DTE Bearings Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07956831 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2020

for

DTE Bearings Ltd

Page

Balance Sheet

1

Notes to the Financial Statements

2

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

-

7,180

-

7,180

CURRENT ASSETS

Stocks

-

203,587

Debtors

6

59,669

311,531

Cash at bank

-

36,091

59,669

551,209

CREDITORS

Amounts falling due within one year

7

44,239

551,922

NET CURRENT ASSETS/(LIABILITIES)

15,430

(713

)

TOTAL ASSETS LESS CURRENT LIABILITIES

15,430

6,467

CAPITAL AND RESERVES

Called up share capital

10

10

Retained earnings

15,420

6,457

SHAREHOLDERS' FUNDS

15,430

6,467

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 19 March 2021 and were signed by:

D Maude - Director

1.	STATUTORY INFORMATION

DTE Bearings Ltd is a private company, limited by shares, registered in England. Its registered office address is 5 Harthill Paddock, Gildersome, Leeds, LS27 7UZ and its registered number is 07956831.

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 represents the value of goods sold to customers, net of VAT.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided on tangible fixed assets to write them off over their expected useful lives at an annual rate of 25% 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.

Corporation tax

Corporation tax is recognised in the Statement of Income and Retained Earnings. The amount of tax payable is calculated 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 material timing differences that have originated but not reversed at the balance sheet date.

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.

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 NIL (2019 - 5 ).

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2019

30,000

Disposals

(30,000

)

At 31 March 2020

-

AMORTISATION

At 1 April 2019

30,000

Eliminated on disposal

(30,000

)

At 31 March 2020

-

NET BOOK VALUE

At 31 March 2020

-

At 31 March 2019

-

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2019

30,400

Disposals

(30,400

)

At 31 March 2020

-

DEPRECIATION

At 1 April 2019

23,220

Charge for year

7,180

Eliminated on disposal

(30,400

)

At 31 March 2020

-

NET BOOK VALUE

At 31 March 2020

-

At 31 March 2019

7,180

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Trade debtors

55,112

306,999

Tax

4,557

4,532

59,669

311,531

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Bank loans and overdrafts

3,980

-

Trade creditors

-

314,467

Taxation and social security

38,409

234,354

Other creditors

1,850

3,101

44,239

551,922