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REGISTERED NUMBER: 01958174 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2023

FOR

NEWBURY WELDING SUPPLIES LIMITED

NEWBURY WELDING SUPPLIES LIMITED (REGISTERED NUMBER: 01958174)






CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 28 February 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


NEWBURY WELDING SUPPLIES LIMITED

COMPANY INFORMATION
For The Year Ended 28 February 2023







DIRECTORS: K J Sullivan
M A Winkworth





SECRETARY: Mrs D Sullivan





REGISTERED OFFICE: 1 Carnegie Road
Newbury
Berkshire
RG14 5DJ





REGISTERED NUMBER: 01958174 (England and Wales)





ACCOUNTANTS: Banks & Co Limited
Chartered Certified Accountants
1 Carnegie Road
Newbury
Berkshire
RG14 5DJ

NEWBURY WELDING SUPPLIES LIMITED (REGISTERED NUMBER: 01958174)

BALANCE SHEET
28 February 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 63,596 91,034

CURRENT ASSETS
Stocks 185,404 168,533
Debtors 5 402,878 338,785
Cash at bank and in hand 43,829 92,265
632,111 599,583
CREDITORS
Amounts falling due within one year 6 426,715 427,351
NET CURRENT ASSETS 205,396 172,232
TOTAL ASSETS LESS CURRENT
LIABILITIES

268,992

263,266

CREDITORS
Amounts falling due after more than
one year

7

734

9,281
NET ASSETS 268,258 253,985

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 268,158 253,885
SHAREHOLDERS' FUNDS 268,258 253,985

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.

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 1 November 2023 and were signed on its behalf by:




K J Sullivan - Director


NEWBURY WELDING SUPPLIES LIMITED (REGISTERED NUMBER: 01958174)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 28 February 2023

1. STATUTORY INFORMATION

Newbury Welding Supplies Limited is a private company, limited by shares, registered in England & Wales. The company's registered number is 01958174 and its registered office address is 1 Carnegie Road, Newbury, Berkshire, RG14 5DJ.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Overall risk to operations
In common with many other companies, the outbreak of COVID-19 in the UK and the measures being taken to control its spread, have had an impact on our business. The impact is not considered to have been significant and the company has still managed to remain profitable.

Following the year end, there have been no substantial developments that would affect the company's ability to trade profitably. The Company has therefore determined that there are no post balance sheet events and accordingly, the financial position as at, and results of the operations for, the year ended 28 February 2023 have not been adjusted to reflect their impact.

Turnover
Turnover represents net invoiced sales of goods and services excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - 10% on cost
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

NEWBURY WELDING SUPPLIES LIMITED (REGISTERED NUMBER: 01958174)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 28 February 2023

2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 9 (2022 - 9 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and Motor
leasehold machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 March 2022 1,650 17,629 60,105 154,845 234,229
Additions - - 725 - 725
Disposals - - (2,831 ) (32,100 ) (34,931 )
At 28 February 2023 1,650 17,629 57,999 122,745 200,023
DEPRECIATION
At 1 March 2022 495 13,618 53,183 75,899 143,195
Charge for year 165 802 1,396 17,881 20,244
Eliminated on disposal - - (2,332 ) (24,680 ) (27,012 )
At 28 February 2023 660 14,420 52,247 69,100 136,427
NET BOOK VALUE
At 28 February 2023 990 3,209 5,752 53,645 63,596
At 28 February 2022 1,155 4,011 6,922 78,946 91,034

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 277,829 234,043
Other debtors 125,049 104,742
402,878 338,785

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 8) 10,162 20,334
Trade creditors 260,746 246,967
Taxation and social security 34,556 45,615
Other creditors 121,251 114,435
426,715 427,351

NEWBURY WELDING SUPPLIES LIMITED (REGISTERED NUMBER: 01958174)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 28 February 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts (see note 8) 734 9,281

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Gross obligations repayable:
Within one year 11,785 21,476
Between one and five years 909 10,904
12,694 32,380

Finance charges repayable:
Within one year 1,623 1,142
Between one and five years 175 1,623
1,798 2,765

Net obligations repayable:
Within one year 10,162 20,334
Between one and five years 734 9,281
10,896 29,615

Non-cancellable operating leases
2023 2022
£    £   
Within one year 31,638 30,525
Between one and five years 9,656 38,156
41,294 68,681

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 10,896 29,615

The bank accounts are secured by a fixed and floating charge over the undertaking and all property and assets present and future including goodwill, uncalled capital, buildings, fixtures, plant and machinery, dated 7 April 2009.

NEWBURY WELDING SUPPLIES LIMITED (REGISTERED NUMBER: 01958174)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 28 February 2023

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

11. PENSION COMMITMENTS

The company runs a defined contributions pension scheme, the contributions to which are held in a separately administered fund. During the year the company made contributions of £4,621 (2022 - £4,504) to the fund and no amounts were outstanding at the year end.