Midland Bearings Limited

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midland bearings limited Company Information

Live

MatureMidDeclining

Company Number

02839330

Website

www.midlandbearings.com

Registered Address

building 33 second avenue, pensnett trading estate, kingswinford, west midlands, DY6 7UG

Industry

Wholesale of other intermediate products

Telephone

01384841400

Next Accounts Due

April 2025

Group Structure

View All

Directors

Philip Chesworth31 Years

Claire Chesworth19 Years

Shareholders

philip mark chesworth 88%

trustees of chesworth inv ltd sipp 12%

midland bearings limited Estimated Valuation

£41.4m

Pomanda estimates the enterprise value of MIDLAND BEARINGS LIMITED at £41.4m based on Net Assets of £23.7m and 1.75x industry multiple (adjusted for liquidity).

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Midland Bearings Limited is a live company located in kingswinford, DY6 7UG with a Companies House number of 02839330. It operates in the wholesale of other intermediate products sector, SIC Code 46760. Founded in July 1993, it's largest shareholder is philip mark chesworth with a 88% stake. Midland Bearings Limited is a mature, mid sized company, Pomanda has estimated its turnover at £9.9m with declining growth in recent years.

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Pomanda's financial health check has awarded Midland Bearings Limited a 4.5 rating. We use a traffic light system to show it exceeds the industry average on 4 measures and has 5 areas for improvement. Company Health Check FAQs

Health Rating4.5out of 5

4 Strong

3 Regular

5 Weak

Size

annual sales of £9.9m, make it smaller than the average company (£17.4m)

Growth

3 year (CAGR) sales growth of -9%, show it is growing at a slower rate (6.2%)

EXPORT

Midland Bearings Limited's latest turnover from July 2023 is £9.9 million and the company has net assets of £23.7 million. According to their latest financial statements, Midland Bearings Limited has 30 employees and maintains cash reserves of £804.5 thousand as reported in the balance sheet.

Data source: Companies House, Pomanda Estimates

	Jul 2023	Jul 2022	Jul 2021	Jul 2020	Jul 2019	Jul 2018	Jul 2017	Jul 2016	Jul 2015	Jul 2014	Jul 2013	Jul 2012	Jul 2011	Jul 2010	Jul 2009
Turnover	9,901,542	11,952,798	10,966,131	13,053,823	13,143,465	10,555,256	7,583,483	7,452,885	13,162,422	10,601,704	9,380,513	11,648,870	9,835,897	7,294,649	0
Other Income Or Grants	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Cost Of Sales	5,353,978	6,279,234	4,754,892	9,962,194	10,088,779	8,072,672	5,856,249	5,625,186	9,859,812	7,939,390	7,015,046	8,741,175	7,367,068	5,427,151	0
Gross Profit	4,547,564	5,673,564	6,211,239	3,091,628	3,054,686	2,482,584	1,727,234	1,827,699	3,302,610	2,662,314	2,365,467	2,907,696	2,468,829	1,867,497	0
Admin Expenses	385,398	3,512,184	-5,711,479	1,880,872	1,496,818	1,344,301	596,794	566,860	1,981,338	1,389,938	1,564,454	2,084,578	1,756,782	1,632,447	-2,257,490
Operating Profit	4,162,166	2,161,380	11,922,718	1,210,756	1,557,868	1,138,283	1,130,440	1,260,839	1,321,272	1,272,376	801,013	823,118	712,047	235,050	2,257,490
Interest Payable	149,691	398,442	389,954	0	0	0	0	0	0	0	0	0	0	0	0
Interest Receivable	5,583	16,658	26,470	902	4,365	5,037	3,078	3,702	2,247	2,348	1,597	1,096	1,144	581	21
Pre-Tax Profit	4,018,058	1,779,596	11,559,234	1,211,658	1,562,232	1,143,320	1,133,519	1,264,541	1,323,519	1,274,724	802,610	824,214	713,191	235,631	2,257,511
Tax	-645,830	-1,290,107	-2,402,691	-230,215	-296,824	-217,231	-215,369	-252,908	-264,704	-267,692	-184,600	-197,811	-185,430	-65,977	-632,103
Profit After Tax	3,372,228	489,489	9,156,543	981,443	1,265,408	926,089	918,150	1,011,633	1,058,815	1,007,032	618,010	626,403	527,761	169,654	1,625,408
Dividends Paid	0	0	54,000	0	0	0	0	0	0	0	0	0	0	0	0
Retained Profit	3,372,228	489,489	9,102,543	981,443	1,265,408	926,089	918,150	1,011,633	1,058,815	1,007,032	618,010	626,403	527,761	169,654	1,625,408
Employee Costs	1,260,298	1,178,931	892,884	1,067,300	1,028,827	983,016	942,768	862,788	1,378,549	1,118,258	1,010,559	1,285,348	1,137,842	892,270	0
Number Of Employees	30	29	27	26	26	25	25	23	37	30	29	37	32	27	0
EBITDA*	4,269,587	2,253,589	12,013,500	1,256,957	1,605,863	1,161,610	1,156,013	1,291,060	1,347,389	1,308,385	838,272	860,092	751,043	271,294	2,302,283

* Earnings Before Interest, Tax, Depreciation and Amortisation

	Jul 2023	Jul 2022	Jul 2021	Jul 2020	Jul 2019	Jul 2018	Jul 2017	Jul 2016	Jul 2015	Jul 2014	Jul 2013	Jul 2012	Jul 2011	Jul 2010	Jul 2009
Tangible Assets	517,598	302,065	324,144	234,268	155,319	137,763	114,346	112,821	113,366	119,958	125,546	143,720	140,967	134,574	129,779
Intangible Assets	0	0	0	0	0	0	0	500	4,000	7,500	11,000	12,000	0	0	0
Investments & Other	0	0	0	0	252,511	306,917	327,296	359,476	460,000	970,000	0	0	0	0	0
Debtors (Due After 1 year)	5,674,567	8,255,426	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Fixed Assets	6,192,165	8,557,491	324,144	234,268	407,830	444,680	441,642	472,797	577,366	1,097,458	136,546	155,720	140,967	134,574	129,779
Stock & work in progress	14,277,336	12,429,366	9,456,314	6,941,804	6,810,634	4,813,407	3,074,965	3,395,860	3,507,142	2,734,111	3,157,082	3,580,516	2,058,381	1,692,646	2,185,224
Trade Debtors	1,630,182	2,798,065	2,211,569	1,594,055	1,839,528	1,635,900	1,245,756	1,060,107	2,501,202	1,757,548	1,215,811	1,290,819	1,686,494	1,157,480	829,934
Group Debtors	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Misc Debtors	1,803,002	102,689	9,477,377	1,595,583	1,594,898	1,951,864	1,766,888	1,237,140	0	0	0	0	0	0	0
Cash	804,526	923,691	3,016,263	1,279,534	524,160	639,721	1,375,014	1,087,539	393,352	505,354	434,037	204,960	233,609	223,994	8,373
misc current assets	500,000	72,924	141,898	201,319	0	0	0	0	0	0	0	0	0	0	0
total current assets	19,015,046	16,326,735	24,303,421	11,612,295	10,769,220	9,040,892	7,462,623	6,780,646	6,401,696	4,997,013	4,806,930	5,076,295	3,978,484	3,074,120	3,023,531
total assets	25,207,211	24,884,226	24,627,565	11,846,563	11,177,050	9,485,572	7,904,265	7,253,443	6,979,062	6,094,471	4,943,476	5,232,015	4,119,451	3,208,694	3,153,310
Bank overdraft	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Bank loan	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Trade Creditors	304,062	422,491	443,679	264,505	629,938	389,638	143,483	154,123	1,324,243	1,509,530	1,359,723	2,263,533	1,777,435	1,396,292	1,511,993
Group/Directors Accounts	0	0	0	0	0	0	0	0	11,708	0	0	0	0	0	0
other short term finances	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
hp & lease commitments	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
other current liabilities	1,095,296	4,085,880	4,271,897	808,505	771,514	592,353	187,382	446,718	0	0	0	0	0	0	0
total current liabilities	1,399,358	4,508,371	4,715,576	1,073,010	1,401,452	981,991	330,865	600,841	1,335,951	1,509,530	1,359,723	2,263,533	1,777,435	1,396,292	1,511,993
loans	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
hp & lease commitments	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Accruals and Deferred Income	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
other liabilities	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
provisions	107,687	47,917	73,540	37,647	21,135	14,526	10,434	7,786	9,928	10,573	16,417	19,156	19,093	17,240	15,809
total long term liabilities	107,687	47,917	73,540	37,647	21,135	14,526	10,434	7,786	9,928	10,573	16,417	19,156	19,093	17,240	15,809
total liabilities	1,507,045	4,556,288	4,789,116	1,110,657	1,422,587	996,517	341,299	608,627	1,345,879	1,520,103	1,376,140	2,282,689	1,796,528	1,413,532	1,527,802
net assets	23,700,166	20,327,938	19,838,449	10,735,906	9,754,463	8,489,055	7,562,966	6,644,816	5,633,183	4,574,368	3,567,336	2,949,326	2,322,923	1,795,162	1,625,508
total shareholders funds	23,700,166	20,327,938	19,838,449	10,735,906	9,754,463	8,489,055	7,562,966	6,644,816	5,633,183	4,574,368	3,567,336	2,949,326	2,322,923	1,795,162	1,625,508

	Jul 2023	Jul 2022	Jul 2021	Jul 2020	Jul 2019	Jul 2018	Jul 2017	Jul 2016	Jul 2015	Jul 2014	Jul 2013	Jul 2012	Jul 2011	Jul 2010	Jul 2009
Operating Activities
Operating Profit	4,162,166	2,161,380	11,922,718	1,210,756	1,557,868	1,138,283	1,130,440	1,260,839	1,321,272	1,272,376	801,013	823,118	712,047	235,050	2,257,490
Depreciation	107,421	92,209	90,782	46,201	47,995	23,327	25,073	26,721	22,617	32,509	33,759	33,974	38,996	36,244	44,793
Amortisation	0	0	0	0	0	0	500	3,500	3,500	3,500	3,500	3,000	0	0	0
Tax	-645,830	-1,290,107	-2,402,691	-230,215	-296,824	-217,231	-215,369	-252,908	-264,704	-267,692	-184,600	-197,811	-185,430	-65,977	-632,103
Stock	1,847,970	2,973,052	2,514,510	131,170	1,997,227	1,738,442	-320,895	-111,282	773,031	-422,971	-423,434	1,522,135	365,735	-492,578	2,185,224
Debtors	-2,048,429	-532,766	8,499,308	-244,788	-153,338	575,120	715,397	-203,955	743,654	541,737	-75,008	-395,675	529,014	327,546	829,934
Creditors	-118,429	-21,188	179,174	-365,433	240,300	246,155	-10,640	-1,170,120	-185,287	149,807	-903,810	486,098	381,143	-115,701	1,511,993
Accruals and Deferred Income	-2,990,584	-186,017	3,463,392	36,991	179,161	404,971	-259,336	446,718	0	0	0	0	0	0	0
Deferred Taxes & Provisions	59,770	-25,623	35,893	16,512	6,609	4,092	2,648	-2,142	-645	-5,844	-2,739	63	1,853	1,431	15,809
Cash flow from operations	774,973	-1,709,632	2,275,450	828,430	-108,780	-713,965	278,814	627,845	-619,932	1,065,890	245,565	21,982	53,860	256,079	182,824
Investing Activities
capital expenditure	0	0	0	-125,150	-65,551	-46,744	-26,598	-26,176	-16,025	-26,921	-18,085	-51,727	-45,389	-41,039	-174,572
Change in Investments	0	0	0	-252,511	-54,406	-20,379	-32,180	-100,524	-510,000	970,000	0	0	0	0	0
cash flow from investments	0	0	0	127,361	-11,145	-26,365	5,582	74,348	493,975	-996,921	-18,085	-51,727	-45,389	-41,039	-174,572
Financing Activities
Bank loans	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Group/Directors Accounts	0	0	0	0	0	0	0	-11,708	11,708	0	0	0	0	0	0
Other Short Term Loans	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Long term loans	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Hire Purchase and Lease Commitments	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
other long term liabilities	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
share issue	0	0	0	0	0	0	0	0	0	0	0	0	0	0	100
interest	-144,108	-381,784	-363,484	902	4,365	5,037	3,078	3,702	2,247	2,348	1,597	1,096	1,144	581	21
cash flow from financing	-144,108	-381,784	-363,484	902	4,365	5,037	3,078	-8,006	13,955	2,348	1,597	1,096	1,144	581	121
cash and cash equivalents
cash	-119,165	-2,092,572	1,736,729	755,374	-115,561	-735,293	287,475	694,187	-112,002	71,317	229,077	-28,649	9,615	215,621	8,373
overdraft	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
change in cash	-119,165	-2,092,572	1,736,729	755,374	-115,561	-735,293	287,475	694,187	-112,002	71,317	229,077	-28,649	9,615	215,621	8,373

Very Low Risk70 - 100

Low Risk50 - 70

Moderate Risk30 - 50

High Risk20 - 30

Very High Risk0 - 20

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Perform a competitor analysis for midland bearings limited by selecting its closest rivals, whether from the WHOLESALE AND RETAIL TRADE; REPAIR OF MOTOR VEHICLES AND MOTORCYCLES sector, other mid companies, companies in DY6 area or any other competitors across 12 key performance metrics.

MIDLAND BEARINGS LIMITED group structure

Midland Bearings Limited has no subsidiary companies.

Ultimate parent company

MIDLAND BEARINGS LIMITED

02839330

MIDLAND BEARINGS LIMITED Shareholders

philip mark chesworth	88%
trustees of chesworth inv ltd sipp	12%

Midland Bearings Limited currently has 2 directors. The longest serving directors include Mr Philip Chesworth (Jul 1993) and Mrs Claire Chesworth (Jul 2005).

officer	country	age	start	end	role
Mr Philip Chesworth	United Kingdom	63 years	Jul 1993	-	Director
Mrs Claire Chesworth		63 years	Jul 2005	-	Director

P&L

July 2023

turnover

9.9m

-17%

operating profit

4.2m

+93%

gross margin

46%

-3.24%

turnover

Turnover, or revenue, is the amount of sales generated by a company within the financial year.

Balance Sheet

July 2023

net assets

23.7m

+0.17%

total assets

25.2m

+0.01%

cash

804.5k

-0.13%

net assets

Total assets minus all liabilities

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company number

02839330

Type

Private limited with Share Capital

industry

46760 - Wholesale of other intermediate products

incorporation date

July 1993

accounts

Full Accounts

ultimate parent company

None

previous names

midlands bearings limited (July 2000)

genbearco (uk) limited (July 2000)

last accounts submitted

July 2023

address

building 33 second avenue, pensnett trading estate, kingswinford, west midlands, DY6 7UG

A charge, or mortgage, refers to the rights a company gives to a lender in return for a loan, often in the form of security given over business assets.

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midland bearings limited Company Information

midland bearings limited Estimated Valuation

midland bearings limited Estimated Valuation

midland bearings limited Estimated Valuation

Midland Bearings Limited Overview

Midland Bearings Limited Health Check

MIDLAND BEARINGS LIMITED financials

midland bearings limited Credit Report and Business Information

Midland Bearings Limited Competitor Analysis

midland bearings limited Ownership

midland bearings limited directors

midland bearings limited company details

midland bearings limited Charges & Mortgages

midland bearings limited Companies House Filings - See Documents