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REGISTERED NUMBER: 01994643 (England and Wales)












Unaudited Financial Statements

for the Year Ended 30 April 2023

for

Bearing Traders Limited

Bearing Traders Limited (Registered number: 01994643)






Contents of the Financial Statements
for the Year Ended 30 April 2023




Page

Company Information 1

Abridged Statement of Financial Position 2

Notes to the Financial Statements 4


Bearing Traders Limited

Company Information
for the Year Ended 30 April 2023







DIRECTORS: G Hughes
J P Arnett





REGISTERED OFFICE: 18/20 Desborough Street
High Wycombe
Buckinghamshire
HP11 2LY





REGISTERED NUMBER: 01994643 (England and Wales)





ACCOUNTANTS: Ahmad York Limited
Chartered Certified Accountants
1 Stanyards Courtyard
Stanyards Farm
Chertsey Road
Chobham
Surrey
GU24 8JE

Bearing Traders Limited (Registered number: 01994643)

Abridged Statement of Financial Position
30 April 2023

30.4.23 30.4.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 73,480 74,175
73,480 74,175

CURRENT ASSETS
Stocks 415,879 344,469
Debtors 956,958 880,352
Cash at bank and in hand 18,265 40,990
1,391,102 1,265,811
CREDITORS
Amounts falling due within one year 1,228,678 1,261,922
NET CURRENT ASSETS 162,424 3,889
TOTAL ASSETS LESS CURRENT
LIABILITIES

235,904

78,064

PROVISIONS FOR LIABILITIES 13,167 13,167
NET ASSETS 222,737 64,897

CAPITAL AND RESERVES
Called up share capital 5,000 5,000
Share premium 42,863 42,863
Capital redemption reserve 5,000 5,000
Retained earnings 169,874 12,034
SHAREHOLDERS' FUNDS 222,737 64,897

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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 Traders Limited (Registered number: 01994643)

Abridged Statement of Financial Position - continued
30 April 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 30 April 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 January 2024 and were signed on its behalf by:





G Hughes - Director


Bearing Traders Limited (Registered number: 01994643)

Notes to the Financial Statements
for the Year Ended 30 April 2023

1. STATUTORY INFORMATION

Bearing Traders 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 2007, has been fully amortised.

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.
Freehold property - 4% on cost
Short leasehold - 4% on cost
Fixtures and fittings - 33% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 50% on reducing balance and 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.

Financial instruments
The company only enters into basic financial instrument transactions in accordance with Section 11. Financial assets and liabilities are measured at cost and financial assets are assessed at the end of each reporting period for objective evidence of impairment.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.


Bearing Traders Limited (Registered number: 01994643)

Notes to the Financial Statements - continued
for the Year Ended 30 April 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 statement of financial position 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.

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.

Invoice financing
RBS provide an Invoice Finance Scheme to the company. The gross debts assigned to the company and unpaid at the year end are included under trade debtors, and the advances relating to any of these debts are included under creditors.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 32 (2022 - 32 ) .

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 May 2022
and 30 April 2023 1
AMORTISATION
At 1 May 2022
and 30 April 2023 1
NET BOOK VALUE

At 30 April 2023 -
At 30 April 2022 -

Bearing Traders Limited (Registered number: 01994643)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2023

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 May 2022 279,301
Additions 23,285
Disposals (12,390 )
At 30 April 2023 290,196
DEPRECIATION
At 1 May 2022 205,126
Charge for year 21,601
Eliminated on disposal (10,011 )
At 30 April 2023 216,716
NET BOOK VALUE
At 30 April 2023 73,480
At 30 April 2022 74,175

6. SECURED DEBTS

The following secured debts are included within creditors:

30.4.23 30.4.22
£    £   
RBS Invoice Finance 254,681 392,815

National Westminster Bank plc holds a Mortgage Debenture dated 9 January 1989 incorporating a formal charge over company's assets.

RBS Invoice Discounting Ltd holds a Mortgage Debenture dated 4 December 2008 incorporating a legal mortgage over freehold and leasehold property and a fixed charge over company's assets.

7. COMMITMENTS, GUARANTEES AND CONTINGENCIES

At the year end the company has commitments, guarantees and contingencies totalling £554,554 (2022: £595,075).