Registration number: 01800548

I. B. S. Bearings Ltd

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 10

I. B. S. Bearings Ltd

Company Information

Directors

Mr KM Everett Mr CL Everett Mr W Everett Mr LW Everett

Registered office

249-251 Wattville Road Smethwick West Midlands B66 2NU

Accountants

Mr Colin Barrett Shop 2, 130 Hagley Road Hayley Green Halesowen West Midlands B63 1DY

I. B. S. Bearings Ltd

(Registration number: 01800548)
Balance Sheet as at 31 October 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	4	26,883	55,794
Current assets
Stocks	5	44,019	41,600
Debtors	6	302,758	288,819
Cash at bank and in hand		264,251	181,590
		611,028	512,009
Creditors: Amounts falling due within one year	7	(304,157)	(237,723)
Net current assets		306,871	274,286
Total assets less current liabilities		333,754	330,080
Creditors: Amounts falling due after more than one year	7	(16,871)	(35,822)
Net assets		316,883	294,258
Capital and reserves
Called up share capital	8	100	100
Retained earnings		316,783	294,158
Shareholders' funds		316,883	294,258

For the financial year ending 31 October 2025 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.

I. B. S. Bearings Ltd

(Registration number: 01800548)
Balance Sheet as at 31 October 2025

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 by the Board on 19 June 2026 and signed on its behalf by:
 

......................................... Mr KM Everett Director

I. B. S. Bearings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2025

1	General information

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

The address of its registered office is:
249-251 Wattville Road
Smethwick
West Midlands
B66 2NU

These financial statements were authorised for issue by the Board on 19 June 2026.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

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, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

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 sales/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 comprises current tax. 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.

I. B. S. Bearings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2025

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.

Tangible assets

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

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

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant & machinery	25% reducing balance
Furniture fittings and equipment	25% reducing balance
Motor Vehicles	25% reducing balance
Computer equipment	25% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less 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.

I. B. S. Bearings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2025

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 obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

I. B. S. Bearings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2025

Leases

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. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2024 - 6).

I. B. S. Bearings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2025

4	Tangible assets

	Fixtures and fittings £	Plant and machinery £	Office equipment £	Motor vehicles  £	Total £
Cost or valuation
At 1 November 2024	14,408	6,257	2,661	99,664	122,990
Additions	-	1,143	-	-	1,143
Disposals	-	-	-	(37,044)	(37,044)
At 31 October 2025	14,408	7,400	2,661	62,620	87,089
Depreciation
At 1 November 2024	10,250	6,257	2,291	48,399	67,197
Charge for the year	1,040	286	282	7,608	9,216
Eliminated on disposal	-	-	-	(16,207)	(16,207)
At 31 October 2025	11,290	6,543	2,573	39,800	60,206
Carrying amount
At 31 October 2025	3,118	857	88	22,820	26,883
At 31 October 2024	4,159	-	370	51,265	55,794

5

Stocks

	2025 £	2024 £
Other inventories	44,019	41,600

6

Debtors

Current	2025 £	2024 £
Trade debtors	291,858	285,123
Prepayments	10,900	3,696
	302,758	288,819

I. B. S. Bearings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2025

7

Creditors

Creditors: amounts falling due within one year

	Note	2025 £	2024 £
Due within one year
Loans and borrowings	9	14,234	20,484
Trade creditors		217,988	159,345
Taxation and social security		65,658	51,844
Accruals and deferred income		1,000	1,000
Other creditors		5,277	5,050
		304,157	237,723

Creditors: amounts falling due after more than one year

	Note	2025 £	2024 £
Due after one year
Loans and borrowings	9	16,871	35,822

8	Share capital

Allotted, called up and fully paid shares

	2025		2024
	No.	£	No.	£
Ordinary share of £1 each	100	100	100	100

I. B. S. Bearings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2025

9	Loans and borrowings

Non-current loans and borrowings

	2025 £	2024 £
Bank borrowings	-	7,500
Hire purchase contracts	16,871	28,322
	16,871	35,822

Current loans and borrowings

	2025 £	2024 £
Bank borrowings	7,500	10,000
Hire purchase contracts	6,734	10,484
	14,234	20,484

10

Dividends

Interim dividends paid

		2025 £		2024 £
Interim dividend of £1,180.00 (2024 - £740.00) per each Ordinary share		118,000		74,000

11	Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

	2025 £	2024 £
Remuneration	13,200	12,570
Contributions paid to money purchase schemes	5,000	2,400
	18,200	14,970