REGISTERED NUMBER: 02174176 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2017

FOR

ABILITY DRIVING ACADEMY LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

N A Johnston

S R Yeo

N M Yeo

SECRETARY:

S R Yeo

REGISTERED OFFICE:

15-17 Leicester Road

Leicester

LE19 2HL

REGISTERED NUMBER:

02174176 (England and Wales)

ACCOUNTANTS:

Magma Audit LLP

340 Melton Road

Leicester

LE4 7SL

FIXED ASSETS

Tangible assets

4

359,389

368,428

CURRENT ASSETS

Stocks

7,455

7,008

Debtors

5

33,547

127,460

Cash at bank and in hand

382,715

286,655

423,717

421,123

CREDITORS

Amounts falling due within one year

6

415,800

356,399

NET CURRENT ASSETS

7,917

64,724

TOTAL ASSETS LESS CURRENT LIABILITIES

367,306

433,152

CAPITAL AND RESERVES

Called up share capital

2

2

Other reserves

237,890

237,890

Retained earnings

129,414

195,260

367,306

433,152

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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

The financial statements were approved by the Board of Directors on 14 May 2018 and were signed on its behalf by:

S R Yeo - Director

1.	STATUTORY INFORMATION

Ability Driving Academy Limited is a limited company, registered in England and Wales. Its registered office

address is 15-17 Leicester Road, Leicester, LE9 5HL and the registered number is 02174176.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" 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 cost convention as modified by the revaluation of certain assets.

First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A

These financial statements for the year ended 30 November 2017 are the first that are prepared in accordance

with FRS 102 Section 1A. The previous financial statements were prepared in accordance with UK GAAP, the

date of transition to FRS 102 Section 1A is 1 June 2015.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Turnover represents amounts receivable during the year exclusive of VAT and is recognised in the period to

which the franchise income relates.

Tangible fixed assets

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off

the cost less estimated residual value of each asset over its expected useful life, as follows:

Land and buildings freehold

2% straight line

Plant and machinery

10% straight line

Office equipment & fixtures

10% and 25% straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based

on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and

attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is

reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in

profit or loss.

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial

assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to

related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period

for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is

recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an

enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise

the asset and settle the liability simultaneously.

Taxation

The tax expense for the year comprises current and deferred tax.

Tax is recognised in profit or loss except that a change attributable to an item of income and expense recognised

as other comprehensive income or to an item recognised directly in equity is also recognised in other

comprehensive income or directly in equity respectively.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by

the Balance Sheet date, except that:

- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered

against the reversal of deferred tax liabilities or other future taxable profits; and

- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have

been met.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively

enacted by the balance sheet date.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

Debtors

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the

arrangement constitutes a financing transaction, where the transaction is measured at the present value of the

future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost

using the effective interest method, less any impairment.

Cash and cash equivalents

Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and

other short-term highly liquid investments that mature in no more than three months from the date of acquisition

and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related

parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction,

where the debt instrument is measured at the present value of the future payments discounted at a market rate

of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less

any impairment.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2016 - 11 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

Fixtures

land &

and

buildings

fittings

Totals

£

£

£

COST OR VALUATION

At 1 December 2016

350,000

48,915

398,915

Additions

-

819

819

Disposals

-

(14,334

)

(14,334

)

At 30 November 2017

350,000

35,400

385,400

DEPRECIATION

At 1 December 2016

-

30,487

30,487

Charge for year

-

9,858

9,858

Eliminated on disposal

-

(14,334

)

(14,334

)

At 30 November 2017

-

26,011

26,011

NET BOOK VALUE

At 30 November 2017

350,000

9,389

359,389

At 30 November 2016

350,000

18,428

368,428

Cost or valuation at 30 November 2017 is represented by:

Freehold

Fixtures

land &

and

buildings

fittings

Totals

£

£

£

Valuation in 2017

16,534

-

16,534

Cost

333,466

35,400

368,866

350,000

35,400

385,400

The company has adopted the transitional arrangements of FRS102 and used a previous valuation as the

deemed cost for the freehold property.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

25,031

25,054

Other debtors

2,948

92,105

Prepayments and accrued income

5,568

10,301

33,547

127,460

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

49,982

47,473

Tax

58

1,797

Social security and other taxes

1,988

2,087

VAT

7,865

6,057

Other creditors

348,785

272,800

Directors' loan accounts

-

18,592

Accruals and deferred income

7,122

7,593

415,800

356,399

7.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the year ended 30 November 2017 and the

period ended 30 November 2016:

2017

2016

£

£

S R Yeo and N M Yeo

Balance outstanding at start of year

18,592

67,081

Amounts advanced

4,577

16,900

Amounts repaid

(23,624

)

(65,389

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(455

)

18,592