IRIS Accounts Production v24.1.9.2 03530395 Board of Directors 1.8.22 31.7.23 31.7.23 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh035303952022-07-31035303952023-07-31035303952022-08-012023-07-31035303952021-07-31035303952021-08-012022-07-31035303952022-07-3103530395ns15:EnglandWales2022-08-012023-07-3103530395ns14:PoundSterling2022-08-012023-07-3103530395ns10:Director12022-08-012023-07-3103530395ns10:PrivateLimitedCompanyLtd2022-08-012023-07-3103530395ns10:SmallEntities2022-08-012023-07-3103530395ns10:AuditExempt-NoAccountantsReport2022-08-012023-07-3103530395ns10:SmallCompaniesRegimeForDirectorsReport2022-08-012023-07-3103530395ns10:SmallCompaniesRegimeForAccounts2022-08-012023-07-3103530395ns10:FullAccounts2022-08-012023-07-3103530395ns10:Director22022-08-012023-07-3103530395ns10:CompanySecretary12022-08-012023-07-3103530395ns10:RegisteredOffice2022-08-012023-07-3103530395ns5:CurrentFinancialInstruments2023-07-3103530395ns5:CurrentFinancialInstruments2022-07-3103530395ns5:Non-currentFinancialInstruments2023-07-3103530395ns5:Non-currentFinancialInstruments2022-07-3103530395ns5:ShareCapital2023-07-3103530395ns5:ShareCapital2022-07-3103530395ns5:RetainedEarningsAccumulatedLosses2023-07-3103530395ns5:RetainedEarningsAccumulatedLosses2022-07-3103530395ns5:LeaseholdImprovements2022-08-012023-07-3103530395ns5:FurnitureFittings2022-08-012023-07-3103530395ns5:MotorVehicles2022-08-012023-07-3103530395ns5:ComputerEquipment2022-08-012023-07-3103530395ns5:LeaseholdImprovements2022-07-3103530395ns5:FurnitureFittings2022-07-3103530395ns5:MotorVehicles2022-07-3103530395ns5:ComputerEquipment2022-07-3103530395ns5:LeaseholdImprovements2023-07-3103530395ns5:FurnitureFittings2023-07-3103530395ns5:MotorVehicles2023-07-3103530395ns5:ComputerEquipment2023-07-3103530395ns5:LeaseholdImprovements2022-07-3103530395ns5:FurnitureFittings2022-07-3103530395ns5:MotorVehicles2022-07-3103530395ns5:ComputerEquipment2022-07-3103530395ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-07-3103530395ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-07-31
REGISTERED NUMBER: 03530395 (England and Wales)















WELDING & INDUSTRIAL SUPPLIES LIMITED
TRADING AS
OLYMPUS WELDING

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST JULY 2023






WELDING & INDUSTRIAL SUPPLIES LIMITED (REGISTERED NUMBER: 03530395)
TRADING AS OLYMPUS WELDING






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST JULY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3 to 4


WELDING & INDUSTRIAL SUPPLIES LIMITED
TRADING AS OLYMPUS WELDING

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST JULY 2023







DIRECTORS: P C Mclean
Mrs S Mclean





SECRETARY:





REGISTERED OFFICE: 28 Dudley Street
Grimsby
N E Lincolnshire
DN31 2AB





REGISTERED NUMBER: 03530395 (England and Wales)

WELDING & INDUSTRIAL SUPPLIES LIMITED (REGISTERED NUMBER: 03530395)
TRADING AS OLYMPUS WELDING

BALANCE SHEET
31ST JULY 2023

31.7.23 31.7.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 53,681 53,113

CURRENT ASSETS
Stocks 36,000 20,000
Debtors 5 445,797 312,638
Cash at bank and in hand 69,233 111,523
551,030 444,161
CREDITORS
Amounts falling due within one year 6 346,475 258,617
NET CURRENT ASSETS 204,555 185,544
TOTAL ASSETS LESS CURRENT
LIABILITIES

258,236

238,657

CREDITORS
Amounts falling due after more than one
year

7

(3,899

)

(3,677

)

PROVISIONS FOR LIABILITIES (11,277 ) (10,623 )
NET ASSETS 243,060 224,357

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 242,060 223,357
243,060 224,357

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

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

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30th July 2024 and were signed on its behalf by:




P C Mclean - Director


WELDING & INDUSTRIAL SUPPLIES LIMITED (REGISTERED NUMBER: 03530395)
TRADING AS OLYMPUS WELDING

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST JULY 2023

1. STATUTORY INFORMATION

Welding & Industrial Supplies 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.

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.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - Straight line over 10 years
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 20% on reducing balance

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 7 ) .

WELDING & INDUSTRIAL SUPPLIES LIMITED (REGISTERED NUMBER: 03530395)
TRADING AS OLYMPUS WELDING

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

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and Motor Computer
property fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1st August 2022 11,350 27,679 82,339 - 121,368
Additions 9,000 3,159 - 782 12,941
At 31st July 2023 20,350 30,838 82,339 782 134,309
DEPRECIATION
At 1st August 2022 1,659 12,746 53,850 - 68,255
Charge for year 1,926 3,221 7,123 103 12,373
At 31st July 2023 3,585 15,967 60,973 103 80,628
NET BOOK VALUE
At 31st July 2023 16,765 14,871 21,366 679 53,681
At 31st July 2022 9,691 14,933 28,489 - 53,113

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Trade debtors 355,011 281,508
Other debtors 90,786 31,130
445,797 312,638

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Hire purchase contracts 3,556 7,333
Trade creditors 270,620 153,524
Taxation and social security 68,750 73,934
Other creditors 3,549 23,826
346,475 258,617

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.7.23 31.7.22
£    £   
Hire purchase contracts 3,899 3,677