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REGISTERED NUMBER: 10426535 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH JUNE 2023

FOR

BEARING FACTORS LIMITED

BEARING FACTORS LIMITED (REGISTERED NUMBER: 10426535)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH JUNE 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


BEARING FACTORS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30TH JUNE 2023







DIRECTORS: C D Egar
M P Egar





REGISTERED OFFICE: Unit C3A
Whitewalls Industrial Estate
Edward Street
Nelson
Lancashire
BB9 8TE





REGISTERED NUMBER: 10426535 (England and Wales)





ACCOUNTANTS: Ainsworths Limited
Charter House
Stansfield Street
Nelson
Lancashire
BB9 9XY

BEARING FACTORS LIMITED (REGISTERED NUMBER: 10426535)

BALANCE SHEET
30TH JUNE 2023

30.6.23 30.6.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 35,250 42,300
Tangible assets 5 36,104 45,386
71,354 87,686

CURRENT ASSETS
Stocks 9,474 11,030
Debtors 6 179,598 135,685
Cash at bank and in hand 73,527 99,066
262,599 245,781
CREDITORS
Amounts falling due within one year 7 184,843 151,073
NET CURRENT ASSETS 77,756 94,708
TOTAL ASSETS LESS CURRENT
LIABILITIES

149,110

182,394

CREDITORS
Amounts falling due after more than one
year

8

(20,000

)

(30,000

)

PROVISIONS FOR LIABILITIES (4,353 ) (4,292 )
NET ASSETS 124,757 148,102

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 124,756 148,101
124,757 148,102

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th June 2023 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.

BEARING FACTORS LIMITED (REGISTERED NUMBER: 10426535)

BALANCE SHEET - continued
30TH JUNE 2023


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 9th November 2023 and were signed on its behalf by:





C D Egar - Director


BEARING FACTORS LIMITED (REGISTERED NUMBER: 10426535)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH JUNE 2023


1. STATUTORY INFORMATION

Bearing Factors 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.

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.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2018, is being amortised evenly over its estimated useful life of ten 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.
Plant and machinery etc - 33% on cost, 25% on cost and 15% 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 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.

BEARING FACTORS LIMITED (REGISTERED NUMBER: 10426535)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2023


2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 5 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st July 2022
and 30th June 2023 70,500
AMORTISATION
At 1st July 2022 28,200
Charge for year 7,050
At 30th June 2023 35,250
NET BOOK VALUE
At 30th June 2023 35,250
At 30th June 2022 42,300

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st July 2022 73,455
Additions 1,357
At 30th June 2023 74,812
DEPRECIATION
At 1st July 2022 28,069
Charge for year 10,639
At 30th June 2023 38,708
NET BOOK VALUE
At 30th June 2023 36,104
At 30th June 2022 45,386

BEARING FACTORS LIMITED (REGISTERED NUMBER: 10426535)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2023


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Trade debtors 169,723 130,601
Other debtors 9,875 5,084
179,598 135,685

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts - 3,576
Trade creditors 144,062 97,192
Taxation and social security 27,390 32,915
Other creditors 3,391 7,390
184,843 151,073

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.6.23 30.6.22
£    £   
Bank loans 20,000 30,000