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Registered number: 12923448
Tulway Fabrications Limited
Unaudited Financial Statements
For The Year Ended 30 June 2024
Contents
Page
Company Information 1
Accountant's Report 2
Balance Sheet 3—4
Notes to the Financial Statements 5—7
Page 1
Company Information
Directors Mr K Tully
Mrs J C Tully
Miss J Tully
Company Number 12923448
Registered Office Unit 12 Faraday Road Britonwood Trading Estate
Knowsley Industrial Park
Liverpool
Merseyside
L33 7UT
Accountants ERC Accountants & Business Advisers Limited
Chartered Accountants
Hanover Buildings, 11-13 Hanover Street
Liverpool
Merseyside
L1 3DN
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Accountant's Report
Chartered Accountant's report to the directors on the preparation of the unaudited statutory accounts of Tulway Fabrications Limited for the year ended 30 June 2024
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of Tulway Fabrications Limited for the year ended 30 June 2024 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given to us.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/membership/regulations-standards-and-guidance.
This report is made solely to the directors of Tulway Fabrications Limited , as a body, in accordance with the terms of our engagement letter dated 26 March 2024. Our work has been undertaken solely to prepare for your approval the accounts of Tulway Fabrications Limited and state those matters that we have agreed to state to the directors of Tulway Fabrications Limited , as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Tulway Fabrications Limited and its directors, as a body, for our work or for this report.
It is your duty to ensure that Tulway Fabrications Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Tulway Fabrications Limited . You consider that Tulway Fabrications Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit of the accounts of Tulway Fabrications Limited . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
30 August 2024
ERC Accountants & Business Advisers Limited
Chartered Accountants
Hanover Buildings, 11-13 Hanover Street
Liverpool
Merseyside
L1 3DN
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Page 3
Balance Sheet
Registered number: 12923448
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 13,626 11,573
13,626 11,573
CURRENT ASSETS
Stocks 5 185,921 214,818
Debtors 6 2,421,548 1,976,530
Cash at bank and in hand - 48,062
2,607,469 2,239,410
Creditors: Amounts Falling Due Within One Year 7 (2,157,471 ) (1,943,283 )
NET CURRENT ASSETS (LIABILITIES) 449,998 296,127
TOTAL ASSETS LESS CURRENT LIABILITIES 463,624 307,700
PROVISIONS FOR LIABILITIES
Deferred Taxation (3,407 ) (2,199 )
NET ASSETS 460,217 305,501
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 460,117 305,401
SHAREHOLDERS' FUNDS 460,217 305,501
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For the year ending 30 June 2024 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr K Tully
Director
30 August 2024
The notes on pages 5 to 7 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Tulway Fabrications Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12923448 . The registered office is Unit 12 Faraday Road Britonwood Trading Estate, Knowsley Industrial Park, Liverpool, Merseyside, L33 7UT.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant and machinery Over 18 months / 20% Reducing balance
Computer equipment 20% Reducing balance
2.4. Stocks and Work in Progress
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 stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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2.6. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 39 (2023: 38)
39 38
4. Tangible Assets
Plant and machinery Computer equipment Total
£ £ £
Cost
As at 1 July 2023 5,946 11,584 17,530
Additions 3,650 2,432 6,082
As at 30 June 2024 9,596 14,016 23,612
Depreciation
As at 1 July 2023 2,807 3,150 5,957
Provided during the period 1,856 2,173 4,029
As at 30 June 2024 4,663 5,323 9,986
Net Book Value
As at 30 June 2024 4,933 8,693 13,626
As at 1 July 2023 3,139 8,434 11,573
5. Stocks
2024 2023
£ £
Materials 75,921 80,000
Work in progress 110,000 134,818
185,921 214,818
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 319,392 875,921
Amounts recoverable on contracts 2,027,433 1,070,000
Prepayments and accrued income 74,623 30,509
Other debtors 100 100
2,421,548 1,976,530
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 594,407 597,750
Bank loans and overdrafts 79,810 -
Corporation tax 54,960 28,175
Other taxes and social security 78,104 69,868
VAT 215,540 90,373
Other creditors 46,134 615,481
Accruals and deferred income 24,436 26,652
Amounts owed to group undertakings 1,064,080 514,984
2,157,471 1,943,283
The Invoice Finance creditor of £41,216 shown within other creditors is secured by fixed and floating charges over the company's assets.
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
9. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 51,000 51,000
Later than one year and not later than five years 51,000 102,000
102,000 153,000
10. Directors Advances, Credits and Guarantees
No director received advances, credits or guarantees during the current or previous accounting periods.
11. Related Party Transactions
The following related party transactions were undertaken during the year:
A connected company loaned Tulway Fabrications Ltd £549,000 (2023: £nil) and was repaid £3,000 (2023: £80,000). Tulway Fabrications Ltd made sales to the connected company during the year of which £65,000 was owed at the year end. At the balance sheet date Tulway Fabrications Ltd owed the connected company £661,000 (2023: £180,000).
A second connected company loaned Tulway Fabrications Ltd £372,200 (2023: £356,520) and was repaid £304,103 (2023: £171,104). At the balance sheet date Tulway Fabrications Ltd owed the connected company £403,080 (2023 : £334,984).
No further transactions with related parties were undertaken such as are required to be disclosed in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
12. Ultimate Parent Undertaking and Controlling Party
The company's immediate and ultimate parent undertaking is Tulway Engneering Ltd . Tulway Engneering Ltd was incorporated in England & Wales, registered number 03590248.

The ultimate controlling party is Tulway Engineering Ltd who controls 100% of the shares of Tulway Fabrications Limited .
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