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Company registration number:
03821458
Allen Welding Limited
Unaudited filleted financial statements
31 July 2023
Allen Welding Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Allen Welding Limited
Directors and other information
|
|
|
|
Directors |
Mr P Allen |
|
|
Mrs J Allen |
|
|
Mr S Allen |
|
|
Mrs S Drake |
|
|
|
|
|
|
|
Secretary |
Mrs J Allen |
|
|
|
|
|
|
|
Company number |
03821458 |
|
|
|
|
|
|
|
Registered office |
Devonshire Villa |
|
|
52 Stuart Road |
|
|
Plymouth |
|
|
PL3 4EE |
|
|
|
|
|
|
|
Accountants |
Northcott Trumfield |
|
|
Devonshire Villa |
|
|
52 Stuart Road |
|
|
Plymouth |
|
|
Devon |
|
|
PL3 4EE |
|
|
|
Allen Welding Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Allen Welding Limited
Year ended 31 July 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Allen Welding Limited for the year ended 31 July 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Allen Welding Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Allen Welding Limited and state those matters that we have agreed to state to the board of directors of Allen Welding Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Allen Welding Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Allen Welding Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Allen Welding Limited. You consider that Allen Welding Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Allen Welding Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Northcott Trumfield
Chartered Accountants
Devonshire Villa
52 Stuart Road
Plymouth
Devon
PL3 4EE
17 April 2024
Allen Welding Limited
Statement of financial position
31 July 2023
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Tangible assets |
|
5 |
182,298 |
|
|
|
155,446 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
182,298 |
|
|
|
155,446 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Stocks |
|
|
10,000 |
|
|
|
18,000 |
|
|
Debtors |
|
6 |
698,297 |
|
|
|
641,812 |
|
|
Cash at bank and in hand |
|
|
353,964 |
|
|
|
204,204 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
1,062,261 |
|
|
|
864,016 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
7 |
(
595,641) |
|
|
|
(
418,392) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current assets |
|
|
|
|
466,620 |
|
|
|
445,624 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Total assets less current liabilities |
|
|
|
|
648,918 |
|
|
|
601,070 |
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
after more than one year |
|
8 |
|
|
(
38,231) |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
Provisions for liabilities |
|
|
|
|
(
38,000) |
|
|
|
(
23,500) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
|
|
_______ |
Net assets |
|
|
|
|
572,687 |
|
|
|
577,570 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
|
|
|
1,000 |
|
|
|
1,000 |
Profit and loss account |
|
|
|
|
571,687 |
|
|
|
576,570 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Shareholders funds |
|
|
|
|
572,687 |
|
|
|
577,570 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
For the 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.
Directors responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
17 April 2024
, and are signed on behalf of the board by:
Mr S Allen
Director
Company registration number:
03821458
Allen Welding Limited
Notes to the financial statements
Year ended 31 July 2023
1.
General information
The company is a private company limited by shares, registered in England in the United Kingdom. The address of the registered office is Allen Welding Limited, Devonshire Villa, 52 Stuart Road, Plymouth, PL3 4EE.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling rounded to the nearest £1, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
|
|
|
|
|
Short leasehold property |
- |
Straight line over life of asset |
|
|
Plant and machinery |
- |
20 % |
reducing balance |
|
Fittings fixtures and equipment |
- |
20 % |
reducing balance |
|
Motor vehicles |
- |
25 % |
reducing balance |
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the performance model. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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.
Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
22
(2022:
23
).
5.
Tangible assets
|
|
Short leasehold property |
Plant and machinery |
Fixtures, fittings and equipment |
Motor vehicles |
Total |
|
|
|
|
£ |
£ |
£ |
£ |
£ |
|
|
|
Cost |
|
|
|
|
|
|
|
|
At 1 August 2022 |
18,296 |
125,874 |
10,029 |
246,746 |
400,945 |
|
|
|
Additions |
- |
11,117 |
606 |
79,100 |
90,823 |
|
|
|
Disposals |
- |
(
4,667) |
- |
(
33,894) |
(
38,561) |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
|
At 31 July 2023 |
18,296 |
132,324 |
10,635 |
291,952 |
453,207 |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 August 2022 |
17,570 |
82,409 |
6,339 |
139,181 |
245,499 |
|
|
|
Charge for the year |
726 |
11,826 |
859 |
48,560 |
61,971 |
|
|
|
Disposals |
- |
(
4,667) |
- |
(
31,894) |
(
36,561) |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
|
At 31 July 2023 |
18,296 |
89,568 |
7,198 |
155,847 |
270,909 |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 31 July 2023 |
- |
42,756 |
3,437 |
136,105 |
182,298 |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
|
At 31 July 2022 |
726 |
43,465 |
3,690 |
107,565 |
155,446 |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
6.
Debtors
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Trade debtors |
|
679,425 |
624,404 |
|
Other debtors |
|
18,872 |
17,408 |
|
|
|
_______ |
_______ |
|
|
|
698,297 |
641,812 |
|
|
|
_______ |
_______ |
|
|
|
|
|
7.
Creditors: amounts falling due within one year
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
21,846 |
20,940 |
|
Trade creditors |
|
75,539 |
158,309 |
|
Corporation tax |
|
75,889 |
53,122 |
|
Social security and other taxes |
|
173,518 |
115,100 |
|
Other creditors |
|
248,849 |
70,921 |
|
|
|
_______ |
_______ |
|
|
|
595,641 |
418,392 |
|
|
|
_______ |
_______ |
|
|
|
|
|
8.
Creditors: amounts falling due after more than one year
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Other creditors |
|
38,231 |
- |
|
|
|
_______ |
_______ |
|
|
|
|
|
9.
Directors advances, credits and guarantees
|
During the year the directors entered into the following advances and credits with the company: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2023 |
|
|
|
|
|
|
|
|
|
Balance brought forward |
Advances /(credits) to the directors |
Balance o/standing |
|
|
|
|
|
£ |
£ |
£ |
|
|
|
|
Mr P Allen |
(
5,682) |
(
113,582) |
(
119,264) |
|
|
|
|
Mr S Allen |
(
260) |
260 |
- |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
(
5,942) |
(
113,322) |
(
119,264) |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
Balance brought forward |
Advances /(credits) to the directors |
Balance o/standing |
|
|
|
|
|
£ |
£ |
£ |
|
|
|
|
Mr P Allen |
16,881 |
(
22,563) |
(
5,682) |
|
|
|
|
Mr S Allen |
11,920 |
(
12,180) |
(
260) |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
28,801 |
(
34,743) |
(
5,942) |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|