REGISTERED NUMBER: |
DRIVESHAFT PARTS LTD |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
REGISTERED NUMBER: |
DRIVESHAFT PARTS LTD |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
DRIVESHAFT PARTS LTD (REGISTERED NUMBER: 06653579) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 March 2023 |
Page |
Company information | 1 |
Balance sheet | 2 |
Notes to the financial statements | 3 |
DRIVESHAFT PARTS LTD |
COMPANY INFORMATION |
for the year ended 31 March 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
and Statutory Auditors |
Lygon House |
50 London Road |
Bromley |
Kent |
BR1 3RA |
DRIVESHAFT PARTS LTD (REGISTERED NUMBER: 06653579) |
BALANCE SHEET |
31 March 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
( |
) | ( |
) |
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 and authorised for issue on |
DRIVESHAFT PARTS LTD (REGISTERED NUMBER: 06653579) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 March 2023 |
1. | STATUTORY INFORMATION |
Driveshaft Parts Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going Concern |
The directors have prepared the financial statements on a going concern basis. The directors have received written guarantees of continuing financial support from the Group for at least twelve months from the date these financial statements were approved. Should the company not return to profitability, and a positive net asset position, after twelve months following the date of the approval of these financial statements, the directors are confident that the Group will continue to provide support, which in the opinion of the directors, supports the going concern assumption. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Depreciation is provided on a straight line basis over the useful lives based on management's estimation. The estimated useful lives are assessed on an annual basis for each category of assets. The estimated useful lives for the current period are as follows: |
Short leasehold | - over period of lease |
Plant and machinery | - 1 to 6 years |
Fixtures and fittings | - 5 to 10 years |
Computer equipment | - 3 to 5 years |
Motor vehicles | - 4 to 5 years |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
DRIVESHAFT PARTS LTD (REGISTERED NUMBER: 06653579) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2023 |
2. | ACCOUNTING POLICIES - continued |
True and fair override |
These financial statements have departed from the requirements of FRS 102 Section 20 with regards to the treatment of an operating lease entered into by the company during the period. This departure was necessary, in the the opinion of the directors, to show a true and fair view of the company's financial position with reference to other group undertakings within the group, ensuring all group accounting policies are consistent. The impact of this treatment is immaterial to the overall net assets and to the reported loss for the year. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Computer |
software |
£ |
COST |
Additions |
At 31 March 2023 |
AMORTISATION |
Amortisation for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
Short | Plant and | and |
leasehold | machinery | fittings |
£ | £ | £ |
COST |
At 1 April 2022 |
Additions |
Disposals | ( |
) |
Reclassification/transfer | ( |
) |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
Reclassification/transfer | ( |
) |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
DRIVESHAFT PARTS LTD (REGISTERED NUMBER: 06653579) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2023 |
5. | TANGIBLE FIXED ASSETS - continued |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 April 2022 |
Additions |
Disposals | ( |
) |
Reclassification/transfer |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
Reclassification/transfer |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Finance leases |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Finance leases |
DRIVESHAFT PARTS LTD (REGISTERED NUMBER: 06653579) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2023 |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the auditors was unqualified. |
for and on behalf of |
10. | CONTROLLING PARTY |
Propshaft Rebuilders (PTY) Limited is the parent company of the smallest group for which consolidated accounts are prepared. Propshaft Rebuilders (PTY) Limited is incorporated in South Africa. The registered office of Propshaft Rebuilders (PTY) Limited is 4 Mopedi Street, Sebenza, Gauteng, South Africa, 1614 |
Post Office box: 10335, Edenvale, Gauteng, 1613 |