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Registration number: 10277995

PF Welding Services Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

 

PF Welding Services Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 4

 

PF Welding Services Limited

(Registration number: 10277995)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,585

1,349

Current assets

 

Debtors

5

-

2,990

Cash at bank and in hand

 

38,082

39,169

 

38,082

42,159

Creditors: Amounts falling due within one year

6

(17,570)

(18,610)

Net current assets

 

20,512

23,549

Net assets

 

22,097

24,898

Capital and reserves

 

Called up share capital

1

1

Retained earnings

22,096

24,897

Shareholders' funds

 

22,097

24,898

For the financial year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 27 November 2023
 

.........................................
Mr P K Firmuga
Director

 

PF Welding Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
2 Old Bath Road
Newbury
Berkshire
RG14 1QL
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of welding services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Tax

The tax expense for the period comprises current tax payable.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & machinery

15% Reducing balance

Office equipment

33% Reducing balance

 

PF Welding Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for welding services performed in the ordinary course of business.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

4

Tangible assets

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 August 2022

2,019

2,080

4,099

Additions

-

729

729

At 31 July 2023

2,019

2,809

4,828

Depreciation

At 1 August 2022

1,102

1,648

2,750

Charge for the year

130

363

493

At 31 July 2023

1,232

2,011

3,243

Carrying amount

At 31 July 2023

787

798

1,585

At 31 July 2022

917

432

1,349

 

PF Welding Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

5

Debtors

Current

2023
£

2022
£

Trade debtors

-

1,716

Other debtors

-

1,274

 

-

2,990

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

8,866

10,738

Other creditors

8,704

7,872

17,570

18,610

7

Related party transactions

Transactions with directors

P K Firmuga had a loan with the company. At the balance sheet date the amount due to P K Firmuga was £7,946 (2022:£7,872).