Drivetrain Services Ltd - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: SC541068 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2022

FOR

DRIVETRAIN SERVICES LTD

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D M Tonner

M J Lafferty

REGISTERED OFFICE:

1 Napier Road

Wardpark North Industrial Estate

Cumbernauld

Glasgow

G68 0EF

REGISTERED NUMBER:

SC541068 (Scotland)

ACCOUNTANTS:

D S Anderson

Chartered Accountant

DS Anderson & Co

62 Townhead

Kirkintilloch

Glasgow

G66 1NZ

FIXED ASSETS

Tangible assets

4

79,537

77,668

CURRENT ASSETS

Stocks

142,985

128,126

Debtors

185,195

161,051

Cash at bank

126,317

192,253

454,497

481,430

CREDITORS

Amounts falling due within one year

(189,092

)

(221,010

)

NET CURRENT ASSETS

265,405

260,420

TOTAL ASSETS LESS CURRENT LIABILITIES

344,942

338,088

CREDITORS

Amounts falling due after more than one year

(73,283

)

(80,201

)

PROVISIONS FOR LIABILITIES

5

(15,112

)

(14,757

)

NET ASSETS

256,547

243,130

CAPITAL AND RESERVES

Called up share capital

6

2,000

2,000

Retained earnings

254,547

241,130

SHAREHOLDERS' FUNDS

256,547

243,130

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2022 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 applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 July 2022 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the Board of Directors and authorised for issue on 28 April 2023 and were signed on its behalf by:

D M Tonner - Director

M J Lafferty - Director

1.	STATUTORY INFORMATION

Drivetrain Services Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Depreciation is provided on all tangible fixed assets at the following rates:-

Plant & Machinery, Motor Vehicles

25%

R.B.

Computer Equipment

33.3%

S.L.

Fixture & Fittings

25%

R.B.

Replacement of loose tools are fully expensed.

The assets residual values, useful lives and depreciation methods are reviewed annually and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognized in the Statement of comprehensive income.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments

Assets acquired under finance leases or hire purchase contracts are capitalised as tangible assets and depreciated over their useful lives. Finance charges and interest are taken to profit and loss account in constant proportion to the remaining balance of capital repayments or net obligations outstanding.

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the Statement of financial position date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the Statement of financial position date.

Dividends

Equity dividends are recognised when they become legally payable. Interm equity dividends are recognised when paid.

Financial Instruments

The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts recievable.

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the Profit and Loss Account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2021 - 8 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 August 2021

150,698

Additions

28,388

At 31 July 2022

179,086

DEPRECIATION

At 1 August 2021

73,030

Charge for year

26,519

At 31 July 2022

99,549

NET BOOK VALUE

At 31 July 2022

79,537

At 31 July 2021

77,668

The net book value of assets held under hire purchase contracts at 31/07/2022 was £47,892 (£39,963 2021)

5.	PROVISIONS FOR LIABILITIES

31.7.22

31.7.21

£

£

Deferred tax

15,112

14,757

Deferred

tax

£

Balance at 1 August 2021

14,757

Charge to Income Statement during year

355

Balance at 31 July 2022

15,112

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.7.22

31.7.21

value:

£

£

2,000

Ordinary

£1

2,000

2,000

7.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 July 2022 and 31 July 2021:

31.7.22

31.7.21

£

£

D M Tonner

Balance outstanding at start of year

(20

)

(346

)

Amounts advanced

34,207

30,926

Amounts repaid

(34,564

)

(30,600

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(377

)

(20

)

M J Lafferty

Balance outstanding at start of year

(1,264

)

(2,487

)

Amounts advanced

22,582

21,623

Amounts repaid

(22,600

)

(20,400

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(1,282

)

(1,264

)

8.	COMMITMENTS

The total outstanding commitment on operating leases amounted to £3,121 (£9,632 2021)