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REGISTERED NUMBER: 09515687 (England and Wales)










Unaudited Financial Statements for the Year Ended 30 June 2024

for

CV Hubs & Bearings Ltd

CV Hubs & Bearings Ltd (Registered number: 09515687)






Contents of the Financial Statements
for the Year Ended 30 June 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


CV Hubs & Bearings Ltd

Company Information
for the Year Ended 30 June 2024







DIRECTORS: S Blair
C Blair





REGISTERED OFFICE: Hanover Street North
Audenshaw
Manchester
United Kingdom
M34 5HW





REGISTERED NUMBER: 09515687 (England and Wales)

CV Hubs & Bearings Ltd (Registered number: 09515687)

Balance Sheet
30 June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 132,071 139,136
Tangible assets 5 473,944 458,089
606,015 597,225

CURRENT ASSETS
Stocks 625,007 510,917
Debtors 6 670,523 540,336
Cash at bank and in hand 1,034,914 682,739
2,330,444 1,733,992
CREDITORS
Amounts falling due within one year 7 1,003,539 856,883
NET CURRENT ASSETS 1,326,905 877,109
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,932,920

1,474,334

CREDITORS
Amounts falling due after more than one
year

8

(528,698

)

(561,387

)

PROVISIONS FOR LIABILITIES (50,115 ) (37,873 )
NET ASSETS 1,354,107 875,074

CAPITAL AND RESERVES
Called up share capital 100 100
Share premium 3,139 3,139
Retained earnings 1,350,868 871,835
1,354,107 875,074

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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.

CV Hubs & Bearings Ltd (Registered number: 09515687)

Balance Sheet - continued
30 June 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 25 February 2025 and were signed on its behalf by:





S Blair - Director


CV Hubs & Bearings Ltd (Registered number: 09515687)

Notes to the Financial Statements
for the Year Ended 30 June 2024

1. STATUTORY INFORMATION

CV Hubs & Bearings Ltd 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, net of VAT and trade discounts. Turnover is also measured net of the estimated value of customer returns and volume rebates. Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
- the company has transferred all the significant risks and rewards of ownership of the goods to the buyer;
- the company retains neither continuing managerial involvement, nor effective control, over the goods to the degree usually associated with ownership;
- the amount of the revenue can be reliably measured;
- it is probable that the economic benefits associated with the sale will flow to the entity; and
- the costs (to be) incurred in respect of the transaction can be reliably measured.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2020, is being amortised evenly over its estimated useful life of ten years.

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 three years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 5% on cost
Plant and machinery etc - 33% on reducing balance, 33% on cost, 25% on reducing balance and 15% 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.


CV Hubs & Bearings Ltd (Registered number: 09515687)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

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
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 makes employer contributions in accordance with auto enrolment legislation.

Provisions for liabilities
Provisions for liabilities are recognised when the company has an obligation at the balance sheet date as a result of a past event; it is probable that there will be an outflow of economic benefit to discharge the obligation; and the amount of the obligation can be reliably estimated. Where these criteria are not met, a provision is not recognised in the financial statements but a contingent liability is disclosed if material. Amounts recoverable from third parties are only recognised as assets when the receipt is virtually certain.Provisions are measured at the best estimate of the amount required to settle the obligation at the balance sheet date. The best estimate is the amount which the company would rationally pay to settle the obligation at the balance sheet date.

3. EMPLOYEES AND DIRECTORS

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

4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 July 2023 187,544 8,090 195,634
Additions - 21,580 21,580
At 30 June 2024 187,544 29,670 217,214
AMORTISATION
At 1 July 2023 53,137 3,361 56,498
Charge for year 18,755 9,890 28,645
At 30 June 2024 71,892 13,251 85,143
NET BOOK VALUE
At 30 June 2024 115,652 16,419 132,071
At 30 June 2023 134,407 4,729 139,136

CV Hubs & Bearings Ltd (Registered number: 09515687)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 July 2023 377,766 158,395 536,161
Additions - 75,198 75,198
At 30 June 2024 377,766 233,593 611,359
DEPRECIATION
At 1 July 2023 18,888 59,184 78,072
Charge for year 18,839 40,504 59,343
At 30 June 2024 37,727 99,688 137,415
NET BOOK VALUE
At 30 June 2024 340,039 133,905 473,944
At 30 June 2023 358,878 99,211 458,089

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 647,798 517,823
Other debtors 22,725 22,513
670,523 540,336

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 204,541 223,879
Taxation and social security 213,931 207,416
Other creditors 585,067 425,588
1,003,539 856,883

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Amounts owed to group undertakings 528,698 561,387

9. OTHER FINANCIAL COMMITMENTS

On 30th June 2024, the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £Nil, (2023: £10,553).

10. ULTIMATE CONTROLLING PARTY

The controlling party is C & S Holdings Ltd (Parent Company).