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REGISTERED NUMBER: 01691226 (England and Wales)












Unaudited Financial Statements

for the Year Ended 31 July 2023

for

Ledbury Welding & Engineering Limited

Ledbury Welding & Engineering Limited (Registered number: 01691226)






Contents of the Financial Statements
for the Year Ended 31 July 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Ledbury Welding & Engineering Limited

Company Information
for the Year Ended 31 July 2023







Directors: M C Sutherland
K A Powell
R A Rose
Mrs P J Sutherland-Rose
Mrs P J Sutherland





Secretary: Mrs P J Sutherland-Rose





Registered office: New Mills Industrial Estate
Leadon Way
Ledbury
Herefordshire
HR8 2SR





Registered number: 01691226 (England and Wales)





Accountants: Crowthers Chartered Accountants
10 The Southend
Ledbury
Herefordshire
HR8 2EY

Ledbury Welding & Engineering Limited (Registered number: 01691226)

Statement of Financial Position
31 July 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 9 9
Property, plant and equipment 5 146,843 159,939
146,852 159,948

CURRENT ASSETS
Inventories 146,075 576,561
Debtors 6 1,047,735 1,316,348
Cash at bank and in hand 1,003,241 645,098
2,197,051 2,538,007
CREDITORS
Amounts falling due within one year 7 1,477,607 1,925,659
NET CURRENT ASSETS 719,444 612,348
TOTAL ASSETS LESS CURRENT
LIABILITIES

866,296

772,296

PROVISIONS FOR LIABILITIES 29,995 24,559
NET ASSETS 836,301 747,737

CAPITAL AND RESERVES
Called up share capital 8 200 200
Retained earnings 836,101 747,537
SHAREHOLDERS' FUNDS 836,301 747,737

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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.

Ledbury Welding & Engineering Limited (Registered number: 01691226)

Statement of Financial Position - continued
31 July 2023


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 March 2024 and were signed on its behalf by:





M C Sutherland - Director


Ledbury Welding & Engineering Limited (Registered number: 01691226)

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

1. STATUTORY INFORMATION

Ledbury Welding & 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

The functional currency of Ledbury Welding & Engineering Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the company operates.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Therefore actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Within the company, the area where significant judgements and estimates are made by the directors is in the stock valuation. Stock of materials is valued at the most recent supplier cost but is reviewed on an ongoing basis and a provision made where the directors are of the opinion that specific items are slow moving and require being written down to net realisable value. At the year-end, the directors have no concerns over the recoverability of the company's stock balance as shown on The Statement of Financial Position.

Turnover
Turnover represents the fair value of services provided under contracts with customers to the extent that there is a right to consideration. It is measured at the fair value of the consideration due. Where a service is incomplete at the year end, turnover represents the value of the service provided to that date based on an appropriate proportion of the total expected consideration at completion.

Invoices are not raised until a contract is complete so the value of incomplete services is included as Amounts recoverable on contracts in the balance sheet.

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 five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 33% on cost, 25% on reducing balance and 15% on reducing balance

Ledbury Welding & Engineering Limited (Registered number: 01691226)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

2. ACCOUNTING POLICIES - continued

Stocks and work in progress
Stock comprises raw materials, work in progress, finished goods and goods for resale and is valued at the lower of cost and net realisable value.

The cost of raw materials and goods for resale is purchase price on a first in first out basis. Work in progress is the cost to date of manufacturing goods for resale. Cost of work in progress is raw material cost plus direct labour and an appropriate proportion of production overheads. The cost of finished goods comprises all costs in bringing the goods to their present location and condition. Net realisable value is calculated as the selling price of the finished product or goods for resale less any costs still to be incurred in getting items into their finished state. Provision is made for slow moving, obsolete or damaged stock where the net realisable value is less than the cost of the manufacture.

Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Foreign currencies
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 Statement of Financial Position date are reported at the rates prevailing at that date.

Exchange differences are recognised in profit or loss in the year in which they arise.

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

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.

Warranty provisions
The company provides only for specific warranty claims which have been notified to the company but have not been resolved at the balance sheet date. There is no general warranty provision, but in general the company gives one year's warranty on each steel tank sold.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 33 (2022 - 34 ) .

Ledbury Welding & Engineering Limited (Registered number: 01691226)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
Cost
At 1 August 2022
and 31 July 2023 90,577
Amortisation
At 1 August 2022
and 31 July 2023 90,568
Net book value
At 31 July 2023 9
At 31 July 2022 9

5. PROPERTY, PLANT AND EQUIPMENT
Plant and
machinery
£   
Cost
At 1 August 2022 715,680
Additions 18,636
Disposals (19,753 )
At 31 July 2023 714,563
Depreciation
At 1 August 2022 555,741
Charge for year 30,036
Eliminated on disposal (18,057 )
At 31 July 2023 567,720
Net book value
At 31 July 2023 146,843
At 31 July 2022 159,939

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 540,210 636,575
Amounts recoverable on contracts 399,171 529,439
Other debtors 108,354 150,334
1,047,735 1,316,348

Ledbury Welding & Engineering Limited (Registered number: 01691226)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 795,555 914,814
Tax 73,138 30,717
Social security and other taxes 84,393 31,571
Other creditors 25,213 67,632
Payments received on account 395,570 814,393
Accrued expenses 103,738 66,532
1,477,607 1,925,659

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
200 Ordinary £1 200 200