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REGISTERED NUMBER: 02623650 (England and Wales)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023

FOR

SMB BEARINGS LIMITED

SMB BEARINGS LIMITED (REGISTERED NUMBER: 02623650)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


SMB BEARINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 NOVEMBER 2023







DIRECTOR: C Johnson





REGISTERED OFFICE: Unit 15
Ventura Business Park
Broadshires Way
Carterton
Oxfordshire
OX18 1AD





REGISTERED NUMBER: 02623650 (England and Wales)





ACCOUNTANTS: THP Limited
Chartered Accountants
Unit 4 Mulgrave Chambers
26-28 Mulgrave Road
Sutton
Surrey
SM2 6LE

SMB BEARINGS LIMITED (REGISTERED NUMBER: 02623650)

BALANCE SHEET
30 NOVEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 19,363 -
Tangible assets 5 412,093 404,632
431,456 404,632

CURRENT ASSETS
Stocks 6 2,025,756 1,634,570
Debtors 7 574,055 757,089
Investments 8 1,653,290 1,652,211
Cash at bank and in hand 2,412,768 2,292,357
6,665,869 6,336,227
CREDITORS
Amounts falling due within one year 9 667,052 725,672
NET CURRENT ASSETS 5,998,817 5,610,555
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,430,273

6,015,187

PROVISIONS FOR LIABILITIES 11 17,819 12,323
NET ASSETS 6,412,454 6,002,864

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 6,411,454 6,001,864
SHAREHOLDERS' FUNDS 6,412,454 6,002,864

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 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.

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 23 August 2024 and were signed by:





C Johnson - Director


SMB BEARINGS LIMITED (REGISTERED NUMBER: 02623650)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023


1. STATUTORY INFORMATION

SMB 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.

Going concern
The financial statements are prepared on the going concern basis, which assumes the ability of the company to continue its activities for the foreseeable future, being a period of not less than twelve months from the approval of these accounts.

The director, having considered all the information available, is confident that the company has adequate reserves and resources to continue its operational activities for the foreseeable future. Accordingly, the director is satisfied that the going concern basis continues to be appropriate for the preparation of the annual financial statements.

Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied, net of returns, discounts and value added taxes.

Revenue is recognised when goods are delivered to the customer, such that the risks and rewards of ownership have passed to them.

Intangible fixed assets
Computer software is stated at cost less accumulated amortisation, provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer software- 25% on cost

Where an asset is not fully operational, no depreciation is charged until the asset is brought into use.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold land and buildings - 2% on cost of buildings
Improvements to property - 10% on cost
Plant and equipment - 20% on cost
Fixtures and fittings - 20% on cost and 10% on cost
Motor vehicles - 25% on cost
Office equipment - 25% on cost

Depreciation charges are calculated from the month of acquisition.

Stocks
Stock is stated at the lower of cost and selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items. Stocks are recognised as an expense in the period in which the related revenue is recognised.

Cost is determined on a first in first out basis. Cost includes the purchase price, including taxes and duties, transport and all other costs directly attributable to bringing the stock to its present location and condition.

SMB BEARINGS LIMITED (REGISTERED NUMBER: 02623650)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
The company has chosen to adopt Sections 11 and 12 of FRS102 in respect of financial instruments.

(i) Financial assets

Basic financial assets are initially recognised at transaction value and are subsequently carried at this value less any provision for impairment.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price.

Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit and loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to and unrelated third party without imposing additional restrictions.

(ii) Financial liabilities

Basic financial liabilities are initially recognised at transaction value and subsequently carried at this value less any provision for impairment.

Derivatives, including forward foreign exchange contracts, are not basic financial instruments.

Derivatives are initially recognised at fair value on the date the derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit and loss in finance costs or finance income as appropriate.

The company does not apply hedge accounting for foreign exchange derivatives.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

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.

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.

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.

SMB BEARINGS LIMITED (REGISTERED NUMBER: 02623650)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2022 - 10 ) .

4. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
At 1 December 2022 8,068
Additions 19,363
At 30 November 2023 27,431
AMORTISATION
At 1 December 2022
and 30 November 2023 8,068
NET BOOK VALUE
At 30 November 2023 19,363
At 30 November 2022 -

5. TANGIBLE FIXED ASSETS
Freehold Improvements
land and to Plant and
buildings property equipment
£    £    £   
COST
At 1 December 2022 397,913 153,645 67,239
Additions - - 553
Disposals - - -
At 30 November 2023 397,913 153,645 67,792
DEPRECIATION
At 1 December 2022 69,476 109,734 62,462
Charge for year 5,558 15,365 3,253
Eliminated on disposal - - -
At 30 November 2023 75,034 125,099 65,715
NET BOOK VALUE
At 30 November 2023 322,879 28,546 2,077
At 30 November 2022 328,437 43,911 4,777

SMB BEARINGS LIMITED (REGISTERED NUMBER: 02623650)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


5. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor Office
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 December 2022 44,879 27,990 31,834 723,500
Additions - 48,990 1,676 51,219
Disposals - (27,990 ) - (27,990 )
At 30 November 2023 44,879 48,990 33,510 746,729
DEPRECIATION
At 1 December 2022 33,730 20,426 23,040 318,868
Charge for year 2,138 6,124 3,756 36,194
Eliminated on disposal - (20,426 ) - (20,426 )
At 30 November 2023 35,868 6,124 26,796 334,636
NET BOOK VALUE
At 30 November 2023 9,011 42,866 6,714 412,093
At 30 November 2022 11,149 7,564 8,794 404,632

Included in cost of land and buildings is freehold land of £ 120,000 (2022 - £ 120,000 ) which is not depreciated.

6. STOCKS
2023 2022
£    £   
Goods for resale 2,025,756 1,634,570

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 542,713 686,612
VAT 26,890 58,516
Prepayments and accrued income 4,452 11,961
574,055 757,089

8. CURRENT ASSET INVESTMENTS
2023 2022
£    £   
Corporate investment bonds 1,653,290 1,652,211

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 419,053 479,359
Corporation tax 230,897 225,182
Social security and other taxes 6,750 5,959
Derivative financial instrument 1,591 6,626
Director's current account 426 490
Accruals and deferred income 8,335 8,056
667,052 725,672

SMB BEARINGS LIMITED (REGISTERED NUMBER: 02623650)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


10. FINANCIAL INSTRUMENTS

2023 2022
£ £
Financial assets measured at fair value through profit and loss
- Corporate investment bonds 1,653,290 1,652,211

Financial liabilities measured at fair value through profit and loss
- Derivative financial instrument 1,591 6,626


Derivative financial instrument

The company enters into forward currency contracts to mitigate the exchange rate risk for certain foreign currency payables. At 30 November 2023 the outstanding contracts all mature within three months (2022 - three months) of the year end. The company is committed to buying one amount totalling JPY25,000,000 (2022 - three amounts totalling JPY30,000,000).

11. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 17,819 12,323

Deferred
tax
£   
Balance at 1 December 2022 12,323
Provided during year 5,496
Balance at 30 November 2023 17,819

12. CAPITAL COMMITMENTS
2023 2022
£    £   
Contracted but not provided for in the
financial statements - 14,486

13. RELATED PARTY DISCLOSURES

At the balance sheet date the company owed the director £426 (2022 - £490). The amount is interest free and carries no fixed term of repayment.