Drivespeed Group Limited - Accounts to registrar (filleted) - small 23.2.5

Drivespeed Group Limited - Accounts to registrar (filleted) - small 23.2.5

DRIVESPEED GROUP LIMITED - Company Information

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REGISTERED NUMBER: 10753162 (England and Wales)



















DRIVESPEED GROUP LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023





DRIVESPEED GROUP LIMITED (REGISTERED NUMBER: 10753162)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3 to 4


DRIVESPEED GROUP LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mr R A Bodill
Mr G P Beynon





REGISTERED OFFICE: 81 Burton Road
Derby
Derbyshire
DE1 1TJ





BUSINESS ADDRESS: 1st Floor Unit 5
Arabesque House
Monks Cross Drive
York
Yorkshire
YO32 9GZ





REGISTERED NUMBER: 10753162 (England and Wales)





ACCOUNTANTS: Johnson Tidsall Limited
Chartered Accountants
81 Burton Road
Derby
Derbyshire
DE1 1TJ
Page 1
DRIVESPEED GROUP LIMITED (REGISTERED NUMBER: 10753162)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investments 4 181 181

CURRENT ASSETS
Debtors 5 1,091,435 405,462
Investments 6 1,151,460 1,531,881
Cash at bank and in hand 348,867 589,345
2,591,762 2,526,688
CREDITORS
Amounts falling due within one year 7 4,067 80
NET CURRENT ASSETS 2,587,695 2,526,608
TOTAL ASSETS LESS CURRENT
LIABILITIES
2,587,876
2,526,789

CAPITAL AND RESERVES
Called up share capital 8 200 200
Retained earnings 2,587,676 2,526,589
SHAREHOLDERS' FUNDS 2,587,876 2,526,789

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 May 2024 and were signed on its behalf by:





Mr G P Beynon - Director


The notes on pages 3 to 4 form part of these financial statements

Page 2
DRIVESPEED GROUP LIMITED (REGISTERED NUMBER: 10753162)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Drivespeed Group Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements
The financial statements contain information about Drivespeed Group Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

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DRIVESPEED GROUP LIMITED (REGISTERED NUMBER: 10753162)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


4. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 181
NET BOOK VALUE
At 31 December 2023 181
At 31 December 2022 181

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed by group undertakings 1,091,335 405,362
Other debtors 100 100
1,091,435 405,462

6. CURRENT ASSET INVESTMENTS
2023 2022
£    £   
Listed investments 1,151,460 1,531,881

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed to group undertakings 80 80
Corporation tax 3,987 -
4,067 80

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
200 Ordinary £1 200 200

9. RELATED PARTY DISCLOSURES

Drivespeed Group Limited are owed £1,091,335 (2022: £405,362) by a subsidiary undertaking at the balance sheet date.

Page 4