ACCOUNTS - Final Accounts

Registered number: 07199678

BEARINGS DIRECT LTD

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 NOVEMBER 2025

BEARINGS DIRECT LTD

REGISTERED NUMBER: 07199678

BALANCE SHEET

AS AT 30 NOVEMBER 2025

		2025		2024
Note		£		£

Fixed assets
Tangible assets	4		63		283
			63		283
Current assets
Stocks		4,750		5,750
Debtors: amounts falling due within one year	5	28,994		21,706
Cash at bank and in hand		660		4,698
		34,404		32,154
Creditors: amounts falling due within one year	6	(17,694)		(23,003)
Net current assets			16,710		9,151
Total assets less current liabilities			16,773		9,434
Creditors: amounts falling due after more than one year	7		-		(1,250)
Provisions for liabilities
Deferred tax	8	(12)		(54)
			(12)		(54)
Net assets			16,761		8,130

Capital and reserves
Called up share capital	20	20
Profit and loss account	16,741	8,110
	16,761	8,130

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BEARINGS DIRECT LTD

REGISTERED NUMBER: 07199678

BALANCE SHEET (CONTINUED)

AS AT 30 NOVEMBER 2025

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 his 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 profit and loss account 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 on 26 August 2026.

................................................

C R Pennington

Director

The notes on pages 3 to 7 form part of these financial statements.

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BEARINGS DIRECT LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

1.	General information

Bearings Direct Ltd is a private company, limited by shares, domiciled in England and Wales, with a company registration number 07199678. The registered office is Anglia House, 6 Central Avenue, St Andrews Business Park, Thorpe St Andrew, Norwich, Norfolk, NR7 0HR.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and 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

Going concern

The director has, at the time of approving the financial statements, a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

Thus they adopt a going concern basis of accounting in preparing the financial statements. The director has considered a period of 12 months from the balance sheet date.

The company relies on bank and informal borrowings for its capital requirements.

2.3

Revenue

Revenue 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. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.4

Interest income

Interest income is recognised in the Profit and Loss Account using the effective interest method.

2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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BEARINGS DIRECT LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

2.Accounting policies (continued)

2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.8

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

2.10

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.

2.11

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.

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BEARINGS DIRECT LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

2.Accounting policies (continued)

2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.

Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Employees

The average monthly number of employees, including directors, during the year was 1 (2024 - 1).

4.	Tangible fixed assets

		Other fixed assets
		£
	Cost or valuation
	At 1 December 2024	878
	At 30 November 2025	878
	Depreciation
	At 1 December 2024	595
	Charge for the year on owned assets	220
	At 30 November 2025	815
	Net book value
	At 30 November 2025	63
	At 30 November 2024	283

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BEARINGS DIRECT LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

Debtors

					2025	2024
					£	£


Trade debtors	7,526	6,032
Other debtors	21,468	15,674
	28,994	21,706

6.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Bank loans	1,250	2,500
Trade creditors	7,468	14,180
Corporation tax	4,348	3,085
Other taxation and social security	1,426	287
Other creditors	1,002	1,001
Accruals and deferred income	2,200	1,950
	17,694	23,003

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BEARINGS DIRECT LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

7.	Creditors: Amounts falling due after more than one year
		2025	2024
		£	£

Bank loans	-	1,250
	-	1,250

8.	Deferred taxation

		2025
		£

	At beginning of year	(54)
	Charged to profit or loss	42
	At end of year	(12)

The provision for deferred taxation is made up as follows:
	2025	2024
	£	£

	Accelerated capital allowances	(12)	(54)
		(12)	(54)

9.	Transactions with directors
	During the year the director operated a loan account. At 1 December 2024 the account was in a debit balance of £10,643. During the year, withdrawals were made totalling £9,746, with interest accumulated of £428 and repayments were made totalling £2,527 leaving a debit balance of £18,290 as at 30 November 2025. The loan account was unsecured and repayable on demand.

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