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REGISTERED NUMBER: 01651618 (England and Wales)






















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

TUBE GEAR LIMITED

TUBE GEAR LIMITED (REGISTERED NUMBER: 01651618)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


TUBE GEAR LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 29 FEBRUARY 2024







DIRECTORS: I Stanley
A Varndell





SECRETARY: Mrs S L Card





REGISTERED OFFICE: 3 Doolittle Yard
Froghall Road
Ampthill
Bedfordshire
MK45 2NW





BUSINESS ADDRESS: Ground Floor Office 1, Orchard House
Courtyard V, Springhead Enterprise Park
Springhead Road
Northfleet
Kent
DA11 8HN





REGISTERED NUMBER: 01651618 (England and Wales)





ACCOUNTANTS: GKP (Ampthill) Limited
Chartered Accountants
3 Doolittle Yard
Froghall Road
Ampthill
Bedfordshire
MK45 2NW

TUBE GEAR LIMITED (REGISTERED NUMBER: 01651618)

BALANCE SHEET
29 FEBRUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 34,513 38,827
Tangible assets 5 379,852 453,448
Investments 6 1 1
414,366 492,276

CURRENT ASSETS
Stocks 783,248 826,172
Debtors 7 2,189,331 2,144,876
Cash at bank and in hand 303,739 213,196
3,276,318 3,184,244
CREDITORS
Amounts falling due within one year 8 1,907,163 1,678,945
NET CURRENT ASSETS 1,369,155 1,505,299
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,783,521

1,997,575

PROVISIONS FOR LIABILITIES 11 24,881 109,736
NET ASSETS 1,758,640 1,887,839

CAPITAL AND RESERVES
Called up share capital 12 10,000 10,000
Capital redemption reserve 10,000 10,000
Retained earnings 1,738,640 1,867,839
SHAREHOLDERS' FUNDS 1,758,640 1,887,839

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 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.

TUBE GEAR LIMITED (REGISTERED NUMBER: 01651618)

BALANCE SHEET - continued
29 FEBRUARY 2024


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 Board of Directors and authorised for issue on 7 August 2024 and were signed on its behalf by:





A Varndell - Director


TUBE GEAR LIMITED (REGISTERED NUMBER: 01651618)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024


1. STATUTORY INFORMATION

Tube Gear 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 2022, is being amortised evenly over its estimated useful life of 10 years.

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 the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 30% on cost and 15% on reducing balance
Motor vehicles - 25% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at 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 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.


TUBE GEAR LIMITED (REGISTERED NUMBER: 01651618)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


2. ACCOUNTING POLICIES - continued
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.

Foreign currencies
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 rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 27 (2023 - 27 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 March 2023
and 29 February 2024 43,141
AMORTISATION
At 1 March 2023 4,314
Charge for year 4,314
At 29 February 2024 8,628
NET BOOK VALUE
At 29 February 2024 34,513
At 28 February 2023 38,827

TUBE GEAR LIMITED (REGISTERED NUMBER: 01651618)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


5. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 March 2023 444,513 540,413 984,926
Additions 12,154 143,609 155,763
Disposals - (286,101 ) (286,101 )
At 29 February 2024 456,667 397,921 854,588
DEPRECIATION
At 1 March 2023 281,071 250,407 531,478
Charge for year 35,401 77,296 112,697
Eliminated on disposal - (169,439 ) (169,439 )
At 29 February 2024 316,472 158,264 474,736
NET BOOK VALUE
At 29 February 2024 140,195 239,657 379,852
At 28 February 2023 163,442 290,006 453,448

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 March 2023 76,767
Transfer to ownership (76,767 )
At 29 February 2024 -
DEPRECIATION
At 1 March 2023 32,386
Charge for year 11,095
Transfer to ownership (43,481 )
At 29 February 2024 -
NET BOOK VALUE
At 29 February 2024 -
At 28 February 2023 44,381

TUBE GEAR LIMITED (REGISTERED NUMBER: 01651618)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 March 2023
and 29 February 2024 1
NET BOOK VALUE
At 29 February 2024 1
At 28 February 2023 1

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,311,365 1,183,447
Amounts owed by group undertakings 731,548 882,615
Other debtors 146,418 70,200
Corporation tax - 8,614
2,189,331 2,144,876

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts - 890
Hire purchase contracts (see note 9) - 1,397
Trade creditors 650,499 722,517
Amounts owed to group undertakings 102,371 -
Corporation tax 22,843 -
Social security and other taxes 86,749 61,621
Other creditors 1,044,701 892,520
1,907,163 1,678,945

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year - 1,397

TUBE GEAR LIMITED (REGISTERED NUMBER: 01651618)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


9. LEASING AGREEMENTS - continued

Non-cancellable operating leases
2024 2023
£    £   
Within one year 267,063 126,676
Between one and five years 225,461 264,046
492,524 390,722

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts - 1,397
Invoice discounting company 916,159 763,206
916,159 764,603

The invoice discounting company has first legal right in respect of trade debtors and a fixed and floating charge over the assets of the company.

11. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 24,881 33,201
Dilapidation provisions - 76,535
24,881 109,736

Deferred
tax
£   
Balance at 1 March 2023 33,201
Credit to Income Statement during year (8,320 )
Balance at 29 February 2024 24,881

The provision for deferred taxation consists of the tax effect of timing differences in respect of the excess of taxation allowances over depreciation of fixed assets.

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
10,000 Ordinary £1 10,000 10,000

TUBE GEAR LIMITED (REGISTERED NUMBER: 01651618)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


13. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

14. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Standell Components (Holdings) Limited.