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REGISTERED NUMBER: 01965555















Unaudited Financial Statements for the Year Ended 28 February 2023

for

Overnite Bearings Limited

Overnite Bearings Limited (Registered number: 01965555)






Contents of the Financial Statements
for the Year Ended 28 FEBRUARY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Overnite Bearings Limited

Company Information
for the Year Ended 28 FEBRUARY 2023







DIRECTORS: S Cove
L Benjamin





REGISTERED OFFICE: Suite 2C, Brosnan House
175 Darkes Lane
Potters Bar
Hertfordshire
EN6 1BW





REGISTERED NUMBER: 01965555





ACCOUNTANTS: The Greene Partnership LLP
Suite 2C, Brosnan House
175 Darkes Lane
Potters Bar
Hertfordshire
EN6 1BW

Overnite Bearings Limited (Registered number: 01965555)

Balance Sheet
28 FEBRUARY 2023

28.2.23 28.2.22
Notes £    £    £    £   
FIXED ASSETS
Investments 4 5 -

CURRENT ASSETS
Debtors 5 624,000 34,207
Cash at bank and in hand 50,406 2,067
674,406 36,274
CREDITORS
Amounts falling due within one year 6 670,094 21,114
NET CURRENT ASSETS 4,312 15,160
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,317

15,160

CREDITORS
Amounts falling due after more than one year 7 22,500 32,500
NET LIABILITIES (18,183 ) (17,340 )

CAPITAL AND RESERVES
Called up share capital 1,500 1,500
Retained earnings (19,683 ) (18,840 )
SHAREHOLDERS' FUNDS (18,183 ) (17,340 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 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.

Overnite Bearings Limited (Registered number: 01965555)

Balance Sheet - continued
28 FEBRUARY 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 15 November 2023 and were signed on its behalf by:





L Benjamin - Director


Overnite Bearings Limited (Registered number: 01965555)

Notes to the Financial Statements
for the Year Ended 28 FEBRUARY 2023

1. STATUTORY INFORMATION

Overnite Bearings Limited is a private company, limited by shares , registered in Not specified/Other. 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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
Additions 5
At 28 February 2023 5
NET BOOK VALUE
At 28 February 2023 5

Overnite Bearings Limited (Registered number: 01965555)

Notes to the Financial Statements - continued
for the Year Ended 28 FEBRUARY 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Other debtors 124,000 34,000
Amount due from associated
company 500,000 -
VAT - 207
624,000 34,207

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Bank loans and overdrafts 10,000 10,000
Directors current account 9,014 9,014
VAT 175 -
Other creditors 650,000 -
Directors' current accounts 5 -
Accrued expenses 900 2,100
670,094 21,114

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
28.2.23 28.2.22
£    £   
Bank loans - 1-2 years 10,000 10,000
Bank loans - 2-5 years 12,500 20,000
Bank loans more 5 yr by instal - 2,500
22,500 32,500

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 2,500

Overnite Bearings Limited (Registered number: 01965555)

Notes to the Financial Statements - continued
for the Year Ended 28 FEBRUARY 2023

8. RELATED PARTY DISCLOSURES

Other debtors includes an amount of £24,000 due from Royce Power Transmissions Limited, a company controlled by close family members of Overnite Bearings Limited's controlling party.

Other debtors includes an amount of £100,000 due from Open Property Finance Limited, a company of which close family members are directors and shareholders.

Other debtors includes an amount of £500,000 due from RW49 Marsham Way Limited, a company of which Overnite Bearings Limited is a 50% shareholder.

Other creditors includes an amount of £100,000 due to Hackett Trading Limited, a company of which M Cove is a director and shareholder.

Other creditors includes an amount of £500,000 due to Lanvin Trading Limited, a company controlled by close family members.

Other creditors includes an amount of £50,000 due to Kooples Properties Limited, a company controlled by close family members.

.

9. ULTIMATE CONTROLLING PARTY

The controlling party is Ms M Cove.