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REGISTERED NUMBER: 06653579 (England and Wales)











DRIVESHAFT PARTS LTD

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






DRIVESHAFT PARTS LTD (REGISTERED NUMBER: 06653579)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 March 2024




Page

Company information 1

Balance sheet 2

Notes to the financial statements 3


DRIVESHAFT PARTS LTD

COMPANY INFORMATION
for the year ended 31 March 2024







DIRECTORS: C Barnard
J W Black
B M Gardiner
M Krokowski





REGISTERED OFFICE: Lygon House
50 London Road
Bromley
Kent
BR1 3RA





REGISTERED NUMBER: 06653579 (England and Wales)





AUDITORS: Berringers LLP
Chartered Accountants
and Statutory Auditors
Lygon House
50 London Road
Bromley
Kent
BR1 3RA

DRIVESHAFT PARTS LTD (REGISTERED NUMBER: 06653579)

BALANCE SHEET
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 3,786 5,761
Tangible assets 5 - 119,223
3,786 124,984

CURRENT ASSETS
Stocks - 219,945
Debtors 6 377 107,255
Cash at bank 15,121 52,347
15,498 379,547
CREDITORS
Amounts falling due within one year 7 156,369 569,732
NET CURRENT LIABILITIES (140,871 ) (190,185 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(137,085

)

(65,201

)

CREDITORS
Amounts falling due after more than one year 8 - 72,242
NET LIABILITIES (137,085 ) (137,443 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (137,185 ) (137,543 )
(137,085 ) (137,443 )

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 Statement of income and retained earnings has not been delivered.

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





B M Gardiner - Director


DRIVESHAFT PARTS LTD (REGISTERED NUMBER: 06653579)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2024

1. STATUTORY INFORMATION

Driveshaft Parts Ltd 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.

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.

Going concern
The directors have prepared the financial statements on a going concern basis. The directors have received written guarantees of continuing financial support from the Group for at least twelve months from the date these financial statements were approved. Should the company not return to profitability, and a positive net asset position, after twelve months following the date of the approval of these financial statements, the directors are confident that the Group will continue to provide support, which in the opinion of the directors, supports the going concern assumption.

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 wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of three years.

Tangible fixed assets
Depreciation is provided on a straight line basis over the useful lives based on management's estimation. The estimated useful lives are assessed on an annual basis for each category of assets. The estimated useful lives for the current period are as follows:

Short leasehold- over period of lease
Plant and machinery- 1 to 6 years
Fixtures and fittings- 5 to 10 years
Computer equipment- 3 to 5 years
Motor vehicles- 4 to 5 years

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
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.

DRIVESHAFT PARTS LTD (REGISTERED NUMBER: 06653579)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

2. ACCOUNTING POLICIES - continued

True and fair override
These financial statements have departed from the requirements of FRS 102 Section 20 with regards to the treatment of an operating lease entered into by the company during the period. This departure was necessary, in the the opinion of the directors, to show a true and fair view of the company's financial position with reference to other group undertakings within the group, ensuring all group accounting policies are consistent. The impact of this treatment is immaterial to the overall net assets and to the reported loss for the year.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

4. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
At 1 April 2023
and 31 March 2024 5,926
AMORTISATION
At 1 April 2023 165
Amortisation for year 1,975
At 31 March 2024 2,140
NET BOOK VALUE
At 31 March 2024 3,786
At 31 March 2023 5,761

DRIVESHAFT PARTS LTD (REGISTERED NUMBER: 06653579)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

5. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and
leasehold machinery fittings
£    £    £   
COST
At 1 April 2023 163,527 1,129 10,038
Disposals (163,527 ) (1,129 ) (10,038 )
At 31 March 2024 - - -
DEPRECIATION
At 1 April 2023 57,234 1,126 1,845
Charge for year 19,164 3 619
Eliminated on disposal (76,398 ) (1,129 ) (2,464 )
At 31 March 2024 - - -
NET BOOK VALUE
At 31 March 2024 - - -
At 31 March 2023 106,293 3 8,193

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 April 2023 3,895 2,898 181,487
Disposals (3,895 ) (2,898 ) (181,487 )
At 31 March 2024 - - -
DEPRECIATION
At 1 April 2023 487 1,572 62,264
Charge for year 568 164 20,518
Eliminated on disposal (1,055 ) (1,736 ) (82,782 )
At 31 March 2024 - - -
NET BOOK VALUE
At 31 March 2024 - - -
At 31 March 2023 3,408 1,326 119,223

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 254 85,758
Other debtors 123 21,497
377 107,255

DRIVESHAFT PARTS LTD (REGISTERED NUMBER: 06653579)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Finance leases - 34,580
Trade creditors - 1,997
Amounts owed to group undertakings 149,739 465,096
Taxation and social security - 31,490
Other creditors 6,630 36,569
156,369 569,732

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Finance leases - 72,242

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

The Report of the auditors was unqualified.

Ricky Hutson BSc ACA FCCA (Senior Statutory Auditor)
for and on behalf of Berringers LLP

10. CONTROLLING PARTY

Invicta Holdings Limited is the parent company of the smallest group for which consolidated accounts are prepared. Invicta Holdings Limited is incorporated in South Africa. The registered office of Invicta Holdings Limited is 3 Droste Crescent, Droste Park, Johannesburg, South Africa.