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REGISTERED NUMBER: 01708987 (England and Wales)
























UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023

FOR

TADWELD LIMITED

TADWELD LIMITED (REGISTERED NUMBER: 01708987)

CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 31 May 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


TADWELD LIMITED

COMPANY INFORMATION
For The Year Ended 31 May 2023







DIRECTORS: Mr C A Joy
Mr R S Byfield
Mr J K Wheelock
Mr C J Houston
Mr J M Denton
Mrs M L Keeves-Byfield





REGISTERED OFFICE: Station Industrial Estate
Tadcaster
North Yorkshire
LS24 9SG





REGISTERED NUMBER: 01708987 (England and Wales)





ACCOUNTANTS: Fortus North Limited
Equinox House
Clifton Park, Shipton Road
York
Yorkshire
YO30 5PA

TADWELD LIMITED (REGISTERED NUMBER: 01708987)

BALANCE SHEET
31 May 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 209,749 134,375

CURRENT ASSETS
Stocks 205,230 54,399
Debtors 5 582,588 858,080
Cash at bank and in hand 54,375 159,483
842,193 1,071,962
CREDITORS
Amounts falling due within one year 6 515,833 566,672
NET CURRENT ASSETS 326,360 505,290
TOTAL ASSETS LESS CURRENT LIABILITIES 536,109 639,665

CREDITORS
Amounts falling due after more than
one year

7

(74,426

)

(41,127

)

PROVISIONS FOR LIABILITIES (52,437 ) (25,531 )
NET ASSETS 409,246 573,007

CAPITAL AND RESERVES
Called up share capital 50,000 50,000
Retained earnings 359,246 523,007
409,246 573,007

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

TADWELD LIMITED (REGISTERED NUMBER: 01708987)

BALANCE SHEET - continued
31 May 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 10 October 2023 and were signed on its behalf by:




Mr R S Byfield - Director



Mr C J Houston - Director


TADWELD LIMITED (REGISTERED NUMBER: 01708987)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 May 2023


1. STATUTORY INFORMATION

Tadweld Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

Turnover
Turnover represents amounts receivable for fabrication engineering net of VAT and other trade discounts and is recognised on completion of the job.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 50% on reducing balance, 25% on reducing balance and 15% on reducing balance
Fixtures and fittings - 33% on reducing balance, 25% on reducing balance and 15% on reducing balance
Motor vehicles - 25% on reducing balance and 15% on reducing balance

Stock and work in progress
Stock and work in progress are stated at the lower of cost and estimated selling price less costs to
complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stock and work in progress to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

TADWELD LIMITED (REGISTERED NUMBER: 01708987)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 May 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

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.


TADWELD LIMITED (REGISTERED NUMBER: 01708987)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 May 2023


2. ACCOUNTING POLICIES - continued
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.

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

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

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.

TADWELD LIMITED (REGISTERED NUMBER: 01708987)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 May 2023


2. ACCOUNTING POLICIES - continued

Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in the profit or loss account, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment losshave ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in the profit or loss account, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 31 (2022 - 21 ) .

TADWELD LIMITED (REGISTERED NUMBER: 01708987)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 May 2023


4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 June 2022 297,045 63,896 156,734 517,675
Additions 24,166 25,192 69,984 119,342
Disposals - (4,538 ) (26,511 ) (31,049 )
At 31 May 2023 321,211 84,550 200,207 605,968
DEPRECIATION
At 1 June 2022 233,042 46,578 103,680 383,300
Charge for year 12,839 7,182 22,943 42,964
Eliminated on disposal - (4,021 ) (26,024 ) (30,045 )
At 31 May 2023 245,881 49,739 100,599 396,219
NET BOOK VALUE
At 31 May 2023 75,330 34,811 99,608 209,749
At 31 May 2022 64,003 17,318 53,054 134,375

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 494,140 755,361
Other debtors 88,448 102,719
582,588 858,080

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,648 -
Hire purchase contracts (see note 8) 15,826 10,746
Trade creditors 129,618 268,773
Taxation and social security 219,138 252,369
Other creditors 140,603 34,784
515,833 566,672

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 20,099 40,494
Hire purchase contracts (see note 8) 54,327 633
74,426 41,127

TADWELD LIMITED (REGISTERED NUMBER: 01708987)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 May 2023


8. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 15,826 10,746
Between one and five years 54,327 633
70,153 11,379

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023 2022
£    £   
Rents due 98,000 92,500

9. RELATED PARTY DISCLOSURES

During the year, the company paid loan interest to shareholders of the Parent company, as set out below:

Mr R Byfield £1,500
Mrs A McMullen £2,895
JKW Investments £750