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REGISTERED NUMBER: 02839330 (England and Wales)





















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

FOR

MIDLAND BEARINGS LIMITED

MIDLAND BEARINGS LIMITED (REGISTERED NUMBER: 02839330)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


MIDLAND BEARINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2024







DIRECTORS: Mr P M Chesworth
Mrs C L Chesworth
Mr P Chesworth





SECRETARY: Mr P M Chesworth





REGISTERED OFFICE: Building 33
Second Avenue
Pensnett Trading Estate
Kingswinford
West Midlands
DY6 7UG





REGISTERED NUMBER: 02839330 (England and Wales)





AUDITORS: Crombies Accountants Limited
34 Waterloo Road
Wolverhampton
WV1 4DG

MIDLAND BEARINGS LIMITED (REGISTERED NUMBER: 02839330)

BALANCE SHEET
31 JULY 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 420,012 517,598

CURRENT ASSETS
Stocks 14,321,018 14,277,336
Debtors: amounts falling due within one year 5 4,125,173 3,433,184
Debtors: amounts falling due after more than
one year

5

1,567,956

5,674,567
Investments 6 162,500 500,000
Cash at bank 585,058 804,526
20,761,705 24,689,613
CREDITORS
Amounts falling due within one year 7 2,299,261 1,399,358
NET CURRENT ASSETS 18,462,444 23,290,255
TOTAL ASSETS LESS CURRENT
LIABILITIES

18,882,456

23,807,853

PROVISIONS FOR LIABILITIES - 107,687
NET ASSETS 18,882,456 23,700,166

CAPITAL AND RESERVES
Called up share capital 88 88
Capital redemption reserve 9 12 12
Retained earnings 9 18,882,356 23,700,066
SHAREHOLDERS' FUNDS 18,882,456 23,700,166

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 31 December 2024 and were signed on its behalf by:





Mr P Chesworth - Director


MIDLAND BEARINGS LIMITED (REGISTERED NUMBER: 02839330)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1. STATUTORY INFORMATION

Midland 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.

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.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about he carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis.

Revenue
Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, value added tax and other sales taxes.

Interest income
Interest income is recognised in the Income Statement using the effective interest method.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% 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.

cost is calculated using the first-in, first-out method and includes all purchases, transport, and handling costs in bringing stocks to their present location and condition.

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.

MIDLAND BEARINGS LIMITED (REGISTERED NUMBER: 02839330)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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 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 28 (2023 - 30 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 August 2023 534,976 523,369 29,011 1,087,356
Additions 5,447 7,500 24,615 37,562
Disposals - (19,050 ) (17,141 ) (36,191 )
At 31 July 2024 540,423 511,819 36,485 1,088,727
DEPRECIATION
At 1 August 2023 346,460 201,208 22,090 569,758
Charge for year 38,058 81,120 7,146 126,324
Eliminated on disposal - (12,333 ) (15,034 ) (27,367 )
At 31 July 2024 384,518 269,995 14,202 668,715
NET BOOK VALUE
At 31 July 2024 155,905 241,824 22,283 420,012
At 31 July 2023 188,516 322,161 6,921 517,598

5. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 1,499,437 1,630,182
Other debtors 2,625,736 1,803,002
4,125,173 3,433,184

Amounts falling due after more than one year:
Other debtors 1,567,956 5,674,567

Aggregate amounts 5,693,129 9,107,751

6. CURRENT ASSET INVESTMENTS
2024 2023
£    £   
Other 162,500 500,000

MIDLAND BEARINGS LIMITED (REGISTERED NUMBER: 02839330)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 79,837 304,062
Taxation and social security 2,180,526 1,059,117
Other creditors 38,898 36,179
2,299,261 1,399,358

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 171,964 440,926
Between one and five years 1,020 171,442
172,984 612,368

9. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 August 2023 23,700,066 12 23,700,078
Deficit for the year (4,817,710 ) (4,817,710 )
At 31 July 2024 18,882,356 12 18,882,368

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mark Fletcher (Senior Statutory Auditor)
for and on behalf of Crombies Accountants Limited

11. DIRECTORS ADVANCES

The following advances to a director subsisted during the years ended 31 July 2024 and 31 July 2023:

2024 2023
£    £   
Mr P M Chesworth
Balance outstanding at start of year 4,741,009 5,236,812
Amounts repaid (3,761,215 ) (495,803 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 979,794 4,741,009

12. RELATED PARTY DISCLOSURES

2024 2023
£ £
Amounts due from Chesworth Capital Limited 711,511 1,333,016

Chesworth Capital Limited is under common control. The amounts owing at the balance sheet date bear no interest and the loan is not under normal commercial terms.