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REGISTERED NUMBER: 04558731 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

FOR

WELDING SUPPLIES & REPAIRS LIMITED

WELDING SUPPLIES & REPAIRS LIMITED (REGISTERED NUMBER: 04558731)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023










Page

Statement of Financial Position 1 to 2

Notes to the Financial Statements 3 to 8


WELDING SUPPLIES & REPAIRS LIMITED (REGISTERED NUMBER: 04558731)

STATEMENT OF FINANCIAL POSITION
31 OCTOBER 2023

31.10.23 31.10.22
Notes £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 55,203 8,076
55,203 8,076

CURRENT ASSETS
Stocks 25,200 24,600
Debtors 6 192,087 188,689
Cash at bank and in hand 40,803 89,089
258,090 302,378
CREDITORS
Amounts falling due within one year 7 (81,712 ) (128,316 )
NET CURRENT ASSETS 176,378 174,062
TOTAL ASSETS LESS CURRENT
LIABILITIES

231,581

182,138

CREDITORS
Amounts falling due after more than one
year

8

(38,312

)

-

PROVISIONS FOR LIABILITIES (12,573 ) (1,534 )
NET ASSETS 180,696 180,604

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 180,596 180,504
180,696 180,604

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

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

WELDING SUPPLIES & REPAIRS LIMITED (REGISTERED NUMBER: 04558731)

STATEMENT OF FINANCIAL POSITION - continued
31 OCTOBER 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 1 March 2024 and were signed on its behalf by:





D T Reynolds - Director


WELDING SUPPLIES & REPAIRS LIMITED (REGISTERED NUMBER: 04558731)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023


1. STATUTORY INFORMATION

Welding Supplies & Repairs Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 04558731

Registered office: C/o DPC
Stone House
55 Stone Road Business Park
Stoke on Trent
Staffordshire
ST4 6SR

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.

SIGNIFICANT JUDGEMENTS AND ESTIMATES
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

(i) Estimated useful lives and residual values of fixed assets

Depreciation of tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take into account estimated useful lives used by other companies operating in the sector and actual asset lives and residual values, as evidenced by disposals during the current and prior accounting periods.

(ii) Bad Debt Provision

The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the ageing profile of debtors and historical experience.

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

WELDING SUPPLIES & REPAIRS LIMITED (REGISTERED NUMBER: 04558731)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


2. ACCOUNTING POLICIES - continued

GOODWILL
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business.

Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed five years.

Amortisation

Following the transition to FRS102, there has been a change in the amortisation policy. Goodwill was previously written off at 5% straight line, goodwill is written off over the remaining life of 7 years following the date of transition. Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Goodwill - 7 years from date of transition

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 10% reducing balance
Fixtures and fittings - 15% reducing balance
Motor vehicles - 25% reducing balance

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

STOCKS
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

FINANCIAL INSTRUMENTS
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.


WELDING SUPPLIES & REPAIRS LIMITED (REGISTERED NUMBER: 04558731)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


2. ACCOUNTING POLICIES - continued
TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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.

IMPAIRMENT OF FIXED ASSETS
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

PROVISIONS
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.

WELDING SUPPLIES & REPAIRS LIMITED (REGISTERED NUMBER: 04558731)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 5 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 November 2022
and 31 October 2023 39,400
AMORTISATION
At 1 November 2022
and 31 October 2023 39,400
NET BOOK VALUE
At 31 October 2023 -
At 31 October 2022 -

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 November 2022 3,490 11,610 - 15,100
Additions - - 51,482 51,482
At 31 October 2023 3,490 11,610 51,482 66,582
DEPRECIATION
At 1 November 2022 2,009 5,015 - 7,024
Charge for year 148 989 3,218 4,355
At 31 October 2023 2,157 6,004 3,218 11,379
NET BOOK VALUE
At 31 October 2023 1,333 5,606 48,264 55,203
At 31 October 2022 1,481 6,595 - 8,076

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Trade debtors 107,255 106,777
Other debtors 84,832 81,912
192,087 188,689

WELDING SUPPLIES & REPAIRS LIMITED (REGISTERED NUMBER: 04558731)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Bank loans and overdrafts 2,812 -
Hire purchase contracts (see note 9) 6,329 -
Trade creditors 18,314 58,116
Taxation and social security 44,425 66,801
Other creditors 9,832 3,399
81,712 128,316

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.10.23 31.10.22
£    £   
Hire purchase contracts (see note 9) 38,312 -

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.10.23 31.10.22
£    £   
Net obligations repayable:
Within one year 6,329 -
Between one and five years 38,312 -
44,641 -

Non-cancellable operating leases
31.10.23 31.10.22
£    £   
Within one year 3,219 3,863
Between one and five years - 3,219
3,219 7,082

WELDING SUPPLIES & REPAIRS LIMITED (REGISTERED NUMBER: 04558731)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 October 2023 and 31 October 2022:

31.10.23 31.10.22
£    £   
D T Reynolds
Balance outstanding at start of year (48,066 ) (66,036 )
Amounts advanced 85,000 304,000
Amounts repaid (87,365 ) (286,030 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (50,431 ) (48,066 )

D D Edge
Balance outstanding at start of year (31,104 ) (25,797 )
Amounts advanced 40,000 40,000
Amounts repaid (41,685 ) (45,307 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (32,789 ) (31,104 )

The directors have given a personal guarantee, limited to £25,000 over the company's bank borrowings.

11. RELATED PARTY DISCLOSURES

All transactions undertaken with the directors and shareholders are deemed to be conducted under normal market conditions and/or are not material.