1 June 2023 v2024.56.1 limited_company_frs_102_section_1a_v1_1_2 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP039640622023-06-012024-05-31039640622024-05-31039640622023-05-3103964062core:WithinOneYear2024-05-3103964062core:WithinOneYear2023-05-3103964062core:ShareCapital2024-05-3103964062core:ShareCapital2023-05-3103964062core:RetainedEarningsAccumulatedLosses2024-05-3103964062core:RetainedEarningsAccumulatedLosses2023-05-3103964062bus:Director12023-06-012024-05-3103964062bus:Director22023-06-012024-05-3103964062bus:RegisteredOffice2023-06-012024-05-3103964062core:MotorVehicles2023-06-012024-05-3103964062core:PlantMachinery2023-06-012024-05-3103964062core:FurnitureFittings2023-06-012024-05-3103964062core:OfficeEquipment2023-06-012024-05-31039640622022-06-012023-05-3103964062core:PlantMachinery2023-06-0103964062core:PlantMachinery2024-05-3103964062core:PlantMachinery2023-05-310396406212023-06-012024-05-3103964062countries:EnglandWales2023-06-012024-05-3103964062bus:AuditExemptWithAccountantsReport2023-06-012024-05-3103964062bus:PrivateLimitedCompanyLtd2023-06-012024-05-3103964062bus:SmallEntities2023-06-012024-05-3103964062bus:FullAccounts2023-06-012024-05-31
Company registration number:
03964062
Proweld Welding Supplies Limited
Unaudited Filleted Financial Statements for the year ended
31 May 2024
Proweld Welding Supplies Limited
Statement of Financial Position
31 May 2024
20242023
Note££
Fixed assets    
Tangible assets 5
89,824
 
97,693
 
Current assets    
Stocks
150,482
 
137,656
 
Debtors 6
371,047
 
456,290
 
Cash at bank and in hand
203,619
 
286,963
 
725,148
 
880,909
 
Creditors: amounts falling due within one year 7
(424,877
)
(613,585
)
Net current assets
300,271
 
267,324
 
Total assets less current liabilities 390,095   365,017  
Provisions for liabilities
(21,821
)
(21,955
)
Net assets
368,274
 
343,062
 
Capital and reserves    
Called up share capital
2
 
2
 
Profit and loss account
368,272
 
343,060
 
Shareholders funds
368,274
 
343,062
 
For the year ending
31 May 2024
, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
  • The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
  • The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
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.
These
financial statements
were approved by the board of directors and authorised for issue on
7 November 2024
, and are signed on behalf of the board by:
C Walton
R Walton
DirectorDirector
Company registration number:
03964062
Proweld Welding Supplies Limited
Notes to the Financial Statements
Year ended
31 May 2024

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
James Road
,
Adwick Le St.
,
Doncaster
,
South Yorkshire
,
DN6 7HH
.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Current tax

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Motor vehicles
25% reducing balance
Plant and machinery
20% reducing balance
Fixtures and fittings
20% reducing balance
Office equipment
33% straight line

Stocks

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

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.

Defined contribution pension plan

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4 Average number of employees

The average number of persons employed by the company during the year was
17
(2023:
17
).

5 Tangible assets

Plant and machinery etc.
£
Cost  
At
1 June 2023
182,049
 
Additions
27,995
 
Disposals
(18,767
)
At
31 May 2024
191,277
 
Depreciation  
At
1 June 2023
84,356
 
Charge
29,927
 
Disposals
(12,830
)
At
31 May 2024
101,453
 
Carrying amount  
At
31 May 2024
89,824
 
At 31 May 2023
97,693
 

6 Debtors

20242023
££
Trade debtors
361,162
 
448,390
 
Other debtors
9,885
 
7,900
 
371,047
 
456,290
 

7 Creditors: amounts falling due within one year

20242023
££
Trade creditors
315,426
 
524,085
 
Taxation and social security
78,903
 
56,171
 
Other creditors
30,548
 
33,329
 
424,877
 
613,585