REGISTERED NUMBER: 11479581 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2024

for

Oiltech Bearings Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

P Chester

Dr K I Chester

REGISTERED OFFICE:

Unit 3 Browns Park

Brunswick Industrial Estate

Brunswick Village

Newcastle

Upon Tyne

Tyne and Wear

NE13 7GD

REGISTERED NUMBER:

11479581 (England and Wales)

ACCOUNTANTS:

Inspire Chartered Accountants

6 Queens Court

Third Avenue

Team Valley

Gateshead

Tyne and Wear

NE11 0BU

FIXED ASSETS

Tangible assets

4

47,158

50,370

CURRENT ASSETS

Stocks

14,685

12,185

Debtors

5

98,864

81,822

Cash at bank

11,447

2,829

124,996

96,836

CREDITORS

Amounts falling due within one year

6

156,168

127,124

NET CURRENT LIABILITIES

(31,172

)

(30,288

)

TOTAL ASSETS LESS CURRENT LIABILITIES

15,986

20,082

PROVISIONS FOR LIABILITIES

11,789

12,593

NET ASSETS

4,197

7,489

CAPITAL AND RESERVES

Called up share capital

90

90

Retained earnings

4,107

7,399

4,197

7,489

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

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

The directors acknowledge their 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.

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 September 2025 and were signed on its behalf by:

P Chester - Director

1.	STATUTORY INFORMATION

Oiltech Bearings Ltd 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.

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

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

15% on cost

Plant and machinery

-

33% on cost and 10% on cost

Fixtures and fittings

-

20% on cost

Motor vehicles

-

33% on cost

Stocks

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

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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 9 (2023 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 January 2024

4,865

106,847

1,746

1,995

115,453

Additions

-

14,136

615

-

14,751

At 31 December 2024

4,865

120,983

2,361

1,995

130,204

DEPRECIATION

At 1 January 2024

4,844

57,211

1,033

1,995

65,083

Charge for year

21

17,676

266

-

17,963

At 31 December 2024

4,865

74,887

1,299

1,995

83,046

NET BOOK VALUE

At 31 December 2024

-

46,096

1,062

-

47,158

At 31 December 2023

21

49,636

713

-

50,370

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

70,204

63,743

Other debtors

28,660

18,079

98,864

81,822

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade creditors

45,567

63,663

Taxation and social security

6,125

13,275

Other creditors

104,476

50,186

156,168

127,124