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REGISTERED NUMBER: 01908580 (England and Wales)










Unaudited Financial Statements

for the Year Ended 31 July 2023

for

Orbic Bearings Limited

Orbic Bearings Limited (Registered number: 01908580)






Contents of the Financial Statements
for the Year Ended 31 July 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Orbic Bearings Limited

Company Information
for the Year Ended 31 July 2023







DIRECTORS: A Flint
L Flint
C Flint





SECRETARY: L Flint





REGISTERED OFFICE: Airport House
Suite 43-45 Purley Way
Croydon
Surrey
CR0 0XZ





REGISTERED NUMBER: 01908580 (England and Wales)





ACCOUNTANTS: Ledger Sparks Limited
Airport House
Suite 43-45
Purley Way
Croydon
CR0 0XZ

Orbic Bearings Limited (Registered number: 01908580)

Balance Sheet
31 July 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 4 18,308 20,365
Tangible assets 5 530,104 536,996
Investments 6 3,000 3,000
551,412 560,361

CURRENT ASSETS
Stocks 132,000 112,839
Debtors 7 460,699 558,234
Cash at bank and in hand 174,593 28,335
767,292 699,408
CREDITORS
Amounts falling due within one year 8 (557,952 ) (454,314 )
NET CURRENT ASSETS 209,340 245,094
TOTAL ASSETS LESS CURRENT
LIABILITIES

760,752

805,455

CREDITORS
Amounts falling due after more than one
year

9

(88,916

)

(137,992

)

PROVISIONS FOR LIABILITIES (75,174 ) (76,483 )
NET ASSETS 596,662 590,980

CAPITAL AND RESERVES
Called up share capital 200 100
Revaluation reserve 11 358,103 358,103
Retained earnings 238,359 232,777
596,662 590,980

Orbic Bearings Limited (Registered number: 01908580)

Balance Sheet - continued
31 July 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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.

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 comprehensive income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 November 2023 and were signed on its behalf by:





A Flint - Director


Orbic Bearings Limited (Registered number: 01908580)

Notes to the Financial Statements
for the Year Ended 31 July 2023

1. STATUTORY INFORMATION

Orbic Bearings 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 (£).


The principal activity of the company was that of suppliers of industrial bearings and power transmission units.

2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

TURNOVER
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business , and is shown net of VAT and other sales related taxes . The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

INTANGIBLE ASSETS
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computer software 10 Years

Orbic Bearings Limited (Registered number: 01908580)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

2. ACCOUNTING POLICIES - continued

TANGIBLE FIXED ASSETS
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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

Fixtures, fittings &
equipments

Computer equipments - 25% on cost
Office equipments, fixtures & fittings - 20% on cost
Motor vehicles20% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

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

FINANCIAL INSTRUMENTS
The company only enters into basic financial instrument transactions that results in the recognition od financial asset and liability such as trade and other debtors and creditors, loan from bank and other third parties, loan to related parties and investments in non puttable ordinary shares.

TAXATION
The tax expense represents the sum of the tax currently payable and deferred tax.

CURRENT TAX
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

DEFERRED TAX
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the balance sheet date.

Orbic Bearings Limited (Registered number: 01908580)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

2. ACCOUNTING POLICIES - continued

LEASING COMMITMENTS
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

LEASED ASSETS
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Statement of comprehensive income so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

GOING CONCERN
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

PROVISION FOR LIABILITIES
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the Statement of comprehensive income in the year that the company becomes aware of the obligation, and are measured at the best estimates at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Balance sheet.

PENSION
DEFINE CONTRIBUTION PENSION PLAN
The company operates a defined contribution pension plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contribution into separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2022 - 10 ) .

Orbic Bearings Limited (Registered number: 01908580)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

4. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
At 1 August 2022
and 31 July 2023 20,570
AMORTISATION
At 1 August 2022 205
Amortisation for year 2,057
At 31 July 2023 2,262
NET BOOK VALUE
At 31 July 2023 18,308
At 31 July 2022 20,365

5. TANGIBLE FIXED ASSETS
Fixtures,
Freehold fittings Motor
property & equipment vehicles Totals
£    £    £    £   
COST OR VALUATION
At 1 August 2022 500,000 49,940 22,070 572,010
Additions - 5,534 - 5,534
Disposals - (8,534 ) - (8,534 )
At 31 July 2023 500,000 46,940 22,070 569,010
DEPRECIATION
At 1 August 2022 - 30,232 4,782 35,014
Charge for year - 7,055 4,414 11,469
Eliminated on disposal - (7,577 ) - (7,577 )
At 31 July 2023 - 29,710 9,196 38,906
NET BOOK VALUE
At 31 July 2023 500,000 17,230 12,874 530,104
At 31 July 2022 500,000 19,708 17,288 536,996

The fair value of the Land and buildings has been arrived at on an open market basis by the directors of the company. Land and buildings with a carrying amount of £500,000, this valuation represents the fair value as at the 31 July 2023.

Orbic Bearings Limited (Registered number: 01908580)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

5. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 31 July 2023 is represented by:



Freehol
dpropert
y
£
Revaluation in 1986152,557
Revaluation in 201760,000
Revaluation in 201895,000
Revaluation in 202170,000
Revaluation in 202250,000
Cost72,443
500,000

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 August 2022
and 31 July 2023 3,000
NET BOOK VALUE
At 31 July 2023 3,000
At 31 July 2022 3,000

The investments are shown at cost at the balance sheet date. The director is of the opinion that there has been no material change in value.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 449,235 547,165
Amounts owed by group undertakings 10,000 10,000
Other debtors 1,464 1,069
460,699 558,234

The directors consider the carrying value of trade and other receivables approximate to their fair value.

Orbic Bearings Limited (Registered number: 01908580)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 41,362 37,770
Hire purchase contracts (see note 10) 3,333 10,776
Trade creditors 432,607 342,682
Taxation and social security 80,430 62,763
Other creditors 220 323
557,952 454,314

The directors consider the carrying amounts of current liabilities approximate to their fair values.

Legal Mortgage charge at Companies House has been registered by Barclays Bank PLC for the loan taken by company, which has fixed and floating charges over the trade fixtures & freehold property.

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2023 2022
£    £   
Bank loans 84,273 129,392
Hire purchase contracts (see note 10) 4,643 8,600
88,916 137,992

The directors consider the carrying amounts of long term liabilities approximate to their fair values.

Legal Mortgage charge at Companies House has been registered by Barclays Bank PLC for the loan taken by company, which has fixed and floating charges over the trade fixtures & freehold property.

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 3,333 10,776
Between one and five years 4,643 8,600
7,976 19,376

Orbic Bearings Limited (Registered number: 01908580)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

10. LEASING AGREEMENTS - continued

Non-cancellable operating leases
2023 2022
£    £   
Within one year 39,376 21,456
Between one and five years 46,478 14,379
85,854 35,835

11. RESERVES

PROFIT AND LOSS RESERVES
The Profit and loss account comprises all current and prior period retained profit and losses after deducting any distributions made to the company's shareholders.

12. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension costs charge represents contributions payable by the company to the fund and amounted to £4,860 (2022 - £4,532).

The Company makes gross contributions to the directors personal defined contribution pension scheme that are charged to the profit and loss account in the period when they are paid. During the year the company made £27,922 (2022 - £23,021) contributions to the directors personal defined contribution pension scheme.

13. RELATED PARTY DISCLOSURES

At the balance sheet date, included in other creditors are amounts due to the directors of £120 (2022 - £323).