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Registration number: 06458378

Exmoor Welding Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Exmoor Welding Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Exmoor Welding Limited

(Registration number: 06458378)
Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

235,176

219,344

Current assets

 

Stocks

5

56,790

83,200

Debtors

6

166,541

134,448

Cash at bank and in hand

 

52,122

4,029

 

275,453

221,677

Creditors: Amounts falling due within one year

7

(297,088)

(311,927)

Net current liabilities

 

(21,635)

(90,250)

Total assets less current liabilities

 

213,541

129,094

Creditors: Amounts falling due after more than one year

7

(18,214)

(29,051)

Provisions for liabilities

(41,603)

(11,820)

Net assets

 

153,724

88,223

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

153,624

88,123

Shareholders' funds

 

153,724

88,223

For the financial 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.

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 special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the director on 26 September 2024
 

 

Exmoor Welding Limited

(Registration number: 06458378)
Statement of Financial Position as at 31 December 2023 (continued)


Mr P Henson
Director

 

Exmoor Welding Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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 2
Market Enterprise Centre
Minehead
Somerset
TA24 7DT

Principal activity

The principal activity of the company is that of a welding business.

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.

Going concern

The financial statements have been prepared on a going concern basis.

 

Exmoor Welding Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and 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 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.

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 & Machinery

12.5% Reducing Balance

Fixtures, fittings and equipment

8 Years Straight Line

 

Exmoor Welding Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Motor Vehicles

25% Reducing Balance

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Exmoor Welding Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the statement of comprehensive income and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 5 (2022 - 5).

 

Exmoor Welding Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

11,195

335,665

39,367

386,227

Additions

-

16,746

39,750

56,496

At 31 December 2023

11,195

352,411

79,117

442,723

Depreciation

At 1 January 2023

4,214

131,723

30,946

166,883

Charge for the year

1,295

27,326

12,043

40,664

At 31 December 2023

5,509

159,049

42,989

207,547

Carrying amount

At 31 December 2023

5,686

193,362

36,128

235,176

At 31 December 2022

6,981

203,942

8,421

219,344

5

Stocks

2023
£

2022
£

Finished goods and goods for resale

56,790

83,200

6

Debtors

Note

2023
£

2022
£

Trade debtors

 

130,925

96,538

Amounts owed by related parties

10

26,213

19,466

Other debtors

 

-

10,064

Prepayments

 

9,403

8,380

 

166,541

134,448

 

Exmoor Welding Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

18,054

26,684

Trade creditors

 

90,096

94,768

Taxation and social security

 

32,579

3,001

Accruals and deferred income

 

3,171

3,167

Other creditors

 

153,188

184,307

 

297,088

311,927

Creditors include net obligations under finance lease and hire purchase contracts which are secured against the asset to which it relates.

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

18,214

29,051

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

Exmoor Welding Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

18,214

28,271

Finance lease liabilities

-

780

18,214

29,051

Current loans and borrowings

2023
£

2022
£

Bank borrowings

10,057

9,810

Bank overdrafts

7,217

7,514

Finance lease liabilities

780

9,360

18,054

26,684

10

Related party transactions

Other transactions with the director

At the end of the financial year, the company owed it's Director £137,349.00 (last year: £153,731.00).