REGISTERED NUMBER: |
DC BATTERY TECHNOLOGIES LTD |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
REGISTERED NUMBER: |
DC BATTERY TECHNOLOGIES LTD |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DC BATTERY TECHNOLOGIES LTD (REGISTERED NUMBER: 12999001) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Balance Sheet | 1 |
Notes to the Financial Statements | 2 |
DC BATTERY TECHNOLOGIES LTD (REGISTERED NUMBER: 12999001) |
BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved and authorised for issue by the director and authorised for issue on |
DC BATTERY TECHNOLOGIES LTD (REGISTERED NUMBER: 12999001) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
DC Battery Technologies Ltd is a |
Registered number: |
Registered office: |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Critical accounting judgements and key sources of estimation uncertainty |
In the application of the Company's accounting policies, which are described in note 2, management is required to make judgments, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from their sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
Stock Provision - management apply judgement in evaluating stock for obsolescence. This judgement is based on management knowledge of the stock and customer demand. At each Balance Sheet date, stocks are assessed for impairment and written down where appropriate. |
Warranty Provision - management apply judgement in evaluating a suitable method to estimate the provision. This judgement is based on management knowledge of their customer terms and likelihood of a claim. At each Balance Sheet date, warranty provisions are assessed to ensure they are accurate. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or the period of the revision and future periods if the revision affects both the current and future periods. |
Turnover |
Turnover represents amounts (excluding value added tax) derived from the provision of goods and services to customers during the year. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
DC BATTERY TECHNOLOGIES LTD (REGISTERED NUMBER: 12999001) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Debtors and creditors |
Debtors receivable / creditors payable within one year are measured at transaction price (less any impairment losses on debtors for bad and doubtful debts). Loans and other financial assets / liabilities are initially measured at transaction price and subsequently measured at amortised cost determined using the effective interest method (less any impairment losses on debtors) for bad and doubtful debts. |
Any losses arising from impairment are recognised in the profit and loss account. |
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 |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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. |
Going concern |
The financial statements have been prepared on a basis other than going concern as the company intends to cease trading in 2024. |
No adjustments were necessary to the amounts at which the net liabilities are included in the financial statements. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
DC BATTERY TECHNOLOGIES LTD (REGISTERED NUMBER: 12999001) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor | Computer |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments and accrued income |
Within trade debtors is a balance of £466,755 (2022 : £915,200) owed from group undertakings. |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
VAT | 6,924 | 203,348 |
Other creditors |
Accruals and deferred income |
Within trade creditors is a balance of £2,678,402 (2022 : £98,961) owed to group undertakings. |
DC BATTERY TECHNOLOGIES LTD (REGISTERED NUMBER: 12999001) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
7. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Other creditors | 15,570 | 592,839 |
Included in other creditors are invoice discounting debts amounting to £15,570 (2022 - £592,839). These debts are secured by a fixed and floating charge against all present and future assets of the company. |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | 1 | 100 | 100 |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
Financial statements prepared on a basis other than going concern |
We draw attention to Note 2 to the financial statements which explains that the company intends to cease trading in 2024 and therefore the director does not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in Note 2. Our opinion is not modified in respect of this matter. |
for and on behalf of |
Material uncertainty related to going concern |
We draw attention to note 2 in the financial statements and the going concern accounting policy, which states that the company's ability to continue as a going concern requires the continuing support of it's immediate and ultimate parent companies and the director is confident that this will remain to be the case. |
This indicates that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter. |
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our evaluation of the director's assessment of the entity's ability to continue to adopt the going concern basis of accounting included discussions with local management, review of the financial support decisions being made and discussions and meetings with group management. Key observations arising with respect to our evaluation were that transactions with group companies continue on normal terms despite the debt currently due to them and group management are fully focused on implementing strict controls and processes to improve the trading position of the company. |
Our responsibilities and the responsibility of the director with respect to going concern are described in the relevant section of this report. |
DC BATTERY TECHNOLOGIES LTD (REGISTERED NUMBER: 12999001) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
10. | CONTINGENT LIABILITIES |
The company has, in the normal course of business, given warranties to its customers for any faulty products. At the balance sheet date the estimate of the financial effect for any future warranty claim cannot be determined with reasonable certainty. This is due to the uncertainties relating to the amount and timing of any potential future claim. |
Warranty claims made in 2023 total £89,733 however due to a lack historical information to support a pattern of claims, it is not possible to determine the financial effect for any future warranty claims with reasonable certainty. |
11. | OTHER FINANCIAL COMMITMENTS |
The company had other financial commitments, in the form of operating leases, amounting to Nil (2022 - £688,034) at the balance sheet date. |
12. | RELATED PARTY DISCLOSURES |
Transactions during the year and balances at 31 December 2023 relating to owners holding a participating interest in the company were: |
2023 | 2022 |
£ | £ |
Sales | 1,171,661 | 1,867 |
Purchases | 835,127 | 29,336 |
Amounts owing to (loan) | 772,758 | - |
Amounts owing to | 2,678,402 | 74,420 |
Amounts owing from | 442,929 | - |
Transactions during the year and balances at 31 December 2023 relating to companies under common control were: |
2023 | 2022 |
£ | £ |
Sales | 60,110 | 1,085,887 |
Purchases | 80,073 | 1,796,312 |
Amounts owing to (loan) | - | 24,328 |
Amounts owing to | - | 2,258,610 |
Amounts owing from | 23,825 | 512,439 |
13. | ULTIMATE CONTROLLING PARTY |
The controlling party is A Müller GmbH. |
The ultimate controlling party is |
A Müller GmbH's register office address is 32 Tholeyer Street, 66620 Nonnweiler, Germany. |