Caseware UK (AP4) 2023.0.135 2023.0.135 2023-11-302023-11-302022-12-01falsetrueNo description of principal activity11trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 07199678 2022-12-01 2023-11-30 07199678 2021-12-01 2022-11-30 07199678 2023-11-30 07199678 2022-11-30 07199678 c:Director1 2022-12-01 2023-11-30 07199678 d:OtherPropertyPlantEquipment 2022-12-01 2023-11-30 07199678 d:OtherPropertyPlantEquipment 2023-11-30 07199678 d:OtherPropertyPlantEquipment 2022-11-30 07199678 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 07199678 d:CurrentFinancialInstruments 2023-11-30 07199678 d:CurrentFinancialInstruments 2022-11-30 07199678 d:Non-currentFinancialInstruments 2023-11-30 07199678 d:Non-currentFinancialInstruments 2022-11-30 07199678 d:CurrentFinancialInstruments d:WithinOneYear 2023-11-30 07199678 d:CurrentFinancialInstruments d:WithinOneYear 2022-11-30 07199678 d:Non-currentFinancialInstruments d:AfterOneYear 2023-11-30 07199678 d:Non-currentFinancialInstruments d:AfterOneYear 2022-11-30 07199678 d:ShareCapital 2023-11-30 07199678 d:ShareCapital 2022-11-30 07199678 d:RetainedEarningsAccumulatedLosses 2023-11-30 07199678 d:RetainedEarningsAccumulatedLosses 2022-11-30 07199678 c:FRS102 2022-12-01 2023-11-30 07199678 c:AuditExempt-NoAccountantsReport 2022-12-01 2023-11-30 07199678 c:FullAccounts 2022-12-01 2023-11-30 07199678 c:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 07199678 4 2022-12-01 2023-11-30 07199678 e:PoundSterling 2022-12-01 2023-11-30 iso4217:GBP xbrli:pure
Registered number: 07199678









BEARINGS DIRECT LTD

UNAUDITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 NOVEMBER 2023

 
BEARINGS DIRECT LTD
REGISTERED NUMBER: 07199678

BALANCE SHEET
AS AT 30 NOVEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
502
472

  
502
472

Current assets
  

Stocks
  
7,000
7,500

Debtors: amounts falling due within one year
 6 
18,628
19,654

Cash at bank and in hand
  
4,653
10,264

  
30,281
37,418

Creditors: amounts falling due within one year
 7 
(23,782)
(32,951)

Net current assets
  
 
 
6,499
 
 
4,467

Total assets less current liabilities
  
7,001
4,939

Creditors: amounts falling due after more than one year
 8 
(3,750)
(6,250)

  

Net assets/(liabilities)
  
3,251
(1,311)


Capital and reserves
  

Called up share capital 
  
20
20

Profit and loss account
  
3,231
(1,331)

  
3,251
(1,311)


Page 1

 
BEARINGS DIRECT LTD
REGISTERED NUMBER: 07199678

BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2023

The Director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The Director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 August 2024.



C R Pennington
Director

Page 2

 
BEARINGS DIRECT LTD
 

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

1.


General information

Bearings Direct Ltd is a private company, limited by shares, domiciled in England and Wales, with a company registration number 07199678. The registered office is Anglia House, 6 Central Avenue, St Andrews Business Park, Thorpe St Andrew, Norwich, Norfolk, NR7 0HR.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The director has, at the time of approving the financial statements, a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. 
Thus they adopt a going concern basis of accounting in preparing the financial statements. The director has considered a period of 12 months from the balance sheet date.
The company relies on bank and informal borrowings for its capital requirements.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Profit and Loss Account in the same period as the related expenditure.

Page 3

 
BEARINGS DIRECT LTD
 

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

2.Accounting policies (continued)

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.8

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 4

 
BEARINGS DIRECT LTD
 

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

3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2022 - 1).


4.


Taxation

The company has tax losses of £nil (2022 £14,177) available for set-off against future trading profits.


5.


Tangible fixed assets





Other fixed assets

£



Cost or valuation


At 1 December 2022
629


Additions
249



At 30 November 2023

878



Depreciation


At 1 December 2022
157


Charge for the year on owned assets
219



At 30 November 2023

376



Net book value



At 30 November 2023
502



At 30 November 2022
472

Page 5

 
BEARINGS DIRECT LTD
 

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

6.


Debtors

2023
2022
£
£


Trade debtors
9,251
4,014

Other debtors
9,377
15,640

18,628
19,654



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
2,500
2,500

Trade creditors
13,148
14,438

Corporation tax
1,110
3,112

Other taxation and social security
73
-

Other creditors
5,151
11,151

Accruals and deferred income
1,800
1,750

23,782
32,951



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
3,750
6,250



9.


Transactions with directors

During the year the director operated a loan account.
At 1 December 2022 the account was in a debit balance of £9,445. During the year, withdrawals were made totalling £5,372 and repayments were made totalling £7,752 leaving a debit balance of £7,065 as at 30 November 2023.
The loan account was unsecured, interest free and repayable on demand.


Page 6