Drivefarm Limited - Period Ending 2017-08-31
Drivefarm Limited - Period Ending 2017-08-31
Registration number:
Drivefarm Limited
for the Year Ended 31 August 2017
Chartered Accountants
Churchill House
120 Bunns Lane
London
NW7 2AS
Drivefarm Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Drivefarm Limited
Company Information
Directors |
R Samra D Samra |
Registered office |
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Accountants |
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Page 1 |
Drivefarm Limited
(Registration number: 04857464)
Balance Sheet as at 31 August 2017
Note |
2017 |
2016 |
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Fixed assets |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Other reserves |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 August 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their 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.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Page 2 |
Drivefarm Limited
(Registration number: 04857464)
Balance Sheet as at 31 August 2017
Approved and authorised by the
.........................................
R Samra
Director
Page 3 |
Drivefarm Limited
Notes to the Financial Statements for the Year Ended 31 August 2017
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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 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
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Judgements
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. |
The estimates and underlying assumptions are review on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
Judgements in respect of fair value of the investment properties has had the most significant effects on amounts recognized in the financial statements. |
Revenue recognition
Turnover relates to rent receivable 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;
and specific criteria have been met for each of the company's activities.
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 income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Page 4 |
Drivefarm Limited
Notes to the Financial Statements for the Year Ended 31 August 2017
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 taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Investment property
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Page 5 |
Drivefarm Limited
Notes to the Financial Statements for the Year Ended 31 August 2017
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.
Investment properties |
2017 |
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At 1 September |
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Freehold properties were revalued by the directors at the year end 31 August 2017 at £260,000. Deferred tax at 20% on revaluation of £97,031 amounted to £19,406 has been provided.
There has been no valuation of investment property by an independent valuer.
There are no restrictions on the realisability or remittance of income and proceeds of disposal from investment property.
Debtors |
2017 |
2016 |
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Trade debtors |
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Prepayments |
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Creditors |
Creditors: amounts falling due within one year
Note |
2017 |
2016 |
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Due within one year |
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Bank loans and overdrafts |
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Taxation and social security |
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Accruals and deferred income |
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Page 6 |
Drivefarm Limited
Notes to the Financial Statements for the Year Ended 31 August 2017
Share capital |
Allotted, called up and fully paid shares
2017 |
2016 |
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No. |
£ |
No. |
£ |
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1 |
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1 |
Loans and borrowings |
2017 |
2016 |
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Current loans and borrowings |
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Other borrowings |
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Related party transactions |
Summary of transactions with other related parties
Parent and ultimate parent undertaking |
The ultimate controlling party is
Page 7 |
Drivefarm Limited
Notes to the Financial Statements for the Year Ended 31 August 2017
Transition to FRS 102 |
Balance Sheet at 1 September 2015
As originally reported |
Reclassification |
Remeasurement |
As restated |
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Fixed assets |
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Investment property |
260,000 |
- |
- |
260,000 |
Current assets |
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Debtors |
8,468 |
- |
- |
8,468 |
Cash at bank and in hand |
6,110 |
- |
- |
6,110 |
14,578 |
- |
- |
14,578 |
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Creditors: Amounts falling due within one year |
(73,713) |
- |
- |
(73,713) |
Net current liabilities |
(59,135) |
- |
- |
(59,135) |
Net assets |
200,865 |
- |
- |
200,865 |
Capital and reserves |
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Called up share capital |
(1) |
- |
- |
(1) |
Revaluation reserve |
(97,031) |
- |
- |
(97,031) |
Profit and loss account |
(103,833) |
- |
- |
(103,833) |
Total equity |
(200,865) |
- |
- |
(200,865) |
Page 8 |
Drivefarm Limited
Notes to the Financial Statements for the Year Ended 31 August 2017
Balance Sheet at 31 August 2016
As originally reported |
Reclassification |
Remeasurement |
As restated |
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Fixed assets |
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Investment property |
260,000 |
- |
- |
260,000 |
Current assets |
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Debtors |
6,075 |
- |
- |
6,075 |
Cash at bank and in hand |
15,337 |
- |
- |
15,337 |
21,412 |
- |
- |
21,412 |
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Creditors: Amounts falling due within one year |
(77,656) |
- |
- |
(77,656) |
Net current liabilities |
(56,244) |
- |
- |
(56,244) |
Total assets less current liabilities |
203,756 |
- |
- |
203,756 |
Provisions for liabilities |
- |
- |
(19,406) |
(19,406) |
Net assets/(liabilities) |
203,756 |
- |
(19,406) |
184,350 |
Capital and reserves |
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Called up share capital |
(1) |
- |
- |
(1) |
Revaluation reserve |
(97,031) |
- |
97,031 |
- |
Other reserves |
- |
- |
(77,625) |
(77,625) |
Profit and loss account |
(106,724) |
- |
- |
(106,724) |
Total equity |
(203,756) |
- |
19,406 |
(184,350) |
Page 9 |