false
false
false
false
false
false
false
false
false
true
false
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false
false
false
true
false
No description of principal activity
2018-10-01
Sage Accounts Production Advanced 2019 - FRS102_2014
xbrli:pure
xbrli:shares
iso4217:GBP
03559460
2018-10-01
2019-09-30
03559460
2019-09-30
03559460
2018-09-30
03559460
2017-10-01
2018-09-30
03559460
2018-09-30
03559460
bus:RegisteredOffice
2018-10-01
2019-09-30
03559460
bus:OrdinaryShareClass1
2018-10-01
2019-09-30
03559460
bus:LeadAgentIfApplicable
2018-10-01
2019-09-30
03559460
bus:Director1
2018-10-01
2019-09-30
03559460
bus:Director4
2018-10-01
2019-09-30
03559460
core:LandBuildings
2018-09-30
03559460
core:PlantMachinery
2018-09-30
03559460
core:FurnitureFittings
2018-09-30
03559460
core:MotorVehicles
2018-09-30
03559460
core:LandBuildings
2019-09-30
03559460
core:PlantMachinery
2019-09-30
03559460
core:FurnitureFittings
2019-09-30
03559460
core:MotorVehicles
2019-09-30
03559460
core:LandBuildings
2018-10-01
2019-09-30
03559460
core:PlantMachinery
2018-10-01
2019-09-30
03559460
core:FurnitureFittings
2018-10-01
2019-09-30
03559460
core:MotorVehicles
2018-10-01
2019-09-30
03559460
core:WithinOneYear
2019-09-30
03559460
core:WithinOneYear
2018-09-30
03559460
core:AfterOneYear
2019-09-30
03559460
core:AfterOneYear
2018-09-30
03559460
core:ShareCapital
2019-09-30
03559460
core:ShareCapital
2018-09-30
03559460
core:RetainedEarningsAccumulatedLosses
2019-09-30
03559460
core:RetainedEarningsAccumulatedLosses
2018-09-30
03559460
core:LandBuildings
2018-09-30
03559460
core:PlantMachinery
2018-09-30
03559460
core:FurnitureFittings
2018-09-30
03559460
core:MotorVehicles
2018-09-30
03559460
bus:SmallEntities
2018-10-01
2019-09-30
03559460
bus:AuditExemptWithAccountantsReport
2018-10-01
2019-09-30
03559460
bus:FullAccounts
2018-10-01
2019-09-30
03559460
bus:SmallCompaniesRegimeForAccounts
2018-10-01
2019-09-30
03559460
bus:PrivateLimitedCompanyLtd
2018-10-01
2019-09-30
03559460
bus:OrdinaryShareClass1
2019-09-30
03559460
bus:OrdinaryShareClass1
2018-09-30
03559460
core:LandBuildings
core:LongLeaseholdAssets
2018-10-01
2019-09-30
COMPANY REGISTRATION NUMBER:
03559460
Driveshaft Services Limited
|
|
Filleted Unaudited Financial Statements
|
|
Driveshaft Services Limited
|
|
Year ended 30 September 2019
Officers and Professional Advisers
|
1
|
|
|
Statement of Financial Position
|
2
|
|
|
Notes to the Financial Statements
|
4
|
|
|
Driveshaft Services Limited
|
|
Officers and Professional Advisers
|
|
The board of directors
|
Mr S Richards
|
|
Mr S O'Rourke (appointed 21/12/2018)
|
|
|
Registered office
|
29 Sturmi Way,
|
|
Village Farm Industrial Estate
|
|
Pyle
|
|
Bridgend
|
|
Mid Glamorgan
|
|
Wales
|
|
CF33 6BZ
|
|
|
Accountants
|
James & Uzzell Ltd
|
|
Chartered Certified Accountants
|
|
Axis 15, Axis Court
|
|
Mallard Way
|
|
Riverside Business Park
|
|
Swansea
|
|
SA7 0AJ
|
|
|
Driveshaft Services Limited
|
|
Statement of Financial Position
|
|
30 September 2019
FIXED ASSETS
Tangible assets
|
5
|
590,184
|
619,027
|
|
|
|
|
CURRENT ASSETS
Stocks
|
6
|
84,372
|
97,689
|
Debtors
|
7
|
538,401
|
433,748
|
Cash at bank and in hand
|
1,072,894
|
830,483
|
|
-----------
|
-----------
|
|
1,695,667
|
1,361,920
|
|
|
|
|
CREDITORS: amounts falling due within one year
|
8
|
551,750
|
461,325
|
|
-----------
|
-----------
|
NET CURRENT ASSETS
|
1,143,917
|
900,595
|
|
-----------
|
-----------
|
TOTAL ASSETS LESS CURRENT LIABILITIES
|
1,734,101
|
1,519,622
|
|
|
|
|
CREDITORS: amounts falling due after more than one year
|
9
|
7,807
|
24,560
|
|
|
|
|
PROVISIONS
Taxation including deferred tax
|
23,015
|
26,843
|
|
-----------
|
-----------
|
NET ASSETS
|
1,703,279
|
1,468,219
|
|
-----------
|
-----------
|
|
|
|
CAPITAL AND RESERVES
Called up share capital
|
10
|
100
|
100
|
Profit and loss account
|
1,703,179
|
1,468,119
|
|
-----------
|
-----------
|
SHAREHOLDERS FUNDS
|
1,703,279
|
1,468,219
|
|
-----------
|
-----------
|
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 September 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Driveshaft Services Limited
|
|
Statement of Financial Position (continued)
|
|
30 September 2019
These financial statements were approved by the
board of directors
and authorised for issue on
21 May 2020
, and are signed on behalf of the board by:
Mr S Richards
Director
Company registration number:
03559460
Driveshaft Services Limited
|
|
Notes to the Financial Statements
|
|
Year ended 30 September 2019
1.
GENERAL INFORMATION
Driveshaft Services Limited
is a private company limited by shares incorporated in England & Wales, United Kingdom. The address of the registered office is given in the company information on page 1 of these financial statements. The nature of the company's operations and principal activities are the refurbishment of automotive components.
2.
STATEMENT OF COMPLIANCE
The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 'The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102)', Section 1A for Small Entities and the Companies Act 2006.
3.
ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1. The reporting period of these financial statements and its comparative period is 12 months. These financial statements only include the results of the individual entity made up to 30 September 2019. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.
Going concern
The director has considered the future trading position of the company and is confident that the going concern principle can be applied to the financial statements.
Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Judgements and key sources of estimation uncertainty
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of asset and liabilities within the next financial year are addressed below. Useful economic lives of tangible assets The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and physical condition of the assets. Stock provision The company sells driveshafts and parts. As a result it is necessary to consider the recoverability of the cost of stock and the associated provisioning required. When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around anticipated saleability. Impairment of debtors The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows: Sale of goods Turnover from the sale of driveshafts and parts is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods. Rendering of services When the outcome of a transaction can be estimated reliably, turnover from refurbishment of driveshafts is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to finishing of refurbishment. Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable. Interest and dividends receivable Interest income is recognised using the effective interest method and dividend income is recognised as the company's right to receive payment is established.
Tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Leasehold Property
|
-
|
|
|
Plant & Machinery
|
-
|
|
|
Fixtures & Fittings
|
-
|
|
|
Motor Vehicles
|
-
|
|
|
|
|
|
Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.
4.
EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to
20
(2018:
18
).
5.
TANGIBLE ASSETS
|
Land and buildings
|
Plant and machinery
|
Fixtures and fittings
|
Motor vehicles
|
Total
|
|
£
|
£
|
£
|
£
|
£
|
Cost
|
|
|
|
|
|
At 1 October 2018
|
542,092
|
508,560
|
88,569
|
122,530
|
1,261,751
|
Additions
|
–
|
25,000
|
–
|
37,357
|
62,357
|
Disposals
|
–
|
–
|
–
|
(
35,150)
|
(
35,150)
|
|
---------
|
---------
|
--------
|
---------
|
-----------
|
At 30 September 2019
|
542,092
|
533,560
|
88,569
|
124,737
|
1,288,958
|
|
---------
|
---------
|
--------
|
---------
|
-----------
|
Depreciation
|
|
|
|
|
|
At 1 October 2018
|
64,344
|
415,188
|
80,464
|
82,728
|
642,724
|
Charge for the year
|
8,693
|
44,754
|
2,146
|
20,119
|
75,712
|
Disposals
|
–
|
–
|
–
|
(
19,662)
|
(
19,662)
|
|
---------
|
---------
|
--------
|
---------
|
-----------
|
At 30 September 2019
|
73,037
|
459,942
|
82,610
|
83,185
|
698,774
|
|
---------
|
---------
|
--------
|
---------
|
-----------
|
Carrying amount
|
|
|
|
|
|
At 30 September 2019
|
469,055
|
73,618
|
5,959
|
41,552
|
590,184
|
|
---------
|
---------
|
--------
|
---------
|
-----------
|
At 30 September 2018
|
477,748
|
93,372
|
8,105
|
39,802
|
619,027
|
|
---------
|
---------
|
--------
|
---------
|
-----------
|
|
|
|
|
|
|
6.
STOCKS
|
2019
|
2018
|
|
£
|
£
|
Raw materials and consumables
|
84,372
|
97,689
|
|
--------
|
--------
|
|
|
|
7.
DEBTORS
|
2019
|
2018
|
|
£
|
£
|
Trade debtors
|
392,753
|
310,236
|
Other debtors
|
145,648
|
123,512
|
|
---------
|
---------
|
|
538,401
|
433,748
|
|
---------
|
---------
|
|
|
|
8.
CREDITORS:
amounts falling due within one year
|
2019
|
2018
|
|
£
|
£
|
Trade creditors
|
138,708
|
127,127
|
Corporation tax
|
85,376
|
81,717
|
Social security and other taxes
|
85,809
|
74,498
|
Other creditors
|
241,857
|
177,983
|
|
---------
|
---------
|
|
551,750
|
461,325
|
|
---------
|
---------
|
|
|
|
Obligations under finance leases and hire purchase contracts are secured by related assets. The aggregate of secured liabilities falling due within one year is £24,907 (2018: £56,194) Obligations under finance leases and hire purchase contracts are secured by related assets.
9.
CREDITORS:
amounts falling due after more than one year
|
2019
|
2018
|
|
£
|
£
|
Other creditors
|
7,807
|
24,560
|
|
------
|
--------
|
|
|
|
Obligations under finance lease and hire purchase contracts are secured by related assets.
10.
CALLED UP SHARE CAPITAL
Issued, called up and fully paid
|
2019
|
2018
|
|
No.
|
£
|
No.
|
£
|
Ordinary shares of £ 1 each
|
100
|
100
|
100
|
100
|
|
----
|
----
|
----
|
----
|
|
|
|
|
|
11.
RELATED PARTY TRANSACTIONS
(Other related parties)
|
|
2019 |
2018 |
|
|
£ |
£ |
|
Purchases from other related parties |
22,794 |
19,753 |
|
|
-------- |
-------- |
|
Sales to other related parties |
110,203 |
187,625 |
|
|
--------- |
--------- |
|
Balance owing (to)/from other related parties |
142,332 |
119,350 |
|
|
--------- |
--------- |
|
Rent received from other related parties |
21,614 |
19,250 |
|
|
-------- |
-------- |
|
Management charge received from other related parties |
112,000 |
80,000 |
|
|
--------- |
-------- |
|
|
|
|
12.
PARENT UNDERTAKING
The ultimate parent company is Driveshaft Services (Holdings) Limited, a company registered in Great Britain.