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CHAPELHALL INDUSTRIAL BEARINGS LIMITED

Registered Number
SC116385
(Scotland)

Unaudited Financial Statements for the Year ended
30 June 2024

CHAPELHALL INDUSTRIAL BEARINGS LIMITED
Company Information
for the year from 1 July 2023 to 30 June 2024

Directors

Hay, Alison Baxter
Hay, Ian
Hay, James
Hay, Robert

Company Secretary

HAY, Alison Baxter

Registered Address

Block 4, Unit 5, Burns Road
Chapelhall Industrial Estate
Airdrie
ML6 8QH

Registered Number

SC116385 (Scotland)
CHAPELHALL INDUSTRIAL BEARINGS LIMITED
Balance Sheet as at
30 June 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets343,93355,115
43,93355,115
Current assets
Stocks10,4408,000
Debtors497,558105,117
Cash at bank and on hand56,44668,731
164,444181,848
Creditors amounts falling due within one year5(96,702)(100,543)
Net current assets (liabilities)67,74281,305
Total assets less current liabilities111,675136,420
Creditors amounts falling due after one year6(17,557)(23,298)
Provisions for liabilities(566)-
Net assets93,552113,122
Capital and reserves
Called up share capital100100
Profit and loss account93,452113,022
Shareholders' funds93,552113,122
The financial statements were approved and authorised for issue by the Board of Directors on 15 August 2024, and are signed on its behalf by:
Hay, Ian
Director
Hay, Robert
Director

Registered Company No. SC116385
CHAPELHALL INDUSTRIAL BEARINGS LIMITED
Notes to the Financial Statements
for the year ended 30 June 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Land and buildings-50
Vehicles-4
Office Equipment25-
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
2.Average number of employees

20242023
Average number of employees during the year33
3.Tangible fixed assets

Total

£
Cost or valuation
At 01 July 23104,626
Additions306
At 30 June 24104,932
Depreciation and impairment
At 01 July 2349,511
Charge for year11,488
At 30 June 2460,999
Net book value
At 30 June 2443,933
At 30 June 2355,115
Included in the above are motor vehicles which are held on HP contracts. The cost as at 30thJune 2024 were £40,481.
4.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables43,02956,339
Other debtors53,81848,306
Prepayments and accrued income711472
Total97,558105,117
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables22,68730,262
Taxation and social security13,93611,671
Finance lease and HP contracts5,6415,641
Other creditors51,98050,719
Accrued liabilities and deferred income2,4582,250
Total96,702100,543
Included within other creditors is an amount due to the directors from the company of £6 (2023: £2,413). This loan is interest-free and repayable on demand.
6.Creditors: amounts due after one year

2024

2023

££
Other creditors17,55723,298
Total17,55723,298
7.Obligations under finance leases

2024

2023

££
Finance lease and HP contracts17,55723,298
8.Controlling party
There is no ultimate controlling party.