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REGISTERED NUMBER: 05295466 (England and Wales)















Unaudited Financial Statements for the Year Ended 29 February 2024

for

Peter Weldon & Co Limited

Peter Weldon & Co Limited (Registered number: 05295466)






Contents of the Financial Statements
for the Year Ended 29 February 2024




Page

Company Information 1

Report of the Accountants 2

Balance Sheet 3

Notes to the Financial Statements 5


Peter Weldon & Co Limited

Company Information
for the Year Ended 29 February 2024







DIRECTOR: P Weldon





REGISTERED OFFICE: 87 Station Road
Ashington
Northumberland
NE63 8RS





REGISTERED NUMBER: 05295466 (England and Wales)





ACCOUNTANTS: Peter Weldon & Co. Ltd
87 Station Road
Ashington
Northumberland
NE63 8RS

Peter Weldon & Co Limited

Report of the Accountants to the Director of
Peter Weldon & Co Limited

The following reproduces the text of the report prepared for the director 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 Director are not required to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 29 February 2024 set out on pages two to three and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.






Peter Weldon & Co. Ltd
87 Station Road
Ashington
Northumberland
NE63 8RS


21 August 2024

Peter Weldon & Co Limited (Registered number: 05295466)

Balance Sheet
29 February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 90,754 30,428
Investment property 6 537,824 606,074
628,578 636,502

CURRENT ASSETS
Debtors 7 288,692 223,686
Cash at bank and in hand 523,432 572,363
812,124 796,049
CREDITORS
Amounts falling due within one year 8 162,323 212,351
NET CURRENT ASSETS 649,801 583,698
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,278,379

1,220,200

CREDITORS
Amounts falling due after more than one
year

9

(20,535

)

(30,311

)

PROVISIONS FOR LIABILITIES (17,244 ) (5,781 )
NET ASSETS 1,240,600 1,184,108

Peter Weldon & Co Limited (Registered number: 05295466)

Balance Sheet - continued
29 February 2024

2024 2023
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,240,500 1,184,008
SHAREHOLDERS' FUNDS 1,240,600 1,184,108

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 21 August 2024 and were signed by:





P Weldon - Director


Peter Weldon & Co Limited (Registered number: 05295466)

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

Peter Weldon & Co 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.

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.

Revenue from services is measured by reference to the stage of completion of the service at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recovered.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance per annum

Tangible assets held for the companies own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any.

Investment property
Investment properties for which fair value can be measured reliably without undue cost or effort are measured at fair value at each reporting date with changes in fair value recognised in profit and loss.

Investment properties are shown at historical cost.


Peter Weldon & Co Limited (Registered number: 05295466)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

2. ACCOUNTING POLICIES - continued
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.

Trade debtors and other debtors
Trade and other debtors that are receivable within one year and do not constitute a financing transaction are recorded at the undiscounted amount expected to be received, net of impairment. Those that are receivable after more than one year or constitute a financing transaction are recorded initially at fair value less transaction costs and subsequently amortised cost, net of impairment.

Trade creditors and other creditors
Trade and other creditors are initially recognised at the transaction price and are thereafter stated at amortised costs using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2023 - 11 ) .

Peter Weldon & Co Limited (Registered number: 05295466)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 March 2023
and 29 February 2024 100,000
AMORTISATION
At 1 March 2023
and 29 February 2024 100,000
NET BOOK VALUE
At 29 February 2024 -
At 28 February 2023 -

5. TANGIBLE FIXED ASSETS
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 March 2023 81,279 - 81,279
Additions 15,914 61,248 77,162
At 29 February 2024 97,193 61,248 158,441
DEPRECIATION
At 1 March 2023 50,851 - 50,851
Charge for year 5,352 11,484 16,836
At 29 February 2024 56,203 11,484 67,687
NET BOOK VALUE
At 29 February 2024 40,990 49,764 90,754
At 28 February 2023 30,428 - 30,428

Peter Weldon & Co Limited (Registered number: 05295466)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2023 606,074
Disposals (68,250 )
At 29 February 2024 537,824
NET BOOK VALUE
At 29 February 2024 537,824
At 28 February 2023 606,074

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 72,892 88,834
Other debtors 215,800 134,852
288,692 223,686

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 9,388 9,388
Hire purchase contracts - 3,802
Trade creditors 8,438 15,375
Tax 22,388 46,964
Social security and other taxes 6,736 11,416
VAT 50,859 64,642
Other creditors 7,872 5,278
Directors' current accounts 19,638 55,486
Accrued expenses 37,004 -
162,323 212,351

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 20,535 30,311