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Company No: 05180090 (England and Wales)

ELITE FABRICATION & WELDING LTD.

Unaudited Financial Statements
For the financial year ended 31 July 2023
Pages for filing with the registrar

ELITE FABRICATION & WELDING LTD.

Unaudited Financial Statements

For the financial year ended 31 July 2023

Contents

ELITE FABRICATION & WELDING LTD.

BALANCE SHEET

As at 31 July 2023
ELITE FABRICATION & WELDING LTD.

BALANCE SHEET (continued)

As at 31 July 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 151,350 142,641
151,350 142,641
Current assets
Stocks 4 272,000 144,000
Debtors 5 750,790 563,068
Cash at bank and in hand 792,638 756,739
1,815,428 1,463,807
Creditors: amounts falling due within one year 6 ( 490,440) ( 485,517)
Net current assets 1,324,988 978,290
Total assets less current liabilities 1,476,338 1,120,931
Creditors: amounts falling due after more than one year 7 ( 20,617) ( 30,594)
Provision for liabilities ( 25,411) ( 19,618)
Net assets 1,430,310 1,070,719
Capital and reserves
Called-up share capital 3 3
Profit and loss account 1,430,307 1,070,716
Total shareholder's funds 1,430,310 1,070,719

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 financial statements of Elite Fabrication & Welding Ltd. (registered number: 05180090) were approved and authorised for issue by the Director on 07 November 2023. They were signed on its behalf by:

Andrew Martin Rice
Director
ELITE FABRICATION & WELDING LTD.

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2023
ELITE FABRICATION & WELDING LTD.

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Elite Fabrication & Welding Ltd. (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 91-93 Sterte Avenue West, Poole, BH15 2AL, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.

Taxation


Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Land and buildings 10 years straight line
Plant and machinery etc. 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity.] Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 31 27

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 August 2022 217,763 412,572 630,335
Additions 0 67,759 67,759
Disposals 0 ( 8,200) ( 8,200)
At 31 July 2023 217,763 472,131 689,894
Accumulated depreciation
At 01 August 2022 178,375 309,319 487,694
Charge for the financial year 21,777 36,179 57,956
Disposals 0 ( 7,106) ( 7,106)
At 31 July 2023 200,152 338,392 538,544
Net book value
At 31 July 2023 17,611 133,739 151,350
At 31 July 2022 39,388 103,253 142,641

4. Stocks

2023 2022
£ £
Stocks 128,000 29,000
Work in progress 144,000 115,000
272,000 144,000

There are no material differences between the replacement cost of stock and the Balance Sheet amounts.

5. Debtors

2023 2022
£ £
Trade debtors 738,112 518,149
Corporation tax 0 33,156
Other debtors 12,678 11,763
750,790 563,068

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 10,021 9,766
Trade creditors 212,688 257,921
Amounts owed to Group undertakings 16,524 16,537
Amounts owed to Parent undertakings 9 9
Taxation and social security 201,952 127,141
Obligations under finance leases and hire purchase contracts ( 1,596) 0
Other creditors 50,842 74,143
490,440 485,517

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 20,617 30,594

There are no amounts included above in respect of which any security has been given by the small entity.