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REGISTERED NUMBER: 07985078 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024

FOR

PSWELDING&ENGINEERING LTD

PSWELDING&ENGINEERING LTD (REGISTERED NUMBER: 07985078)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PSWELDING&ENGINEERING LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MARCH 2024







DIRECTORS: G S Smith
Mrs J Smith





SECRETARY: J Smith





REGISTERED OFFICE: Unit 25
Fernley Green Industrial Estate
Fernley Green Road
Knottingley
West Yorlkshire
WF11 8DY





REGISTERED NUMBER: 07985078 (England and Wales)





ACCOUNTANTS: Flemingate - Accountancy and Taxation
1 Village Courtyard
High Street
Holme on Spalding Moor
York
North Yorkshire
YO43 4AA

PSWELDING&ENGINEERING LTD (REGISTERED NUMBER: 07985078)

BALANCE SHEET
31ST MARCH 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 57,961 69,630

CURRENT ASSETS
Stocks 5 63,042 63,315
Debtors 6 491,143 461,528
Cash at bank and in hand 1,096 9,734
555,281 534,577
CREDITORS
Amounts falling due within one year 7 271,476 242,771
NET CURRENT ASSETS 283,805 291,806
TOTAL ASSETS LESS CURRENT
LIABILITIES

341,766

361,436

CREDITORS
Amounts falling due after more than one
year

8

(55,391

)

(94,608

)

PROVISIONS FOR LIABILITIES (13,966 ) (12,761 )
NET ASSETS 272,409 254,067

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 272,309 253,967
SHAREHOLDERS' FUNDS 272,409 254,067

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2024 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.

PSWELDING&ENGINEERING LTD (REGISTERED NUMBER: 07985078)

BALANCE SHEET - continued
31ST MARCH 2024


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 12th August 2024 and were signed on its behalf by:




G S Smith - Director



Mrs J Smith - Director


PSWELDING&ENGINEERING LTD (REGISTERED NUMBER: 07985078)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024

1. STATUTORY INFORMATION

PsWelding&Engineering 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.

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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 11 ) .

PSWELDING&ENGINEERING LTD (REGISTERED NUMBER: 07985078)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

4. TANGIBLE FIXED ASSETS
Improvements
to Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST
At 1st April 2023
and 31st March 2024 6,944 115,155 61,707 183,806
DEPRECIATION
At 1st April 2023 4,478 60,235 49,463 114,176
Charge for year 370 8,238 3,061 11,669
At 31st March 2024 4,848 68,473 52,524 125,845
NET BOOK VALUE
At 31st March 2024 2,096 46,682 9,183 57,961
At 31st March 2023 2,466 54,920 12,244 69,630

5. STOCKS
31.3.24 31.3.23
£    £   
Stocks and wip 63,042 63,315

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 201,680 172,533
Other debtors 278,235 278,235
Prepayments 11,228 10,760
491,143 461,528

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 27,696 27,696
Trade creditors 43,329 52,897
Tax 28,991 5,158
VAT - 17,846
Factoring Account 161,401 131,952
Directors' current accounts 4,159 1,322
Accrued expenses 5,900 5,900
271,476 242,771

PSWELDING&ENGINEERING LTD (REGISTERED NUMBER: 07985078)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Bank loans - 1-2 years 27,696 27,696
Bank loans - 2-5 years 27,695 66,912
55,391 94,608

9. RELATED PARTY DISCLOSURES

Throughout the course of the period the company transacted with the directors by way of an interest free loan account. The balance owing to the directors at the balance sheet date was £ 4,159.

10. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is the directors who own 100% of the issued share capital.