Euro-World Bearings Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 03484468 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023

FOR

EURO-WORLD BEARINGS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Jonathan Michael Hairyes

Andrew Hopkin

Clare Mary Hopkin

REGISTERED OFFICE:

Unit 10 Enterprise Court

Prince Street

Bradford

West Yorkshire

BD4 6HQ

REGISTERED NUMBER:

03484468 (England and Wales)

ACCOUNTANTS:

Walter Dawson & Son

Chartered Accountants

1 Valley Court

Canal Road

Bradford

West Yorkshire

BD1 4SP

FIXED ASSETS

Tangible assets

4

111,007

82,919

CURRENT ASSETS

Stocks

1,331,924

1,316,159

Debtors

5

721,599

716,748

Cash at bank

904,230

841,682

2,957,753

2,874,589

CREDITORS

Amounts falling due within one year

6

251,768

460,460

NET CURRENT ASSETS

2,705,985

2,414,129

TOTAL ASSETS LESS CURRENT LIABILITIES

2,816,992

2,497,048

CREDITORS

Amounts falling due after more than one year

7

(95,166

)

(48,116

)

PROVISIONS FOR LIABILITIES

(6,494

)

(2,458

)

NET ASSETS

2,715,332

2,446,474

CAPITAL AND RESERVES

Called up share capital

52,500

52,500

Profit and loss account

2,662,832

2,393,974

2,715,332

2,446,474

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 August 2023 and were signed on its behalf by:

Andrew Hopkin - Director

Jonathan Michael Hairyes - Director

1.	STATUTORY INFORMATION

Euro-World 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.

TURNOVER

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

TANGIBLE FIXED ASSETS

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

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% 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.

TAXATION

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

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.

HIRE PURCHASE AND LEASING COMMITMENTS

Tangible fixed assets acquired under finance leases or hire purchase contracts are capitalised and depreciated in the same manner as other tangible fixed assets. The related obligations, net of future charges, are included in creditors.

Rentals payable under operating leases are charged to the profit and loss account on a straight line basis over the period of the leases. The benefits of lease incentives are recognised in the profit and loss account over the lease period on a straight line basis.

INCOME RECOGNITION

Revenue is recognised to the extent that is probable that the economic benefits will flow to the company and 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 June 2022

2,522

69,281

113,923

185,726

Additions

-

-

80,974

80,974

Disposals

-

-

(52,933

)

(52,933

)

At 31 May 2023

2,522

69,281

141,964

213,767

DEPRECIATION

At 1 June 2022

2,475

63,279

37,053

102,807

Charge for year

12

1,502

35,492

37,006

Eliminated on disposal

-

-

(37,053

)

(37,053

)

At 31 May 2023

2,487

64,781

35,492

102,760

NET BOOK VALUE

At 31 May 2023

35

4,500

106,472

111,007

At 31 May 2022

47

6,002

76,870

82,919

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

440,106

544,274

Other debtors

281,493

172,474

721,599

716,748

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Hire purchase contracts (see note 8)

21,117

31,050

Trade creditors

46,702

56,588

Taxation and social security

171,823

187,715

Other creditors

12,126

185,107

251,768

460,460

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Hire purchase contracts (see note 8)

95,166

48,116

8.	LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2023

2022

£

£

Net obligations repayable:

Within one year

21,117

31,050

Between one and five years

95,166

48,116

116,283

79,166

9.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2022

£

£

Hire purchase contracts

116,283

79,166

The obligations under finance leases and hire purchase contracts are secured by a charge on the assets purchased under these agreements.

10.	PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The assets of the pension scheme are held separately from those of the company in an independently administered fund. The pension cost represents contributions payable by the company to the fund and amounted to £87,105 (2022:£101,266).Contributions totalling £83 (2022: £105) were payable to the plan at the year end and are included in creditors.

11.	RELATED PARTY DISCLOSURES

Mr A. Hopkin and Mr J.M Hairyes have control over a majority of shares in the company, and together with their involvement in its day-to-day management, are deemed to be the controlling parties for the purposes of Financial Reporting Standard No. 102.

Mrs C. Hopkin is the wife of Mr A Hopkin, Mrs N Hairyes is the wife of Mr J.M Hairyes, the directors of the company.

Creditors falling due within one year includes the following related party balances. Mrs C. Hopkin £Nil (2022: £42,932) and Mrs N. Hairyes £Nil (2022: £42,932).

Creditors falling due within one year includes the following director's loans. Mr A. Hopkins £Nil (2022: £42,932) and Mr P. Hairyes £Nil (2022: £42,932).