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REGISTERED NUMBER: SC147636 (Scotland)















Financial Statements for the Year Ended 30 November 2022

for

Safety Welding and Lifting
(International) Limited

Safety Welding and Lifting
(International) Limited (Registered number: SC147636)






Contents of the Financial Statements
for the Year Ended 30 November 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Safety Welding and Lifting
(International) Limited

Company Information
for the Year Ended 30 November 2022







DIRECTOR: M M McDonald



SECRETARY: LC Secretaries Limited



REGISTERED OFFICE: Rosskeen Old Manse
Invergordon
Ross-shire
IV18 0PR



BUSINESS ADDRESS: Site 4
Inverbreakie Industrial Estate
Invergordon
Ross-shire
IV18 0QR



REGISTERED NUMBER: SC147636 (Scotland)



SENIOR STATUTORY AUDITOR: Jonathan Neil Innes FCCA



AUDITORS: Innes & Partners Limited
Chartered Certified Accountants
and Statutory Auditors
9 Ardross Street
Inverness
IV3 5NN

Safety Welding and Lifting
(International) Limited (Registered number: SC147636)

Balance Sheet
30 November 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 229,380 247,577

CURRENT ASSETS
Stocks 5 357,299 423,293
Debtors 6 726,035 728,423
Cash at bank and in hand 340,623 190,302
1,423,957 1,342,018
CREDITORS
Amounts falling due within one year 7 704,942 688,840
NET CURRENT ASSETS 719,015 653,178
TOTAL ASSETS LESS CURRENT
LIABILITIES

948,395

900,755

PROVISIONS FOR LIABILITIES 9 3,194 6,647
NET ASSETS 945,201 894,108

CAPITAL AND RESERVES
Called up share capital 10 28,572 28,572
Share premium 11 1,428 1,428
Retained earnings 11 915,201 864,108
SHAREHOLDERS' FUNDS 945,201 894,108

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 director and authorised for issue on 23 November 2023 and were signed by:





M M McDonald - Director


Safety Welding and Lifting
(International) Limited (Registered number: SC147636)

Notes to the Financial Statements
for the Year Ended 30 November 2022

1. STATUTORY INFORMATION

Safety Welding and Lifting (International) Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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.

Significant judgements and estimates
In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions that affect the amounts reported for assets, liabilities, income and expenditure.

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.

The estimates and assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in future periods should it affect future periods.

The estimates and assumptions which carry a higher degree of risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:

Useful economic lives of tangible fixed assets
The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. They are amended when necessary to reflect current estimates, future investment, economic utilisation and the physical condition of the assets. Details of the values of tangible fixed assets are included in the notes to the financial statements.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - at varying rates on cost
Plant and machinery etc - varying rates on cost & 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.

Safety Welding and Lifting
(International) Limited (Registered number: SC147636)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2022

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Going concern
These financial statements have been prepared on a going concern basis. The director is required to state whether it is appropriate to adopt the going concern basis of accounting in preparing the financial statements, and to identify any material uncertainties as to the Company's ability to continue as a going concern over a period of at least 12 months from the date of approval of the financial statements. The period of management's going concern assessment is the period to 30 November 2024.

The company's historical trading results have created substantial reserves and the cash and net asset position remain strong. The company held bank balances of £340k and net assets of £945k at 30 November 2022.

The Company has reviewed its forecasts and projections for the going concern assessment period to November 2024. Based on the anticipated demand for services, the directors has a reasonable expectation that the Company has adequate resources to continue in operational existence for the period to 30 November 2024. The Company therefore continues to adopt the going concern basis in preparing its financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2021 - 21 ) .

Safety Welding and Lifting
(International) Limited (Registered number: SC147636)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2022

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 December 2021 410,905 495,460 906,365
Additions - 7,750 7,750
Disposals - (10,295 ) (10,295 )
At 30 November 2022 410,905 492,915 903,820
DEPRECIATION
At 1 December 2021 213,545 445,243 658,788
Charge for year 11,175 14,357 25,532
Eliminated on disposal - (9,880 ) (9,880 )
At 30 November 2022 224,720 449,720 674,440
NET BOOK VALUE
At 30 November 2022 186,185 43,195 229,380
At 30 November 2021 197,360 50,217 247,577

The net book value of tangible fixed assets includes £NIL (2021 - £ 21,785 ) in respect of assets held under hire purchase contracts.

5. STOCKS
2022 2021
£    £   
Stocks 357,299 423,293

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 496,739 504,505
Amounts owed by group undertakings 193,350 182,244
Other debtors 35,946 41,674
726,035 728,423

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Hire purchase contracts (see note 8) - 4,105
Trade creditors 70,946 76,926
Amounts owed to group undertakings 496,705 491,810
Taxation and social security 60,996 73,311
Other creditors 76,295 42,688
704,942 688,840

Safety Welding and Lifting
(International) Limited (Registered number: SC147636)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2022

8. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2022 2021
£    £   
Net obligations repayable:
Within one year - 4,105

9. PROVISIONS FOR LIABILITIES
2022 2021
£    £   
Deferred tax 3,194 6,647

Deferred
tax
£   
Balance at 1 December 2021 6,647
Credit to Income Statement during year (3,453 )
Balance at 30 November 2022 3,194

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £    £   
8,572 Ordinary A 1 8,572 8,572
20,000 Ordinary B 1 20,000 20,000
28,572 28,572

11. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 December 2021 864,108 1,428 865,536
Profit for the year 51,093 51,093
At 30 November 2022 915,201 1,428 916,629

12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Jonathan Neil Innes FCCA (Senior Statutory Auditor)
for and on behalf of Innes & Partners Limited

Safety Welding and Lifting
(International) Limited (Registered number: SC147636)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2022

13. BOND, FLOATING CHARGES AND STANDARD SECURITIES

The following charges are held:
- a bond and floating charge is held by Lloyds TSB Commercial Finance Limited over the assets of the company.
- a standard security is held by The Governor and the Company of the Bank of Scotland over Site 4, Inverbreakie Industrial Estate, Invergordon.
- a bond and floating charge is held by The Governor and the Company of the Bank of Scotland over the assets of the company.

14. CAPITAL COMMITMENTS
2022 2021
£    £   
Contracted but not provided for in the
financial statements 29,750 -

15. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

16. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

17. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Rosskeen Holdings Limited.

Rosskeen Holdings Limited is a private limited company incorporated in Scotland, copies of the financial statements of Rosskeen Holdings Limited may be obtained from the company's registered office at Rosskeen Old Manse, Invergordon, Ross-shire, IV18 0PR.