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REGISTERED NUMBER: 02584561 (England and Wales)






The Wakefield Welding Centre Limited

Financial Statements

for the Year Ended 31 March 2024






The Wakefield Welding Centre Limited (Registered number: 02584561)

Contents of the Financial Statements
for the year ended 31 March 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


The Wakefield Welding Centre Limited

Company Information
for the year ended 31 March 2024







DIRECTORS: Mr J Wilkinson
Mrs D L Wilkinson



SECRETARY: Mrs D L Wilkinson



REGISTERED OFFICE: Unit 5
Carlton Street
Wakefield
West Yorkshire
WF2 8TQ



REGISTERED NUMBER: 02584561 (England and Wales)



ACCOUNTANTS: SMH Jolliffe Cork Ltd
Chartered Accountants
33 George Street
Wakefield
West Yorkshire
WF1 1LX



BANKERS: Lloyds Bank Plc
17 Westgate
Wakefield
West Yorkshire
WF1 1JZ

The Wakefield Welding Centre Limited (Registered number: 02584561)

Balance Sheet
31 March 2024

2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 33,881 45,787

CURRENT ASSETS
Stocks 205,587 205,717
Debtors 5 485,398 397,575
Cash at bank and in hand 358,614 345,094
1,049,599 948,386
CREDITORS
Amounts falling due within one year 6 681,713 570,055
NET CURRENT ASSETS 367,886 378,331
TOTAL ASSETS LESS CURRENT
LIABILITIES

401,767

424,118

PROVISIONS FOR LIABILITIES 8,471 8,700
NET ASSETS 393,296 415,418

The Wakefield Welding Centre Limited (Registered number: 02584561)

Balance Sheet - continued
31 March 2024

2024 2023
Notes £ £ £ £

CAPITAL AND RESERVES
Called up share capital 8 200 200
Capital redemption reserve 1,700 1,700
Retained earnings 391,396 413,518
SHAREHOLDERS' FUNDS 393,296 415,418

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

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

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 22 August 2024 and were signed on its behalf by:





Mr J Wilkinson - Director


The Wakefield Welding Centre Limited (Registered number: 02584561)

Notes to the Financial Statements
for the year ended 31 March 2024


1. STATUTORY INFORMATION

The Wakefield Welding Centre 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 company's functional and presentation currency is the pound sterling (£). All financial information presented has been rounded to the nearest £, unless otherwise stated.

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 the cost less estimated residual value of each asset over its estimated useful life.
Fixtures, fittings & equipment - 10% and 20% on cost
Motor vehicles - 20% on cost
Computer equipment - 20% on cost

All tangible fixed assets are initially recorded at cost.

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

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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.


The Wakefield Welding Centre Limited (Registered number: 02584561)

Notes to the Financial Statements - continued
for the year ended 31 March 2024


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 an auto-enrolment pension scheme on behalf of its employees and makes defined contributions into the scheme. The company also makes employer contributions into the directors' personal pension scheme. Contributions payable to these pension schemes are charged to the profit and loss account in the period to which they relate.

Operating lease agreements
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

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

The Wakefield Welding Centre Limited (Registered number: 02584561)

Notes to the Financial Statements - continued
for the year ended 31 March 2024


4. TANGIBLE FIXED ASSETS
Fixtures,
fittings & Motor Computer
equipment vehicles equipment Totals
£ £ £ £
COST
At 1 April 2023 28,338 63,529 42,585 134,452
Additions - - 5,436 5,436
Disposals (528 ) - (7,755 ) (8,283 )
At 31 March 2024 27,810 63,529 40,266 131,605
DEPRECIATION
At 1 April 2023 20,375 38,799 29,491 88,665
Charge for year 1,369 11,295 3,808 16,472
Eliminated on disposal (53 ) - (7,360 ) (7,413 )
At 31 March 2024 21,691 50,094 25,939 97,724
NET BOOK VALUE
At 31 March 2024 6,119 13,435 14,327 33,881
At 31 March 2023 7,963 24,730 13,094 45,787

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 467,170 387,996
Prepayments and accrued income 18,228 9,579
485,398 397,575

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade creditors 537,741 459,778
Tax 20,047 13,448
Social security and other taxes 16,627 14,984
VAT 27,436 26,602
Other creditors 683 690
Directors' current accounts 62,148 22,031
Accruals and deferred income 17,031 32,522
681,713 570,055

The Wakefield Welding Centre Limited (Registered number: 02584561)

Notes to the Financial Statements - continued
for the year ended 31 March 2024


7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£ £
Within one year 31,567 36,722
Between one and five years 73,225 104,323
104,792 141,045

8. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 2024 2023
value: £ £
200 Ordinary £1 200 200

9. RELATED PARTY DISCLOSURES

During the year , total dividends of £76,000 ( 2023 £56,000) were paid to the directors.