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REGISTERED NUMBER: 04088617 (England and Wales)









Unaudited Financial Statements

for the Year Ended 31st May 2024

for

Karris Welding Services Limited

Karris Welding Services Limited (Registered number: 04088617)






Contents of the Financial Statements
for the year ended 31st May 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Karris Welding Services Limited

Company Information
for the year ended 31st May 2024







DIRECTORS: Mrs I Bailey
Mr B I Bailey





REGISTERED OFFICE: Unit 8
Ashley House
Stephenson Way
Thetford
Norfolk
IP24 3RU





REGISTERED NUMBER: 04088617 (England and Wales)





ACCOUNTANTS: TWR Accountants
The Old Registrars
57a High Street
Brandon
Suffolk
IP27 0AU

Karris Welding Services Limited (Registered number: 04088617)

Balance Sheet
31st May 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 25,574 29,097

CURRENT ASSETS
Stocks 21,372 21,965
Debtors 5 183,302 210,081
Cash at bank and in hand 55,230 60,830
259,904 292,876
CREDITORS
Amounts falling due within one year 6 246,477 264,071
NET CURRENT ASSETS 13,427 28,805
TOTAL ASSETS LESS CURRENT LIABILITIES 39,001 57,902

PROVISIONS FOR LIABILITIES 3,932 4,324
NET ASSETS 35,069 53,578

CAPITAL AND RESERVES
Called up share capital 52 52
Retained earnings 8 35,017 53,526
SHAREHOLDERS' FUNDS 35,069 53,578

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

Karris Welding Services Limited (Registered number: 04088617)

Balance Sheet - continued
31st May 2024


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 Board of Directors and authorised for issue on 10th October 2024 and were signed on its behalf by:





Mrs I Bailey - Director


Karris Welding Services Limited (Registered number: 04088617)

Notes to the Financial Statements
for the year ended 31st May 2024

1. STATUTORY INFORMATION

Karris Welding Services 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.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 20% on reducing balance
Computer equipment - 33% on cost

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Karris Welding Services Limited (Registered number: 04088617)

Notes to the Financial Statements - continued
for the year ended 31st May 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 7 ) .

4. TANGIBLE FIXED ASSETS
Improvements
to Plant and Computer
property machinery equipment Totals
£    £    £    £   
COST
At 1st June 2023 14,000 118,155 5,576 137,731
Additions - 2,710 491 3,201
At 31st May 2024 14,000 120,865 6,067 140,932
DEPRECIATION
At 1st June 2023 8,000 95,065 5,569 108,634
Charge for year 1,400 5,160 164 6,724
At 31st May 2024 9,400 100,225 5,733 115,358
NET BOOK VALUE
At 31st May 2024 4,600 20,640 334 25,574
At 31st May 2023 6,000 23,090 7 29,097

Karris Welding Services Limited (Registered number: 04088617)

Notes to the Financial Statements - continued
for the year ended 31st May 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1st June 2023 35,000
Transfer to ownership (35,000 )
At 31st May 2024 -
DEPRECIATION
At 1st June 2023 23,531
Transfer to ownership (23,531 )
At 31st May 2024 -
NET BOOK VALUE
At 31st May 2024 -
At 31st May 2023 11,469

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 146,608 169,658
Other debtors 31,352 34,406
Prepayments 5,342 6,017
183,302 210,081

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 109,620 142,499
Hire purchase contracts - 1,869
Trade creditors 81,943 66,205
Tax 20,683 23,691
VAT 27,900 25,937
Directors' current accounts 5,136 2,895
Accrued expenses 1,195 975
246,477 264,071

Karris Welding Services Limited (Registered number: 04088617)

Notes to the Financial Statements - continued
for the year ended 31st May 2024

7. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 109,620 142,499
Hire purchase contracts - 1,869
109,620 144,368

8. RESERVES
Retained
earnings
£   

At 1st June 2023 53,526
Profit for the year 69,291
Dividends (87,800 )
At 31st May 2024 35,017

9. RELATED PARTY DISCLOSURES

During the year the company bought goods totalling £17,105 (2023: £8,477) from Karris Sheet Metal Limited, a company in which Mrs I Bailey is also a director and shareholder. During the year the company sold goods totalling £32,297 (2023: £78,173) to Karris Sheet Metal Limited. These transactions were carried out at arms length. A the balance sheet date the company was owed £14,350 (2023: £33,952) by Karris Sheet Metal Limited.