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Registration number: SC476435

NDT Welding Inspection (Fife) Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 30 April 2022

 

NDT Welding Inspection (Fife) Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 8

 

NDT Welding Inspection (Fife) Limited

Company Information

Director

Mr David Robert Todd

Company secretary

Mr David Robert Todd

Registered office

1 Templehall Avenue
Kirkcaldy
Fife
KY2 6DA

Accountants

Mr Diarmaid O Dushlaine
Association of Chartered Certified Accountants
Tullohill Accountancy Limited
Tullohill Cottage
Saline
Fife
KY12 9TT

 

NDT Welding Inspection (Fife) Limited

(Registration number: SC476435)
Abridged Balance Sheet as at 30 April 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

-

989

Current assets

 

Debtors

-

2,395

Cash at bank and in hand

 

2,312

35,834

 

2,312

38,229

Creditors: Amounts falling due within one year

-

(7,474)

Net current assets

 

2,312

30,755

Total assets less current liabilities

 

2,312

31,744

Creditors: Amounts falling due after more than one year

(605)

-

Accruals and deferred income

 

(1,353)

-

Net assets

 

354

31,744

Capital and reserves

 

Called up share capital

5

100

100

Retained earnings

254

31,644

Shareholders' funds

 

354

31,744

For the financial year ending 30 April 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

 

NDT Welding Inspection (Fife) Limited

(Registration number: SC476435)
Abridged Balance Sheet as at 30 April 2022

Approved and authorised by the director on 20 June 2022
 

.........................................
Mr David Robert Todd
Company secretary and director

 

NDT Welding Inspection (Fife) Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2022

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
1 Templehall Avenue
Kirkcaldy
Fife
KY2 6DA
Scotland

These financial statements were authorised for issue by the director on 20 June 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

NDT Welding Inspection (Fife) Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2022

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer equipment

15% Reducing Balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

NDT Welding Inspection (Fife) Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2022

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2021 - 1).

 

NDT Welding Inspection (Fife) Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2022

4

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 May 2021

1,163

1,163

Disposals

(814)

(814)

At 30 April 2022

349

349

Depreciation

At 1 May 2021

174

174

Charge for the year

175

175

At 30 April 2022

349

349

Carrying amount

At 30 April 2022

-

-

At 30 April 2021

989

989

5

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

         

6

Dividends

Interim dividends paid

   

2022
£

 

2021
£

Interim dividend of £290.00 (2021 - £Nil) per each Ordinary Shares

 

29,000

 

-

         

7

Related party transactions

 

NDT Welding Inspection (Fife) Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2022

Director's remuneration

The director's remuneration for the year was as follows:

2022
£

2021
£

Remuneration

-

8,788