Euro-World Bearings Limited - Accounts to registrar (filleted) - small 18.2
Euro-World Bearings Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2018 |
| FOR |
| EURO-WORLD BEARINGS LIMITED |
| EURO-WORLD BEARINGS LIMITED (REGISTERED NUMBER: 03484468) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MAY 2018 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| EURO-WORLD BEARINGS LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 MAY 2018 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 1 Valley Court |
| Bradford |
| West Yorkshire |
| BD1 4SP |
| EURO-WORLD BEARINGS LIMITED (REGISTERED NUMBER: 03484468) |
| BALANCE SHEET |
| 31 MAY 2018 |
| 2018 | 2017 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 3 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 4 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 5 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 6 | ( |
) | ( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Profit and loss account |
| 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. |
| EURO-WORLD BEARINGS LIMITED (REGISTERED NUMBER: 03484468) |
| BALANCE SHEET - continued |
| 31 MAY 2018 |
| 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 on |
| EURO-WORLD BEARINGS LIMITED (REGISTERED NUMBER: 03484468) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MAY 2018 |
| 1. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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 |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| 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. |
| Leasing |
| 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. |
| EURO-WORLD BEARINGS LIMITED (REGISTERED NUMBER: 03484468) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MAY 2018 |
| 2. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 3. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Plant and | and | Motor |
| machinery | fittings | vehicles | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 June 2017 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 May 2018 |
| DEPRECIATION |
| At 1 June 2017 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 May 2018 |
| NET BOOK VALUE |
| At 31 May 2018 |
| At 31 May 2017 |
| 4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Hire purchase contracts (see note 7) |
| Trade creditors |
| Amounts owed to related party | 68,000 | 60,000 |
| Taxation and social security |
| Other creditors |
| 6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Hire purchase contracts (see note 7) |
| EURO-WORLD BEARINGS LIMITED (REGISTERED NUMBER: 03484468) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MAY 2018 |
| 7. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Hire purchase contracts |
| 2018 | 2017 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| Non-cancellable operating |
| leases |
| 2018 | 2017 |
| £ | £ |
| Between one and five years |
| 8. | 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 £128,420 (2017: £74,300). |
| 9. | 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 £34,000 (2017: £30,000) |
| and Mrs N. Hairyes £34,000 (2017: £30,000). |
| Creditors falling due within one year includes the following director's loans. Mr A. Hopkins £34,000 (2017: £30,000) and Mr |
| P. Hairyes £34,000 (2017: £34,000). |