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REGISTERED NUMBER: 04450710 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

WELCH AND TIDY LIMITED

WELCH AND TIDY LIMITED (REGISTERED NUMBER: 04450710)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


WELCH AND TIDY LIMITED

COMPANY INFORMATION
for the Year Ended 31 December 2023







DIRECTOR: P S Suri





REGISTERED OFFICE: Europa House
18 Wadsworth Road
Perivale
Greenford
Middlesex
UB6 7JD





REGISTERED NUMBER: 04450710 (England and Wales)





ACCOUNTANTS: Accura Accountants Ltd
Langley House
Park Road
East Finchley
London
N2 8EY

WELCH AND TIDY LIMITED (REGISTERED NUMBER: 04450710)

STATEMENT OF FINANCIAL POSITION
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 7,139 10,864
Tangible assets 5 564,793 622,419
571,932 633,283

CURRENT ASSETS
Stocks 1,792,455 1,925,996
Debtors 6 2,286,463 2,381,027
Cash at bank and in hand 164,264 56,062
4,243,182 4,363,085
CREDITORS
Amounts falling due within one year 7 1,610,590 2,095,318
NET CURRENT ASSETS 2,632,592 2,267,767
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,204,524

2,901,050

CREDITORS
Amounts falling due after more than one
year

8

(256,652

)

(71,577

)

PROVISIONS FOR LIABILITIES (134,267 ) (111,835 )
NET ASSETS 2,813,605 2,717,638

CAPITAL AND RESERVES
Called up share capital 200,000 200,000
Retained earnings 2,613,605 2,517,638
2,813,605 2,717,638

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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.

WELCH AND TIDY LIMITED (REGISTERED NUMBER: 04450710)

STATEMENT OF FINANCIAL POSITION - continued
31 December 2023


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 Income Statement has not been delivered.

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





P S Suri - Director


WELCH AND TIDY LIMITED (REGISTERED NUMBER: 04450710)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Welch and Tidy Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

Preparation of consolidated financial statements
The financial statements contain information about Welch and Tidy Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of ten years.

Acquired goodwill written off at 10% on straight line basis.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery - 10% on reducing balance basis
Fixture and fittings - 10% on reducing balance basis
Motor vehicle - 15% on reducing balance basis
Equipment - 20% on reducing balance basis

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

Financial instruments
The Company only enters into basic financial instrument transaction that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loan from banks and other third parties, loans to and from related parties and investments in ordinary shares.


WELCH AND TIDY LIMITED (REGISTERED NUMBER: 04450710)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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 other post-retirement 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.

Impairment of tangible and intangible assets
Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an assets may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior period may no longer exist or may have decreased.

WELCH AND TIDY LIMITED (REGISTERED NUMBER: 04450710)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Debtors, creditors, provision for liabilities
Debtors: Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transactions costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors: Short term creditors are measured at the transactions price. Other financial liabilities, including bank loans are measured at fair value, net of transaction costs, and are measured subsequently at amortised cost using effective interest method.

Provision for liabilities: Provisions are made where an event has taken place that gives the Company a legal obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. Provision are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure to settle the obligation, taking into account relevant risks and uncertainties.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 29 (2022 - 26 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 298,795
AMORTISATION
At 1 January 2023 287,931
Charge for year 3,725
At 31 December 2023 291,656
NET BOOK VALUE
At 31 December 2023 7,139
At 31 December 2022 10,864

A value of £298,795 was capitalised on acquisition of the company in 2002. However, on 31 December 2022, an assessment in regards to the current market value of the company was carried out by an external valuer, who has put the value of the company in the region of £860,000.

WELCH AND TIDY LIMITED (REGISTERED NUMBER: 04450710)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 1,607,919
Additions 12,202
At 31 December 2023 1,620,121
DEPRECIATION
At 1 January 2023 985,500
Charge for year 69,828
At 31 December 2023 1,055,328
NET BOOK VALUE
At 31 December 2023 564,793
At 31 December 2022 622,419

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 467,201 533,802
Amounts owed by group undertakings 1,794,579 1,784,054
Other debtors 24,683 63,171
2,286,463 2,381,027

Included within other creditors are prepaid expenses of £19,097 (2022: £20,035).

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 123,264 10,000
Trade creditors 623,028 1,239,152
Taxation and social security 219,969 201,115
Other creditors 644,329 645,051
1,610,590 2,095,318

Included within other creditors are accrued expenses of £21,711 (2022: £12,500).

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans 217,568 24,167
Hire purchase contracts 39,084 47,410
256,652 71,577

WELCH AND TIDY LIMITED (REGISTERED NUMBER: 04450710)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

9. FINANCIAL INSTRUMENTS

On November 2022, the company entered into a trade/invoice financing agreement with RBS Invoice Finance Ltd, the factor. This facility has been secured by way of fixed and floating charge including that of negative pledge against Company's assets. At the balance sheet date, the total debt secured against trade debtors of the company is £204,628 (2022:£203,699). This balance is shown within other creditors due within one year.

10. ULTIMATE CONTROLLING PARTY

The parent company is CCL (WT) Newco 4 Limited, a company registered in England and Wales.

The ultimate controlling party is the Suri family.