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Company Registration No. 07450977 (England and Wales)
Welding Equipment Online Ltd Unaudited accounts for the year ended 31 December 2023
Welding Equipment Online Ltd Unaudited accounts Contents
Page
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Welding Equipment Online Ltd Company Information for the year ended 31 December 2023
Directors
Adrian Saunders Lee Foot Michael Escott
Company Number
07450977 (England and Wales)
Registered Office
12 Mary Seacole Road The Millfields Plymouth Devon PL1 3JY England
Accountants
PBS Accounting Limited 11 Long Meadow Close Plympton Plymouth Devon PL7 4JG
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Welding Equipment Online Ltd Statement of financial position as at 31 December 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
1,551 
475 
Current assets
Inventories
1,732 
- 
Debtors
1,274 
4,559 
Cash at bank and in hand
88,950 
49,564 
91,956 
54,123 
Creditors: amounts falling due within one year
(66,179)
(30,041)
Net current assets
25,777 
24,082 
Total assets less current liabilities
27,328 
24,557 
Provisions for liabilities
Deferred tax
(295)
(90)
Net assets
27,033 
24,467 
Capital and reserves
Called up share capital
10 
10 
Profit and loss account
27,023 
24,457 
Shareholders' funds
27,033 
24,467 
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 16 August 2024 and were signed on its behalf by
Adrian Saunders Director Company Registration No. 07450977
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Welding Equipment Online Ltd Notes to the Accounts for the year ended 31 December 2023
1
Statutory information
Welding Equipment Online Ltd is a private company, limited by shares, registered in England and Wales, registration number 07450977. The registered office is 12 Mary Seacole Road, The Millfields, Plymouth, Devon, PL1 3JY, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Computer equipment
Straight Line 33%
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
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Welding Equipment Online Ltd Notes to the Accounts for the year ended 31 December 2023
4
Tangible fixed assets
Computer equipment 
£ 
Cost or valuation
At cost 
At 1 January 2023
10,226 
Additions
2,095 
At 31 December 2023
12,321 
Depreciation
At 1 January 2023
9,751 
Charge for the year
1,019 
At 31 December 2023
10,770 
Net book value
At 31 December 2023
1,551 
At 31 December 2022
475 
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
15 
4,386 
Accrued income and prepayments
1,259 
173 
1,274 
4,559 
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
VAT
1,169 
4,261 
Trade creditors
34,908 
8,448 
Taxes and social security
5,167 
16,675 
Proposed dividends
20,000 
- 
Other creditors
3,238 
7 
Loans from directors
982 
- 
Accruals
715 
650 
66,179 
30,041 
7
Share capital
2023 
2022 
£ 
£ 
Allotted, called up and fully paid:
100 Ordinary shares of £0.10 each
10 
10 
8
Average number of employees
During the year the average number of employees was 3 (2022: 3).
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