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Registration number: 2160031

DePe Gear Company Limited

Unaudited Financial Statements

for the Year Ended 30 April 2024

 

DePe Gear Company Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

DePe Gear Company Limited

(Registration number: 2160031)
Statement of Financial Position as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

4,557,989

4,490,786

Current assets

 

Stocks

5

699,634

760,446

Debtors

6

1,925,052

1,479,922

Cash at bank and in hand

 

1,504,257

677,692

 

4,128,943

2,918,060

Creditors: Amounts falling due within one year

7

(2,217,383)

(1,461,194)

Net current assets

 

1,911,560

1,456,866

Total assets less current liabilities

 

6,469,549

5,947,652

Creditors: Amounts falling due after more than one year

7

(393,982)

(537,144)

Provisions for liabilities

(1,009,263)

(656,587)

Net assets

 

5,066,304

4,753,921

Capital and reserves

 

Called up share capital

50,000

50,000

Retained earnings

5,016,304

4,703,921

Shareholders' funds

 

5,066,304

4,753,921

 

DePe Gear Company Limited

(Registration number: 2160031)
Statement of Financial Position as at 30 April 2024

For the financial year ending 30 April 2024 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 Income Statement.

Approved and authorised by the Board on 29 August 2024 and signed on its behalf by:
 

Mr A J Jubb
Director

   
     
 

DePe Gear Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

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

The address of its registered office is:
Unit 1 Grove Road Industrial Estate
Grove Road
Stoke on Trent
Staffordshire
ST4 4LG

These financial statements were authorised for issue by the Board on 29 August 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.

The financial statements are prepared in sterling, which is the functional currency of the entity.

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 current 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

DePe Gear Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

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 statement of financial position 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 provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful life as follows:

Asset class

Depreciation method and rate

Leasehold improvements

2% on cost

Plant and machinery

10% reducing balance

Office equipment

15% reducing balance

Motor vehicles

25% reducing balance

R & D equipment

25% straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

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 income statement 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.

 

DePe Gear Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the income statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the income statement.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 50 (2023 - 49).

 

DePe Gear Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Tangible assets

Land and buildings
£

R&D equipment
£

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 May 2023

42,700

25,128

8,369,247

259,017

8,696,092

Additions

-

-

543,248

37,502

580,750

At 30 April 2024

42,700

25,128

8,912,495

296,519

9,276,842

Depreciation

At 1 May 2023

9,345

10,962

4,023,489

161,510

4,205,306

Charge for the year

854

3,541

488,901

20,251

513,547

At 30 April 2024

10,199

14,503

4,512,390

181,761

4,718,853

Carrying amount

At 30 April 2024

32,501

10,625

4,400,105

114,758

4,557,989

At 30 April 2023

33,355

14,166

4,345,758

97,507

4,490,786

Included within the net book value of land and buildings above is £32,501 (2023 - £33,355) in respect of freehold land and buildings.
 

 

DePe Gear Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

5

Stocks

2024
£

2023
£

Raw materials and consumables

251,859

238,956

Work in progress

447,775

521,490

699,634

760,446

6

Debtors

Note

2024
£

2023
£

Trade debtors

 

1,875,704

1,229,895

Other debtors

 

49,348

36,586

Accrued income

 

-

163,894

Income tax asset

-

49,547

 

1,925,052

1,479,922

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

143,161

140,985

Trade creditors

 

1,265,990

878,514

Amounts owed to group undertakings and undertakings in which the company has a participating interest

76,652

76,652

Taxation and social security

 

310,945

193,013

Other creditors

 

420,635

172,030

 

2,217,383

1,461,194

Creditors include net obligations under finance lease and hire purchase contracts which are secured on the assets to which they relate.

 

DePe Gear Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

393,982

537,144

2024
£

2023
£

Non-current loans and borrowings

HP and finance lease liabilities

393,982

537,144

8

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Hire purchase contracts

393,982

537,144

2024
£

2023
£

Current loans and borrowings

Hire purchase contracts

143,161

140,985

9

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

236,581

247,831

Later than one year and not later than five years

375,376

500,967

Later than five years

444,000

555,000

1,055,957

1,303,798

10

Parent and ultimate parent undertaking

The company's immediate parent is Mechanical Power Transmission Limited, incorporated in United Kingdom.