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REGISTERED NUMBER: 01863432 (England and Wales)















Unaudited Financial Statements for the Year Ended 28 February 2023

for

ROYCE POWER TRANSMISSIONS LIMITED

ROYCE POWER TRANSMISSIONS LIMITED (Registered number: 01863432)






Contents of the Financial Statements
for the Year Ended 28 FEBRUARY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ROYCE POWER TRANSMISSIONS LIMITED

Company Information
for the Year Ended 28 FEBRUARY 2023







DIRECTORS: S Cove
O C Cove





SECRETARY: Mrs N Cove





REGISTERED OFFICE: Suite 2C, Brosnan House
175 Darkes Lanet
Potters Bar
Hertfordshire
EN6 1BW





REGISTERED NUMBER: 01863432 (England and Wales)





ACCOUNTANTS: The Greene Partnership LLP
Chartered Accountants
Suite 2C, Brosnan House
175 Darkes Lane
Potters Bar
Hertfordshire
EN6 1BW

ROYCE POWER TRANSMISSIONS LIMITED (Registered number: 01863432)

Balance Sheet
28 FEBRUARY 2023

28.2.23 28.2.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 193,707 222,206
Investments 5 100 100
193,807 222,306

CURRENT ASSETS
Stocks 6 1,913,345 1,599,676
Debtors 7 3,734,719 4,126,545
Cash at bank 3,063 50,971
5,651,127 5,777,192
CREDITORS
Amounts falling due within one year 8 1,780,183 1,966,863
NET CURRENT ASSETS 3,870,944 3,810,329
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,064,751

4,032,635

CREDITORS
Amounts falling due after more than one year 9 (22,500 ) (32,500 )

PROVISIONS FOR LIABILITIES (22,693 ) (25,801 )
NET ASSETS 4,019,558 3,974,334

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 4,019,458 3,974,234
SHAREHOLDERS' FUNDS 4,019,558 3,974,334

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 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.

ROYCE POWER TRANSMISSIONS LIMITED (Registered number: 01863432)

Balance Sheet - continued
28 FEBRUARY 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 29 November 2023 and were signed on its behalf by:





S Cove - Director


ROYCE POWER TRANSMISSIONS LIMITED (Registered number: 01863432)

Notes to the Financial Statements
for the Year Ended 28 FEBRUARY 2023

1. STATUTORY INFORMATION

ROYCE POWER TRANSMISSIONS LIMITED is a private company, limited by shares , registered in England and Wales. 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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures, fittings & equipment - 25% on reducing balance
Motor vehicles - 25% on reducing balance

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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2022 - 16 ) .

ROYCE POWER TRANSMISSIONS LIMITED (Registered number: 01863432)

Notes to the Financial Statements - continued
for the Year Ended 28 FEBRUARY 2023

4. TANGIBLE FIXED ASSETS
Fixtures,
fittings Motor
& equipment vehicles Totals
£    £    £   
COST
At 1 March 2022 821,818 142,772 964,590
Additions 29,570 6,500 36,070
At 28 February 2023 851,388 149,272 1,000,660
DEPRECIATION
At 1 March 2022 654,280 88,104 742,384
Charge for year 49,277 15,292 64,569
At 28 February 2023 703,557 103,396 806,953
NET BOOK VALUE
At 28 February 2023 147,831 45,876 193,707
At 28 February 2022 167,538 54,668 222,206

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 March 2022
and 28 February 2023 100
NET BOOK VALUE
At 28 February 2023 100
At 28 February 2022 100

6. STOCKS
28.2.23 28.2.22
£    £   
Stocks 1,913,345 1,599,676

7. DEBTORS
28.2.23 28.2.22
£    £   
Amounts falling due within one year:
Trade debtors 1,367,373 1,364,439
Other debtors 1,168,424 1,043,674
Prepayments 17,050 15,050
2,552,847 2,423,163

ROYCE POWER TRANSMISSIONS LIMITED (Registered number: 01863432)

Notes to the Financial Statements - continued
for the Year Ended 28 FEBRUARY 2023

7. DEBTORS - continued
28.2.23 28.2.22
£    £   
Amounts falling due after more than one year:
Due from holding company 1,181,872 1,703,382

Aggregate amounts 3,734,719 4,126,545

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Bank loans and overdrafts 53,628 10,000
Trade creditors 1,091,262 1,065,587
Tax 88,695 204,709
Social security and other taxes 426,245 425,032
VAT 20,099 81,731
Other creditors 85,000 164,000
Accrued expenses 15,254 15,804
1,780,183 1,966,863

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
28.2.23 28.2.22
£    £   
Bank loans - 1-2 years 10,000 10,000
Bank loans - 2-5 years 12,500 22,500
22,500 32,500

10. RELATED PARTY DISCLOSURES

Other debtors includes an amount of £710,000 due from Hackett Trading Limited, a company controlled by close family members.

Other creditors includes an amount of £24,000 due to Overnite Bearings Limited, a company controlled by a close family member.

Other creditors includes an amount of £61,000 due from Calvin Trading Limited, a company controlled by close family members. A management charge of £40,000 was received from Calvin Trading Limited during the year.

.

11. ULTIMATE CONTROLLING PARTY

The controlling party is Lanvin Trading Limited.