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REGISTERED NUMBER: 01399152 (England and Wales)




















WELDING ENGINEERS (HERTFORD) LTD

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






WELDING ENGINEERS (HERTFORD) LTD (REGISTERED NUMBER: 01399152)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


WELDING ENGINEERS (HERTFORD) LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







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





SECRETARY: P F B Wilson





REGISTERED OFFICE: Marsh Works
Marsh Lane
Ware
Hertfordshire
SG12 9QB





REGISTERED NUMBER: 01399152 (England and Wales)





AUDITORS: Gerber Landa & Gee
Statutory Auditor
Chartered Accountants
Pavilion 1
Finnieston Business Park
Minerva Way
Glasgow
G3 8AU

WELDING ENGINEERS (HERTFORD) LTD (REGISTERED NUMBER: 01399152)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 474,643 427,602

CURRENT ASSETS
Stocks 102,751 95,624
Debtors 5 1,213,387 1,222,119
Cash at bank and in hand 259,522 175,061
1,575,660 1,492,804
CREDITORS
Amounts falling due within one year 6 651,639 653,178
NET CURRENT ASSETS 924,021 839,626
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,398,664

1,267,228

CREDITORS
Amounts falling due after more than one
year

7

(94,519

)

(127,827

)

PROVISIONS FOR LIABILITIES 10 (97,915 ) (71,105 )
NET ASSETS 1,206,230 1,068,296

CAPITAL AND RESERVES
Called up share capital 4,550 4,550
Capital redemption reserve 11 450 450
Retained earnings 11 1,201,230 1,063,296
1,206,230 1,068,296

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 29 July 2024 and were signed on its behalf by:




P F B Wilson - Director



G C Nicol - Director


WELDING ENGINEERS (HERTFORD) LTD (REGISTERED NUMBER: 01399152)

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

1. STATUTORY INFORMATION

Welding Engineers (Hertford) Ltd 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.

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.

Significant judgements and estimates
Preparation of the financial statements requires the directors to make significant judgements and estimates regarding the carrying amounts 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 relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis.

The directors consider that the items in the financial statements where these judgements and estimates have been made include:

- Tangible fixed assets - depreciation has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually by the directors, and they assessed that no changes were required. The stated depreciation policies applied in prior years remains appropriate.

- At the balance sheet date, the directors consider whether there are any indicators that the trade debtor balances relating to goods supplied and services rendered will not be recoverable, to ensure an adequate provision is made for any potentially irrecoverable amounts. Based on their knowledge of the customers concerned, the directors consider that no provision is required against the balances.

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

Turnover includes revenue earned from the rendering of services, which is recognised by reference to the stage of completion of the assignment. This is measured by comparing the costs incurred for work performed to date to the total estimated contract cost. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - straight line over term of lease
Plant and equipment - Straight line over 7 years
Motor vehicles - 25% on cost and 25% on reducing balance
Office equipment - 10% on cost

Fixed assets are included in the financial statements at cost less accumulated depreciation and impairment losses.

At each reporting date non-financial assets not carried at fair value, like plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount which is the higher in use and fair value less cost to sell, is estimated and compared with the carrying amount. If the recoverable amount is lower, but not in excess of the amount that would have been determined had no impairment carrying amount of the asset is reduced to its recoverable amount an an impairment loss is recognised immediately in the income statement.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in previous years. A reversal of an impairment loss is recognised immediately in the income statement.

WELDING ENGINEERS (HERTFORD) LTD (REGISTERED NUMBER: 01399152)

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

2. ACCOUNTING POLICIES - continued

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

In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of completion.

Financial instruments
The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, and loans to/from related parties.

Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest rate method. Debt instruments that are payable or receivable within one year, typically trade debtors and trade creditors, are measured initially and subsequently, at the undiscounted amount of cash or other consideration to be paid or received.

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment and if found, an impairment loss is recognised in the income statement.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, where applicable, are shown within borrowings in current liabilities.

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 (HERTFORD) LTD (REGISTERED NUMBER: 01399152)

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

2. ACCOUNTING POLICIES - continued

Provisions
Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, if it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 36 (2022 - 38 ) .

4. TANGIBLE FIXED ASSETS
Improvements
to Plant and Motor Office
property equipment vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 53,183 183,366 582,338 65,531 884,418
Additions 9,257 9,950 172,651 7,745 199,603
Disposals - (6,150 ) (80,895 ) (5,310 ) (92,355 )
At 31 December 2023 62,440 187,166 674,094 67,966 991,666
DEPRECIATION
At 1 January 2023 52,493 152,702 199,489 52,132 456,816
Charge for year 1,624 9,624 107,625 3,380 122,253
Eliminated on disposal - (6,150 ) (50,807 ) (5,089 ) (62,046 )
At 31 December 2023 54,117 156,176 256,307 50,423 517,023
NET BOOK VALUE
At 31 December 2023 8,323 30,990 417,787 17,543 474,643
At 31 December 2022 690 30,664 382,849 13,399 427,602

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 January 2023 447,410
Additions 172,651
Disposals (46,856 )
At 31 December 2023 573,205
DEPRECIATION
At 1 January 2023 113,361
Charge for year 95,728
Eliminated on disposal (22,473 )
At 31 December 2023 186,616
NET BOOK VALUE
At 31 December 2023 386,589
At 31 December 2022 334,049

WELDING ENGINEERS (HERTFORD) LTD (REGISTERED NUMBER: 01399152)

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

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,114,459 1,148,453
Amounts owed by group undertakings 22,808 7,648
Other debtors 25,960 27,960
Directors' loan accounts 87 -
Prepayments and accrued income 50,073 38,058
1,213,387 1,222,119

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 8) 145,334 127,769
Trade creditors 242,166 310,096
Amounts owed to group undertakings 615 26,630
Corporation tax 113,772 35,619
Social security and other taxes 54,810 38,632
VAT 46,884 39,770
Other creditors 24,977 17,560
Directors' loan accounts - 20,295
Accrued charges 23,081 36,807
651,639 653,178

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 8) 94,519 127,827

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 145,334 127,769
Between one and five years 94,519 127,827
239,853 255,596

Non-cancellable operating leases
2023 2022
£    £   
Within one year 133,800 116,800
Between one and five years 321,000 301,800
454,800 418,600

WELDING ENGINEERS (HERTFORD) LTD (REGISTERED NUMBER: 01399152)

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

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 239,853 255,596

Hire purchase contracts are secured on the assets to which they relate.

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

The Bank of Scotland holds a cross corporate guarantee between the Welding Engineers Group of Companies.

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 97,915 71,105

Deferred
tax
£   
Balance at 1 January 2023 71,105
Charge to Income Statement during year 26,810
Balance at 31 December 2023 97,915

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. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 January 2023 1,063,296 450 1,063,746
Profit for the year 335,658 335,658
Dividends (197,724 ) (197,724 )
At 31 December 2023 1,201,230 450 1,201,680

12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Ian McGougan (Senior Statutory Auditor)
for and on behalf of Gerber Landa & Gee

13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£    £   
R A Holmes
Balance outstanding at start of year - -
Amounts advanced 87 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 87 -

WELDING ENGINEERS (HERTFORD) LTD (REGISTERED NUMBER: 01399152)

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

13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

The loan is interest free and is repayable on demand.

14. RELATED PARTY DISCLOSURES

The company has an interest free loan from a director amounting to £nil (2022 : £20,295).

15. PARENT COMPANY

The company's parent company is Welding Engineers (Holdings) Limited, a company incorporated in Scotland, having its registered office at 3 Cardowan Park, Uddingston, Glasgow, G71 5PF. Copies of the accounts of this company are available from the Registrar of Companies, Edinburgh.