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REGISTERED NUMBER: 01908580 (England and Wales)










Unaudited Financial Statements

for the Year Ended 31 July 2024

for

Orbic Bearings Limited

Orbic Bearings Limited (Registered number: 01908580)






Contents of the Financial Statements
for the Year Ended 31 July 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Orbic Bearings Limited

Company Information
for the Year Ended 31 July 2024







DIRECTORS: A Flint
L Flint
C L Flint





SECRETARY: L Flint





REGISTERED OFFICE: Airport House
Suite 43-45 Purley Way
Croydon
Surrey
CR0 0XZ





REGISTERED NUMBER: 01908580 (England and Wales)





ACCOUNTANTS: Ledger Sparks Limited
Airport House
Suite 43-45
Purley Way
Croydon
CR0 0XZ

Orbic Bearings Limited (Registered number: 01908580)

Balance Sheet
31 July 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 4 16,589 18,308
Tangible assets 5 568,924 530,104
Investments 6 3,000 3,000
588,513 551,412

CURRENT ASSETS
Stocks 108,000 132,000
Debtors 7 537,693 460,699
Cash at bank and in hand 165,538 174,593
811,231 767,292
CREDITORS
Amounts falling due within one year 8 (597,201 ) (557,952 )
NET CURRENT ASSETS 214,030 209,340
TOTAL ASSETS LESS CURRENT
LIABILITIES

802,543

760,752

CREDITORS
Amounts falling due after more than one year 9 (68,786 ) (88,916 )

PROVISIONS FOR LIABILITIES (82,549 ) (75,174 )
NET ASSETS 651,208 596,662

CAPITAL AND RESERVES
Called up share capital 200 200
Revaluation reserve 11 358,103 358,103
Retained earnings 292,905 238,359
651,208 596,662

Orbic Bearings Limited (Registered number: 01908580)

Balance Sheet - continued
31 July 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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.

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 Statement of comprehensive income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 October 2024 and were signed on its behalf by:





A Flint - Director


Orbic Bearings Limited (Registered number: 01908580)

Notes to the Financial Statements
for the Year Ended 31 July 2024

1. STATUTORY INFORMATION

Orbic 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 (£).


The principal activity of the company was that of suppliers of industrial bearings and power transmission units.

2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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.

TURNOVER
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business , and is shown net of VAT and other sales related taxes . The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

INTANGIBLE ASSETS
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computer software 10 Years

TANGIBLE FIXED ASSETS
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures, fittings & equipmentsComputer equipments - 25% on cost
Office equipments, fixtures & fittings - 20% on cost
Motor vehicles20% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

STOCKS
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Orbic Bearings Limited (Registered number: 01908580)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

2. ACCOUNTING POLICIES - continued

FINANCIAL INSTRUMENTS
The company only enters into basic financial instrument transactions that results in the recognition od financial asset and liability such as trade and other debtors and creditors, loan from bank and other third parties, loan to related parties and investments in non puttable ordinary shares.

TAXATION
The tax expense represents the sum of the tax currently payable and deferred tax.

CURRENT TAX
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

DEFERRED TAX
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the balance sheet date.

LEASING COMMITMENTS
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

LEASED ASSETS
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Statement of comprehensive income so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

GOING CONCERN
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

PROVISION FOR LIABILITIES
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the Statement of comprehensive income in the year that the company becomes aware of the obligation, and are measured at the best estimates at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Balance sheet.

Orbic Bearings Limited (Registered number: 01908580)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

2. ACCOUNTING POLICIES - continued

PENSION
DEFINE CONTRIBUTION PENSION PLAN
The company operates a defined contribution pension plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contribution into separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2023 - 10 ) .

4. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
At 1 August 2023 20,570
Additions 363
At 31 July 2024 20,933
AMORTISATION
At 1 August 2023 2,262
Amortisation for year 2,082
At 31 July 2024 4,344
NET BOOK VALUE
At 31 July 2024 16,589
At 31 July 2023 18,308

Orbic Bearings Limited (Registered number: 01908580)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

5. TANGIBLE FIXED ASSETS
Fixtures,
Freehold fittings Motor
property & equipment vehicles Totals
£    £    £    £   
COST OR VALUATION
At 1 August 2023 500,000 46,940 22,070 569,010
Additions - 43,113 24,245 67,358
Disposals - (5,354 ) (22,070 ) (27,424 )
At 31 July 2024 500,000 84,699 24,245 608,944
DEPRECIATION
At 1 August 2023 - 29,710 9,196 38,906
Charge for year - 12,835 2,829 15,664
Eliminated on disposal - (5,354 ) (9,196 ) (14,550 )
At 31 July 2024 - 37,191 2,829 40,020
NET BOOK VALUE
At 31 July 2024 500,000 47,508 21,416 568,924
At 31 July 2023 500,000 17,230 12,874 530,104

The fair value of the Land and buildings has been arrived at on an open market basis by the directors of the company. Land and buildings with a carrying amount of £500,000, this valuation represents the fair value as at the 31 July 2024.

Cost or valuation at 31 July 2024 is represented by:


Freehold
property
£
Revaluation in 1986152,557
Revaluation in 201760,000
Revaluation in 201895,000
Revaluation in 202170,000
Revaluation in 202250,000
Cost72,443
500,000

Orbic Bearings Limited (Registered number: 01908580)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 August 2023
and 31 July 2024 3,000
NET BOOK VALUE
At 31 July 2024 3,000
At 31 July 2023 3,000

The investments are shown at cost at the balance sheet date. The director is of the opinion that there has been no material change in value.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 477,406 449,235
Amounts owed by group undertakings 10,000 10,000
Other debtors 50,287 1,464
537,693 460,699

The directors consider the carrying value of trade and other receivables approximate to their fair value.

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 40,696 41,362
Hire purchase contracts (see note 10) 14,041 3,333
Trade creditors 435,062 432,607
Taxation and social security 107,402 80,430
Other creditors - 220
597,201 557,952

The directors consider the carrying amounts of current liabilities approximate to their fair values.

Legal Mortgage charge at Companies House has been registered by Barclays Bank PLC for the loan taken by company, which has fixed and floating charges over the trade fixtures & freehold property.

Orbic Bearings Limited (Registered number: 01908580)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 44,244 84,273
Hire purchase contracts (see note 10) 24,542 4,643
68,786 88,916

The directors consider the carrying amounts of long term liabilities approximate to their fair values.

Legal Mortgage charge at Companies House has been registered by Barclays Bank PLC for the loan taken by company, which has fixed and floating charges over the trade fixtures & freehold property.

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 14,041 3,333
Between one and five years 24,542 4,643
38,583 7,976

Non-cancellable operating leases
2024 2023
£    £   
Within one year 36,698 39,376
Between one and five years 9,780 46,478
46,478 85,854

11. RESERVES

PROFIT AND LOSS RESERVES
The Profit and loss account comprises all current and prior period retained profit and losses after deducting any distributions made to the company's shareholders.

12. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension costs charge represents contributions payable by the company to the fund and amounted to £5,113 (2023 - £4,860).

The Company makes gross contributions to the directors personal defined contribution pension scheme that are charged to the profit and loss account in the period when they are paid. During the year the company made £26,084 (2023 - £27,922) contributions to the directors personal defined contribution pension scheme.

Orbic Bearings Limited (Registered number: 01908580)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

13. RELATED PARTY DISCLOSURES

At the balance sheet date, included in other debtors are amounts due from the directors of £48,969 (2023 - £120 included in other creditors). This loan is interest free and repaid at post year end.