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REGISTERED NUMBER: 01608371 (England and Wales)
















Unaudited Financial Statements for the Year Ended 30th November 2023

for

Truflame (Welding Equipment) Limited

Truflame (Welding Equipment) Limited (Registered number: 01608371)






Contents of the Financial Statements
for the Year Ended 30th November 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Truflame (Welding Equipment) Limited

Company Information
for the Year Ended 30th November 2023







DIRECTORS: S Gavins
C Gavins
A W Dungworth
R Parkes





SECRETARY: A W Dungworth





REGISTERED OFFICE: Truflame House
56 Newhall Road
Sheffield
S9 2QL





REGISTERED NUMBER: 01608371 (England and Wales)





ACCOUNTANTS: Shorts Chartered Accountants
Cedar House
63 Napier Street
Sheffield
S11 8HA

Truflame (Welding Equipment) Limited (Registered number: 01608371)

Statement of Financial Position
30th November 2023

30.11.23 30.11.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 844,040 870,784
Investments 5 24,794 24,794
868,834 895,578

CURRENT ASSETS
Stocks 576,892 555,869
Debtors 6 967,001 986,300
Cash at bank and in hand 259,618 231,256
1,803,511 1,773,425
CREDITORS
Amounts falling due within one year 7 1,695,971 1,741,212
NET CURRENT ASSETS 107,540 32,213
TOTAL ASSETS LESS CURRENT
LIABILITIES

976,374

927,791

CREDITORS
Amounts falling due after more than one
year

8

(250,036

)

(288,656

)

PROVISIONS FOR LIABILITIES (18,705 ) (19,657 )
NET ASSETS 707,633 619,478

CAPITAL AND RESERVES
Called up share capital 10 10,527 10,000
Retained earnings 697,106 609,478
SHAREHOLDERS' FUNDS 707,633 619,478

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th November 2023 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.

Truflame (Welding Equipment) Limited (Registered number: 01608371)

Statement of Financial Position - continued
30th November 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 Board of Directors and authorised for issue on 25th October 2024 and were signed on its behalf by:





A W Dungworth - Director


Truflame (Welding Equipment) Limited (Registered number: 01608371)

Notes to the Financial Statements
for the Year Ended 30th November 2023

1. STATUTORY INFORMATION

Truflame (Welding Equipment) 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.
Freehold property - 2% on cost
Plant and machinery - 15% on cost and 10% on cost
Fixtures and fittings - 20% on cost

Impairment of assets

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount and an impairment loss is recognised immediately in profit or loss.
If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

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 statement of financial position date.


Truflame (Welding Equipment) Limited (Registered number: 01608371)

Notes to the Financial Statements - continued
for the Year Ended 30th November 2023

2. ACCOUNTING POLICIES - continued
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.

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
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.

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.

Currency presentation
The financial statements are presented in Sterling (£) which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Financial instruments
The company has elected to apply the provisions of Section 11 "Basic Financial Instruments" and Section 12 "Other Financial Instruments Issues" of FRS 102 to all of its financial Instruments.
Financial Instruments are recognised in the company's balance sheet when it becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 28 (2022 - 24 ) .

Truflame (Welding Equipment) Limited (Registered number: 01608371)

Notes to the Financial Statements - continued
for the Year Ended 30th November 2023

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1st December 2022 972,972 238,434 150,728 78,646 1,440,780
Additions - 5,072 11,350 1,755 18,177
Disposals - (52,941 ) (97,269 ) (60,398 ) (210,608 )
At 30th November 2023 972,972 190,565 64,809 20,003 1,248,349
DEPRECIATION
At 1st December 2022 236,953 121,429 148,505 63,109 569,996
Charge for year 16,459 21,089 2,539 4,834 44,921
Eliminated on disposal - (52,941 ) (97,269 ) (60,398 ) (210,608 )
At 30th November 2023 253,412 89,577 53,775 7,545 404,309
NET BOOK VALUE
At 30th November 2023 719,560 100,988 11,034 12,458 844,040
At 30th November 2022 736,019 117,005 2,223 15,537 870,784

Included in cost of land and buildings is freehold land of £ 150,000 (2022 - £ 150,000 ) which is not depreciated.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Computer
machinery equipment Totals
£    £    £   
COST
At 1st December 2022 67,113 950 68,063
Additions 5,072 - 5,072
At 30th November 2023 72,185 950 73,135
DEPRECIATION
At 1st December 2022 6,712 491 7,203
Charge for year 7,219 190 7,409
At 30th November 2023 13,931 681 14,612
NET BOOK VALUE
At 30th November 2023 58,254 269 58,523
At 30th November 2022 60,401 459 60,860

Truflame (Welding Equipment) Limited (Registered number: 01608371)

Notes to the Financial Statements - continued
for the Year Ended 30th November 2023

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1st December 2022
and 30th November 2023 24,794
NET BOOK VALUE
At 30th November 2023 24,794
At 30th November 2022 24,794

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Trade debtors 884,473 922,186
Other debtors 82,528 64,114
967,001 986,300

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Bank loans and overdrafts 32,323 33,525
Hire purchase contracts 13,462 11,723
Trade creditors 805,133 837,227
Taxation and social security 194,900 189,128
Other creditors 650,153 669,609
1,695,971 1,741,212

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.11.23 30.11.22
£    £   
Bank loans 225,643 254,758
Hire purchase contracts 24,393 33,898
250,036 288,656

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 99,460 120,657

Truflame (Welding Equipment) Limited (Registered number: 01608371)

Notes to the Financial Statements - continued
for the Year Ended 30th November 2023

9. SECURED DEBTS

The following secured debts are included within creditors:

30.11.23 30.11.22
£    £   
Bank loans 257,966 288,283
Hire purchase contracts 37,855 45,621
Invoice financing 556,471 593,877
852,292 927,781

The bank loan and overdraft are secured by fixed and floating charge over the assets of the company.

The invoice financing liability is secured by a charge over the debts within the financing facility.

Hire purchase liabilities are secured over the individual assets to which they relate.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.11.23 30.11.22
value: £    £   
10,000 Ordinary £1 10,000 10,000
527 Ordinary A £1 527 -
10,527 10,000

The following shares were issued during the year for cash at par :

527 Ordinary A shares of £1