Caseware UK (AP4) 2024.0.164 2024.0.164 2024-08-312024-08-31trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.No description of principal activity2023-09-01false3838falsefalse 05900054 2023-09-01 2024-08-31 05900054 2022-09-01 2023-08-31 05900054 2024-08-31 05900054 2023-08-31 05900054 c:Director1 2023-09-01 2024-08-31 05900054 c:Director2 2023-09-01 2024-08-31 05900054 d:PlantMachinery 2023-09-01 2024-08-31 05900054 d:PlantMachinery 2024-08-31 05900054 d:PlantMachinery 2023-08-31 05900054 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 05900054 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-09-01 2024-08-31 05900054 d:FurnitureFittings 2023-09-01 2024-08-31 05900054 d:FurnitureFittings 2024-08-31 05900054 d:FurnitureFittings 2023-08-31 05900054 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 05900054 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2023-09-01 2024-08-31 05900054 d:OfficeEquipment 2023-09-01 2024-08-31 05900054 d:OfficeEquipment 2024-08-31 05900054 d:OfficeEquipment 2023-08-31 05900054 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 05900054 d:OfficeEquipment d:LeasedAssetsHeldAsLessee 2023-09-01 2024-08-31 05900054 d:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 05900054 d:LeasedAssetsHeldAsLessee 2023-09-01 2024-08-31 05900054 d:CurrentFinancialInstruments 2024-08-31 05900054 d:CurrentFinancialInstruments 2023-08-31 05900054 d:CurrentFinancialInstruments 1 2024-08-31 05900054 d:CurrentFinancialInstruments 1 2023-08-31 05900054 d:Non-currentFinancialInstruments 2024-08-31 05900054 d:Non-currentFinancialInstruments 2023-08-31 05900054 d:CurrentFinancialInstruments d:WithinOneYear 2024-08-31 05900054 d:CurrentFinancialInstruments d:WithinOneYear 2023-08-31 05900054 d:Non-currentFinancialInstruments d:AfterOneYear 2024-08-31 05900054 d:Non-currentFinancialInstruments d:AfterOneYear 2023-08-31 05900054 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-08-31 05900054 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-08-31 05900054 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-08-31 05900054 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-08-31 05900054 d:ShareCapital 2024-08-31 05900054 d:ShareCapital 2023-08-31 05900054 d:RetainedEarningsAccumulatedLosses 2024-08-31 05900054 d:RetainedEarningsAccumulatedLosses 2023-08-31 05900054 c:FRS102 2023-09-01 2024-08-31 05900054 c:AuditExempt-NoAccountantsReport 2023-09-01 2024-08-31 05900054 c:FullAccounts 2023-09-01 2024-08-31 05900054 c:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 05900054 d:HirePurchaseContracts d:WithinOneYear 2024-08-31 05900054 d:HirePurchaseContracts d:WithinOneYear 2023-08-31 05900054 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-08-31 05900054 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-08-31 05900054 2 2023-09-01 2024-08-31 05900054 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2024-08-31 05900054 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-08-31 05900054 d:LeasedAssetsHeldAsLessee 2024-08-31 05900054 d:LeasedAssetsHeldAsLessee 2023-08-31 05900054 f:PoundSterling 2023-09-01 2024-08-31 iso4217:GBP xbrli:pure

Registered number: 05900054










BEARINGBOYS LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 AUGUST 2024

 
BEARINGBOYS LTD
REGISTERED NUMBER: 05900054

STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
93,744
140,869

  
93,744
140,869

Current assets
  

Stocks
  
385,000
425,470

Debtors: amounts falling due within one year
 5 
1,981,319
1,975,862

Cash at bank and in hand
 6 
470,437
327,077

  
2,836,756
2,728,409

Creditors: amounts falling due within one year
 7 
(2,478,682)
(2,383,056)

Net current assets
  
 
 
358,074
 
 
345,353

Total assets less current liabilities
  
451,818
486,222

Creditors: amounts falling due after more than one year
 8 
(83,743)
(176,875)

Provisions for liabilities
  

Deferred tax
  
(17,347)
(30,192)

  
 
 
(17,347)
 
 
(30,192)

Net assets
  
350,728
279,155


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
350,628
279,055

  
350,728
279,155


Page 1

 
BEARINGBOYS LTD
REGISTERED NUMBER: 05900054
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 AUGUST 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the income statement in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 April 2025.




Mr W S Huetson
Mr S D Huetson
Director
Director

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
BEARINGBOYS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1.


General information

BearingBoys Ltd is a private company limited by shares and incorporated in England and Wales, registered number 05900054. The registered office is Unit 8 Mission Road, Rackheath Industrial Estate, Rackheath, Norwich, NR13 6PL.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue 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. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
BEARINGBOYS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
BEARINGBOYS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
straight line
Fixtures and fittings
-
25%
straight line
Office equipment
-
33%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price. Cost is based on the cost of purchase on a first in, first out basis. 
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
BEARINGBOYS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.15

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Page 6

 
BEARINGBOYS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.

  
2.17

Invoice discounting

Where debts are invoice discounted, the separate presentation treatment has been adopted and the gross amount of the debts is included within trade debtors with the advances received from invoice discounting being shown as a liability. 


3.


Employees

The average monthly number of employees, including directors, during the year was 38 (2023 - 38).


4.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 September 2023
35,101
136,483
20,645
192,229


Additions
-
711
1,165
1,876



At 31 August 2024

35,101
137,194
21,810
194,105



Depreciation


At 1 September 2023
8,218
36,128
7,014
51,360


Charge for the year on owned assets
4,665
34,298
5,928
44,891


Charge for the year on financed assets
4,110
-
-
4,110



At 31 August 2024

16,993
70,426
12,942
100,361



Net book value



At 31 August 2024
18,108
66,768
8,868
93,744



At 31 August 2023
26,883
100,355
13,631
140,869

Page 7

 
BEARINGBOYS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

           4.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
10,618
16,442

10,618
16,442


5.


Debtors

2024
2023
£
£


Trade debtors excluding factored debts
175,820
127,905

Factored debts
1,306,883
1,438,589

Amounts owed by associated companies
272,786
279,411

Other debtors
216,601
116,457

Prepayments and accrued income
9,229
13,500

1,981,319
1,975,862









6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
470,437
327,077

470,437
327,077


Page 8

 
BEARINGBOYS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
90,000
90,000

Trade creditors
1,629,027
1,607,625

Corporation tax
104,041
16,423

Other taxation and social security
185,715
178,971

Obligations under finance lease and hire purchase contracts
3,132
2,880

Proceeds of factored debts
387,316
358,662

Other creditors
50,017
79,884

Accruals and deferred income
29,434
48,611

2,478,682
2,383,056


The advances from invoice discounting are secured on the debtor balances to which they relate. 
Obligations under finance lease and hire purchase contracts are secured against the financed assets.


8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
75,000
165,000

Net obligations under finance leases and hire purchase contracts
8,743
11,875

83,743
176,875


The following liabilities were secured:

2024
2023
£
£



Amounts falling due within one year
90,000
90,000

Amounts falling due within 1-2 years
75,000
90,000

Amount falling due within 2-5 years
-
75,000

165,000
255,000

Details of security provided:

The bank loans are secured by a debenture over all assets of the Company. 

Page 9

 
BEARINGBOYS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
90,000
90,000


90,000
90,000

Amounts falling due 1-2 years

Bank loans
75,000
90,000


75,000
90,000

Amounts falling due 2-5 years

Bank loans
-
75,000


-
75,000


165,000
255,000


Page 10

 
BEARINGBOYS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
3,132
2,880

Between 1-5 years
8,743
11,875

11,875
14,755

Page 11

 
BEARINGBOYS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

11.


Related party transactions

At the year end £272,786 (2023: £279,411) was due to the Company from Industrial Boys Ltd, a company controlled by the directors. Interest was charged at base rate plus 2% and received by the Company totalling £18,375 (2023: £16,356).  
The Company also leases a property from Industrial Boys Ltd paying a commercial rent of £51,000 (net) per annum (2023: £51,000).   
At the year end a loan of £120,221 (2023: £75,001) was due to the Company from Huetter Inns Limited, a connected company; this loan is provided interest free.  During the financial year, the directors have  assessed the recoverability of the loan. Based on this assessment, an impairment provision of £60,110 has been recognised in the financial statements, reflecting a revised loan amount due to the Company at the year end of £60,111 (2023: £75,001).       
At the year end £73,419 (2023: Nil) was owed to the Company by the directors.  Interest has been charged on these loans at a rate of 2.25%.

 
Page 12