Registered number
SC053928
TPS WELDTECH LIMITED
Filleted Accounts
31 December 2023
TPS WELDTECH LIMITED
Registered number: SC053928
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 1,536,645 1,373,728
Current assets
Stocks 1,649,452 1,663,444
Debtors 4 1,407,524 1,012,829
Cash at bank and in hand 566,510 613,925
3,623,486 3,290,198
Creditors: amounts falling due within one year 5 (1,054,574) (826,981)
Net current assets 2,568,912 2,463,217
Total assets less current liabilities 4,105,557 3,836,945
Creditors: amounts falling due after more than one year 6 (115,699) (110,491)
Provisions for liabilities (181,011) (85,119)
Net assets 3,808,847 3,641,335
Capital and reserves
Called up share capital 150,000 150,000
Profit and loss account 3,658,847 3,491,335
Shareholders' funds 3,808,847 3,641,335
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Keith Palmer
Director
Approved by the board on 30 June 2024
TPS WELDTECH LIMITED
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 hire of plant. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the hire of plant is recognised in line with the period of hire.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings Not depreciated
Plant & machinery over 5 years
IT Equipment over 3 years
Hire Plant over 8 years
Motor Vehicles over 8 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 32 32
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 January 2023 382,926 2,773,727 312,242 3,468,895
Additions - 489,820 105,494 595,314
Disposals - (241,768) (27,649) (269,417)
At 31 December 2023 382,926 3,021,779 390,087 3,794,792
Depreciation
At 1 January 2023 151,124 1,776,251 167,792 2,095,167
Charge for the year - 319,966 53,024 372,990
On disposals - (179,839) (30,171) (210,010)
At 31 December 2023 151,124 1,916,378 190,645 2,258,147
Net book value
At 31 December 2023 231,802 1,105,401 199,442 1,536,645
At 31 December 2022 231,802 997,476 144,450 1,373,728
4 Debtors 2023 2022
£ £
Trade debtors 1,358,215 982,101
Other debtors 49,309 30,728
1,407,524 1,012,829
5 Creditors: amounts falling due within one year 2023 2022
£ £
Energy savings trust loan 1,793 1,793
Obligations under finance lease and hire purchase contracts 227,796 256,336
Trade creditors 602,517 421,330
Taxation and social security costs 208,639 139,538
Other creditors 13,829 7,984
1,054,574 826,981
6 Creditors: amounts falling due after one year 2023 2022
£ £
Energy savings trust loan 10,458 12,251
Obligations under finance lease and hire purchase contracts 105,241 98,240
115,699 110,491
7 Events after the reporting date
The directors have declared a dividend of £75,000 in respect of the 2023 financial year. This amount will be paid in June 2024.
8 Pension commitments
The company contribute to a defined contribution stakeholder pension scheme for all eligible employees, in line with current statute.
9 Related party transactions
During the year, rental of £36,000 (2022 : £36,000) was paid to Mr T Palmer & Mrs M Palmer for the rental of commercial premises. No amount was outstanding at either year end. There is no formal long term lease commitment with Mr & Mrs Palmer.
10 Controlling party
There is no single controlling party. The directors jointly control 100% of the issued share capital of the business.
11 Other information
TPS WELDTECH LIMITED is a private company limited by shares and incorporated in Scotland. Its registered office is:
Loreny Industrial Estate
Ayr Road
Kilmarnock
Ayrshire
KA1 5LE
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