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REGISTERED NUMBER: 05594718 (England and Wales)






















East Coast Bearings Limited

Unaudited Financial Statements for the Year Ended 31st October 2023






East Coast Bearings Limited (Registered number: 05594718)






Contents of the Financial Statements
for the year ended 31st October 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


East Coast Bearings Limited

Company Information
for the year ended 31st October 2023







DIRECTOR: D P Castle





SECRETARY: D P Castle





REGISTERED OFFICE: Unit 18/19
Southfield Industrial Estate
Flixton
Scarborough
North Yorkshire
YO11 3UD





REGISTERED NUMBER: 05594718 (England and Wales)





ACCOUNTANTS: Smailes Goldie
Chartered Accountants
Regent's Court
Princess Street
Hull
East Yorkshire
HU2 8BA

East Coast Bearings Limited (Registered number: 05594718)

Balance Sheet
31st October 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 38,361 15,340

CURRENT ASSETS
Stocks 684,775 663,208
Debtors 5 169,441 249,124
Cash at bank and in hand 233,220 130,882
1,087,436 1,043,214
CREDITORS
Amounts falling due within one year 6 215,274 217,155
NET CURRENT ASSETS 872,162 826,059
TOTAL ASSETS LESS CURRENT
LIABILITIES

910,523

841,399

CREDITORS
Amounts falling due after more than one
year

7

(61,596

)

(20,000

)

PROVISIONS FOR LIABILITIES (9,523 ) (2,915 )
NET ASSETS 839,404 818,484

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 839,403 818,483
SHAREHOLDERS' FUNDS 839,404 818,484

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

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

East Coast Bearings Limited (Registered number: 05594718)

Balance Sheet - continued
31st October 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 Profit and loss account has not been delivered.

The financial statements were approved by the director and authorised for issue on 23rd July 2024 and were signed by:





D P Castle - Director


East Coast Bearings Limited (Registered number: 05594718)

Notes to the Financial Statements
for the year ended 31st October 2023

1. STATUTORY INFORMATION

East Coast 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.

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.

Improvements to property 33% on cost
Plant and machinery 20% on cost
Fixtures and fittings 20% on cost
Motor vehicles 33.3% on 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 Profit and loss account, 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.

East Coast Bearings Limited (Registered number: 05594718)

Notes to the Financial Statements - continued
for the year ended 31st October 2023

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1st November 2022 45,864 28,415 15,188 27,880 117,347
Additions - - 1,484 26,995 28,479
Disposals - - - (11,600 ) (11,600 )
At 31st October 2023 45,864 28,415 16,672 43,275 134,226
DEPRECIATION
At 1st November 2022 45,864 21,718 6,545 27,880 102,007
Charge for year - 3,017 2,441 - 5,458
Eliminated on disposal - - - (11,600 ) (11,600 )
At 31st October 2023 45,864 24,735 8,986 16,280 95,865
NET BOOK VALUE
At 31st October 2023 - 3,680 7,686 26,995 38,361
At 31st October 2022 - 6,697 8,643 - 15,340

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 148,376 237,576
Other debtors 21,065 11,548
169,441 249,124

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 5,399 -
Trade creditors 161,988 171,477
Taxation and social security 11,795 35,443
Other creditors 36,092 10,235
215,274 217,155

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts 21,596 -
Other creditors 40,000 20,000
61,596 20,000

East Coast Bearings Limited (Registered number: 05594718)

Notes to the Financial Statements - continued
for the year ended 31st October 2023

8. RELATED PARTY DISCLOSURES

The company owed £63,055 (2022 £41,219) to it's sole director and shareholder as at the balance sheet date. This is made up of £23,055 (2022 £21,219) due within one year and the remaining £40,000 (2022 £20,000) due after more than one year.