REGISTERED NUMBER: |
Financial Statements for the Year Ended 30 November 2022 |
for |
Safety Welding and Lifting |
(International) Limited |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
BUSINESS ADDRESS: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
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 |
CURRENT ASSETS |
Stocks | 5 |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 9 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Share premium | 11 |
Retained earnings | 11 |
SHAREHOLDERS' FUNDS |
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 |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Land and buildings | - |
Plant and machinery etc | - |
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 |
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 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 November 2022 |
DEPRECIATION |
At 1 December 2021 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 November 2022 |
NET BOOK VALUE |
At 30 November 2022 |
At 30 November 2021 |
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 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Hire purchase contracts (see note 8) |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
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 |
9. | PROVISIONS FOR LIABILITIES |
2022 | 2021 |
£ | £ |
Deferred tax | 3,194 | 6,647 |
Deferred |
tax |
£ |
Balance at 1 December 2021 |
Credit to Income Statement during year | ( |
) |
Balance at 30 November 2022 |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
Ordinary A | 1 | 8,572 | 8,572 |
Ordinary B | 1 | 20,000 | 20,000 |
28,572 | 28,572 |
11. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 December 2021 | 865,536 |
Profit for the year |
At 30 November 2022 | 916,629 |
12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
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 |
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 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. |