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REGISTERED NUMBER: 01651618 (England and Wales)






















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2023

FOR

TUBE GEAR LIMITED

TUBE GEAR LIMITED (REGISTERED NUMBER: 01651618)

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


TUBE GEAR LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 28 FEBRUARY 2023







DIRECTORS: I Stanley
A Varndell





SECRETARY: Mrs S L Card





REGISTERED OFFICE: 3 Doolittle Yard
Froghall Road
Ampthill
Bedfordshire
MK45 2NW





REGISTERED NUMBER: 01651618 (England and Wales)





ACCOUNTANTS: GKP (Ampthill) Limited
Chartered Accountants
3 Doolittle Yard
Froghall Road
Ampthill
Bedfordshire
MK45 2NW

TUBE GEAR LIMITED (REGISTERED NUMBER: 01651618)

BALANCE SHEET
28 FEBRUARY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 38,827 -
Tangible assets 5 453,448 397,363
Investments 6 1 1
492,276 397,364

CURRENT ASSETS
Stocks 826,172 654,317
Debtors 7 2,144,876 2,173,183
Cash at bank and in hand 213,196 845,572
3,184,244 3,673,072
CREDITORS
Amounts falling due within one year 8 1,678,945 1,716,965
NET CURRENT ASSETS 1,505,299 1,956,107
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,997,575

2,353,471

CREDITORS
Amounts falling due after more than one
year

9

-

(1,397

)

PROVISIONS FOR LIABILITIES 12 (109,736 ) (12,973 )
NET ASSETS 1,887,839 2,339,101

CAPITAL AND RESERVES
Called up share capital 13 10,000 10,000
Capital redemption reserve 10,000 10,000
Retained earnings 1,867,839 2,319,101
SHAREHOLDERS' FUNDS 1,887,839 2,339,101

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.

TUBE GEAR LIMITED (REGISTERED NUMBER: 01651618)

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 27 November 2023 and were signed on its behalf by:





A Varndell - Director


TUBE GEAR LIMITED (REGISTERED NUMBER: 01651618)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023


1. STATUTORY INFORMATION

Tube Gear 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 0, is being amortised evenly over its estimated useful life of nil 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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 30% on cost and 15% on reducing balance
Motor vehicles - 25% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at 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.


TUBE GEAR LIMITED (REGISTERED NUMBER: 01651618)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


2. ACCOUNTING POLICIES - continued
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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Grant income
Grant income is recognised on the accruals model. Where there are no future performance related conditions, income is recognised when the grants are received.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 27 (2022 - 24 ) .

TUBE GEAR LIMITED (REGISTERED NUMBER: 01651618)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
Additions 43,141
At 28 February 2023 43,141
AMORTISATION
Charge for year 4,314
At 28 February 2023 4,314
NET BOOK VALUE
At 28 February 2023 38,827

5. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 March 2022 412,111 553,398 965,509
Additions 106,833 116,795 223,628
Disposals (74,431 ) (129,780 ) (204,211 )
At 28 February 2023 444,513 540,413 984,926
DEPRECIATION
At 1 March 2022 321,063 247,083 568,146
Charge for year 26,229 90,863 117,092
Eliminated on disposal (66,221 ) (87,539 ) (153,760 )
At 28 February 2023 281,071 250,407 531,478
NET BOOK VALUE
At 28 February 2023 163,442 290,006 453,448
At 28 February 2022 91,048 306,315 397,363

TUBE GEAR LIMITED (REGISTERED NUMBER: 01651618)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 March 2022 174,938
Transfer to ownership (98,171 )
At 28 February 2023 76,767
DEPRECIATION
At 1 March 2022 66,376
Charge for year 27,141
Transfer to ownership (61,131 )
At 28 February 2023 32,386
NET BOOK VALUE
At 28 February 2023 44,381
At 28 February 2022 108,562

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 March 2022
and 28 February 2023 1
NET BOOK VALUE
At 28 February 2023 1
At 28 February 2022 1

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,183,447 1,468,554
Amounts owed by group undertakings 882,615 602,874
Other debtors 70,200 101,755
Corporation tax 8,614 -
2,144,876 2,173,183

TUBE GEAR LIMITED (REGISTERED NUMBER: 01651618)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 890 8,539
Hire purchase contracts (see note 10) 1,397 27,335
Trade creditors 722,517 751,190
Corporation tax - 80,887
Social security and other taxes 61,621 103,793
Other creditors 892,520 741,898
Directors' current accounts - 3,323
1,678,945 1,716,965

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts (see note 10) - 1,397

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 1,397 27,335
Between one and five years - 1,397
1,397 28,732

Non-cancellable operating leases
2023 2022
£    £   
Within one year 126,676 107,196
Between one and five years 264,046 280,662
390,722 387,858

TUBE GEAR LIMITED (REGISTERED NUMBER: 01651618)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


11. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 1,397 28,732
Invoice discounting company 763,206 683,334
764,603 712,066

The invoice discounting company has first legal right in respect of trade debtors and a fixed and floating charge over the assets of the company.

12. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 33,201 12,973
Dilapidation provisions 76,535 -
109,736 12,973

Deferred
tax
£   
Balance at 1 March 2022 12,973
Charge to Income Statement during year 20,228
Balance at 28 February 2023 33,201

The provision for deferred taxation consists of the tax effect of timing differences in respect of the excess of taxation allowances over depreciation of fixed assets.

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
10,000 Ordinary £1 10,000 10,000

TUBE GEAR LIMITED (REGISTERED NUMBER: 01651618)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


14. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 28 February 2023 and 28 February 2022:

2023 2022
£    £   
A Varndell
Balance outstanding at start of year - 21,040
Amounts repaid - (21,040 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

15. RELATED PARTY DISCLOSURES

The company has taken advantage of 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.

16. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Standell Components (Holdings) Limited.