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Registered number: 08651652










BEARING SUPPLIES THETFORD LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 AUGUST 2024

 
BEARING SUPPLIES THETFORD LIMITED
 

CONTENTS



Page
Accountants' Report
 
 
1
Balance Sheet
 
 
2 - 3
Notes to the Financial Statements
 
 
4 - 7


 
BEARING SUPPLIES THETFORD LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF BEARING SUPPLIES THETFORD LIMITED
FOR THE YEAR ENDED 31 AUGUST 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Bearing Supplies Thetford Limited for the year ended 31 August 2024 which comprise  the Balance Sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the director of Bearing Supplies Thetford Limited in accordance with the terms of our engagement letter dated 20 May 2021Our work has been undertaken solely to prepare for your approval the financial statements of Bearing Supplies Thetford Limited and state those matters that we have agreed to state to the director of Bearing Supplies Thetford Limited in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Bearing Supplies Thetford Limited and its director for our work or for this report. 

It is your duty to ensure that Bearing Supplies Thetford Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Bearing Supplies Thetford Limited. You consider that Bearing Supplies Thetford Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Bearing Supplies Thetford Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



MA Partners LLP
 
Chartered Accountants
  
7 The Close
Norwich
Norfolk
NR1 4DJ
27 May 2025
Page 1

 
BEARING SUPPLIES THETFORD LIMITED
REGISTERED NUMBER: 08651652

BALANCE SHEET
AS AT 31 AUGUST 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
94,081
112,655

  
94,081
112,655

Current assets
  

Stocks
  
213,113
193,312

Debtors: amounts falling due within one year
 5 
104,358
83,201

Cash at bank and in hand
  
507,604
442,026

  
825,075
718,539

Creditors: amounts falling due within one year
 6 
(102,288)
(76,098)

Net current assets
  
 
 
722,787
 
 
642,441

Total assets less current liabilities
  
816,868
755,096

Provisions for liabilities
  

Deferred tax
  
(1,336)
(4,982)

  
 
 
(1,336)
 
 
(4,982)

Net assets
  
815,532
750,114


Capital and reserves
  

Called up share capital 
 7 
100
100

Profit and loss account
  
815,432
750,014

  
815,532
750,114


Page 2

 
BEARING SUPPLIES THETFORD LIMITED
REGISTERED NUMBER: 08651652
    
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2024

The director considers 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 director acknowledges her 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 statement of income and retained earnings 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 by: 




................................................
Mrs C Blake
Director

Date: 27 May 2025

The notes on pages 4 to 7 form part of these financial statements.

Page 3

 
BEARING SUPPLIES THETFORD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1.


General information

The Company is a private company incorporated in the United Kingdom and limited by shares. It is registered in England and Wales. The address of its registered office and principal place of business is Unit 2, Brunel Way, Thetford, Norfolk, IP24 1HP.  
The company's principal activity is that of manufacture and supply of bearings.

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

Turnover and other income

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts.
Revenue for the manufacture and supply of bearings is recognised upon delivery. 
Interest income is recognised using the effective interest method.

 
2.3

Current and deferred taxation

The tax expense for the year comprises current and deferred tax.
Deferred tax balances are recognised in respect of timing differences that have originated but not reversed by the balance sheet date.
Current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.4

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

 
BEARING SUPPLIES THETFORD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis.


Leasehold property improvements
-
2% straight line
Motor vehicles
-
25% Reducing Balance
Fixtures and fittings
-
25% Reducing Balance
Office equipment
-
25% Reducing Balance

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.

 
2.5

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell. Costs include all costs of purchase and other costs incurred in bringing stock to its present location and condition.

 
2.6

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.

 
2.7

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.

 
2.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2023 - 4).

Page 5

 
BEARING SUPPLIES THETFORD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

4.


Tangible fixed assets





Leasehold property improvements
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 September 2023
43,302
108,137
9,170
4,029
164,638


Additions
394
-
446
-
840



At 31 August 2024

43,696
108,137
9,616
4,029
165,478



Depreciation


At 1 September 2023
4,359
38,227
6,357
3,040
51,983


Charge for the year on owned assets
874
17,478
815
247
19,414



At 31 August 2024

5,233
55,705
7,172
3,287
71,397



Net book value



At 31 August 2024
38,463
52,432
2,444
742
94,081



At 31 August 2023
38,944
69,910
2,812
989
112,655

Page 6

 
BEARING SUPPLIES THETFORD LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

5.


Debtors

2024
2023
£
£


Trade debtors
102,302
80,960

Prepayments and accrued income
2,056
2,241

104,358
83,201



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
47,034
28,205

Other taxation and social security
51,931
42,760

Other creditors
754
829

Accruals and deferred income
2,569
4,304

102,288
76,098



7.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 Ordinary shares of £1.00 each
100
100



8.Financial commitments

The company had total financial commitments, guarantees and contingencies which are not included in the balance sheet amounting to £1,248 (2023: £1,899).


9.


Related party transactions

As at 31 August 2024 the director was owed £754 (2023: £829) by the company, as included within other creditors in note 6 to the financial statements. The loan is interest free and is repayable on demand. During the year the company paid £7,800 (2023: £7,800) rent in respect of an operating lease on a property owned by the director's self invested personal pension.  

 
Page 7