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ASD WELDING SERVICES LIMITED

Registered Number
SC408756
(Scotland)

Unaudited Financial Statements for the Year ended
30 October 2023

ASD WELDING SERVICES LIMITED
Company Information
for the year from 31 October 2022 to 30 October 2023

Director

Alistair Devine

Registered Address

Unit 18 Woodgate Way South
Eastfield Industrial Estate
Glenrothes
KY7 4PF

Registered Number

SC408756 (Scotland)
ASD WELDING SERVICES LIMITED
Balance Sheet as at
30 October 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets317,73723,444
17,73723,444
Current assets
Stocks29,80014,000
Debtors45,6408,411
Cash at bank and on hand7,3182,992
42,75825,403
Creditors amounts falling due within one year5(60,904)(26,128)
Net current assets (liabilities)(18,146)(725)
Total assets less current liabilities(409)22,719
Creditors amounts falling due after one year6(17,011)(25,646)
Provisions for liabilities(3,370)(4,454)
Net assets(20,790)(7,381)
Capital and reserves
Called up share capital100100
Profit and loss account(20,890)(7,481)
Shareholders' funds(20,790)(7,381)
The financial statements were approved and authorised for issue by the Director on 25 July 2024, and are signed on its behalf by:
Alistair Devine
Director
Registered Company No. SC408756
ASD WELDING SERVICES LIMITED
Notes to the Financial Statements
for the year ended 30 October 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
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.
Going concern
The financial statements have been prepared on the going concern basis. The director finds it appropriate for the financial statements to be prepared on this basis despite the net liability position of the company. The company is reliant upon the continued support of the director as required.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Current taxation
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
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Plant and machinery25-
Fixtures and fittings15-
Office Equipment-3
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease. Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
Stocks and work in progress
Stock and work in progress are valued at the lower of cost and net realisable value.
2.Average number of employees

20232022
Average number of employees during the year12
3.Tangible fixed assets

Plant & machinery

Fixtures & fittings

Office Equipment

Total

££££
Cost or valuation
At 31 October 2226,1974041,66028,261
Additions260-119379
At 30 October 2326,4574041,77928,640
Depreciation and impairment
At 31 October 224,5951131094,817
Charge for year5,487445556,086
At 30 October 2310,08215766410,903
Net book value
At 30 October 2316,3752471,11517,737
At 30 October 2221,6022911,55123,444
4.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables440-
Other debtors5,0938,287
Prepayments and accrued income107124
Total5,6408,411
5.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables9,6344,138
Bank borrowings and overdrafts13,7834,896
Taxation and social security10,8527,611
Finance lease and HP contracts3,7393,409
Other creditors20,5093,914
Accrued liabilities and deferred income2,3872,160
Total60,90426,128
6.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts8,80313,699
Other creditors8,20811,947
Total17,01125,646