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REGISTERED NUMBER: 02418021 (England and Wales)






























UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2024

FOR

CONTROLS & DRIVES LIMITED

CONTROLS & DRIVES LIMITED (REGISTERED NUMBER: 02418021)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


CONTROLS & DRIVES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2024







DIRECTORS: Mr AG Collins
Mr RW Collins
Mr L Clarke



SECRETARY: Mr RW Collins



REGISTERED OFFICE: Unit 3
Rothley Lodge Commercial Park
Loughborough Road
Rothley
Leicestershire
LE7 7NL



REGISTERED NUMBER: 02418021 (England and Wales)



BANKERS: Lloyds TSB Bank plc
Charnwood House
Harcourt Way
Meridian Business Park
Leicester
LE19 1WF

CONTROLS & DRIVES LIMITED (REGISTERED NUMBER: 02418021)

BALANCE SHEET
31 OCTOBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 3,267 5,701

CURRENT ASSETS
Stocks - 40
Debtors 5 1,304,578 1,707,251
Cash at bank and in hand 587,756 481,739
1,892,334 2,189,030
CREDITORS
Amounts falling due within one year 6 59,705 395,015
NET CURRENT ASSETS 1,832,629 1,794,015
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,835,896

1,799,716

CAPITAL AND RESERVES
Called up share capital 999 1,000
Capital redemption reserve 1 -
Retained earnings 1,834,896 1,798,716
SHAREHOLDERS' FUNDS 1,835,896 1,799,716

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

CONTROLS & DRIVES LIMITED (REGISTERED NUMBER: 02418021)

BALANCE SHEET - continued
31 OCTOBER 2024


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 14 January 2025 and were signed on its behalf by:




Mr AG Collins - Director



Mr RW Collins - Director


CONTROLS & DRIVES LIMITED (REGISTERED NUMBER: 02418021)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024


1. STATUTORY INFORMATION

Controls & Drives Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Related party exemption
The company has taken advantage of the 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
Revenue comprises the fair value for the sale of goods excluding value added taxes and represents net invoice value less estimated rebates, returns and settlement discounts.

The company supplies products to customers from its manufacturing sites and warehouses, under standard terms and conditions. In all cases revenue is recognised when the risks and rewards of ownership are transferred and this is defined to be on dispatch of the goods.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 50% on cost and 25% on cost
Computer equipment - Straight line over 3 years

Fixed assets are reviewed for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable or as otherwise required by relevant accounting standards.

Shortfalls between the carrying value of fixed assets and their recoverable amounts, being the higher of fair value less costs to sell and value-in-use, are recognised as impairment losses. Impairments of revalued assets are treated as a revaluation decrease. All other impairment losses are recognised in the income statement.

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 calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.


CONTROLS & DRIVES LIMITED (REGISTERED NUMBER: 02418021)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 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.

Hire purchase and leasing commitments
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.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 14 ) .

CONTROLS & DRIVES LIMITED (REGISTERED NUMBER: 02418021)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024


4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 November 2023 2,948 20,393 38,313 3,327 64,981
Additions - - - 700 700
Disposals - - (17,313 ) - (17,313 )
At 31 October 2024 2,948 20,393 21,000 4,027 48,368
DEPRECIATION
At 1 November 2023 2,948 18,460 36,563 1,309 59,280
Charge for year - 420 1,750 964 3,134
Eliminated on disposal - - (17,313 ) - (17,313 )
At 31 October 2024 2,948 18,880 21,000 2,273 45,101
NET BOOK VALUE
At 31 October 2024 - 1,513 - 1,754 3,267
At 31 October 2023 - 1,933 1,750 2,018 5,701

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 300,824 940,279
Amounts owed by group undertakings 991,700 -
Other debtors 12,054 766,972
1,304,578 1,707,251

Deferred tax asset
2024 2023
£    £   
Other timing differences 252 236
Accelerated capital allowances 2,832 4,137
3,084 4,373

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 1,810 330,673
Taxation and social security 35,533 32,358
Other creditors 22,362 31,984
59,705 395,015

CONTROLS & DRIVES LIMITED (REGISTERED NUMBER: 02418021)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024


7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 19,416 19,416
Between one and five years 44,793 64,209
64,209 83,625

8. DEFERRED TAX
£   
Balance at 1 November 2023 (4,373 )
Provided during year 1,289
Balance at 31 October 2024 (3,084 )

9. ULTIMATE CONTROLLING PARTY

The parent company of Controls and Drives is BPX Group Limited.

In the directors' opinion, the company's ultimate parent company is BPX Group Holdings Limited. BPX Group Limited Holdings owns 100% of the issued share capital of BPX Group Limited.

The group accounts can be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.