Company Registration No. 06006121 (England and Wales)
Industria Bearings and Transmissions Limited
Unaudited accounts
for the year ended 31 October 2023
Industria Bearings and Transmissions Limited
Unaudited accounts
Contents
Industria Bearings and Transmissions Limited
Company Information
for the year ended 31 October 2023
Secretary
Mrs M Brownsmith
Company Number
06006121 (England and Wales)
Registered Office
Atlantic House
76 Cowley Mill Road
Uxbridge
Middlesex
UB8 2QE
Accountants
Grass & Holm (Aylesbury)
11 Spruce Road
Aylesbury
HP19 7AE
Industria Bearings and Transmissions Limited
Statement of financial position
as at 31 October 2023
Tangible assets
2,740
7,079
Investments
133,624
133,624
Inventories
1,247,178
1,138,168
Cash at bank and in hand
142,853
144,537
Creditors: amounts falling due within one year
(834,201)
(929,695)
Net current assets
834,942
861,174
Total assets less current liabilities
971,311
1,001,882
Creditors: amounts falling due after more than one year
(21,016)
(51,017)
Net assets
950,295
950,865
Called up share capital
120
120
Profit and loss account
950,175
950,745
Shareholders' funds
950,295
950,865
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 29 July 2024 and were signed on its behalf by
Mr T Malik
Director
Company Registration No. 06006121
Industria Bearings and Transmissions Limited
Notes to the Accounts
for the year ended 31 October 2023
Industria Bearings and Transmissions Limited is a private company, limited by shares, registered in England and Wales, registration number 06006121. The registered office is Atlantic House, 76 Cowley Mill Road, Uxbridge, Middlesex, UB8 2QE.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
33% Straight Line
Fixtures & fittings
20% Straight Line
Investments in shares are included at fair value.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Industria Bearings and Transmissions Limited
Notes to the Accounts
for the year ended 31 October 2023
The company has elected to apply the provision of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instrument Issues' of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provision of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Monetary 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 rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
4
Intangible fixed assets
Goodwill
Other
Total
At 1 November 2022
336,000
5
336,005
At 31 October 2023
336,000
5
336,005
At 1 November 2022
336,000
-
336,000
At 31 October 2023
336,000
-
336,000
Industria Bearings and Transmissions Limited
Notes to the Accounts
for the year ended 31 October 2023
5
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At 1 November 2022
34,966
6,002
112,131
153,099
At 31 October 2023
34,966
6,002
112,131
153,099
At 1 November 2022
32,489
3,000
110,531
146,020
Charge for the year
1,239
1,500
1,600
4,339
At 31 October 2023
33,728
4,500
112,131
150,359
At 31 October 2023
1,238
1,502
-
2,740
At 31 October 2022
2,477
3,002
1,600
7,079
6
Investments
Subsidiary undertakings
Valuation at 1 November 2022
133,624
Valuation at 31 October 2023
133,624
Amounts falling due within one year
Trade debtors
249,728
474,026
Accrued income and prepayments
29,362
34,116
8
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
75,675
90,355
Trade creditors
244,739
292,788
Amounts owed to group undertakings and other participating interests
125,762
125,762
Taxes and social security
31,902
18,107
Other creditors
301,941
319,975
Loans from directors
22,700
35,856
Included in other creditors are advances from The Royal Bank of Scotland of £307,049 (2022:£314,705), these advances together with other bank borrowings are secured by a fixed floating charge over the assets of the company.
Industria Bearings and Transmissions Limited
Notes to the Accounts
for the year ended 31 October 2023
9
Creditors: amounts falling due after more than one year
2023
2022
Allotted, called up and fully paid:
120 Ordinary shares of £1 each
120
120
11
Operating lease commitments
2023
2022
At 31 October 2023 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
16,003
-
Later than one year and not later than five years
108,805
244,676
12
Average number of employees
During the year the average number of employees was 12 (2022: 12).