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REGISTERED NUMBER: SC240018 (Scotland)




















WELDING ENGINEERS (MIDLANDS) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






WELDING ENGINEERS (MIDLANDS) LIMITED (REGISTERED NUMBER: SC240018)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Certified Accountants' Report 8

WELDING ENGINEERS (MIDLANDS) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: J Cassells
R A Holmes
G C Nicol
P F B Wilson





SECRETARY: P F B Wilson





REGISTERED OFFICE: 3 Cardowan Park
Uddingston
Glasgow
G71 5PF





REGISTERED NUMBER: SC240018 (Scotland)





ACCOUNTANTS: JCWallace & Co
Chartered Certified Accountants
1875 Great Western Road
Glasgow
G13 2YD

WELDING ENGINEERS (MIDLANDS) LIMITED (REGISTERED NUMBER: SC240018)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 191,101 146,933

CURRENT ASSETS
Stocks 6,918 6,181
Debtors 5 540,104 543,825
Cash at bank and in hand 488,196 317,041
1,035,218 867,047
CREDITORS
Amounts falling due within one year 6 414,420 413,349
NET CURRENT ASSETS 620,798 453,698
TOTAL ASSETS LESS CURRENT
LIABILITIES

811,899

600,631

CREDITORS
Amounts falling due after more than one
year

7

(38,999

)

(6,890

)

PROVISIONS FOR LIABILITIES 10 (32,757 ) (8,006 )
NET ASSETS 740,143 585,735

CAPITAL AND RESERVES
Called up share capital 11 80 80
Capital redemption reserve 12 20 20
Retained earnings 12 740,043 585,635
SHAREHOLDERS' FUNDS 740,143 585,735

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 ENGINEERS (MIDLANDS) LIMITED (REGISTERED NUMBER: SC240018)

BALANCE SHEET - continued
31 DECEMBER 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 July 2024 and were signed on its behalf by:




P F B Wilson - Director



G C Nicol - Director


WELDING ENGINEERS (MIDLANDS) LIMITED (REGISTERED NUMBER: SC240018)

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

1. STATUTORY INFORMATION

Welding Engineers (Midlands) Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Short leasehold - Over the unexpired term of the lease
Plant and machinery - 25% on cost
Fixtures, fittings & equipment - 33% on cost and 15% on reducing balance
Motor vehicles - 25% on cost and 25% 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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

WELDING ENGINEERS (MIDLANDS) LIMITED (REGISTERED NUMBER: SC240018)

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2022 - 19 ) .

4. TANGIBLE FIXED ASSETS
Fixtures,
Short Plant and fittings Motor
leasehold machinery & equipment vehicles Totals
£    £    £    £    £   
COST
At 1 January 2023 27,551 39,063 38,058 213,186 317,858
Additions 1,216 2,349 142 107,844 111,551
Disposals - - - (71,283 ) (71,283 )
At 31 December 2023 28,767 41,412 38,200 249,747 358,126
DEPRECIATION
At 1 January 2023 7,372 38,871 22,339 102,343 170,925
Charge for year 223 397 4,094 53,745 58,459
Eliminated on disposal - - - (62,359 ) (62,359 )
At 31 December 2023 7,595 39,268 26,433 93,729 167,025
NET BOOK VALUE
At 31 December 2023 21,172 2,144 11,767 156,018 191,101
At 31 December 2022 20,179 192 15,719 110,843 146,933

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 January 2023 121,966
Additions 107,844
Transfer to ownership (63,942 )
At 31 December 2023 165,868
DEPRECIATION
At 1 January 2023 38,849
Charge for year 20,606
Transfer to ownership (27,921 )
At 31 December 2023 31,534
NET BOOK VALUE
At 31 December 2023 134,334
At 31 December 2022 83,117

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 500,824 467,060
Other debtors 78 641
VAT 8,506 8,918
Prepayments and accrued income 30,696 67,206
540,104 543,825

WELDING ENGINEERS (MIDLANDS) LIMITED (REGISTERED NUMBER: SC240018)

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

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 8) 55,090 36,948
Trade creditors 288,976 333,276
Corporation tax 22,194 -
Social security and other taxes 24,789 19,750
Other creditors 10,255 7,514
Accrued charges 13,116 15,861
414,420 413,349

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 8) 38,999 6,890

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 55,090 36,948
Between one and five years 38,999 6,890
94,089 43,838

Non-cancellable operating leases
2023 2022
£    £   
Within one year 39,845 39,845
Between one and five years 91,346 131,191
131,191 171,036

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 94,089 43,838

The Bank of Scotland holds a bond and floating charge over all assets of the company.

Hire purchase creditors are secured against the assets to which they relate.

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 32,757 8,006

WELDING ENGINEERS (MIDLANDS) LIMITED (REGISTERED NUMBER: SC240018)

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

10. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 January 2023 8,006
Charge to Income Statement during year 24,751
Balance at 31 December 2023 32,757

The provision for deferred tax consists of the tax effect of timing differences in respect of the excess of taxation allowances over depreciation on fixed assets.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
80 Ordinary Shares £1 80 80

12. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 January 2023 585,635 20 585,655
Profit for the year 154,408 154,408
At 31 December 2023 740,043 20 740,063

CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
WELDING ENGINEERS (MIDLANDS) LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Welding Engineers (Midlands) Limited for the year ended 31 December 2023 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Welding Engineers (Midlands) Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Welding Engineers (Midlands) Limited and state those matters that we have agreed to state to the Board of Directors of Welding Engineers (Midlands) Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Welding Engineers (Midlands) 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 Welding Engineers (Midlands) Limited. You consider that Welding Engineers (Midlands) 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 Welding Engineers (Midlands) 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.






JCWallace & Co
Chartered Certified Accountants
1875 Great Western Road
Glasgow
G13 2YD


Date: 31 July 2024