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REGISTERED NUMBER: 01021469 (England and Wales)














Unaudited Financial Statements

for the Year Ended 30 November 2023

for

POWER DRIVE DRUM CO. LIMITED (THE)

POWER DRIVE DRUM CO. LIMITED (THE) (REGISTERED NUMBER: 01021469)

Contents of the Financial Statements
for the year ended 30 November 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


POWER DRIVE DRUM CO. LIMITED (THE)

Company Information
for the year ended 30 November 2023







Directors: Mr M R Scott
Mr A J Howell





Registered office: Unit M1 Cherrycourt Way
Stanbridge Road
Leighton Buzzard
Bedfordshire
LU7 4UH





Registered number: 01021469 (England and Wales)





Accountants: Cooper Parry Advisory Limited
Juniper House
Warley Hill Business Park
The Drive
Brentwood
Essex
CM13 3BE

POWER DRIVE DRUM CO. LIMITED (THE) (REGISTERED NUMBER: 01021469)

Statement of Financial Position
30 November 2023

2023 2022
Notes £    £    £    £   
Fixed assets
Tangible assets 4 239,689 243,533

Current assets
Stocks 191,487 167,260
Debtors 5 113,530 89,146
Cash at bank and in hand 367,530 256,467
672,547 512,873
Creditors
Amounts falling due within one year 6 152,328 121,014
Net current assets 520,219 391,859
Total assets less current liabilities 759,908 635,392

Provisions for liabilities 7 19,170 19,321
Net assets 740,738 616,071

Capital and reserves
Called up share capital 8 200 200
Revaluation reserve 123,046 123,046
Retained earnings 617,492 492,825
Shareholders' funds 740,738 616,071

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 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.

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 January 2024 and were signed on its behalf by:





Mr M R Scott - Director


POWER DRIVE DRUM CO. LIMITED (THE) (REGISTERED NUMBER: 01021469)

Notes to the Financial Statements
for the year ended 30 November 2023


1. Statutory information

Power Drive Drum Co. Limited (The) 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 as modified by the revaluation of certain assets.

Key source of estimation, uncertainty and judgement
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.

There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of the assets.

There is estimation uncertainty in calculating deferred tax. A full line by line review of deferred tax is carried out by management regularly. Whilst every attempt is made to ensure that the deferred tax is as accurate as possible, there remains a risk that the provisions do not match the actual tax liability when asset is disposed of.

There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provisions do not match the level of debts which ultimately prove to be uncollectable.

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.
Long leasehold 2% on buildings and nil on land
Plant and machinery 20% on cost
Fixtures and fittings 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.

POWER DRIVE DRUM CO. LIMITED (THE) (REGISTERED NUMBER: 01021469)

Notes to the Financial Statements - continued
for the year ended 30 November 2023


2. Accounting policies - continued

Financial instruments
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 5 (2022 - 6 ) .

POWER DRIVE DRUM CO. LIMITED (THE) (REGISTERED NUMBER: 01021469)

Notes to the Financial Statements - continued
for the year ended 30 November 2023


4. Tangible fixed assets
Fixtures
Long Plant and and
leasehold machinery fittings Totals
£    £    £    £   
Cost or valuation
At 1 December 2022 250,000 51,216 29,478 330,694
Disposals - - (2,621 ) (2,621 )
At 30 November 2023 250,000 51,216 26,857 328,073
Depreciation
At 1 December 2022 10,000 50,601 26,560 87,161
Charge for year 2,500 615 729 3,844
Eliminated on disposal - - (2,621 ) (2,621 )
At 30 November 2023 12,500 51,216 24,668 88,384
Net book value
At 30 November 2023 237,500 - 2,189 239,689
At 30 November 2022 240,000 615 2,918 243,533

Cost or valuation at 30 November 2023 is represented by:

Fixtures
Long Plant and and
leasehold machinery fittings Totals
£    £    £    £   
Valuation in 2005 56,154 - - 56,154
Valuation in 2019 100,000 - - 100,000
Cost 93,846 51,216 26,857 171,919
250,000 51,216 26,857 328,073

5. Debtors: amounts falling due within one year
2023 2022
£    £   
Trade debtors 108,314 84,468
Other debtors 5,216 4,678
113,530 89,146

6. Creditors: amounts falling due within one year
2023 2022
£    £   
Trade creditors 43,540 48,545
Taxation and social security 54,520 44,579
Other creditors 54,268 27,890
152,328 121,014

7. Provisions for liabilities
2023 2022
£    £   
Deferred tax 19,170 19,321

POWER DRIVE DRUM CO. LIMITED (THE) (REGISTERED NUMBER: 01021469)

Notes to the Financial Statements - continued
for the year ended 30 November 2023


7. Provisions for liabilities - continued

Deferred
tax
£   
Balance at 1 December 2022 19,321
Provided during year (151 )
Balance at 30 November 2023 19,170

8. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100
100 Ordinary A £1 100 100
200 200