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REGISTERED NUMBER: 02549741 (England and Wales)













Unaudited Financial Statements

for the Year Ended 28 February 2023

for

Wold Engineering Limited

Wold Engineering Limited (Registered number: 02549741)






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


Wold Engineering Limited

Company Information
for the Year Ended 28 February 2023







DIRECTORS: A Dame
Mrs L Dame
T A Dame
L A Dame





SECRETARY: Mrs L Dame





REGISTERED OFFICE: Swinhope
Market Rasen
Lincolnshire
LN8 6HT





REGISTERED NUMBER: 02549741 (England and Wales)

Wold Engineering Limited (Registered number: 02549741)

Balance Sheet
28 February 2023

28.2.23 28.2.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 520 520
Tangible assets 5 65,980 49,930
66,500 50,450

CURRENT ASSETS
Debtors 6 168,370 92,685
Cash at bank and in hand 137,798 165,696
306,168 258,381
CREDITORS
Amounts falling due within one year 7 219,652 198,265
NET CURRENT ASSETS 86,516 60,116
TOTAL ASSETS LESS CURRENT
LIABILITIES

153,016

110,566

CREDITORS
Amounts falling due after more than one
year

8

(14,843

)

-

PROVISIONS FOR LIABILITIES (3,675 ) (4,282 )
NET ASSETS 134,498 106,284

CAPITAL AND RESERVES
Called up share capital 1,004 1,000
Retained earnings 133,494 105,284
SHAREHOLDERS' FUNDS 134,498 106,284

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 20 November 2023 and were signed on its behalf by:




A Dame - Director


Wold Engineering Limited (Registered number: 02549741)

Notes to the Financial Statements
for the Year Ended 28 February 2023

1. STATUTORY INFORMATION

Wold Engineering Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Patents
Patents are valued at cost less accumulated amortisation.

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.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

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.

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.

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

Wold Engineering Limited (Registered number: 02549741)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

2. ACCOUNTING POLICIES - continued

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. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 March 2022
and 28 February 2023 520
NET BOOK VALUE
At 28 February 2023 520
At 28 February 2022 520

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 March 2022 88,781 14,549 74,278 177,608
Additions - 3,486 38,476 41,962
Disposals - - (31,351 ) (31,351 )
At 28 February 2023 88,781 18,035 81,403 188,219
DEPRECIATION
At 1 March 2022 66,016 10,947 50,715 127,678
Charge for year 3,414 976 10,500 14,890
Eliminated on disposal - - (20,329 ) (20,329 )
At 28 February 2023 69,430 11,923 40,886 122,239
NET BOOK VALUE
At 28 February 2023 19,351 6,112 40,517 65,980
At 28 February 2022 22,765 3,602 23,563 49,930

Wold Engineering Limited (Registered number: 02549741)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 March 2022 62,728
Additions 38,476
Disposals (31,351 )
At 28 February 2023 69,853
DEPRECIATION
At 1 March 2022 42,023
Charge for year 10,036
Eliminated on disposal (20,329 )
At 28 February 2023 31,730
NET BOOK VALUE
At 28 February 2023 38,123
At 28 February 2022 20,705

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Trade debtors 155,370 92,685
Other debtors 13,000 -
168,370 92,685

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Hire purchase contracts 4,679 4,358
Trade creditors 75,274 111,134
Taxation and social security 54,466 15,211
Other creditors 85,233 67,562
219,652 198,265

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
28.2.23 28.2.22
£    £   
Hire purchase contracts 14,843 -

9. ULTIMATE CONTROLLING PARTY

The directors own 100% of the company's share capital between them