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REGISTERED NUMBER: 13115239 (England and Wales)














Unaudited Financial Statements

for the Period

6 January 2021 to 31 December 2021

for

Bearings UK (WB) Limited

Bearings UK (WB) Limited (Registered number: 13115239)






Contents of the Financial Statements
for the Period 6 January 2021 to 31 December 2021




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4

Chartered Accountants' Report 7

Bearings UK (WB) Limited

Company Information
for the Period 6 January 2021 to 31 December 2021







DIRECTORS: C A Brookman
M Brookman
A Watson
T Watson





REGISTERED OFFICE: Chawston Crossroads
Chawston
Bedfordshire
MK44 3BL





REGISTERED NUMBER: 13115239 (England and Wales)





ACCOUNTANTS: GREGORY WILDMAN
The Granary
Crowhill Farm
Ravensden Road
Wilden
Bedfordshire
MK44 2QS

Bearings UK (WB) Limited (Registered number: 13115239)

Statement of Financial Position
31 December 2021

Notes £    £   
FIXED ASSETS
Intangible assets 4 17,479
Tangible assets 5 4,578
22,057

CURRENT ASSETS
Stocks 6 56,275
Debtors 7 42,130
Cash at bank and in hand 12,932
111,337
CREDITORS
Amounts falling due within one year 8 132,486
NET CURRENT LIABILITIES (21,149 )
TOTAL ASSETS LESS CURRENT LIABILITIES 908

PROVISIONS FOR LIABILITIES 870
NET ASSETS 38

CAPITAL AND RESERVES
Called up share capital 100
Retained earnings (62 )
38

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 2021 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.

Bearings UK (WB) Limited (Registered number: 13115239)

Statement of Financial Position - continued
31 December 2021


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 1 September 2022 and were signed on its behalf by:




C A Brookman - Director



T Watson - Director


Bearings UK (WB) Limited (Registered number: 13115239)

Notes to the Financial Statements
for the Period 6 January 2021 to 31 December 2021

1. STATUTORY INFORMATION

Bearings UK (WB) 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.

This is the first year which the financial statements have been prepared under FRS102.

There were no material departures from that standard.

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

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, usually on dispatch of goods, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measure reliably.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2021, is being amortised evenly over its estimated useful life of five years.

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 at the following annual rates in order to write off each asset over its estimated useful life.

Tangible fixed assets are included at cost less depreciation and impairment. Depreciation has been computed to write off the cost of tangible fixed assets over their expected useful lives as follows:

Fixtures and fittings - 20% reducing balance
Motor vehicles - 20% on cost

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

Taxation
Taxation for the period 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 statement of financial position date.


Bearings UK (WB) Limited (Registered number: 13115239)

Notes to the Financial Statements - continued
for the Period 6 January 2021 to 31 December 2021

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes.

Tax deferred or accelerated is accounted for in respect of all material timing differences.

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 for the benefit of its employees. Contributions payable are charged to profit and loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 2 .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
Additions 21,000
At 31 December 2021 21,000
AMORTISATION
Charge for period 3,521
At 31 December 2021 3,521
NET BOOK VALUE
At 31 December 2021 17,479

5. TANGIBLE FIXED ASSETS
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
Additions 2,000 3,500 5,500
At 31 December 2021 2,000 3,500 5,500
DEPRECIATION
Charge for period 335 587 922
At 31 December 2021 335 587 922
NET BOOK VALUE
At 31 December 2021 1,665 2,913 4,578

6. STOCKS
£   
Stocks 56,275

Bearings UK (WB) Limited (Registered number: 13115239)

Notes to the Financial Statements - continued
for the Period 6 January 2021 to 31 December 2021

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Trade debtors 35,769
Other debtors 6,218
Prepayments 143
42,130

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Trade creditors 20,416
Tax 39
Due to associated company 103,807
Social security and other taxes 1,106
VAT 4,033
Other creditors 1,540
Accrued expenses 1,545
132,486

9. RELATED PARTY DISCLOSURES

During the period goods were purchased and sold totalling £1,356 and £19,216 respectively from Watson & Brookman Engineers Limited, a company T Watson and C Brookman directors of Bearings UK (WB) Limited are also directors.

The amount outstanding at the year-end to Watson & Brookman Engineers Limited £103,807 (2020- £Nil).

10. GOING CONCERN

The directors have considered the consequences of Covid-19 and other events and conditions, and have determined that they do not create a material uncertainty that casts significant doubt upon the entity's ability to continue as a going concern.

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Bearings UK (WB) Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Bearings UK (WB) Limited for the period ended 31 December 2021 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Bearings UK (WB) Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Bearings UK (WB) Limited and state those matters that we have agreed to state to the Board of Directors of Bearings UK (WB) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Bearings UK (WB) Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Bearings UK (WB) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Bearings UK (WB) Limited. You consider that Bearings UK (WB) Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of Bearings UK (WB) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






GREGORY WILDMAN
The Granary
Crowhill Farm
Ravensden Road
Wilden
Bedfordshire
MK44 2QS


1 September 2022