Registered number
00868344
R.E.B. WELDING LIMITED
Filleted Accounts
31 March 2023
R.E.B. WELDING LIMITED
Registered number: 00868344
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 1,436 1,864
Current assets
Stocks 39,833 39,247
Debtors 4 148,064 50,620
Cash at bank and in hand 16,472 117,461
204,369 207,328
Creditors: amounts falling due within one year 5 (83,732) (52,265)
Net current assets 120,637 155,063
Net assets 122,073 156,927
Capital and reserves
Called up share capital 100 100
Profit and loss account 121,973 156,827
Shareholders' funds 122,073 156,927
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr R E Beardwell
Director
Approved by the board on 8 September 2023
R.E.B. WELDING LIMITED
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the requirements of the Companies House Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial sttatements are rounded to the nearest £.
Going concern
These financial statements are prepared on the going concern basis. Compared to the previous years, the directors feel more confident with the positive trading results and have an improved expectation that the company will continue as a going concern for the foreseeable future. The directors have given their assurances that they will continue to provide support to the company to allow it to continue in operational existence for the foreseeable future. In view of this the directors have a reasonable expectation that the financial statements should be prepared on a going concern basis.
Turnover
Turnover includes revenue earned for services in relation to welding and fabrication, net of VAT.
Revenue from contracts for the provision of the 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 promotion of total costs. Where the outcome cannot be estimated reliably, revenue is recognized only to the extent of the expenses recognised that it is probable will be recovered.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings non depreciable
Leasehold land and buildings non depreciable
Plant and machinery 20% reducing balance
Fixtures, fittings, tools and equipment 20% reducing balance
Motor vehicles 25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost compromises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made of 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 and loss. Reversals of impairment losses are also recognised in profit or loss.
Taxation
The company has elected to apply the provesions of Section 11 "Basic Financial Instruments" and Section 12 "Other Financial Instruments Issues" of FRS 102 to all of its financial instruments.
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 fianncial statements, when there is a legally enforceable right to set off 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 initialy measured at transaction price including transaction cost and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a dinancing transaction, where the transaction is measured at the present value of th efuture receipts discounted at a market rate of interest. Financial assets clasified a receivable within one year are not amortised.
Imairement of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairement at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that accured after the initial recognition of the financial asset, the estimated future cash flows have been aftected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairement loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occuring after the impairement was recognised, th eimpairement is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had th eimpairement not previously been recognised. the impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained, but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Clasification of financial liabilities
Financial liabilities and equity instruments are clasified according to the substance of the contractual arrangements enetered into. An equity instrument in 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, are intially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay fo goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are calssified as current liabilities if payment is due within one year or less. If not, they are represented as non-current liabilities. trade creditors are recognised initially at transcation price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liablities are derecognised when the ocmpany's contractual obligations expire or are discharged or cancelled.
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.
Employee benefits
The cost of short term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
Leases
Leases are clasified 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 clasified as operating leases.
Assets held unde finance leases are recognised as assets at the lower of assets fair value at the date of inception and 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 the porfit an dloss account so as to produce a constant periodic rate of interest on teh remaining balance of liability.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 8 8
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2022 9,989 160,246 28,045 198,280
At 31 March 2023 9,989 160,246 28,045 198,280
Depreciation
At 1 April 2022 9,989 159,481 26,946 196,416
Charge for the year - 147 281 428
At 31 March 2023 9,989 159,628 27,227 196,844
Net book value
At 31 March 2023 - 618 818 1,436
At 31 March 2022 - 765 1,099 1,864
4 Debtors 2023 2022
£ £
Trade debtors 147,967 48,065
Other debtors 97 2,555
148,064 50,620
5 Creditors: amounts falling due within one year 2023 2022
£ £
Accruals and differed income 3,500 3,500
Trade creditors 51,179 33,453
Taxation and social security costs 22,644 14,734
Other creditors 6,409 578
83,732 52,265
6 Other information
At the reporting period the company owed the directors £777 (2022: £578). The amount is interest free and repayble upon demand.
R.E.B. WELDING LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Globe Works
Rectory Road
Grays
Essex
RM17 6ST
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