and overdrafts	27,867	23,528
Other interest payable and similar charges	705	133
	--------	--------
	28,572	23,661
	--------	--------

7. Tangible assets

	Land and buildings	Plant and machinery	Equipment	Total
	£	£	£	£
Cost
At 1 October 2019	2,259,857	27,300	14,190	2,301,347
Additions	190,000	–	1,027	191,027
	------------	--------	--------	------------
At 30 September 2020	2,449,857	27,300	15,217	2,492,374
	------------	--------	--------	------------
Depreciation
At 1 October 2019	375,706	4,095	12,107	391,908
Charge for the year	41,483	3,481	704	45,668
	------------	--------	--------	------------
At 30 September 2020	417,189	7,576	12,811	437,576
	------------	--------	--------	------------
Carrying amount
At 30 September 2020	2,032,668	19,724	2,406	2,054,798
	------------	--------	--------	------------
At 30 September 2019	1,884,151	23,205	2,083	1,909,439
	------------	--------	--------	------------

8. Debtors

	2020	2019
	£	£
Trade debtors	5,375	2,962
Other debtors	108,866	46,744
	---------	--------
	114,241	49,706
	---------	--------

9. Creditors: amounts falling due within one year

	2020	2019
	£	£
Bank loans and overdrafts	11,470	59,144
Trade creditors	13,840	27,570
Corporation tax	5,418	51,370
Social security and other taxes	88	415
Other creditors	502,269	323,563
	---------	---------
	533,085	462,062
	---------	---------

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

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

	2020	2019
	£	£
Bank loans and overdrafts	515,337	297,615
	---------	---------

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

11. Directors' advances, credits and guarantees

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

	2020
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr D Lenton	( 306,458)	225,093	( 301,050)	( 382,415)
Mrs F Sears	( 600)	–	–	( 600)
	---------	---------	---------	---------
	( 307,058)	225,093	( 301,050)	( 383,015)
	---------	---------	---------	---------

	2019
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr D Lenton	( 327,366)	64,558	( 43,650)	( 306,458)
Mrs F Sears	–	–	( 600)	( 600)
	---------	--------	--------	---------
	( 327,366)	64,558	( 44,250)	( 307,058)
	---------	--------	--------	---------

12. 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.