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REGISTERED NUMBER: 01644827 (England and Wales)







Unaudited Financial Statements

for the Year Ended 31 October 2024

for

Derby Bearings Limited

Derby Bearings Limited (Registered number: 01644827)






Contents of the Financial Statements
for the Year Ended 31 October 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Derby Bearings Limited

Company Information
for the Year Ended 31 October 2024







DIRECTOR: D P Horne



REGISTERED OFFICE: 20 Siddals Road
Derby
Derbyshire
DE1 2PZ



REGISTERED NUMBER: 01644827 (England and Wales)



ACCOUNTANTS: Mabe Allen LLP
Chartered Accountants
50 Osmaston Road
Derby
DE1 2HU



BANKERS: National Westminster Bank
58 St. Peter's Street
Derby
Derbyshire
DE11XL

Derby Bearings Limited (Registered number: 01644827)

Balance Sheet
31 October 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 287,131 157,921

CURRENT ASSETS
Stocks 5 65,421 61,200
Debtors 6 349,878 324,121
Cash at bank and in hand 30,610 40,237
445,909 425,558
CREDITORS
Amounts falling due within one year 7 467,781 431,347
NET CURRENT LIABILITIES (21,872 ) (5,789 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

265,259

152,132

CREDITORS
Amounts falling due after more than one
year

8

(78,753

)

(99,929

)

PROVISIONS FOR LIABILITIES (2,714 ) -
NET ASSETS 183,792 52,203

CAPITAL AND RESERVES
Called up share capital 2,000 2,000
Revaluation reserve 10 139,563 33,022
Retained earnings 10 42,229 17,181
SHAREHOLDERS' FUNDS 183,792 52,203

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Derby Bearings Limited (Registered number: 01644827)

Balance Sheet - continued
31 October 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 director and authorised for issue on 25 June 2025 and were signed by:





D P Horne - Director


Derby Bearings Limited (Registered number: 01644827)

Notes to the Financial Statements
for the Year Ended 31 October 2024

1. STATUTORY INFORMATION

Derby 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 as modified by the revaluation of certain assets.

Critical accounting judgements and key sources of estimation uncertainty
The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities , income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an on-going basis. Revisions of accounting estimates are recognised in the period in which the estimate is revised and in any future periods affected. The areas of significant estimates and judgements are as follows:


Stocks(Note 5)

The determination of the cost of stock is a significant area of estimation.
The key area of estimation is:
- The determination of the net realisable value of stock.
- The level of provision for slow and obsolete stock.

Revaluation of Long Leasehold Property(Note 4)

The company carries its long leasehold property at fair value with changes in fair value being recognised on comprehensive income. The professional valuer used a valuation technique which took account of the age of the property, it's square footage and the marketability of the property. The determined fair value of the property is most sensitive to the estimated yield as well as changes in perception of the market.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Tangible fixed assets are stated at cost or valuation less accumulated depreciation. Cost includes the original price of the asset and the cost attributable to bringing the asset into its working condition. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:


Long leasehold Over period of lease
Plant and machinery10% on reducing balance
Fixtures and fittings10% on reducing balance
Motor Vehicles 25% on reducing balance
Computer equipment 33% on reducing balance

Derby Bearings Limited (Registered number: 01644827)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss.

Derby Bearings Limited (Registered number: 01644827)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

2. ACCOUNTING POLICIES - continued

Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that the outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2023 - 8 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Long Plant and and
leasehold machinery fittings
£    £    £   
COST OR VALUATION
At 1 November 2023 115,000 7,840 29,748
Additions - - -
Revaluations 60,000 - -
At 31 October 2024 175,000 7,840 29,748
DEPRECIATION
At 1 November 2023 45,896 7,353 27,859
Charge for year 1,436 48 188
Revaluation adjustments (47,332 ) - -
At 31 October 2024 - 7,401 28,047
NET BOOK VALUE
At 31 October 2024 175,000 439 1,701
At 31 October 2023 69,104 487 1,889

Derby Bearings Limited (Registered number: 01644827)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

4. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST OR VALUATION
At 1 November 2023 205,302 28,928 386,818
Additions 62,890 3,346 66,236
Revaluations - - 60,000
At 31 October 2024 268,192 32,274 513,054
DEPRECIATION
At 1 November 2023 119,603 28,186 228,897
Charge for year 41,336 1,350 44,358
Revaluation adjustments - - (47,332 )
At 31 October 2024 160,939 29,536 225,923
NET BOOK VALUE
At 31 October 2024 107,253 2,738 287,131
At 31 October 2023 85,699 742 157,921

Cost or valuation at 31 October 2024 is represented by:

Fixtures
Long Plant and and
leasehold machinery fittings
£    £    £   
Valuation in 1990 27,603 - -
Valuation in 2006 25,000 - -
Valuation in 2012 5,000 - -
Valuation in 2024 60,000 - -
Cost 57,397 7,840 29,748
175,000 7,840 29,748

Motor Computer
vehicles equipment Totals
£    £    £   
Valuation in 1990 - - 27,603
Valuation in 2006 - - 25,000
Valuation in 2012 - - 5,000
Valuation in 2024 - - 60,000
Cost 268,192 32,274 395,451
268,192 32,274 513,054

Derby Bearings Limited (Registered number: 01644827)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

4. TANGIBLE FIXED ASSETS - continued

If leasehold buildings had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 57,397 57,397
Aggregate depreciation 20,937 20,418

Leasehold buildings were valued on an open market basis on 16 December 2024 by David Brown Commercial .

The net book value of tangible fixed assets includes £88,197 (2023 - £77,554) in respect of assets held under hire purchase contracts

5. STOCKS
2024 2023
£    £   
Stocks 65,421 61,200

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 280,079 254,584
Amounts owed by group undertakings 64,786 64,528
Other debtors - 3,300
Directors' current accounts 3,041 -
Prepayments 1,972 1,709
349,878 324,121

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 17,408 16,341
Hire purchase contracts 20,647 12,791
Trade creditors 163,077 142,562
Corporation tax 196,547 167,241
Social security and other taxes 30,061 69,529
Other creditors 31,529 14,787
Directors' current accounts - 686
Accruals 8,512 7,410
467,781 431,347

Derby Bearings Limited (Registered number: 01644827)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 1-2 years 8,887 16,558
Bank loans - 2-5 years - 17,478
Hire purchase contracts 69,866 65,893
78,753 99,929

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 26,295 50,377

10. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 November 2023 17,181 33,022 50,203
Profit for the year 113,518 113,518
Dividends (89,261 ) (89,261 )
Revaluation reserve movement 791 107,332 108,123
Excess depreciation
on revalued assets - (791 ) (791 )
At 31 October 2024 42,229 139,563 181,792

11. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

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

2024 2023
£    £   
D P Horne
Balance outstanding at start of year (686 ) (1,350 )
Amounts advanced 3,727 -
Amounts repaid - 664
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 3,041 (686 )

12. ULTIMATE CONTROLLING PARTY

The controlling party is Derby Bearings Holdings Limited.

The ultimate controlling party is D P Horne.