Registered Number:10387190 |
For the period ended 31 March 2023
England and Wales
Unaudited Financial Statements
For the period ended 31 March 2023
Drive The Change Ltd
Contents Page
1
Statement of Financial Position
2 to 5
Notes to the Financial Statements
Drive The Change Ltd
Statement of Financial Position
2021
2023
Property, plant and equipment |
5,787
7,906
2
-
54,500
3
60,287
7,906
Trade and other receivables |
308,779
407,761
4
156,297
Cash and cash equivalents |
356,457
764,218
465,076
Trade and other payables: amounts falling due within one |
year |
(22,119)
(88,036)
5
442,957
676,182
Net current assets
Total assets less current liabilities |
736,469
450,863
Trade and other payables: amounts falling due after more |
than one year |
(50,000)
(34,972)
6
701,497
Net assets
400,863
100
100
701,397
400,763
701,497
400,863
Shareholders' funds
For the period ended 31 March 2023 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies. |
The members have not required the company to obtain an audit of its financial statements for the period ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006 |
The director acknowledges his responsibilities for:a) ensuring that the company keeps proper 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 Section |
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. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. |
These financial statements were approved and authorised for issue by the Board on 28 September 2023 and were signed by: |
The notes form part of these financial statements |
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For the period ended 31 March 2023
Drive The Change Ltd
Notes to the Financial Statements
Statutory Information
Drive The Change Ltd is a private limited company, limited by shares, domiciled in England and Wales, registration |
number 10387190. |
Principal place of business: |
31 The Avenue
Ickenham
Uxbridge
UB10 8NR
8 Peterborough Road
Harrow
Middlesex
HA1 2BQ
The presentation currency is £ sterling. |
Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A of Financial |
Reporting Standard 102 ''The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the |
Companies Act 2006. The financial statements have been prepared under the historical costs convention as |
modified by the revaluation of certain assets. |
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For the period ended 31 March 2023
Drive The Change Ltd
Notes to the Financial Statements Continued
Significant judgements and estimates
Tax The tax expense for the period comprises current tax. Tax is recognised in profit and 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. 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 UK. Cash & cash equivalents Cash and cash equivalents comprise cash in 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 effecive 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 accordingto the original terms of the receivables. Trade Credtitors Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of buisness from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the accounting period, to defer the settlement of the creditor 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. Dividends Dividend distribution to the company's shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared. |
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax or other similar sales taxes. 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. |
Intangible assets
The premium on the debenture is entitles the buyer to a season ticket at Wimbledon over 5 years. Accordingly the company will amortise the premium on a straightline basis over 5 years. Ther nominal value on the debenture of £2,000 is redeemable after 5 years. |
Property, plant and equipment
Property, plant and equipment, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis: |
Computer Equipment
Furniture and Fittings
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
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For the period ended 31 March 2023
Drive The Change Ltd
Notes to the Financial Statements Continued
2. Property, plant and equipment |
37,667
11,019
26,648
7,721
7,721
-
26,648
18,740
45,388
Provision for depreciation and impairment |
29,761
8,422
21,339
Charge for period
9,840
4,531
5,309
39,601
12,953
26,648
-
5,787
5,787
5,309
2,597
7,906
3. Investments held as fixed assets |
77,000
77,000
(22,500)
(22,500)
54,500
54,500
54,500
54,500
4. Trade and other receivables |
2021
2023
25,871
-
Amounts owed by group undertakings and participating interests |
106,469
305,100
275,421
3,679
308,779
407,761
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For the period ended 31 March 2023
Drive The Change Ltd
Notes to the Financial Statements Continued
5. Trade and other payables: amounts falling due within one year |
2021
2023
10,784
-
Taxation and social security |
74,403
19,469
2,849
2,650
88,036
22,119
6. Trade and other payables: amounts falling due after more than one year |
2021
2023
34,972
50,000
7. Average number of persons employed |
During the year the average number of employees was 2 (2021 : 2)
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