REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 July 2023 |
for |
Ledbury Welding & Engineering Limited |
REGISTERED NUMBER: |
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: |
Secretary: |
Registered office: |
Registered number: |
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 |
Property, plant and equipment | 5 |
CURRENT ASSETS |
Inventories |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
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 |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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. |
Tangible fixed assets |
Plant and machinery | - |
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 |
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 |
Amortisation |
At 1 August 2022 |
and 31 July 2023 |
Net book value |
At 31 July 2023 |
At 31 July 2022 |
5. | PROPERTY, PLANT AND EQUIPMENT |
Plant and |
machinery |
£ |
Cost |
At 1 August 2022 |
Additions |
Disposals | ( |
) |
At 31 July 2023 |
Depreciation |
At 1 August 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 July 2023 |
Net book value |
At 31 July 2023 |
At 31 July 2022 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts recoverable on contracts |
Other debtors |
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 |
Tax |
Social security and other taxes |
Other creditors |
Payments received on account |
Accrued expenses |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 200 | 200 |