Caseware UK (AP4) 2022.0.179 2022.0.179 2023-02-282023-02-28false2022-03-01No description of principal activity34truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. SC620563 2022-03-01 2023-02-28 SC620563 2021-03-01 2022-02-28 SC620563 2023-02-28 SC620563 2022-02-28 SC620563 c:Director1 2022-03-01 2023-02-28 SC620563 c:RegisteredOffice 2022-03-01 2023-02-28 SC620563 d:PlantMachinery 2022-03-01 2023-02-28 SC620563 d:PlantMachinery 2023-02-28 SC620563 d:PlantMachinery 2022-02-28 SC620563 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 SC620563 d:MotorVehicles 2022-03-01 2023-02-28 SC620563 d:MotorVehicles 2023-02-28 SC620563 d:MotorVehicles 2022-02-28 SC620563 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 SC620563 d:OfficeEquipment 2022-03-01 2023-02-28 SC620563 d:OfficeEquipment 2023-02-28 SC620563 d:OfficeEquipment 2022-02-28 SC620563 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 SC620563 d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 SC620563 d:CurrentFinancialInstruments 2023-02-28 SC620563 d:CurrentFinancialInstruments 2022-02-28 SC620563 d:Non-currentFinancialInstruments 2023-02-28 SC620563 d:Non-currentFinancialInstruments 2022-02-28 SC620563 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 SC620563 d:CurrentFinancialInstruments d:WithinOneYear 2022-02-28 SC620563 d:Non-currentFinancialInstruments d:AfterOneYear 2023-02-28 SC620563 d:Non-currentFinancialInstruments d:AfterOneYear 2022-02-28 SC620563 d:ShareCapital 2023-02-28 SC620563 d:ShareCapital 2022-02-28 SC620563 d:RetainedEarningsAccumulatedLosses 2023-02-28 SC620563 d:RetainedEarningsAccumulatedLosses 2022-02-28 SC620563 c:FRS102 2022-03-01 2023-02-28 SC620563 c:AuditExempt-NoAccountantsReport 2022-03-01 2023-02-28 SC620563 c:FullAccounts 2022-03-01 2023-02-28 SC620563 c:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 SC620563 4 2022-03-01 2023-02-28 iso4217:GBP xbrli:pure
Registered number: SC620563










G & S WELDING & FABRICATING MONTROSE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

 
G & S WELDING & FABRICATING MONTROSE LIMITED
 

COMPANY INFORMATION


DIRECTOR
Gordon Ogilvie 




REGISTERED NUMBER
SC620563



REGISTERED OFFICE
Unit 9 Broomfield Road, Broomfield Industrial Estate

Montrose

DD10 8SY




ACCOUNTANTS
EQ Accountants LLP
Chartered Accountants

Westby

64 West High Street

Forfar

Angus

DD8 1BJ





 
G & S WELDING & FABRICATING MONTROSE LIMITED
REGISTERED NUMBER: SC620563

STATEMENT OF FINANCIAL POSITION
AS AT 28 FEBRUARY 2023

2023
2022
£
£

FIXED ASSETS
  

Tangible fixed assets
  
22,232
29,592

  
22,232
29,592

CURRENT ASSETS
  

Stocks
  
297
1,994

Debtors: amounts falling due within one year
 5 
34,522
138,473

Cash at bank and in hand
  
13,177
8,993

  
47,996
149,460

Creditors: amounts falling due within one year
 6 
(69,321)
(65,889)

NET CURRENT (LIABILITIES)/ASSETS
  
 
 
(21,325)
 
 
83,571

TOTAL ASSETS LESS CURRENT LIABILITIES
  
907
113,163

Creditors: amounts falling due after more than one year
 7 
-
(588)

PROVISIONS FOR LIABILITIES
  

Deferred tax
  
(1,976)
(2,873)

  
 
 
(1,976)
 
 
(2,873)

NET (LIABILITIES)/ASSETS
  
(1,069)
109,702


CAPITAL AND RESERVES
  

Called up share capital 
  
1
1

Profit and loss account
  
(1,070)
109,701

  
(1,069)
109,702


Page 1

 
G & S WELDING & FABRICATING MONTROSE LIMITED
REGISTERED NUMBER: SC620563

STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 28 FEBRUARY 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 9 November 2023.




Gordon Ogilvie
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
G & S WELDING & FABRICATING MONTROSE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1.


GENERAL INFORMATION

G & S Welding & Fabricating Montrose Limited is a private company, limited by shares, incorporated in Scotland, Registration number SC620563. The registered office and principal place of business address is Unit 9 Broomfield Road, Broomfield Industrial Estate, Montrose, Angus, DD10 8SY

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

GOING CONCERN

The accounts have been prepared using the going concern basis.  The company has net liabilities and is dependent on the continuing support of the director.  The director has confirmed that this support will continue for the foreseeable future.

 
2.3

TURNOVER

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

GOVERNMENT GRANTS

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.



Page 3

 
G & S WELDING & FABRICATING MONTROSE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.5

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

EXCEPTIONAL ITEMS

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.7

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
Motor vehicles
-
13%
Office equipment
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 4

 
G & S WELDING & FABRICATING MONTROSE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.9

PROVISIONS FOR LIABILITIES

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial position.

 
2.10

FINANCIAL INSTRUMENTS

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of financial position 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.

 
2.11

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 3 (2022 - 4).

Page 5

 
G & S WELDING & FABRICATING MONTROSE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

4.


TANGIBLE FIXED ASSETS





Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£



COST OR VALUATION


At 1 March 2022
23,110
21,525
1,886
46,521


Disposals
-
(3,015)
-
(3,015)



At 28 February 2023

23,110
18,510
1,886
43,506



DEPRECIATION


At 1 March 2022
10,823
5,046
1,060
16,929


Charge for the year on owned assets
3,073
1,772
207
5,052


Disposals
-
(707)
-
(707)



At 28 February 2023

13,896
6,111
1,267
21,274



NET BOOK VALUE



At 28 February 2023
9,214
12,399
619
22,232



At 28 February 2022
12,287
16,479
826
29,592


5.


DEBTORS

2023
2022
£
£


Trade debtors
34,153
50,818

Other debtors
-
87,410

Prepayments and accrued income
369
245

34,522
138,473


Page 6

 
G & S WELDING & FABRICATING MONTROSE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

6.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023
2022
£
£

Trade creditors
408
6,920

Other taxation and social security
17,017
32,322

Obligations under finance lease and hire purchase contracts
588
3,152

Other creditors
36,716
9,628

Accruals and deferred income
14,592
13,867

69,321
65,889



7.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
-
588

-
588



8.


RELATED PARTY TRANSACTIONS

During the year the loan to Gordon Ogilvie Transport Limited was written off. Both related parties are controlled by the same majority shareholder.


Page 7