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REGISTERED NUMBER: 01358655 (England and Wales)













Unaudited Financial Statements

for the Year Ended 31 May 2024

for

Bearing Mart Limited(The)

Bearing Mart Limited(The) (Registered number: 01358655)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Bearing Mart Limited(The)

Company Information
for the Year Ended 31 May 2024







DIRECTORS: M Morrison
G H Geddes
Mrs E A Morrison





SECRETARY: G H Geddes





REGISTERED OFFICE: Unit 3d & 3e Barton Dock Road
Stretford
Manchester
M32 0TL





REGISTERED NUMBER: 01358655 (England and Wales)





ACCOUNTANTS: Graham & Fisher Limited
T/A Grahams
Chartered Accountants
30 Birkenhead Road
Hoylake
Wirral
CH47 3BW

Bearing Mart Limited(The) (Registered number: 01358655)

Balance Sheet
31 May 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 26,738 29,475

CURRENT ASSETS
Stocks 71,593 64,048
Debtors 5 275,321 409,050
Cash at bank and in hand 1,486,204 1,399,081
1,833,118 1,872,179
CREDITORS
Amounts falling due within one year 6 345,023 376,988
NET CURRENT ASSETS 1,488,095 1,495,191
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,514,833

1,524,666

PROVISIONS FOR LIABILITIES 5,796 6,424
NET ASSETS 1,509,037 1,518,242

CAPITAL AND RESERVES
Called up share capital 666 666
Capital redemption reserve 333 333
Retained earnings 1,508,038 1,517,243
SHAREHOLDERS' FUNDS 1,509,037 1,518,242

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

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

Bearing Mart Limited(The) (Registered number: 01358655)

Balance Sheet - continued
31 May 2024


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 Board of Directors and authorised for issue on 26 February 2025 and were signed on its behalf by:




M Morrison - Director



G H Geddes - Director


Bearing Mart Limited(The) (Registered number: 01358655)

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

1. STATUTORY INFORMATION

Bearing Mart Limited(The) 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.

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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
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 - 33% on reducing balance and 25% on reducing balance

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

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.

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.

Bearing Mart Limited(The) (Registered number: 01358655)

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

2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2023 - 15 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 June 2023 375,434
Additions 6,884
At 31 May 2024 382,318
DEPRECIATION
At 1 June 2023 345,959
Charge for year 9,621
At 31 May 2024 355,580
NET BOOK VALUE
At 31 May 2024 26,738
At 31 May 2023 29,475

Bearing Mart Limited(The) (Registered number: 01358655)

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

4. 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 June 2023 47,084
Transfer to ownership (47,084 )
At 31 May 2024 -
DEPRECIATION
At 1 June 2023 30,814
Transfer to ownership (30,814 )
At 31 May 2024 -
NET BOOK VALUE
At 31 May 2024 -
At 31 May 2023 16,270

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade debtors 270,352 371,490
Other debtors 4,969 37,560
275,321 409,050

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Hire purchase contracts (see note 7) - 9,701
Trade creditors 146,546 149,559
Taxation and social security 109,102 120,585
Other creditors 89,375 97,143
345,023 376,988

Bearing Mart Limited(The) (Registered number: 01358655)

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

7. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.5.24 31.5.23
£    £   
Net obligations repayable:
Within one year - 9,701

Non-cancellable operating leases
31.5.24 31.5.23
£    £   
Within one year 26,539 32,295
Between one and five years 9,387 40,906
35,926 73,201

8. RELATED PARTY DISCLOSURES

During the year the company, which is controlled by Mr M Morrison and Mr G H Geddes, traded with Crewe Engineering Supplies Limited and Bearings Impex, which are businesses controlled by Mr G H Geddes.

The total amount of purchases from these businesses in the year to 31 May 2024 amounted to £13,318 (£14,151: 2023) and the total amount of sales were £5,989 (£8,144: 2023) all transactions being on normal commercial terms. The amounts due from these businesses amounted to £656 (£638: 2023) and the amounts due to these businesses amounted to £2,049 (£3,111: 2023) as at 31 May 2024. These amounts are shown within trade debtors and trade creditors respectively.