REGISTERED NUMBER: |
EURO DRIVESHAFTS LIMITED |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
REGISTERED NUMBER: |
EURO DRIVESHAFTS LIMITED |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
EURO DRIVESHAFTS LIMITED (REGISTERED NUMBER: 04554480) |
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 |
EURO DRIVESHAFTS LIMITED |
COMPANY INFORMATION |
for the year ended 31 March 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
and Statutory Auditors |
Lygon House |
50 London Road |
Bromley |
Kent |
BR1 3RA |
EURO DRIVESHAFTS LIMITED (REGISTERED NUMBER: 04554480) |
BALANCE SHEET |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
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 |
EURO DRIVESHAFTS LIMITED (REGISTERED NUMBER: 04554480) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 March 2024 |
1. | STATUTORY INFORMATION |
Euro Driveshafts Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The directors have the continuing long-term financial support provided by the wider Group. The directors have also reviewed the post year-end financial information available at the time of approving these financial statements, giving consideration to the ongoing war in Ukraine and other global economic factors, and have concluded that it is appropriate for the financial statements to be prepared on a going concern basis. |
Preparation of consolidated financial statements |
The financial statements contain information about Euro Driveshafts Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 401 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, Invicta Holdings Limited, 3 Droste Crescent, Droste Park, Johannesburg, South Africa. |
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. |
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 |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost less any impairment losses. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
EURO DRIVESHAFTS LIMITED (REGISTERED NUMBER: 04554480) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2024 |
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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the average rate of exchange ruling in the month of transaction. Exchange differences are taken into account in arriving at the operating result. |
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. |
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 |
EURO DRIVESHAFTS LIMITED (REGISTERED NUMBER: 04554480) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2024 |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 April 2023 |
Transfer to subsidiary | (30,834 | ) |
Exchange differences |
At 31 March 2024 |
AMORTISATION |
At 1 April 2023 |
Transfer to subsidiary | (30,834 | ) |
Exchange differences |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
Short | Plant and | and |
leasehold | machinery | fittings |
£ | £ | £ |
COST |
At 1 April 2023 |
Additions |
Disposals | ( |
) | ( |
) |
Transfer to subsidiary | (770,542 | ) | (17,441 | ) | (74,115 | ) |
Exchange differences |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
Transfer to subsidiary | (449,534 | ) | (5,531 | ) | (45,448 | ) |
Exchange differences |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
EURO DRIVESHAFTS LIMITED (REGISTERED NUMBER: 04554480) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2024 |
5. | TANGIBLE FIXED ASSETS - continued |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 April 2023 |
Additions |
Disposals | ( |
) | ( |
) |
Transfer to subsidiary | (159,756 | ) | (4,092 | ) | (1,025,946 | ) |
Exchange differences |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
Transfer to subsidiary | (83,508 | ) | (4,092 | ) | (588,113 | ) |
Exchange differences |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2023 |
Additions |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
EURO DRIVESHAFTS LIMITED (REGISTERED NUMBER: 04554480) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2024 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Hire purchase contracts and finance leases |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
Although the amount owed to group undertakings is repayable on demand, it is not expected to be repaid within 12 months of the balance sheet date. |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Hire purchase contracts and finance leases |
Other creditors |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the auditors was unqualified. |
for and on behalf of |
11. | 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. |
12. | HIVE-DOWN |
The company's policy is to include the financial results of its Polish branch within the financial statements. On 30 November 2023, the Polish branch transferred all operations to a newly formed company, UPG Poland. As a result, all net assets of the Polish branch were transferred to UPG Poland as at 30 November 2023. 100% of the share capital of UPG Poland is owned by Euro Driveshafts Limited and is now treated as an investment in group undertakings. |