Welding Equipment and Cutting Services Limited 03008799 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is the repair and service of welding equipment. Digita Accounts Production Advanced 6.30.9574.0 true 03008799 2023-04-01 2024-03-31 03008799 2024-03-31 03008799 core:RetainedEarningsAccumulatedLosses 2024-03-31 03008799 core:ShareCapital 2024-03-31 03008799 core:CurrentFinancialInstruments 2024-03-31 03008799 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 03008799 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 03008799 core:FurnitureFittings 2024-03-31 03008799 bus:SmallEntities 2023-04-01 2024-03-31 03008799 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 03008799 bus:FullAccounts 2023-04-01 2024-03-31 03008799 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 03008799 bus:Director1 2023-04-01 2024-03-31 03008799 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 03008799 core:FurnitureFittings 2023-04-01 2024-03-31 03008799 core:ToolsEquipment 2023-04-01 2024-03-31 03008799 countries:AllCountries 2023-04-01 2024-03-31 03008799 core:FurnitureFittings 2023-03-31 03008799 2022-04-01 2023-03-31 03008799 2023-03-31 03008799 core:RetainedEarningsAccumulatedLosses 2023-03-31 03008799 core:ShareCapital 2023-03-31 03008799 core:CurrentFinancialInstruments 2023-03-31 03008799 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 03008799 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 03008799 core:FurnitureFittings 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 03008799

Welding Equipment and Cutting Services Limited

Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Welding Equipment and Cutting Services Limited

(Registration number: 03008799)

Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

3

7,322

9,152

Current assets

 

Stocks

48,592

43,632

Debtors

4

22,263

42,443

Cash at bank and in hand

 

70,521

76,089

 

141,376

162,164

Creditors: Amounts falling due within one year

5

(90,577)

(100,313)

Net current assets

 

50,799

61,851

Total assets less current liabilities

 

58,121

71,003

Creditors: Amounts falling due after more than one year

5

(18,404)

(27,483)

Provisions for liabilities

(1,832)

(2,288)

Net assets

 

37,885

41,232

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

37,883

41,230

Shareholders' funds

 

37,885

41,232

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 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 and the option not to file the Director's Report and the Profit and Loss Account has been taken.

These financial statements, which 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 and in accordance with the provisions of FRS 102 Section 1A Small Entities, were approved and authorised for issue by the director on 10 October 2024
 

 

Welding Equipment and Cutting Services Limited

(Registration number: 03008799)

Balance Sheet as at 31 March 2024 (continued)

.........................................

J R Cutts
Director

 

Welding Equipment and Cutting Services Limited

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

1

Accounting policies

Statutory information

Welding Equipment and Cutting Services Limited is a private company, limited by shares, domiciled in England and Wales, company number 03008799. The registered office is at Unit 18, Treeton Enterprise Centre, Rother Crescent, Treeton, Rotherham, S60 5QY.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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 presentation currency is United Kingdom pounds sterling, which is the functional currency of the company. The financial statements are those of an individual entity.

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 sales/value added tax, returns, rebates and discounts. Revenue is recognised at the point of sale or on the provision of services.

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.

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.

 

Welding Equipment and Cutting Services Limited

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

1

Accounting policies (continued)

Tangible assets

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

Depreciation

Depreciation is charged so as to write off the cost of assets, over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Tools and equipment

20% reducing balance

Stocks

Stock is valued at the lower of cost and net realisable value.

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 Profit and Loss Account 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.

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.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the statement of comprehensive income.
 

2

Staff numbers

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

 

Welding Equipment and Cutting Services Limited

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

3

Tangible assets

Tools and equipment
£

Cost

At 1 April 2023

15,448

At 31 March 2024

15,448

Depreciation

At 1 April 2023

6,296

Charge for the year

1,830

At 31 March 2024

8,126

Carrying amount

At 31 March 2024

7,322

At 31 March 2023

9,152

4

Debtors

2024
£

2023
£

Trade debtors

22,263

36,901

Other debtors

-

5,542

22,263

42,443

 

Welding Equipment and Cutting Services Limited

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

5

Creditors

2024
£

2023
£

Due within one year

Bank loan

9,496

7,498

Trade creditors

24,104

15,681

Taxation and social security

2,283

2,358

Other creditors

28,700

47,000

Director's current account

16,221

18,319

Accruals

9,773

9,457

90,577

100,313

Due after one year

Bank loan

18,404

27,483

6

Related party transactions

During the year the director had an interest free loan with the company. At the balance sheet date the amount due to the director was £16,221 (2023: £18,319).