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COMPANY REGISTRATION NUMBER: 01784726
PW Resistance Welding Products Ltd
Filleted Unaudited Financial Statements
31 March 2022
PW Resistance Welding Products Ltd
Statement of Financial Position
31 March 2022
2022
2021
Note
£
£
£
Fixed assets
Intangible assets
5
6,850
8,800
Tangible assets
6
2,931
4,885
-------
--------
9,781
13,685
Current assets
Stocks
413,371
385,462
Debtors
7
199,332
369,003
Cash at bank and in hand
132,523
107,128
---------
---------
745,226
861,593
Creditors: amounts falling due within one year
8
79,092
173,963
---------
---------
Net current assets
666,134
687,630
---------
---------
Total assets less current liabilities
675,915
701,315
---------
---------
Net assets
675,915
701,315
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
675,815
701,215
---------
---------
Shareholders funds
675,915
701,315
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
PW Resistance Welding Products Ltd
Statement of Financial Position (continued)
31 March 2022
These financial statements were approved by the board of directors and authorised for issue on 5 September 2022 , and are signed on behalf of the board by:
Mr T Renehan
Director
Company registration number: 01784726
PW Resistance Welding Products Ltd
Notes to the Financial Statements
Year ended 31 March 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 10 Bicester Park, Charbridge Lane, Bicester, OX26 4SS.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
5% straight line
Software
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold property
-
20% straight line
Plant and machinery
-
20% straight line
Equipment
-
20% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2021: 4 ).
5. Intangible assets
Goodwill
Software
Total
£
£
£
Cost
At 1 April 2021 and 31 March 2022
20,000
5,700
25,700
--------
-------
--------
Amortisation
At 1 April 2021
15,000
1,900
16,900
Charge for the year
1,000
950
1,950
--------
-------
--------
At 31 March 2022
16,000
2,850
18,850
--------
-------
--------
Carrying amount
At 31 March 2022
4,000
2,850
6,850
--------
-------
--------
At 31 March 2021
5,000
3,800
8,800
--------
-------
--------
6. Tangible assets
Land and buildings
Plant and machinery
Equipment
Total
£
£
£
£
Cost
At 1 April 2021 and 31 March 2022
10,709
20,268
37,053
68,030
--------
--------
--------
--------
Depreciation
At 1 April 2021
10,709
20,268
32,168
63,145
Charge for the year
1,954
1,954
--------
--------
--------
--------
At 31 March 2022
10,709
20,268
34,122
65,099
--------
--------
--------
--------
Carrying amount
At 31 March 2022
2,931
2,931
--------
--------
--------
--------
At 31 March 2021
4,885
4,885
--------
--------
--------
--------
7. Debtors
2022
2021
£
£
Trade debtors
194,290
364,945
Other debtors
5,042
4,058
---------
---------
199,332
369,003
---------
---------
8. Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
69,448
131,183
Corporation tax
13,118
Social security and other taxes
8,094
28,162
Other creditors
1,550
1,500
--------
---------
79,092
173,963
--------
---------