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REGISTERED NUMBER: 02295125 (England and Wales)















DRAYTON WELDING & TOOL CONNECTIONS
LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2024






DRAYTON WELDING & TOOL CONNECTIONS
LIMITED (REGISTERED NUMBER: 02295125)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024




Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 6


DRAYTON WELDING & TOOL CONNECTIONS
LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MARCH 2024







DIRECTORS: Mr W W Drayton
Mr P Drayton
Mr A Drayton





SECRETARY: Mrs E A Drayton





REGISTERED OFFICE: The Coachworks
Woodbridge Road
Sleaford
Lincolnshire
NG34 7EW





REGISTERED NUMBER: 02295125 (England and Wales)

DRAYTON WELDING & TOOL CONNECTIONS
LIMITED (REGISTERED NUMBER: 02295125)

BALANCE SHEET
31ST MARCH 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 5,379 7,744
Tangible assets 5 607,286 513,851
612,665 521,595

CURRENT ASSETS
Stocks 501,472 308,900
Debtors 6 491,453 473,352
Cash at bank and in hand 45,117 188,669
1,038,042 970,921
CREDITORS
Amounts falling due within one year 7 579,092 579,730
NET CURRENT ASSETS 458,950 391,191
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,071,615

912,786

CREDITORS
Amounts falling due after more than one
year

8

-

(1,292

)

PROVISIONS FOR LIABILITIES (85,807 ) (54,641 )
NET ASSETS 985,808 856,853

CAPITAL AND RESERVES
Called up share capital 20 20
Revaluation reserve 10 71,303 71,303
Retained earnings 914,485 785,530
SHAREHOLDERS' FUNDS 985,808 856,853

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

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

DRAYTON WELDING & TOOL CONNECTIONS
LIMITED (REGISTERED NUMBER: 02295125)

BALANCE SHEET - continued
31ST MARCH 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 2nd October 2024 and were signed on its behalf by:





Mr W W Drayton - Director


DRAYTON WELDING & TOOL CONNECTIONS
LIMITED (REGISTERED NUMBER: 02295125)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024

1. STATUTORY INFORMATION

Drayton Welding & Tool Connections 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 as modified by the revaluation of certain assets.

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

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.

Computer software is being amortised evenly over its estimated useful life of seven years.

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 - 20% on cost and Straight line over 25 years
Motor vehicles - 25% on cost and 20% on reducing balance

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

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.

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 12 (2023 - 12 ) .

DRAYTON WELDING & TOOL CONNECTIONS
LIMITED (REGISTERED NUMBER: 02295125)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1st April 2023
and 31st March 2024 18,650
AMORTISATION
At 1st April 2023 10,906
Charge for year 2,365
At 31st March 2024 13,271
NET BOOK VALUE
At 31st March 2024 5,379
At 31st March 2023 7,744

5. TANGIBLE FIXED ASSETS
Freehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST OR VALUATION
At 1st April 2023 260,000 86,552 235,276 581,828
Additions - 19,182 135,846 155,028
At 31st March 2024 260,000 105,734 371,122 736,856
DEPRECIATION
At 1st April 2023 - 34,597 33,380 67,977
Charge for year - 13,804 47,789 61,593
At 31st March 2024 - 48,401 81,169 129,570
NET BOOK VALUE
At 31st March 2024 260,000 57,333 289,953 607,286
At 31st March 2023 260,000 51,955 201,896 513,851

The net book value of tangible fixed assets includes £9,133 (31.3.23 £11,417) in respect of fixed assets held under finance agreements.

Cost or valuation at 31st March 2024 is represented by:

Freehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
Valuation in 2009 78,028 - - 78,028
Valuation in 2017 10,000 - - 10,000
Cost 171,972 105,734 371,122 648,828
260,000 105,734 371,122 736,856

DRAYTON WELDING & TOOL CONNECTIONS
LIMITED (REGISTERED NUMBER: 02295125)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024

5. TANGIBLE FIXED ASSETS - continued

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

31.3.24 31.3.23
£    £   
Cost 171,972 171,972

Value of land in freehold land and buildings 260,000 260,000

Freehold land and buildings were valued on an open market basis on 28th October 2016 by Pygott & Crone Commercial .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 479,152 459,313
Other debtors 12,301 14,039
491,453 473,352

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Hire purchase contracts 1,615 3,877
Trade creditors 290,634 367,229
Taxation and social security 137,017 77,425
Other creditors 149,826 131,199
579,092 579,730

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.24 31.3.23
£    £   
Hire purchase contracts - 1,292

9. SECURED DEBTS

Amounts due from time to time to the company's bankers are secured by a first legal charge over the freehold property of the company and by an unlimited debenture over the company's remaining assets.

10. RESERVES
Revaluation
reserve
£   
At 1st April 2023
and 31st March 2024 71,303

11. ULTIMATE CONTROLLING PARTY

The company is under the control of its directors who hold between them 83% of the voting rights.