REGISTERED NUMBER: 02839330 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

FOR

MIDLAND BEARINGS LIMITED

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

4

DIRECTORS:

Mr P M Chesworth

Mrs C L Chesworth

Mr P Chesworth

SECRETARY:

Mr P M Chesworth

REGISTERED OFFICE:

Building 33

Second Avenue

Pensnett Trading Estate

Kingswinford

West Midlands

DY6 7UG

REGISTERED NUMBER:

02839330 (England and Wales)

ACCOUNTANTS:

E R Grove & Co Limited

Chartered Accountants

Grove House

Coombs Wood Court

Steel Park Road

Halesowen

West Midlands

B62 8BF

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Midland Bearings Limited for the year ended 31 July 2025 which comprise the Income Statement, 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Midland Bearings Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Midland Bearings Limited and state those matters that we have agreed to state to the Board of Directors of Midland Bearings Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Midland Bearings Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Midland Bearings 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 loss of Midland Bearings Limited. You consider that Midland Bearings Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Midland Bearings 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.

E R Grove & Co Limited

Chartered Accountants

Grove House

Coombs Wood Court

Steel Park Road

Halesowen

West Midlands

B62 8BF

15 January 2026

FIXED ASSETS

Tangible assets

4

451,702

420,012

CURRENT ASSETS

Stocks

11,771,300

14,321,018

Debtors: amounts falling due within one year

5

4,256,034

4,125,173

Debtors: amounts falling due after more than one year

5

639,075

1,567,956

Investments

6

162,500

162,500

Cash at bank

1,733,834

585,058

18,562,743

20,761,705

CREDITORS

Amounts falling due within one year

7

552,870

2,299,261

NET CURRENT ASSETS

18,009,873

18,462,444

TOTAL ASSETS LESS CURRENT LIABILITIES

18,461,575

18,882,456

CAPITAL AND RESERVES

Called up share capital

88

88

Capital redemption reserve

9

12

12

Retained earnings

9

18,461,475

18,882,356

SHAREHOLDERS' FUNDS

18,461,575

18,882,456

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2025 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 January 2026 and were signed on its behalf by:

Mr P Chesworth - Director

1.	STATUTORY INFORMATION

Midland 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.

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.

Significant judgements and estimates

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about he carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis.

Revenue

Turnover

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

Interest income

Interest income is recognised in the Income Statement using the effective interest method.

Tangible fixed assets

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

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on reducing balance

Stocks

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

cost is calculated using the first-in, first-out method and includes all purchases, transport, and handling costs in bringing stocks to their present location and condition.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 27 (2024 - 28 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 August 2024

540,423

511,819

36,485

1,088,727

Additions

1,684

182,795

1,472

185,951

Disposals

-

(154,473

)

-

(154,473

)

At 31 July 2025

542,107

540,141

37,957

1,120,205

DEPRECIATION

At 1 August 2024

384,518

269,995

14,202

668,715

Charge for year

31,449

76,388

7,729

115,566

Eliminated on disposal

-

(115,778

)

-

(115,778

)

At 31 July 2025

415,967

230,605

21,931

668,503

NET BOOK VALUE

At 31 July 2025

126,140

309,536

16,026

451,702

At 31 July 2024

155,905

241,824

22,283

420,012

5.

DEBTORS

2025

2024

£

£

Amounts falling due within one year:

Trade debtors

1,578,155

1,499,437

Other debtors

2,677,879

2,625,736

4,256,034

4,125,173

Amounts falling due after more than one year:

Other debtors

639,075

1,567,956

Aggregate amounts

4,895,109

5,693,129

6.	CURRENT ASSET INVESTMENTS

2025

2024

£

£

Other

162,500

162,500

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

217,820

79,837

Taxation and social security

311,403

2,180,526

Other creditors

23,647

38,898

552,870

2,299,261

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2025

2024

£

£

Within one year

541,512

171,964

Between one and five years

2,156,760

1,020

In more than five years

2,516,220

-

5,214,492

172,984

9.

RESERVES

Capital

Retained

redemption

earnings

reserve

Totals

£

£

£

At 1 August 2024

18,882,356

12

18,882,368

Deficit for the year

(420,881

)

(420,881

)

At 31 July 2025

18,461,475

12

18,461,487

10.	DIRECTORS ADVANCES

The following advances to a director subsisted during the years ended 31 July 2025 and 31 July 2024:

2025

2024

£

£

Mr P M Chesworth

Balance outstanding at start of year

1,174,794

4,741,009

Amounts repaid

(151,934

)

(3,566,215

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

1,022,860

1,174,794

11.	RELATED PARTY DISCLOSURES

2025

2024

£

£

Amounts due from Chesworth Capital Limited

358,664

711,511

Chesworth Capital Limited is under common control. The amounts owing at the balance sheet date bear no

interest and the loan is not under normal commercial terms.