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Registered number: 04159928
Huddersfield Bearings Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Paramount Accountancy WS Ltd
Chartered Accountants
Wakefield Suite, The Stables Lockwood Park
Huddersfield
West Yorkshire
HD4 6EN
Contents
Page
Company Information 1
Accountant's Report 2
Statement of Financial Position 3—4
Notes to the Financial Statements 5—7
Page 1
Company Information
Directors Mrs Helen Rodger
Mrs Doreen Sayers
Mr Mark Sayers
Mrs Amanda Sayers
Mr Luke Senior
Mr Gary Siswick
Secretary Mrs Doreen Sayers
Company Number 04159928
Registered Office Units 10 & 11 St. Andrews Court Off Leeds Road
Huddersfield
HD1 6QB
Accountants Paramount Accountancy WS Ltd
Chartered Accountants
Wakefield Suite, The Stables Lockwood Park
Huddersfield
West Yorkshire
HD4 6EN
Page 1
Page 2
Accountant's Report
Chartered Accountant's report to the directors on the preparation of the unaudited statutory accounts of Huddersfield Bearings Limited For The Year Ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of Huddersfield Bearings Limited For The Year Ended 31 March 2024 which comprise the Income Statement, the Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given to us.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/membership/regulations-standards-and-guidance.
This report is made solely to the directors of Huddersfield Bearings Limited , as a body, in accordance with the terms of our engagement letter dated . Our work has been undertaken solely to prepare for your approval the accounts of Huddersfield Bearings Limited and state those matters that we have agreed to state to the directors of Huddersfield Bearings Limited , as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Huddersfield Bearings Limited and its directors, as a body, for our work or for this report.
It is your duty to ensure that Huddersfield Bearings Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Huddersfield Bearings Limited . You consider that Huddersfield Bearings Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit of the accounts of Huddersfield Bearings Limited . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
8 October 2024
Paramount Accountancy WS Ltd
Chartered Accountants
Wakefield Suite, The Stables Lockwood Park
Huddersfield
West Yorkshire
HD4 6EN
Page 2
Page 3
Statement of Financial Position
Registered number: 04159928
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 142,732 180,005
142,732 180,005
CURRENT ASSETS
Stocks 6 2,488,500 1,210,000
Debtors 7 1,626,043 1,538,177
Cash at bank and in hand 122,843 1,090,399
4,237,386 3,838,576
Creditors: Amounts Falling Due Within One Year 8 (1,255,299 ) (1,002,481 )
NET CURRENT ASSETS (LIABILITIES) 2,982,087 2,836,095
TOTAL ASSETS LESS CURRENT LIABILITIES 3,124,819 3,016,100
PROVISIONS FOR LIABILITIES
Deferred Taxation (24,120 ) (23,216 )
NET ASSETS 3,100,699 2,992,884
CAPITAL AND RESERVES
Called up share capital 9 100 100
Income Statement 3,100,599 2,992,784
SHAREHOLDERS' FUNDS 3,100,699 2,992,884
Page 3
Page 4
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mr Mark Sayers
Director
Mrs Amanda Sayers
Director
Mr Luke Senior
Director
Mr Gary Siswick
Director
8 October 2024
The notes on pages 5 to 7 form part of these financial statements.
Page 4
Page 5
Notes to the Financial Statements
1. General Information
Huddersfield Bearings Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04159928 . The registered office is Units 10 & 11 St. Andrews Court Off Leeds Road, Huddersfield, HD1 6QB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
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. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 20% reducing balance
Plant & Machinery 20% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 20% reducing balance
Computer Equipment 33% straight line
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
...CONTINUED
Page 5
Page 6
2.7. Taxation - continued
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 17 (2023: 20)
17 20
4. Intangible Assets
Goodwill
£
Cost
As at 1 April 2023 331,650
As at 31 March 2024 331,650
Amortisation
As at 1 April 2023 331,650
As at 31 March 2024 331,650
Net Book Value
As at 31 March 2024 -
As at 1 April 2023 -
5. Tangible Assets
Land & Buildings Plant & Machinery etc. Total
£ £ £
Cost
As at 1 April 2023 286,258 237,188 523,446
Additions 588 12,814 13,402
As at 31 March 2024 286,846 250,002 536,848
Depreciation
As at 1 April 2023 165,914 177,527 343,441
Provided during the period 24,186 26,489 50,675
As at 31 March 2024 190,100 204,016 394,116
Net Book Value
As at 31 March 2024 96,746 45,986 142,732
As at 1 April 2023 120,344 59,661 180,005
6. Stocks
2024 2023
£ £
Stock 2,488,500 1,210,000
Page 6
Page 7
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 1,331,251 1,349,699
Amounts owed by group undertakings 1,064 1,064
Other debtors 293,728 187,414
1,626,043 1,538,177
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 819,005 830,687
Other creditors 305,532 22,788
Taxation and social security 130,762 149,006
1,255,299 1,002,481
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
Page 7