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REGISTERED NUMBER: SC060280 (Scotland)
















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

THE PARKHEAD WELDING COMPANY LIMITED

THE PARKHEAD WELDING COMPANY LIMITED (REGISTERED NUMBER: SC060280)






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


THE PARKHEAD WELDING COMPANY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: D Arbuckle
A J Macdonald
A Morgan
W A Rafferty





SECRETARY: Mrs N Macdonald





REGISTERED OFFICE: 201 Baltic Street
Dalmarnock
Glasgow
G40 3HA





REGISTERED NUMBER: SC060280 (Scotland)





ACCOUNTANTS: Robert J Hart & Company
Chartered Accountants
Arran House
15D Skye Road
Prestwick
Ayrshire
KA9 2TA

THE PARKHEAD WELDING COMPANY LIMITED (REGISTERED NUMBER: SC060280)

BALANCE SHEET
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 701,263 746,335

CURRENT ASSETS
Stocks 324,847 153,079
Debtors 5 297,821 261,030
Investments 6 119,472 122,271
Cash at bank 200,712 580,442
942,852 1,116,822
CREDITORS
Amounts falling due within one year 7 328,867 364,022
NET CURRENT ASSETS 613,985 752,800
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,315,248

1,499,135

CREDITORS
Amounts falling due after more than one
year

8

(6,571

)

(8,214

)

PROVISIONS FOR LIABILITIES 9 (95,581 ) (70,941 )
NET ASSETS 1,213,096 1,419,980

CAPITAL AND RESERVES
Called up share capital 1,850 1,850
Capital redemption reserve 150 150
Retained earnings 1,211,096 1,417,980
1,213,096 1,419,980

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.

THE PARKHEAD WELDING COMPANY LIMITED (REGISTERED NUMBER: SC060280)

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 1 May 2024 and were signed on its behalf by:





W A Rafferty - Director


THE PARKHEAD WELDING COMPANY LIMITED (REGISTERED NUMBER: SC060280)

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

1. STATUTORY INFORMATION

The Parkhead Welding Company 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.

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.
Land and buildings - 5% on cost
Plant and machinery etc - 20% on reducing balance

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

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.

Investments
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably.

THE PARKHEAD WELDING COMPANY LIMITED (REGISTERED NUMBER: SC060280)

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 34 (2022 - 35 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 January 2023 1,079,626 601,770 104,518 461,112 2,247,026
Additions - 5,230 1,611 98,889 105,730
Disposals - - - (37,690 ) (37,690 )
At 31 December 2023 1,079,626 607,000 106,129 522,311 2,315,066
DEPRECIATION
At 1 January 2023 720,582 564,638 81,508 133,963 1,500,691
Charge for year 53,982 8,037 4,780 72,845 139,644
Eliminated on disposal - - - (26,532 ) (26,532 )
At 31 December 2023 774,564 572,675 86,288 180,276 1,613,803
NET BOOK VALUE
At 31 December 2023 305,062 34,325 19,841 342,035 701,263
At 31 December 2022 359,044 37,132 23,010 327,149 746,335

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 236,297 175,446
Other debtors 61,524 85,584
297,821 261,030

6. CURRENT ASSET INVESTMENTS
31.12.23 31.12.22
£    £   
Listed investments 119,472 122,271
Market value of listed investments at 31 December 2023 - £ 119,472 (2022 - £ 122,271 ).

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 200,580 206,087
Taxation and social security 104,555 128,905
Other creditors 23,732 29,030
328,867 364,022

THE PARKHEAD WELDING COMPANY LIMITED (REGISTERED NUMBER: SC060280)

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

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Other creditors 6,571 8,214

9. PROVISIONS FOR LIABILITIES
31.12.23 31.12.22
£    £   
Deferred tax 95,581 70,941

Deferred
tax
£   
Balance at 1 January 2023 70,941
Charge to Income Statement during year 24,640
Balance at 31 December 2023 95,581