Company Registration No. 04174940 (England and Wales)
DRIVEPOINT CONTRACTORS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 AUGUST 2018
PAGES FOR FILING WITH REGISTRAR
The Courtyard
Shoreham Road
Upper Beeding
Steyning
BN44 3TN
DRIVEPOINT CONTRACTORS LTD
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Statement of changes in equity
4
Notes to the financial statements
5 - 9
DRIVEPOINT CONTRACTORS LTD
COMPANY INFORMATION
- 1 -
Directors
Mr M Hawkins
Mr P J Carver
Mrs L Hawkins
Company number
04174940
Registered office
The Old Dairy
Sheffield Park
Uckfield
East Sussex
TN22 3QB
Accountants
Taylorcocks
The Courtyard
Shoreham Road
Upper Beeding
Steyning
West Sussex
BN44 3TN
DRIVEPOINT CONTRACTORS LTD
BALANCE SHEET
AS AT
31 AUGUST 2018
31 August 2018
- 2 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,040,406
752,825
Current assets
Debtors
4
1,694,830
1,922,836
Cash at bank and in hand
317,814
239,951
2,012,644
2,162,787
Creditors: amounts falling due within one year
5
(1,758,146)
(1,905,969)
Net current assets
254,498
256,818
Total assets less current liabilities
1,294,904
1,009,643
Creditors: amounts falling due after more than one year
6
(314,115)
(163,385)
Provisions for liabilities
(114,358)
(101,450)
Net assets
866,431
744,808
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
866,331
744,708
Total equity
866,431
744,808
DRIVEPOINT CONTRACTORS LTD
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2018
31 August 2018
- 3 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 August 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on 15 April 2019 and are signed on its behalf by:
Mr M Hawkins
Director
Company Registration No. 04174940
The notes on pages 5 to 9 form part of these financial statements
DRIVEPOINT CONTRACTORS LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2018
- 4 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 September 2016
100
634,694
634,794
Year ended 31 August 2017:
Profit and total comprehensive income for the year
-
174,694
174,694
Dividends
-
(64,680)
(64,680)
Balance at 31 August 2017
100
744,708
744,808
Year ended 31 August 2018:
Profit and total comprehensive income for the year
-
180,771
180,771
Dividends
-
(59,148)
(59,148)
Balance at 31 August 2018
100
866,331
866,431
The notes on pages 5 to 9 form part of these financial statements
DRIVEPOINT CONTRACTORS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2018
- 5 -
1
Accounting policies
Company information
Drivepoint Contractors Ltd
(04174940)
is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
The Old Dairy, Sheffield Park, Uckfield, East Sussex, TN22 3QB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention
.
The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
Straight line over the life of the lease
Plant and equipment
12.5% straight line
Fixtures and fittings
12.5% straight line
Computers
33% straight line
Motor vehicles
16.7% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
DRIVEPOINT CONTRACTORS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2018
1
Accounting policies
(Continued)
- 6 -
1.5
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
DRIVEPOINT CONTRACTORS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2018
1
Accounting policies
(Continued)
- 7 -
1.10
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
1.11
Amounts recoverable on long term contracts, which are included in debtors, are stated at the net sales value of the work done after provision for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments on account.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 17 (2017 - 17).
DRIVEPOINT CONTRACTORS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2018
- 8 -
3
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 September 2017
127,810
858,351
3,330
2,137
363,606
1,355,234
Additions
-
373,449
-
13,487
180,000
566,936
Disposals
-
(271,164)
-
-
(60,984)
(332,148)
At 31 August 2018
127,810
960,636
3,330
15,624
482,622
1,590,022
Depreciation and impairment
At 1 September 2017
98,390
352,403
937
2,137
148,543
602,410
Depreciation charged in the year
12,706
132,332
416
3,372
79,300
228,126
Eliminated in respect of disposals
-
(223,708)
-
-
(57,212)
(280,920)
At 31 August 2018
111,096
261,027
1,353
5,509
170,631
549,616
Carrying amount
At 31 August 2018
16,714
699,609
1,977
10,115
311,991
1,040,406
At 31 August 2017
29,420
505,948
2,394
-
215,063
752,825
DRIVEPOINT CONTRACTORS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2018
- 9 -
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
559,659
524,867
Amounts owed by group undertakings
336,172
130,668
Other debtors
798,999
1,267,301
1,694,830
1,922,836
5
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
1,025,019
1,312,115
Corporation tax
17,650
58,503
Other taxation and social security
145,633
25,446
Other creditors
569,844
509,905
1,758,146
1,905,969
6
Creditors: amounts falling due after more than one year
2018
2017
£
£
Other creditors
314,115
163,385
7
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
100
100
2018-08-31
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Mr P J Carver
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