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Registration number: 10069915

DST Automotive Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2023

 

DST Automotive Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

DST Automotive Ltd

(Registration number: 10069915)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

           

Fixed assets

   

 

Tangible assets

4

 

153,962

 

139,178

Current assets

   

 

Stocks

5

657,737

 

611,937

 

Debtors

6

4,365

 

42,613

 

Cash at bank and in hand

 

2,637

 

52,355

 

 

664,739

 

706,905

 

Creditors: Amounts falling due within one year

7

(465,753)

 

(523,411)

 

Net current assets

   

198,986

 

183,494

Total assets less current liabilities

   

352,948

 

322,672

Creditors: Amounts falling due after more than one year

7

 

(170,958)

 

(202,146)

Net assets

   

181,990

 

120,526

Capital and reserves

   

 

Called up share capital

8

45,000

 

45,000

 

Profit and loss account

136,990

 

75,526

 

Shareholders' funds

   

181,990

 

120,526

For the financial year ending 31 August 2023 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 23 October 2023 and signed on its behalf by:
 

 

DST Automotive Ltd

(Registration number: 10069915)
Balance Sheet as at 31 August 2023

.........................................
Mr DMR Taqvi
Director

 

DST Automotive Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
10/11 West Carr Business Park
West Carr Road
Retford
Nottinghamshire
DN22 7GY
United Kingdom

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The company's functional and presentational currency is GBP and no level of rounding has been used in presenting the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

DST Automotive Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% Reducing balance basis

Office equipment

20% Reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

 

DST Automotive Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

DST Automotive Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2022 - 11).

 

DST Automotive Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

4

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2022

117,986

14,089

77,894

209,969

Additions

15,984

266

49,500

65,750

Disposals

-

-

(18,299)

(18,299)

At 31 August 2023

133,970

14,355

109,095

257,420

Depreciation

At 1 September 2022

44,183

7,362

19,246

70,791

Charge for the year

17,957

1,399

20,141

39,497

Eliminated on disposal

-

-

(6,830)

(6,830)

At 31 August 2023

62,140

8,761

32,557

103,458

Carrying amount

At 31 August 2023

71,830

5,594

76,538

153,962

At 31 August 2022

73,803

6,727

58,648

139,178

5

Stocks

2023
£

2022
£

Finished goods and goods for resale

657,737

611,937

6

Debtors

Note

2023
£

2022
£

Trade debtors

 

2,057

29,331

Amounts owed by related parties

-

37

Prepayments

 

2,308

13,245

 

4,365

42,613

 

DST Automotive Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

9

118,990

111,560

Trade creditors

 

187,662

300,993

Amounts owed to related parties

297

-

Taxation and social security

 

120,238

105,053

Other creditors

 

38,566

5,805

 

465,753

523,411

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

170,958

202,146

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

25,000

25,000

25,000

25,000

         
 

DST Automotive Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

101,204

142,103

Hire purchase contracts

69,754

60,043

170,958

202,146

2023
£

2022
£

Current loans and borrowings

Bank borrowings

93,219

87,487

Hire purchase contracts

25,771

24,073

118,990

111,560