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Registration number: 04346712

Weldtech Pipe Services Limited
 

Annual Report and Unaudited Financial Statements- Companies house filing

for the Year Ended 31 March 2024

 

Weldtech Pipe Services Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 6

 

Weldtech Pipe Services Limited

(Registration number: 04346712)
Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

25,490

30,237

Current assets

 

Stocks

5

3,500

2,500

Debtors

6

121,866

209,472

Cash at bank and in hand

 

208,597

134,124

 

333,963

346,096

Creditors: Amounts falling due within one year

7

(150,655)

(148,990)

Net current assets

 

183,308

197,106

Total assets less current liabilities

 

208,798

227,343

Provisions for liabilities

(6,373)

(7,559)

Net assets

 

202,425

219,784

Capital and reserves

 

Called up share capital

50

100

Capital redemption reserve

50

-

Profit and loss account

202,325

219,684

Shareholders' funds

 

202,425

219,784

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.

Approved and authorised by the director on 20 September 2024
 

 

Weldtech Pipe Services Limited

(Registration number: 04346712)
Statement of Financial Position as at 31 March 2024

.........................................
P Trowsdale
Company secretary and director

 

Weldtech Pipe Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is: Unit B Kendall Court, 4 Doman Road, Camberley, Surrey, GU15 3DF.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

 

Weldtech Pipe Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Computer equipment

25% reducing balance

Motor vehicles

25% reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and bank deposits.

Trade creditors

Short term creditors are measured at the transaction price.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Employee benefits

Short-term employee benefits are recognised as an expense in the period which they are incurred.

 

Weldtech Pipe Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2023 - 4).

4

Tangible assets

Plant and machinery
£

Computer equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

13,634

3,418

39,386

56,438

Additions

4,214

-

-

4,214

Disposals

(678)

(1,048)

-

(1,726)

At 31 March 2024

17,170

2,370

39,386

58,926

Depreciation

At 1 April 2023

7,172

1,797

17,232

26,201

Charge for the year

2,604

360

5,538

8,502

Eliminated on disposal

(405)

(862)

-

(1,267)

At 31 March 2024

9,371

1,295

22,770

33,436

Carrying amount

At 31 March 2024

7,799

1,075

16,616

25,490

At 31 March 2023

6,462

1,621

22,154

30,237

5

Stocks

2024
£

2023
£

Raw materials and consumables

3,500

2,500

 

Weldtech Pipe Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Debtors

2024
£

2023
£

Trade debtors

116,711

204,663

Other debtors

500

500

Prepayments

4,655

4,309

121,866

209,472

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Trade creditors

18,809

27,140

Taxation and social security

127,086

101,361

Accruals and deferred income

3,284

3,413

Other creditors

1,476

17,076

150,655

148,990