Registered Number
:
08673216
|
For the year ended 31 March 2018
England and Wales
Unaudited Financial Statements
For the year ended 31 March 2018
U Drive Cover Limited
Contents Page
2
Directors' Report
3
Chartered Accountants' Report
4
Income Statement
5
Statement of Financial Position
6 to 8
Notes to the Financial Statements
For the year ended 31 March 2018
U Drive Cover Limited
Company Information
A S Barnard
Directors
S C Barnard
08673216
Pilgrim House
Oxford Place
Plymouth
PL1 5AJ
Turnbull & Co Accountants Limited
Accountants
Chartered Accountants
Pilgrim House
Oxford Place
Plymouth
PL1 5AJ
1 of 8
For the year ended 31 March 2018
U Drive Cover Limited
Directors' Report
The directors present their report and accounts for the year ended 31 March 2018.
The principal activity of the company continued to be that of insurance brokers. Directors Responsibilities Company law requires the directors to prepare financial statements for each financial year which give a true and fair view. In preparing those financial statements, the directors are required to: Select suitable accounting policies and then apply them on a consistent basis, making judgements and estimates that are prudent and reasonable; State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; Prepare the financial statements on the going concern basis unless it is not appropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records, for safeguarding the assets of the company, and for taking reasonable steps for the prevention and detection of fraud and other irregularitites.
|
Directors
The director who served the company throughout the year was as follows:
A S Barnard
S C Barnard
Signed on behalf of the board of directors
This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
|
15 October 2018
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For the year ended 31 March 2018
U Drive Cover Limited
Chartered Accountants' Report
Chartered Accountants
'
report to the Directors on the preparation of the unaudited statutory accounts of U
|
Drive Cover Limited for the year ended
31
March
2018
|
In order to assist you to fulfil your duties under Companies Act
2006
,
we have prepared for your approval the accounts
|
of U Drive Cover Limited for the year ended
31
March
2018
which comprise the Income Statement
,
the 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 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 icaew
.
com
/
membershandbook
.
|
This report is made solely to the Board of Directors of U Drive Cover Limited
,
as a body
,
in accordance with the terms
|
of our engagement letter dated
16
April
2014
.
Our work has been undertaken solely to prepare for your approval the
|
accounts of U Drive Cover Limited and state those matters that we have agreed to state to the Board of Directors of U
|
Drive Cover Limited
,
as a body
,
in this report in accordance with AAF
2
/
10
as detailed at icaew
.
com
/
compilation
.
To
|
the fullest extent permitted by law
,
we do not accept or assume responsibility to anyone other than U Drive Cover
|
Limited and its Board of Directors as a body for our work or for this report
.
|
It is your duty to ensure that U Drive Cover Limited has kept adequate accounting records to prepare statutory
|
accounts that give a true and fair view of the assets
,
liabilities
,
financial position and profit of U Drive Cover Limited
.
|
You consider that U Drive Cover 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 accounts of U Drive Cover 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 accounts
.
|
Turnbull & Co Accountants Limited
Chartered Accountants
Pilgrim House
Oxford Place
Plymouth
PL1 5AJ
16 October 2018
3 of 8
For the year ended 31 March 2018
U Drive Cover Limited
Income Statement
2017
2018
1,842,229
1,086,968
1,086,968
Gross profit
1,842,229
(1,486,429)
(925,354)
Operating profit
355,800
161,614
Other interest receivable and similar income
|
53
73
355,853
161,687
Profit before taxation
(32,938)
(15)
2
322,915
Profit for the financial year
161,672
4 of 8
U Drive Cover Limited
Statement of Financial Position
2017
2018
Property
,
plant and equipment
|
8,319
10,033
3
8,319
10,033
Trade and other receivables
|
570,875
668,364
4
444,034
Cash and cash equivalents
|
492,283
1,160,647
1,014,909
Trade and other payables
:
amounts falling due within one
|
year
|
(957,859)
(877,387)
5
57,050
283,260
Net current assets
Total assets less current liabilities
|
291,579
67,083
(1,581)
-
Provisions for liabilities
|
289,998
Net assets
67,083
100,000
100,000
160,000
160,000
29,998
(192,917)
289,998
67,083
Shareholders' funds
For the year ended 31 March 2018 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 year ended 31 March 2018 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
.
|
The financial statements have been prepared 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 15 October 2018 and were signed by:
|
The notes form part of these financial statements
|
5 of 8
For the year ended 31 March 2018
U Drive Cover Limited
Notes to the Financial Statements
Statutory Information
U Drive Cover Limited is a private limited company
,
limited by shares
,
domiciled in England and Wales
,
registration
|
number
08673216
.
|
Pilgrim House
Oxford Place
Plymouth
PL1 5AJ
The presentation currency is £ sterling
.
|
Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section
1
A 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
.
|
Revenue recognition
Turnover represents commission and fees earned in the period.
Property, plant and equipment
Tangible fixed assets are stated at cost less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
|
20% or 33.3% Straight line
|
Equipment
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.
|
2017
The taxation charge is based on the taxable profit for the year and
|
comprises
:
|
2018
31,357
15
Origination and reversal of timing differences
|
1,581
-
Tax on profit on ordinary activities
|
32,938
15
6 of 8
For the year ended 31 March 2018
U Drive Cover Limited
Notes to the Financial Statements Continued
3
.
Property
,
plant and equipment
|
Equipment
66,986
4,606
71,592
Provision for depreciation and impairment
|
56,953
Charge for year
6,320
63,273
8,319
10,033
4
.
Trade and other receivables
|
2017
2018
607,326
549,820
61,038
21,055
570,875
668,364
5
.
Trade and other payables
:
amounts falling due within one year
|
2017
2018
563,098
571,572
Taxation and social security
|
52,520
13,328
261,769
372,959
877,387
957,859
Included within taxation and social security is corporation tax of £31,371 (2017: £15).
6
.
Related party transactions
|
A dividend of £
100
,
000
was paid to the directors in the year
.
|
The company is under the effective control of its directors
.
|
7 of 8
For the year ended 31 March 2018
U Drive Cover Limited
Notes to the Financial Statements Continued
7
.
Directors advances and guarantees
|
Loaned
S C Barnard
Loan from director
125,813
16,272
109,541
125,813
16,272
109,541
8
.
Guarantees and other financial commitments
|
At
31
March
2018
the company had annual commitments under non
-
cancellable operating leases as set out below
:
|
2017
2018
Operating leases which expire
:
|
201,029
127,928
127,928
201,029
9
.
Average number of persons employed
|
During the year the average number of employees was 20 (2017 : 12)
8 of 8