2022-04-012023-03-312023-03-31falseSC164741WELD-TEC INDUSTRIAL SERVICES 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WELD-TEC INDUSTRIAL SERVICES LIMITED

Registered Number
SC164741
(Scotland)

Unaudited Financial Statements for the Year ended
31 March 2023

WELD-TEC INDUSTRIAL SERVICES LIMITED
Company Information
for the year from 1 April 2022 to 31 March 2023

Directors

Mr J J Hay
Mr S J Hay

Company Secretary

Mr J J Hay

Registered Address

Unit 1 Block 2
Causewayside Street
Tollcross Industrial Estate
G32 8LT

Registered Number

SC164741 (Scotland)
WELD-TEC INDUSTRIAL SERVICES LIMITED
Balance Sheet as at
31 March 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets77,4642,133
7,4642,133
Current assets
Stocks28,23527,125
Debtors8145,782155,224
Cash at bank and on hand24,72124,397
198,738206,746
Creditors amounts falling due within one year9(186,306)(191,907)
Net current assets (liabilities)12,43214,839
Total assets less current liabilities19,89616,972
Net assets19,89616,972
Capital and reserves
Called up share capital66
Profit and loss account19,89016,966
Shareholders' funds19,89616,972
The financial statements were approved and authorised for issue by the Board of Directors on 15 February 2024, and are signed on its behalf by:
Mr S J Hay
Director
Registered Company No. SC164741
WELD-TEC INDUSTRIAL SERVICES LIMITED
Notes to the Financial Statements
for the year ended 31 March 2023

1.Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered number is SC164761 and registered office address is Unit 1, Block 2, Causewayside Street, Tollcross Industrial Estate, Glasgow, G32 8LT.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Principal activities
The principal activity of the company continued to be the provision of welding equipment and supplies.
4.Basis of measurement used in financial statements
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
5.Accounting policies
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover represents net invoiced sale of goods, excluding value added tax, attributable to the principal activity of the company being that of selling machinery and industrial equipment.
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: Plant and machinery 25% reducing balance & 20% straight line Fixtures and fittings 25% reducing balance Office equipment 25% reducing balance Motor vehicles 25% reducing balance
Taxation policy
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Government grants and other government assistance policy
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.
Employee benefits policy
Contributions to defined contribution plans are expensed in the period to which they relate.
Valuation of financial instruments policy
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade debtors and trade creditors. These are measured at amortised cost and are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment is recognised in the Statement of comprehensive income.
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
6.Employee information

20232022
Average number of employees during the year67
7.Property, plant and equipment

Plant & machinery

Vehicles

Fixtures & fittings

Office Equipment

Total

£££££
Cost or valuation
At 01 April 22-4,0704,0476,56314,680
Additions6,086---6,086
At 31 March 236,0864,0704,0476,56320,766
Depreciation and impairment
At 01 April 22-2,5684,0475,93212,547
Charge for year221376-158755
At 31 March 232212,9444,0476,09013,302
Net book value
At 31 March 235,8651,126-4737,464
At 31 March 22-1,502-6312,133
8.Debtors

2023

2022

££
Trade debtors / trade receivables143,894141,116
Other debtors10612,176
Prepayments and accrued income1,7821,932
Total145,782155,224
9.Creditors within one year

2023

2022

££
Trade creditors / trade payables149,647138,693
Taxation and social security22,55146,999
Other creditors3,2461,525
Accrued liabilities and deferred income10,8624,690
Total186,306191,907