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REGISTERED NUMBER: SC393467 (Scotland)










Unaudited Financial Statements

for the Year Ended

28 February 2023

for

WELL MACHINED LTD

WELL MACHINED LTD (REGISTERED NUMBER: SC393467)






Contents of the Financial Statements
for the Year Ended 28 February 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


WELL MACHINED LTD

Company Information
for the Year Ended 28 February 2023







DIRECTORS: P Kennedy
G Burnett





REGISTERED OFFICE: 378 Brandon Street
Motherwell
ML1 1XA





REGISTERED NUMBER: SC393467 (Scotland)





ACCOUNTANTS: WDM Associates
Oakfield House
378 Brandon Street
Motherwell
ML1 1XA

WELL MACHINED LTD (REGISTERED NUMBER: SC393467)

Balance Sheet
28 February 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 540,501 606,944

CURRENT ASSETS
Stocks 5 681,363 417,898
Debtors 6 2,539,904 1,840,214
Cash at bank and in hand 818,563 1,180,926
4,039,830 3,439,038
CREDITORS
Amounts falling due within one year 7 (1,774,970 ) (1,368,475 )
NET CURRENT ASSETS 2,264,860 2,070,563
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,805,361

2,677,507

CREDITORS
Amounts falling due after more than one
year

8

(49,148

)

(105,868

)

PROVISIONS FOR LIABILITIES (102,418 ) (114,981 )
NET ASSETS 2,653,795 2,456,658

CAPITAL AND RESERVES
Called up share capital 300 300
Retained earnings 2,653,495 2,456,358
SHAREHOLDERS' FUNDS 2,653,795 2,456,658

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 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.

WELL MACHINED LTD (REGISTERED NUMBER: SC393467)

Balance Sheet - continued
28 February 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 20 October 2023 and were signed on its behalf by:





G Burnett - Director


WELL MACHINED LTD (REGISTERED NUMBER: SC393467)

Notes to the Financial Statements
for the Year Ended 28 February 2023

1. STATUTORY INFORMATION

Well Machined Limited is a private company, limited by shares, registered in Scotland. The company's registered office and number 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.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on reducing balance and 10% on reducing balance
Fixtures and fittings - 20% on cost
Motor vehicles - 33% on reducing balance
Computer equipment - 33% on cost

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Basic financial instruments
Basic financial instruments, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.

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.


WELL MACHINED LTD (REGISTERED NUMBER: SC393467)

Notes to the Financial Statements - continued
for the Year Ended 28 February 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.

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 35 (2022 - 33 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 March 2022 1,012,510 20,940 6,500 21,090 1,061,040
Additions - - - 1,648 1,648
At 28 February 2023 1,012,510 20,940 6,500 22,738 1,062,688
DEPRECIATION
At 1 March 2022 424,158 8,583 6,094 15,261 454,096
Charge for year 58,834 4,112 406 4,739 68,091
At 28 February 2023 482,992 12,695 6,500 20,000 522,187
NET BOOK VALUE
At 28 February 2023 529,518 8,245 - 2,738 540,501
At 28 February 2022 588,352 12,357 406 5,829 606,944

5. STOCKS
2023 2022
£    £   
Work-in-progress 681,363 417,898

WELL MACHINED LTD (REGISTERED NUMBER: SC393467)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,515,620 818,561
Amounts owed by group undertakings 990,566 990,566
Other debtors 3,492 2,612
Prepayments 30,226 28,475
2,539,904 1,840,214

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 56,727 80,097
Trade creditors 1,306,842 981,403
Tax 248,463 178,630
Social security and other taxes 32,059 24,694
VAT 50,587 39,040
Accrued expenses 80,292 64,611
1,774,970 1,368,475

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 49,148 105,868