OC Welding & Fabrication Ltd 12299732 false 2020-12-01 2021-11-30 2021-11-30 The principal activity of the company is Welding Digita Accounts Production Advanced 6.30.9574.0 true 12299732 2020-12-01 2021-11-30 12299732 2021-11-30 12299732 bus:OrdinaryShareClass1 2021-11-30 12299732 core:HirePurchaseContracts core:CurrentFinancialInstruments 2021-11-30 12299732 core:CurrentFinancialInstruments 2021-11-30 12299732 core:CurrentFinancialInstruments core:WithinOneYear 2021-11-30 12299732 core:MotorVehicles 2021-11-30 12299732 core:OfficeEquipment 2021-11-30 12299732 core:PlantMachinery 2021-11-30 12299732 bus:SmallEntities 2020-12-01 2021-11-30 12299732 bus:AuditExemptWithAccountantsReport 2020-12-01 2021-11-30 12299732 bus:FullAccounts 2020-12-01 2021-11-30 12299732 bus:SmallCompaniesRegimeForAccounts 2020-12-01 2021-11-30 12299732 bus:RegisteredOffice 2020-12-01 2021-11-30 12299732 bus:Director1 2020-12-01 2021-11-30 12299732 bus:OrdinaryShareClass1 2020-12-01 2021-11-30 12299732 bus:PrivateLimitedCompanyLtd 2020-12-01 2021-11-30 12299732 core:MotorVehicles 2020-12-01 2021-11-30 12299732 core:OfficeEquipment 2020-12-01 2021-11-30 12299732 core:PlantMachinery 2020-12-01 2021-11-30 12299732 countries:AllCountries 2020-12-01 2021-11-30 12299732 2020-11-30 12299732 core:MotorVehicles 2020-11-30 12299732 core:OfficeEquipment 2020-11-30 12299732 core:PlantMachinery 2020-11-30 12299732 2019-11-05 2020-11-30 12299732 2020-11-30 12299732 bus:OrdinaryShareClass1 2020-11-30 12299732 core:HirePurchaseContracts core:CurrentFinancialInstruments 2020-11-30 12299732 core:CurrentFinancialInstruments 2020-11-30 12299732 core:CurrentFinancialInstruments core:WithinOneYear 2020-11-30 12299732 core:MotorVehicles 2020-11-30 12299732 core:OfficeEquipment 2020-11-30 12299732 core:PlantMachinery 2020-11-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 12299732

OC Welding & Fabrication Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2021

 

OC Welding & Fabrication Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

OC Welding & Fabrication Ltd

Company Information

Director

Mr Oliver V Clarke

Registered office

Kings Arms Vaults
Watton
Brecon
Powys
LD3 7EF

Accountants

King Morter Proud and Co Ltd
Chartered Accountants
Kings Arms Vaults
Watton
Brecon
Powys
LD3 7EF

 

OC Welding & Fabrication Ltd

(Registration number: 12299732)
Balance Sheet as at 30 November 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

4

37,744

19,040

Current assets

 

Debtors

5

14,758

-

Cash at bank and in hand

 

74,690

17,581

 

89,448

17,581

Creditors: Amounts falling due within one year

6

(65,611)

(13,629)

Net current assets

 

23,837

3,952

Net assets

 

61,581

22,992

Capital and reserves

 

Called up share capital

7

1

1

Profit and loss account

61,580

22,991

Shareholders' funds

 

61,581

22,992

For the financial year ending 30 November 2021 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.

Approved and authorised by the director on 26 August 2022
 

.........................................

Mr Oliver V Clarke
Director

 

OC Welding & Fabrication Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Kings Arms Vaults
Watton
Brecon
Powys
LD3 7EF

These financial statements were authorised for issue by the director on 26 August 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 financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These 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 current 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.

 

OC Welding & Fabrication Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

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

Plant & machinery

10% per annum on cost

Motor vehicles

10% per annum on cost

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.

 

OC Welding & Fabrication Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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 (2020 - 1).

 

OC Welding & Fabrication Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

4

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2020

8,351

-

12,805

21,156

Additions

22,306

1,005

-

23,311

At 30 November 2021

30,657

1,005

12,805

44,467

Depreciation

At 1 December 2020

835

-

1,280

2,115

Charge for the year

3,061

267

1,280

4,608

At 30 November 2021

3,896

267

2,560

6,723

Carrying amount

At 30 November 2021

26,761

738

10,245

37,744

At 30 November 2020

7,516

-

11,524

19,040

5

Debtors

2021
£

2020
£

Trade debtors

12,119

-

Other debtors

2,639

-

14,758

-

6

Creditors

Creditors: amounts falling due within one year

Note

2021
£

2020
£

Due within one year

 

Loans and borrowings

8

3,322

-

Trade creditors

 

5,985

600

Taxation and social security

 

10,215

9,037

Other creditors

 

46,089

3,992

 

65,611

13,629

 

OC Welding & Fabrication Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

7

Share capital

Allotted, called up and fully paid shares

 

2021

2020

 

No.

£

No.

£

Ordinary of £0.01 each

100

1.00

100

1.00

         

8

Loans and borrowings

2021
£

2020
£

Current loans and borrowings

Hire purchase contracts

3,322

-

9

Dividends

   

2021

 

2020

   

£

 

£

Interim dividend of £2,000 (2020 - £12,000)

 

2,000

 

12,000

         

10

Related party transactions

Directors' remuneration

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

2021
£

2020
£

Remuneration

8,816

5,856