REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 December 2022 |
for |
Code A Weld Ndt Ltd |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 December 2022 |
for |
Code A Weld Ndt Ltd |
Code A Weld Ndt Ltd (Registered number: 09566727) |
Contents of the Financial Statements |
for the Year Ended 31 December 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Code A Weld Ndt Ltd |
Company Information |
for the Year Ended 31 December 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditors |
3 - 5 College Street |
Nottingham |
Nottinghamshire |
NG1 5AQ |
Code A Weld Ndt Ltd (Registered number: 09566727) |
Balance Sheet |
31 December 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Code A Weld Ndt Ltd (Registered number: 09566727) |
Notes to the Financial Statements |
for the Year Ended 31 December 2022 |
1. | STATUTORY INFORMATION |
Code A Weld Ndt Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. The financial statements have been prepared using a basis other than going concern. |
The company's functional and presentation currency is pounds sterling. |
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 | - |
Motor vehicles | - |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Code A Weld Ndt Ltd (Registered number: 09566727) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
4. | TANGIBLE FIXED ASSETS |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1 January 2022 |
Additions |
At 31 December 2022 |
DEPRECIATION |
At 1 January 2022 |
Charge for year |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
7. | SECURED DEBTS |
As at 31 December 2022, the total liabilities of other group members secured by a fixed and floating charge over the assets of the company was £509,807,481 (2021 - £132,146,193). |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
Ordinary | 1 | 100 | 100 |
Code A Weld Ndt Ltd (Registered number: 09566727) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
We draw attention to Note 11 to the financial statements which explains that the directors intend to liquidate the company and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in Note 3. Our opinion is not modified in respect of this matter. |
for and on behalf of |
10. | ULTIMATE CONTROLLING PARTY |
The company's immediate parent company is Code A Weld Holdings Limited a company incorporated in the England and Wales. Copies of the parent company's financial statements can be obtained from Companies House. |
The ultimate parent undertaking and controlling party is TIC Holdco Limited, a company registered in England and Wales. |
The consolidated accounts of TIC Holdco Limited, in which the company is included, are available to the public and may be obtained from Companies House. |
The directors are of the opinion that there is no single ultimate controlling party of TIC Holdco Limited. |
11. | SUBSEQUENT EVENTS |
It is the intention of the Directors that the trade and assets will be merged in another group company within 12 months of the date of signing. The company will then cease to trade and as such the accounts have been prepared on a basis other than going concern. |