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Registration number: 07046286

Powertrain Dynamics Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

Powertrain Dynamics Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Powertrain Dynamics Ltd

Company Information

Directors

MC Brocklebank

D Brocklebank - Crowder

Registered office

Crandon House
Dassett Road
Avon Dassett
Warwickshire
CV47 2AA

Accountants

Management & Accounting Solutions
45 Styvechale Avenue
Earlsdon
Coventry
West Midlands
CV5 6DW

 

Powertrain Dynamics Ltd

(Registration number: 07046286)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

295,631

323,435

Current assets

 

Debtors

5

1,200

2,640

Cash at bank and in hand

 

47,277

54,549

 

48,477

57,189

Creditors: Amounts falling due within one year

6

(105,194)

(103,285)

Net current liabilities

 

(56,717)

(46,096)

Total assets less current liabilities

 

238,914

277,339

Creditors: Amounts falling due after more than one year

6

(32,168)

(37,205)

Provisions for liabilities

(25,841)

(30,450)

Net assets

 

180,905

209,684

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

180,805

209,584

Shareholders' funds

 

180,905

209,684

For the financial year ending 31 October 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 18 July 2024 and signed on its behalf by:
 

.........................................
D Brocklebank - Crowder
Director

 

Powertrain Dynamics Ltd

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

1

General information

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

The address of its registered office is:
Crandon House
Dassett Road
Avon Dassett
Warwickshire
CV47 2AA
England

These financial statements were authorised for issue by the Board on 18 July 2024.

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Tax

The tax expense for the period comprises deferred 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.

 

Powertrain Dynamics Ltd

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

Leasehold improvement

Over the lease term

Plant and machinery

15% reducing balance

Fixtures and fittings

15% reducing balance

Office equipment

Straight line over 3 years

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.

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

 

Powertrain Dynamics Ltd

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

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 November 2022

255,909

21,311

527,019

804,239

At 31 October 2023

255,909

21,311

527,019

804,239

Depreciation

At 1 November 2022

92,737

21,054

367,013

480,804

Charge for the year

3,547

256

24,001

27,804

At 31 October 2023

96,284

21,310

391,014

508,608

Carrying amount

At 31 October 2023

159,625

1

136,005

295,631

At 31 October 2022

163,172

257

160,006

323,435

Included within the net book value of land and buildings above is £159,625 (2022 - £163,172) in respect of freehold land and buildings and £Nil (2022 - £Nil) in respect of short leasehold land and buildings.
 

 

Powertrain Dynamics Ltd

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

5

Debtors

Current

2023
£

2022
£

Trade debtors

1,200

2,640

 

1,200

2,640

 

Powertrain Dynamics Ltd

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

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

8,549

8,572

Trade creditors

 

18,680

17,009

Taxation and social security

 

75,852

75,604

Accruals and deferred income

 

2,113

2,100

 

105,194

103,285

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

32,168

37,205

7

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

A Ordinary shares of £1 each

66

66

66

66

B Ordinary shares of £1 each

34

34

34

34

100

100

100

100

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

31,963

37,000

Other borrowings

205

205

32,168

37,205

Current loans and borrowings

 

Powertrain Dynamics Ltd

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

2023
£

2022
£

Bank borrowings

6,000

6,000

Other borrowings

2,549

2,572

8,549

8,572

9

Dividends

Interim dividends paid

2023
£

2022
£

Interim dividend of £Nil per each B Ordinary shares

-

-

 

 

10

Related party transactions

 

Powertrain Dynamics Ltd

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

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

-

8,316