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REGISTERED NUMBER: SC058575 (Scotland)










Financial Statements

For The Year Ended 30 June 2024

for

Premier Welding Ltd

Premier Welding Ltd (Registered number: SC058575)






Contents of the Financial Statements
For The Year Ended 30 June 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Premier Welding Ltd

Company Information
For The Year Ended 30 June 2024







DIRECTOR: A J Young





REGISTERED OFFICE: Unit 5, Carberry Court
28 Queen Elizabeth Avenue
Hillington Industrial Estate
GLASGOW
G52 4NQ





REGISTERED NUMBER: SC058575 (Scotland)





ACCOUNTANTS: Cahill Jack Associates Limited
91 Alexander Street
Airdrie
North Lanarkshire
ML6 0BD

Premier Welding Ltd (Registered number: SC058575)

Balance Sheet
30 June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 373,016 300,044
Investments 5 260,497 237,063
633,513 537,107

CURRENT ASSETS
Stocks 230,115 257,358
Debtors 6 905,290 728,495
Cash at bank and in hand 1,418,444 1,155,725
2,553,849 2,141,578
CREDITORS
Amounts falling due within one year 7 1,164,218 1,108,183
NET CURRENT ASSETS 1,389,631 1,033,395
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,023,144

1,570,502

PROVISIONS FOR LIABILITIES 30,826 9,584
NET ASSETS 1,992,318 1,560,918

CAPITAL AND RESERVES
Called up share capital 10,000 10,000
Capital redemption reserve 5,000 5,000
Retained earnings 1,977,318 1,545,918
SHAREHOLDERS' FUNDS 1,992,318 1,560,918

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Premier Welding Ltd (Registered number: SC058575)

Balance Sheet - continued
30 June 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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 20 August 2024 and were signed by:





A J Young - Director


Premier Welding Ltd (Registered number: SC058575)

Notes to the Financial Statements
For The Year Ended 30 June 2024

1. STATUTORY INFORMATION

Premier Welding Ltd 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
The preparation of financial information in compliance with FRS 102 requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

The directors have identified the following areas which give rise to estimation uncertainty:

1) Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and any residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation and maintenance programmes are taken into account.

2) Valuation of stock uses estimations for provisions against old and obsolete items of stock.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future periods affected.

Turnover
Turnover represents invoiced sales of welding services and related products, excluding VAT.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding value added tax and any other sales taxes The following criteria must also be met before revenue is recognised:

Sale of goods
Revenue from sale of goods is recognised when all of the following conditions are satisfied:

- the company has transferred the significant risks and rewards of ownership to the buyer;
- the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the company will receive the consideration due under the transaction;
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.


Rendering of services
Revenue from agreement to provide services is recognised in the period in which the services are provided when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;
- it is probable that the company will receive the consideration due under the agreement.

Premier Welding Ltd (Registered number: SC058575)

Notes to the Financial Statements - continued
For The Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on reducing balance
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 20% on reducing balance

The company adds to the carrying amount of an item of fixed asset the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the
company. Any carrying amount of the replaced part is written off. Repairs and maintenance are charged to
the profit and loss during the year in which they are incurred except for any parts unused at the year end.
Asset residual values, useful lives and depreciation methods of relevant assets are reviewed, and adjusted
prospectively if appropriate. Gains and losses on disposals are determined by comparing the proceeds with
the carrying amount and recognised in the profit and loss during the year of disposal.

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

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

Stocks are stated at the lower of cost and net realisable value being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, inventories are assessed for impairment. If inventory is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

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.


Premier Welding Ltd (Registered number: SC058575)

Notes to the Financial Statements - continued
For The Year Ended 30 June 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
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and short term employee 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.

Amounts in respect of defined contribution plans are recognised as an expense when they are incurred.

Short term employee benefits, including holiday pay, are recognised as an expense in the profit and loss in the period in which they are incurred.

Financial instruments
The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, bank loans and directors' loans.

Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method. Directors' loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss.

Other items
Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest rate method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

Holiday pay
A liability is recognised to the extent of any unused holiday pay entitlement which has accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2023 - 16 ) .

Premier Welding Ltd (Registered number: SC058575)

Notes to the Financial Statements - continued
For The Year Ended 30 June 2024

4. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1 July 2023 204,195 8,200 12,657
Additions - - 11,389
At 30 June 2024 204,195 8,200 24,046
DEPRECIATION
At 1 July 2023 - 7,127 9,539
Charge for year - 107 3,627
At 30 June 2024 - 7,234 13,166
NET BOOK VALUE
At 30 June 2024 204,195 966 10,880
At 30 June 2023 204,195 1,073 3,118

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 July 2023 189,278 50,088 464,418
Additions 104,488 - 115,877
At 30 June 2024 293,766 50,088 580,295
DEPRECIATION
At 1 July 2023 109,954 37,754 164,374
Charge for year 36,704 2,467 42,905
At 30 June 2024 146,658 40,221 207,279
NET BOOK VALUE
At 30 June 2024 147,108 9,867 373,016
At 30 June 2023 79,324 12,334 300,044

No depreciation is provided on freehold properties. It is the company's practice to maintain these assets in a continual state of sound repair and extend and make improvements thereto from time to time and accordingly the Director considers that the lives of these assets are so long, and residual values (based on prices prevailing at the time of the acquisition or subsequent valuation) are so high, that their depreciation is insignificant. Any permanent diminution in the value of such properties is charged to the profit and loss account as appropriate. Heritable property was valued on an open market basis on 30th June 2024 by the director.

Premier Welding Ltd (Registered number: SC058575)

Notes to the Financial Statements - continued
For The Year Ended 30 June 2024

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 July 2023
and 30 June 2024 260,497
NET BOOK VALUE
At 30 June 2024 260,497
At 30 June 2023 260,497

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 905,290 728,495

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 906,131 974,002
Taxation and social security 239,014 121,511
Other creditors 19,073 12,670
1,164,218 1,108,183

8. ULTIMATE CONTROLLING PARTY

The controlling party is A J Young.