Acorah Software Products - Accounts Production 15.0.600 false true 31 December 2022 1 January 2022 false 1 January 2023 31 December 2023 31 December 2023 03703144 E Orchard D Lake P N Garrard A E Sheward D Lake iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 03703144 2022-12-31 03703144 2023-12-31 03703144 2023-01-01 2023-12-31 03703144 frs-core:CurrentFinancialInstruments 2023-12-31 03703144 frs-core:Non-currentFinancialInstruments 2023-12-31 03703144 frs-core:ComputerEquipment 2023-12-31 03703144 frs-core:ComputerEquipment 2023-01-01 2023-12-31 03703144 frs-core:ComputerEquipment 2022-12-31 03703144 frs-core:PlantMachinery 2023-12-31 03703144 frs-core:PlantMachinery 2023-01-01 2023-12-31 03703144 frs-core:PlantMachinery 2022-12-31 03703144 frs-core:ShareCapital 2023-12-31 03703144 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 03703144 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03703144 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 03703144 frs-bus:SmallEntities 2023-01-01 2023-12-31 03703144 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 03703144 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 03703144 frs-bus:Director1 2023-01-01 2023-12-31 03703144 frs-bus:Director2 2023-01-01 2023-12-31 03703144 frs-bus:Director3 2023-01-01 2023-12-31 03703144 frs-bus:Director4 2023-01-01 2023-12-31 03703144 frs-bus:CompanySecretary1 2023-01-01 2023-12-31 03703144 frs-countries:EnglandWales 2023-01-01 2023-12-31 03703144 2021-12-31 03703144 2022-12-31 03703144 2022-01-01 2022-12-31 03703144 frs-core:CurrentFinancialInstruments 2022-12-31 03703144 frs-core:Non-currentFinancialInstruments 2022-12-31 03703144 frs-core:ShareCapital 2022-12-31 03703144 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31
Registered number: 03703144
Welding Industries Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Bryars & Co
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 03703144
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 2,996 3,745
Investment Properties 5 2,200,000 2,200,000
2,202,996 2,203,745
CURRENT ASSETS
Debtors 6 376,591 306,960
Cash at bank and in hand 70,880 177,732
447,471 484,692
Creditors: Amounts Falling Due Within One Year 7 (217,732 ) (188,869 )
NET CURRENT ASSETS (LIABILITIES) 229,739 295,823
TOTAL ASSETS LESS CURRENT LIABILITIES 2,432,735 2,499,568
Creditors: Amounts Falling Due After More Than One Year 8 (821,179 ) (894,961 )
NET ASSETS 1,611,556 1,604,607
CAPITAL AND RESERVES
Called up share capital 9 220,000 220,000
Profit and Loss Account 1,391,556 1,384,607
SHAREHOLDERS' FUNDS 1,611,556 1,604,607
Page 1
Page 2
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.
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
A E Sheward
Director
09/09/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Welding Industries Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03703144 . The registered office is Satellite House, Blackswarth Road, Bristol, BS5 8AU.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
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 rental of the company's investment properties together with sums rechargeable in respect of the year for services and utilities.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any 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 & Machinery 20% on a reducing balance basis
Computer Equipment Over three years on a straight line basis
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2022: 5)
5 5
Page 3
Page 4
4. Tangible Assets
Plant & Machinery Computer Equipment Total
£ £ £
Cost
As at 1 January 2023 46,802 5,670 52,472
As at 31 December 2023 46,802 5,670 52,472
Depreciation
As at 1 January 2023 43,057 5,670 48,727
Provided during the period 749 - 749
As at 31 December 2023 43,806 5,670 49,476
Net Book Value
As at 31 December 2023 2,996 - 2,996
As at 1 January 2023 3,745 - 3,745
5. Investment Property
2023
£
Fair Value
As at 1 January 2023 and 31 December 2023 2,200,000
The investment properties were revalued as at the year end by the directors on a fair value value basis.
The directors believe, based on professional advice, that if the properties were to be sold at their balance sheet amount, no liability to corporation tax on any capital gain would arise.
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 84,739 110,897
Prepayments and accrued income 142,033 83,036
Other debtors 1,020 1,020
227,792 194,953
Due after more than one year
Other debtors 148,799 112,007
148,799 112,007
376,591 306,960
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 21,814 4,782
Corporation tax 20,695 21,705
Other taxes and social security 26,478 28,005
Accruals and deferred income 148,745 134,377
217,732 188,869
Page 4
Page 5
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 821,179 894,961
821,179 894,961
Bank loans are secured by way of a fixed charge over the company's investment properties and a fixed and floating charge over the assets of the company.  The loan is repayable in instalments over a period of more than 5 years by monthly instalments.  Interest is due at a rate linked to base rate.
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 220,000 220,000
Page 5