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REGISTERED NUMBER: 01644827 (England and Wales)







Unaudited Financial Statements

for the Year Ended 31 October 2023

for

Derby Bearings Limited

Derby Bearings Limited (Registered number: 01644827)






Contents of the Financial Statements
for the Year Ended 31 October 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Derby Bearings Limited

Company Information
for the Year Ended 31 October 2023







DIRECTOR: D P Horne



REGISTERED OFFICE: 20 Siddals Road
Derby
Derbyshire
DE1 2PZ



REGISTERED NUMBER: 01644827 (England and Wales)



ACCOUNTANTS: Mabe Allen LLP
Chartered Accountants
50 Osmaston Road
Derby
DE1 2HU



BANKERS: National Westminster Bank
58 St. Peter's Street
Derby
Derbyshire
DE11XL

Derby Bearings Limited (Registered number: 01644827)

Balance Sheet
31 October 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 157,921 126,177

CURRENT ASSETS
Stocks 5 61,200 68,900
Debtors 6 324,121 329,856
Cash at bank and in hand 40,237 42,810
425,558 441,566
CREDITORS
Amounts falling due within one year 7 431,347 439,484
NET CURRENT (LIABILITIES)/ASSETS (5,789 ) 2,082
TOTAL ASSETS LESS CURRENT
LIABILITIES

152,132

128,259

CREDITORS
Amounts falling due after more than one
year

8

99,929

83,976
NET ASSETS 52,203 44,283

CAPITAL AND RESERVES
Called up share capital 2,000 2,000
Revaluation reserve 10 33,022 33,813
Retained earnings 10 17,181 8,470
SHAREHOLDERS' FUNDS 52,203 44,283

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

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

Derby Bearings Limited (Registered number: 01644827)

Balance Sheet - continued
31 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 30 July 2024 and were signed by:





D P Horne - Director


Derby Bearings Limited (Registered number: 01644827)

Notes to the Financial Statements
for the Year Ended 31 October 2023

1. STATUTORY INFORMATION

Derby 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 as modified by the revaluation of certain assets.

Critical accounting judgements and key sources of estimation uncertainty
The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities , income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an on-going basis. Revisions of accounting estimates are recognised in the period in which the estimate is revised and in any future periods affected. The areas of significant estimates and judgements are as follows:


Stocks(Note 5)

The determination of the cost of stock is a significant area of estimation.
The key area of estimation is:
- The determination of the net realisable value of stock.
- The level of provision for slow and obsolete stock.

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
Tangible fixed assets are stated at cost less accumulated depreciation. Cost includes the original price of the asset and the cost attributable to bringing the asset into its working condition. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:


Long leasehold Over period of lease
Plant and machinery10% on reducing balance
Fixtures and fittings10% on reducing balance
Motor Vehicles 25% on reducing balance
Computer equipment 33% 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.

Derby Bearings Limited (Registered number: 01644827)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

2. ACCOUNTING POLICIES - continued

Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses.

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
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.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss.

Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that the outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

Derby Bearings Limited (Registered number: 01644827)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Fixtures
Long Plant and and
leasehold machinery fittings
£    £    £   
COST OR VALUATION
At 1 November 2022 115,000 7,840 29,748
Additions - - -
Disposals - - -
At 31 October 2023 115,000 7,840 29,748
DEPRECIATION
At 1 November 2022 44,460 7,299 27,648
Charge for year 1,436 54 211
Eliminated on disposal - - -
At 31 October 2023 45,896 7,353 27,859
NET BOOK VALUE
At 31 October 2023 69,104 487 1,889
At 31 October 2022 70,540 541 2,100

Motor Computer
vehicles equipment Totals
£    £    £   
COST OR VALUATION
At 1 November 2022 154,252 28,928 335,768
Additions 63,500 - 63,500
Disposals (12,450 ) - (12,450 )
At 31 October 2023 205,302 28,928 386,818
DEPRECIATION
At 1 November 2022 102,367 27,817 209,591
Charge for year 28,860 369 30,930
Eliminated on disposal (11,624 ) - (11,624 )
At 31 October 2023 119,603 28,186 228,897
NET BOOK VALUE
At 31 October 2023 85,699 742 157,921
At 31 October 2022 51,885 1,111 126,177

Derby Bearings Limited (Registered number: 01644827)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

4. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 31 October 2023 is represented by:

Fixtures
Long Plant and and
leasehold machinery fittings
£    £    £   
Valuation in 1990 27,603 - -
Valuation in 2006 25,000 - -
Valuation in 2012 5,000 - -
Cost 57,397 7,840 29,748
115,000 7,840 29,748

Motor Computer
vehicles equipment Totals
£    £    £   
Valuation in 1990 - - 27,603
Valuation in 2006 - - 25,000
Valuation in 2012 - - 5,000
Cost 205,302 28,928 329,215
205,302 28,928 386,818

If leasehold buildings had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 57,397 57,397
Aggregate depreciation 20,418 19,899

Leasehold buildings were valued on an open market basis on 19 October 2012 by David Brown Commercial .

The net book value of tangible fixed assets includes £77,554 (2022 - £47,420) in respect of assets held under hire purchase contracts

5. STOCKS
2023 2022
£    £   
Stocks 61,200 68,900

Derby Bearings Limited (Registered number: 01644827)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 254,584 252,994
Amounts owed by group undertakings 64,528 64,319
Other debtors 3,300 10,982
Prepayments 1,709 1,561
324,121 329,856

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 16,341 16,127
Hire purchase contracts 12,791 24,736
Trade creditors 142,562 200,392
Corporation tax 167,241 138,904
Social security and other taxes 69,529 39,022
Other creditors 14,787 12,749
Directors' current accounts 686 1,350
Accruals 7,410 6,204
431,347 439,484

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 1-2 years 16,558 32,767
Bank loans - 2-5 years 17,478 18,020
Hire purchase contracts 65,893 33,189
99,929 83,976

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 50,377 66,914

Derby Bearings Limited (Registered number: 01644827)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

10. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 November 2022 8,470 33,813 42,283
Profit for the year 81,015 81,015
Dividends (73,095 ) (73,095 )
Revaluation reserve movement 791 - 791
Excess depreciation
on revalued assets - (791 ) (791 )
At 31 October 2023 17,181 33,022 50,203

11. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 October 2023 and 31 October 2022:

2023 2022
£    £   
D P Horne
Balance outstanding at start of year (1,350 ) (3,255 )
Amounts advanced - 15,275
Amounts repaid 664 (13,370 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (686 ) (1,350 )

12. ULTIMATE CONTROLLING PARTY

The controlling party is Derby Bearings Holdings Limited.

The ultimate controlling party is D P Horne.