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REGISTERED NUMBER: 03714206 (England and Wales)















Unaudited Financial Statements for the Year Ended 28 February 2023

for

Bearing Supplies (Norwich) Ltd

Bearing Supplies (Norwich) Ltd (Registered number: 03714206)






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


Bearing Supplies (Norwich) Ltd

Company Information
for the Year Ended 28 February 2023







DIRECTOR: R J Starling





SECRETARY: Mrs S J Clarke





REGISTERED OFFICE: Market House
Church Road
Harleston
Norfolk
IP20 9BB





REGISTERED NUMBER: 03714206 (England and Wales)






Bearing Supplies (Norwich) Ltd (Registered number: 03714206)

Balance Sheet
28 February 2023

28.2.23 28.2.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 201,370 133,974
201,370 133,974

CURRENT ASSETS
Stocks 287,688 201,008
Debtors: amounts falling due within one year 5 104,479 113,481
Cash at bank 115,395 219,554
507,562 534,043
CREDITORS
Amounts falling due within one year 6 78,337 85,821
NET CURRENT ASSETS 429,225 448,222
TOTAL ASSETS LESS CURRENT
LIABILITIES

630,595

582,196


CAPITAL AND RESERVES
Called up share capital 7 5 5
Retained earnings 8 630,590 582,191
SHAREHOLDERS' FUNDS 630,595 582,196
630,595 582,196

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 director acknowledges his 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 Supplies (Norwich) Ltd (Registered number: 03714206)

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 director and authorised for issue on 27 November 2023 and were signed by:





R J Starling - Director


Bearing Supplies (Norwich) Ltd (Registered number: 03714206)

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

1. STATUTORY INFORMATION

Bearing Supplies (Norwich) Ltd 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

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.

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. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Bearing Supplies (Norwich) Ltd (Registered number: 03714206)

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2022 - 7 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 March 2022 151,195 149,772 300,967
Additions 17,613 109,939 127,552
Disposals - (68,508 ) (68,508 )
At 28 February 2023 168,808 191,203 360,011
DEPRECIATION
At 1 March 2022 99,250 67,743 166,993
Charge for year 8,387 22,549 30,936
Eliminated on disposal - (39,288 ) (39,288 )
At 28 February 2023 107,637 51,004 158,641
NET BOOK VALUE
At 28 February 2023 61,171 140,199 201,370
At 28 February 2022 51,945 82,029 133,974

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Trade debtors 96,941 108,483
Other debtors - 2,000
Prepayments 7,538 2,998
104,479 113,481

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Trade creditors 38,273 31,403
Social security and other taxes 36,538 51,413
Directors' loan accounts 411 99
Accruals and deferred income 3,115 2,906
78,337 85,821

Bearing Supplies (Norwich) Ltd (Registered number: 03714206)

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

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 28.2.23 28.2.22
value: £    £   
5 Ordinary 1 5 5

8. RESERVES
Retained
earnings
£   

At 1 March 2022 582,191
Profit for the year 76,399
Dividends (28,000 )
At 28 February 2023 630,590