Overnite Bearings Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 01965555

Unaudited Financial Statements for the Year Ended 28 February 2025

for

Overnite Bearings Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S Cove

L Benjamin

REGISTERED OFFICE:

Suite 2C, Brosnan House

175 Darkes Lane

Potters Bar

Hertfordshire

EN6 1BW

REGISTERED NUMBER:

01965555

ACCOUNTANTS:

BBK Partnership Limited

Suite 2C, Brosnan House

175 Darkes Lane

Potters Bar

Hertfordshire

EN6 1BW

FIXED ASSETS

Investments

4

5

CURRENT ASSETS

Debtors

5

1,889,996

1,549,050

Cash at bank and in hand

4,959

5,071

1,894,955

1,554,121

CREDITORS

Amounts falling due within one year

6

1,882,340

1,540,458

NET CURRENT ASSETS

12,615

13,663

TOTAL ASSETS LESS CURRENT
LIABILITIES

12,620

13,668

CREDITORS

Amounts falling due after more than one year

7

-

12,500

NET ASSETS

12,620

1,168

CAPITAL AND RESERVES

Called up share capital

8

1,500

Retained earnings

9

11,120

(332

)

SHAREHOLDERS' FUNDS

12,620

1,168

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 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 24 November 2025 and were signed on its behalf by:

L Benjamin - Director

1.	STATUTORY INFORMATION

Overnite Bearings Limited is a private company, limited by shares , registered in Not specified/Other. 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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2024 - 2 ) .

4.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 March 2024

and 28 February 2025

5

NET BOOK VALUE

At 28 February 2025

5

At 29 February 2024

5

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.25

29.2.24

£

Other debtors

1,208,346

745,000

Amount due from associated

company

681,650

804,050

1,889,996

1,549,050

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.25

29.2.24

£

Bank loans and overdrafts

-

10,000

Directors current account

9,014

Tax

2,666

4,514

VAT

355

175

Other creditors

1,869,000

1,515,500

Directors' current accounts

5

Accrued expenses

1,300

1,250

1,882,340

1,540,458

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

28.2.25

29.2.24

£

Bank loans - 1-2 years

-

10,000

Bank loans - 2-5 years

-

2,500

-

12,500

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

28.2.25

29.2.24

value:

£

1,500

Ordinary

£1

1,500

9.

RESERVES

Retained

earnings

£

At 1 March 2024

(332

)

Profit for the year

11,452

At 28 February 2025

11,120

10.	RELATED PARTY DISCLOSURES

Other debtors includes an amount of £288,846 due from Open Property Finance Limited, a company of which close family members are directors and shareholders.

Other debtors includes an amount of £475,000 due from Rosewood Holdings and Investments Limited, a company controlled by close family members.

Other debtors includes an amount of £444,500 due from Kooples Properties Limited, a company controlled by close family members.

The amount of £681,650 due from an associated company is due from RW49 Marsham Way Limited, a company of which Overnite Bearings Limited is a 50% shareholder.

Other creditors includes an amount of £1,251,000 due to Hackett Trading Limited, a company of which M Cove is a director and shareholder.

Other creditors includes an amount of £541,000 due to Lanvin Trading Limited, a company controlled by close family members.

Other creditors includes an amount of £27,000 due to Royce Power Transmissions Limited, a company controlled by close family members.

Other creditors includes an amount of £50,000 due to Bayliss Trading Limited, a company controlled by close family members.

Loan interest receivable includes £29,050 from Rosewood Holdings and Investments Limited.

.

11.	ULTIMATE CONTROLLING PARTY

The controlling party is Ms M Cove.