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REGISTERED NUMBER: SC147636 (Scotland)















Financial Statements for the Year Ended 30 November 2023

for

Safety Welding and Lifting
(International) Limited

Safety Welding and Lifting
(International) Limited (Registered number: SC147636)






Contents of the Financial Statements
for the Year Ended 30 November 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Safety Welding and Lifting
(International) Limited

Company Information
for the Year Ended 30 November 2023







DIRECTOR: M M McDonald



SECRETARY: LC Secretaries Limited



REGISTERED OFFICE: Rosskeen Old Manse
Invergordon
Ross-shire
IV18 0PR



REGISTERED NUMBER: SC147636 (Scotland)



SENIOR STATUTORY AUDITOR: Jonathan Neil Innes FCCA



AUDITORS: Innes & Partners Limited
Chartered Certified Accountants
and Statutory Auditors
9 Ardross Street
Inverness
IV3 5NN

Safety Welding and Lifting
(International) Limited (Registered number: SC147636)

Balance Sheet
30 November 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 292,332 229,380

CURRENT ASSETS
Stocks 5 379,741 357,299
Debtors 6 360,945 726,035
Cash at bank and in hand 261,825 340,623
1,002,511 1,423,957
CREDITORS
Amounts falling due within one year 7 546,118 704,942
NET CURRENT ASSETS 456,393 719,015
TOTAL ASSETS LESS CURRENT
LIABILITIES

748,725

948,395

PROVISIONS FOR LIABILITIES 8 21,844 3,194
NET ASSETS 726,881 945,201

CAPITAL AND RESERVES
Called up share capital 9 28,572 28,572
Share premium 10 1,428 1,428
Retained earnings 10 696,881 915,201
SHAREHOLDERS' FUNDS 726,881 945,201

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 20 August 2024 and were signed by:





M M McDonald - Director


Safety Welding and Lifting
(International) Limited (Registered number: SC147636)

Notes to the Financial Statements
for the Year Ended 30 November 2023

1. STATUTORY INFORMATION

Safety Welding and Lifting (International) 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.

Significant judgements and estimates
In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions that affect the amounts reported for assets, liabilities, income and expenditure.

The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in future periods should it affect future periods.

The estimates and assumptions which carry a higher degree of risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:

Useful economic lives of tangible fixed assets
The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. They are amended when necessary to reflect current estimates, future investment, economic utilisation and the physical condition of the assets. Details of the values of tangible fixed assets are included in the notes to the financial statements.

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.
Land and buildings - at varying rates on cost
Plant and machinery etc - varying rates on cost & 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.

Safety Welding and Lifting
(International) Limited (Registered number: SC147636)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

2. ACCOUNTING POLICIES - continued

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.

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.

Going concern
These financial statements have been prepared on a going concern basis. The director is required to state whether it is appropriate to adopt the going concern basis of accounting in preparing the financial statements, and to identify any material uncertainties as to the Company's ability to continue as a going concern over a period of at least 12 months from the date of approval of the financial statements. The period of management's going concern assessment is the period to 30 November 2025.

The company's historical trading results have created substantial reserves and the cash and net asset position remain strong. The company held bank balances of £262k and net assets of £727k at 30 November 2023.

The Company has reviewed its forecasts and projections for the going concern assessment period to November 2024. Based on the anticipated demand for services, the directors has a reasonable expectation that the Company has adequate resources to continue in operational existence for the period to 30 November 2024. The Company therefore continues to adopt the going concern basis in preparing its financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2022 - 20 ) .

Safety Welding and Lifting
(International) Limited (Registered number: SC147636)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 December 2022 410,905 492,915 903,820
Additions 6,000 100,634 106,634
Disposals - (47,932 ) (47,932 )
At 30 November 2023 416,905 545,617 962,522
DEPRECIATION
At 1 December 2022 224,720 449,720 674,440
Charge for year 11,135 25,950 37,085
Eliminated on disposal - (41,335 ) (41,335 )
At 30 November 2023 235,855 434,335 670,190
NET BOOK VALUE
At 30 November 2023 181,050 111,282 292,332
At 30 November 2022 186,185 43,195 229,380

5. STOCKS
2023 2022
£    £   
Stocks 379,741 357,299

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 318,258 496,739
Amounts owed by group undertakings - 193,350
Other debtors 42,687 35,946
360,945 726,035

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 72,219 70,946
Amounts owed to group undertakings 347,438 496,705
Taxation and social security 70,266 60,996
Other creditors 56,195 76,295
546,118 704,942

8. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 21,844 3,194

Safety Welding and Lifting
(International) Limited (Registered number: SC147636)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

8. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 December 2022 3,194
Charge to Income Statement during year 18,650
Balance at 30 November 2023 21,844

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
8,572 Ordinary A 1 8,572 8,572
20,000 Ordinary B 1 20,000 20,000
28,572 28,572

10. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 December 2022 915,201 1,428 916,629
Deficit for the year (13,552 ) (13,552 )
Dividends (204,768 ) (204,768 )
At 30 November 2023 696,881 1,428 698,309

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

The Report of the Auditors was unqualified.

Jonathan Neil Innes FCCA (Senior Statutory Auditor)
for and on behalf of Innes & Partners Limited

12. BOND, FLOATING CHARGES AND STANDARD SECURITIES

The following charges were held as at 30 November 2023:
- a bond and floating charge is held by Lloyds TSB Commercial Finance Limited over the assets of the company.
- a standard security is held by The Governor and the Company of the Bank of Scotland over Site 4, Inverbreakie Industrial Estate, Invergordon.
- a bond and floating charge is held by The Governor and the Company of the Bank of Scotland over the assets of the company.

The bond and floating charge held by Lloyds TSB Commercial Finance Limited over the assets of the company was satisfied on 21 December 2023.

Safety Welding and Lifting
(International) Limited (Registered number: SC147636)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

13. CAPITAL COMMITMENTS
2023 2022
£    £   
Contracted but not provided for in the
financial statements 33,066 29,750

14. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

15. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

16. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Rosskeen Holdings Limited.

Rosskeen Holdings Limited is a private limited company incorporated in Scotland, copies of the financial statements of Rosskeen Holdings Limited may be obtained from the company's registered office at Rosskeen Old Manse, Invergordon, Ross-shire, IV18 0PR.