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REGISTERED NUMBER: 10872067 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

GearbyBear Ltd

GearbyBear Ltd (Registered number: 10872067)






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




Page

Balance Sheet 1

Notes to the Financial Statements 3


GearbyBear Ltd (Registered number: 10872067)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £   
FIXED ASSETS
Intangible assets 4 1,509 2,106
Tangible assets 5 45,967 57,753
47,476 59,859

CURRENT ASSETS
Stocks 193,396 138,300
Debtors 6 70,603 100,105
Cash at bank 65,466 110,044
329,465 348,449
CREDITORS
Amounts falling due within one year 7 (153,042 ) (94,997 )
NET CURRENT ASSETS 176,423 253,452
TOTAL ASSETS LESS CURRENT
LIABILITIES

223,899

313,311

CREDITORS
Amounts falling due after more than one
year

8

-

(1,731

)

PROVISIONS FOR LIABILITIES (5,383 ) (13,590 )
NET ASSETS 218,516 297,990

CAPITAL AND RESERVES
Called up share capital 50 50
Retained earnings 218,466 297,940
218,516 297,990

GearbyBear Ltd (Registered number: 10872067)

Balance Sheet - continued
31 December 2023


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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 September 2024 and were signed by:





Mr B C Bell - Director


GearbyBear Ltd (Registered number: 10872067)

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

1. STATUTORY INFORMATION

GearbyBear Ltd is a private company, limited by shares, domiciled in England, registration number 10872067. The registered office is Unit 6 Crest Industrial Estate, Pattenden Lane, Tonbridge, Marden, Kent, England, TN12 9QJ.

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 represents net invoiced sales of goods and services in respect of tool equipment and personal protective equipment sales, excluding value added tax. Sales are recognised at the point at which the goods are delivered or the service is complete.

Intangible assets
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.

Computer software is being amortised evenly over its estimated useful life of 4 years.

Tangible fixed assets and depreciation
Depreciation is provided at the following annual rates in order to write off 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 etc - 25% on reducing balance and 25% on cost

Tangible fixed assets are stated at cost less depreciation. Cost represent purchase price together with any incidental costs of acquisition.

The directors have considered the residual value of all tangible fixed assets to be immaterial and therefore all tangible fixed assets are depreciated to nil value.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is represented by purchase price.

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.


GearbyBear Ltd (Registered number: 10872067)

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

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.

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.

Provisions
Provisions are recognised when the company has a legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are discounted where the time value of money is material.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 4 ) .

GearbyBear Ltd (Registered number: 10872067)

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

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2023
and 31 December 2023 2,341
AMORTISATION
At 1 January 2023 235
Charge for year 597
At 31 December 2023 832
NET BOOK VALUE
At 31 December 2023 1,509
At 31 December 2022 2,106

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 82,890
Additions 3,400
At 31 December 2023 86,290
DEPRECIATION
At 1 January 2023 25,137
Charge for year 15,186
At 31 December 2023 40,323
NET BOOK VALUE
At 31 December 2023 45,967
At 31 December 2022 57,753

GearbyBear Ltd (Registered number: 10872067)

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

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 January 2023
and 31 December 2023 9,828
DEPRECIATION
At 1 January 2023 3,633
Charge for year 1,549
At 31 December 2023 5,182
NET BOOK VALUE
At 31 December 2023 4,646
At 31 December 2022 6,195

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 55,748 20,185
Amounts owed by related parties 4,379 4,379
Other debtors 10,476 75,541
70,603 100,105

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Hire purchase contracts 1,731 3,288
Trade creditors 56,122 35,709
Taxation and social security 54,428 32,211
Other creditors 40,761 23,789
153,042 94,997

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Hire purchase contracts - 1,731

GearbyBear Ltd (Registered number: 10872067)

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

9. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Hire purchase contracts 1,731 5,019

Hire purchase contracts are secured on the assets to which they relate.

10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

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

31.12.23 31.12.22
£    £   
Mr B C Bell
Balance outstanding at start of year 51,535 96,453
Amounts advanced - 78,383
Amounts repaid (51,577 ) (123,301 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (42 ) 51,535