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Registration number: 02322613







A.K.L. Bearing & Power Transmission Company Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2024

Pages for filing with Registrar

 

A.K.L. Bearing & Power Transmission Company Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

A.K.L. Bearing & Power Transmission Company Limited

Company Information

Directors

A H A Pridham

C Thomas

L M Thomas

K Hobbs

J Hobbs

Registered office

Unit 4 Septimus
Hawkfield Business Park
Whitchurch
Bristol
BS14 0BL

Registered number

02322613

Accountant

Corrigan Accountants Limited 1st Floor
25 King Street
Bristol
BS1 4PB

 

A.K.L. Bearing & Power Transmission Company Limited

(Registration number: 02322613)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

28,155

7,943

Current assets

 

Stocks

6

102,705

71,394

Debtors

7

760,246

779,281

Cash at bank and in hand

 

201,067

157,222

 

1,064,018

1,007,897

Creditors: Amounts falling due within one year

8

(749,923)

(768,436)

Net current assets

 

314,095

239,461

Total assets less current liabilities

 

342,250

247,404

Creditors: Amounts falling due after more than one year

8

(6,926)

-

Provisions for liabilities

(7,039)

(1,985)

Net assets

 

328,285

245,419

Capital and reserves

 

Called up share capital

10,500

10,500

Profit and loss account

317,785

234,919

Total equity

 

328,285

245,419

 

A.K.L. Bearing & Power Transmission Company Limited

(Registration number: 02322613)
Balance Sheet as at 31 December 2024 (continued)

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised for issue by the Board on 23 April 2025 and signed on its behalf by:
 

.........................................

L M Thomas
Company secretary and director

 

A.K.L. Bearing & Power Transmission Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

Statutory information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 4 Septimus
Hawkfield Business Park
Whitchurch
Bristol
BS14 0BL

2

Accounting policies

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis. Given the company’s profitability and financial resources, the directors have reasonable expectation that the company has adequate resources to continue in operational existence in the foreseeable future.

 

A.K.L. Bearing & Power Transmission Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

2

Accounting policies (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period represents the sum of the current tax expense and the deferred tax expense. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.


Deferred tax
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible fixed assets

Tangible fixed assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible fixed assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Fixtures and fittings

20% straight line

Motor vehicles

25% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

 

A.K.L. Bearing & Power Transmission Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

2

Accounting policies (continued)

Trade debtors

Trade debtors are recognised initially at the transaction price. They are subsequently measured less any provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are recognised at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

A.K.L. Bearing & Power Transmission Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

2

Accounting policies (continued)

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.

The cost of any unused holiday entitlement is recognised in the period in which the employees' services are received.

 

A.K.L. Bearing & Power Transmission Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 21 (2023 - 19).

 

A.K.L. Bearing & Power Transmission Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

4

Taxation

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

7,039

   

2023

Liability
£

1,985

   
 

A.K.L. Bearing & Power Transmission Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

5

Tangible fixed assets

Fixtures, fittings, & office equipment
£

Motor vehicles
 £

Total
£

Cost

At 1 January 2024

54,796

18,997

73,793

Additions

-

28,750

28,750

Disposals

-

(18,998)

(18,998)

At 31 December 2024

54,796

28,749

83,545

Depreciation

At 1 January 2024

54,371

11,479

65,850

Charge for the year

425

4,947

5,372

Eliminated on disposal

-

(15,832)

(15,832)

At 31 December 2024

54,796

594

55,390

Carrying amount

At 31 December 2024

-

28,155

28,155

At 31 December 2023

425

7,518

7,943

Included in the net book values above is £28,155 relating to assets under hire purchase (2023: £7,518).

6

Stocks

2024
£

2023
£

Stocks

102,705

71,394

 

A.K.L. Bearing & Power Transmission Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

7

Debtors: amounts falling due within one year

2024
£

2023
£

Trade debtors

755,562

768,294

Other debtors

-

26

Prepayments

4,684

10,961

760,246

779,281

8

Creditors

2024
£

2023
£

Hire purchase liabilities

3,614

1,905

Trade creditors

527,121

615,192

Corporation tax

137,123

86,404

Taxation and social security

66,694

56,131

Other creditors

11,271

4,704

Accruals

4,100

4,100

749,923

768,436

Due after one year

Hire purchase Liabilities

6,926

-

 

A.K.L. Bearing & Power Transmission Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary share of £1 each

10,500

10,500

10,500

10,500

         

10

Obligations under leases

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Total lease liabilities

50,077

17,404