IRIS Accounts Production v23.4.0.336 SC428000 Board of Directors 1.11.22 31.10.23 31.10.23 2.4.24 false true false false true false Auditors Opinion iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC4280002022-10-31SC4280002023-10-31SC4280002022-11-012023-10-31SC4280002021-10-31SC4280002021-11-012022-10-31SC4280002022-10-31SC428000ns15:Scotland2022-11-012023-10-31SC428000ns14:PoundSterling2022-11-012023-10-31SC428000ns10:Director12022-11-012023-10-31SC428000ns10:PrivateLimitedCompanyLtd2022-11-012023-10-31SC428000ns10:SmallEntities2022-11-012023-10-31SC428000ns10:Audited2022-11-012023-10-31SC428000ns10:SmallCompaniesRegimeForDirectorsReport2022-11-012023-10-31SC428000ns10:SmallCompaniesRegimeForAccounts2022-11-012023-10-31SC428000ns10:FullAccounts2022-11-012023-10-31SC428000ns5:CurrentFinancialInstruments2023-10-31SC428000ns5:CurrentFinancialInstruments2022-10-31SC428000ns5:ShareCapital2023-10-31SC428000ns5:ShareCapital2022-10-31SC428000ns5:CapitalRedemptionReserve2023-10-31SC428000ns5:CapitalRedemptionReserve2022-10-31SC428000ns5:RetainedEarningsAccumulatedLosses2023-10-31SC428000ns5:RetainedEarningsAccumulatedLosses2022-10-31SC428000ns5:PlantMachinery2022-11-012023-10-31SC428000ns5:PlantMachinery2022-10-31SC428000ns5:PlantMachinery2023-10-31SC428000ns5:PlantMachinery2022-10-31SC428000ns5:CostValuation2022-10-31SC428000ns5:CostValuation2023-10-31SC428000ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-10-31SC428000ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-10-31SC428000ns5:WithinOneYear2023-10-31SC428000ns5:WithinOneYear2022-10-31SC428000ns5:BetweenOneFiveYears2023-10-31SC428000ns5:BetweenOneFiveYears2022-10-31SC428000ns5:MoreThanFiveYears2023-10-31SC428000ns5:MoreThanFiveYears2022-10-31SC428000ns5:AllPeriods2023-10-31SC428000ns5:AllPeriods2022-10-31
REGISTERED NUMBER: SC428000 (Scotland)















Audited Financial Statements for the Year Ended 31 October 2023

for

Driveline Holdings Limited

Driveline Holdings Limited (Registered number: SC428000)






Contents of the Financial Statements
for the Year Ended 31 October 2023




Page

Balance Sheet 1

Notes to the Financial Statements 2


Driveline Holdings Limited (Registered number: SC428000)

Balance Sheet
31 October 2023

31.10.23 31.10.22
Notes £    £   
FIXED ASSETS
Tangible assets 4 408,638 521,409
Investments 5 172,863 120,203
581,501 641,612

CURRENT ASSETS
Stocks 241,765 153,000
Debtors 6 1,654,703 1,389,656
Cash at bank 386,447 431,228
2,282,915 1,973,884
CREDITORS
Amounts falling due within one year 7 (1,052,864 ) (1,791,034 )
NET CURRENT ASSETS 1,230,051 182,850
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,811,552

824,462

PROVISIONS FOR LIABILITIES (10,881 ) (17,428 )
NET ASSETS 1,800,671 807,034

CAPITAL AND RESERVES
Called up share capital 76 76
Capital redemption reserve 24 24
Retained earnings 1,800,571 806,934
1,800,671 807,034

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 12 February 2024 and were signed on its behalf by:





Stewart McLean - Director


Driveline Holdings Limited (Registered number: SC428000)

Notes to the Financial Statements
for the Year Ended 31 October 2023

1. STATUTORY INFORMATION

Driveline Holdings Limited is a private company, limited by shares, domiciled in Scotland, registration number SC482000. The registered office is 4 Hope Street, Edinburgh, EH2 4DB.

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.

Preparation of consolidated financial statements
The financial statements contain information about Driveline Holdings Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with group companies.

Turnover
Turnover represents net invoiced sales of goods and services in respect of the manufacture and repair of propshafts, excluding value added tax. Sales are recognised at the point at which the goods are delivered or the service is complete.

Tangible fixed assets and depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost, 25% on cost and 20% on cost

Tangible fixed assets are stated at cost less depreciation. Cost represent purchase price together with any incidental costs of acquisition.

The directors have considered the residual value of all tangible fixed assets to be immaterial and therefore all tangible fixed assets are depreciated to nil value.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investments in joint ventures
Investments in joint ventures are recognised at fair value with annual adjustment made through the profit and loss account.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is represented by purchase price.


Driveline Holdings Limited (Registered number: SC428000)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

2. ACCOUNTING POLICIES - continued
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 obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Provisions
Provisions are recognised when the company has a legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are discounted where the time value of money is material.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

Going concern
It is the Board's view that there will be adequate funding in place to cover all known liabilities as they fall due for at least 12 months from the balance sheet date, with the confirmed continued support of the parent company, Caledonian Heritable Limited, to whom the majority of debt is due. Therefore the directors have prepared these financial statements on a going concern basis.

Driveline Holdings Limited (Registered number: SC428000)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 28 (2022 - 27 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 November 2022 1,383,499
Additions 103,392
Disposals (27,952 )
At 31 October 2023 1,458,939
DEPRECIATION
At 1 November 2022 862,090
Charge for year 216,163
Eliminated on disposal (27,952 )
At 31 October 2023 1,050,301
NET BOOK VALUE
At 31 October 2023 408,638
At 31 October 2022 521,409

5. FIXED ASSET INVESTMENTS
Shares in Interest
group in joint
undertakings venture Totals
£    £    £   
COST
At 1 November 2022 85 120,118 120,203
Share of profit/(loss) - 52,660 52,660
At 31 October 2023 85 172,778 172,863
NET BOOK VALUE
At 31 October 2023 85 172,778 172,863
At 31 October 2022 85 120,118 120,203

Driveline Holdings Limited (Registered number: SC428000)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Trade debtors 654,076 389,068
Amounts owed by group undertakings 673,513 709,732
Amounts owed by joint ventures 154,483 152,735
Other debtors 172,631 138,121
1,654,703 1,389,656

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Trade creditors 114,207 90,373
Amounts owed to group undertakings 632,305 1,522,311
Taxation and social security 251,585 109,616
Other creditors 54,767 68,734
1,052,864 1,791,034

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.10.23 31.10.22
£    £   
Within one year 141,426 178,635
Between one and five years 263,923 385,397
In more than five years 32,127 49,651
437,476 613,683

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Greig Brown (Senior Statutory Auditor)
for and on behalf of Drummond Laurie CA

10. ULTIMATE PARENT COMPANY

The company's ultimate parent company is Caledonian Heritable Limited, a company registered in Scotland. The financial statements of Caledonian Heritable Limited can be obtained from Companies House and its registered office is 4 Hope Street, Edinburgh, EH2 4DB.