Company registration number 05060694 (England and Wales)
WELDSURE FABRICATIONS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
WELDSURE FABRICATIONS LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
WELDSURE FABRICATIONS LTD
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
128,950
138,531
Current assets
Stocks
2,000
1,500
Debtors
5
29,708
33,044
Cash at bank and in hand
22,548
6,925
54,256
41,469
Creditors: amounts falling due within one year
6
(137,391)
(135,398)
Net current liabilities
(83,135)
(93,929)
Total assets less current liabilities
45,815
44,602
Creditors: amounts falling due after more than one year
7
(13,342)
(33,509)
Provisions for liabilities
(3,585)
(4,772)
Net assets
28,888
6,321
Capital and reserves
Called up share capital
8
2
2
Profit and loss reserves
28,886
6,319
Total equity
28,888
6,321
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
WELDSURE FABRICATIONS LTD
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 31 October 2024 and are signed on its behalf by:
Mr G R Burnie
Mrs J A Burnie
Director
Director
Company registration number 05060694 (England and Wales)
WELDSURE FABRICATIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Weldsure Fabrications Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 3 Sabre Buildings Sabre Close, Heathfield Industrial Estate, Newton Abbot, Devon, TQ12 6TW.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT. The fair value of consideration takes into account trade and settlement discounts.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
2% on costs per annum
Plant and machinery
15% on costs per annum
Computer equipment
25% on costs per annum
Motor vehicles
25% on the written down value per annum
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Stocks
Stocks are stated at the lower of cost and net realisable value.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
WELDSURE FABRICATIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.7
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of charge.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
4
3
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
8,686
(2,255)
Deferred tax
Origination and reversal of timing differences
(1,187)
4,650
Total tax charge
7,499
2,395
WELDSURE FABRICATIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2023 and 31 March 2024
166,643
67,042
233,685
Depreciation and impairment
At 1 April 2023
53,230
41,924
95,154
Depreciation charged in the year
3,333
6,248
9,581
At 31 March 2024
56,563
48,172
104,735
Carrying amount
At 31 March 2024
110,080
18,870
128,950
At 31 March 2023
113,413
25,118
138,531
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
27,981
29,030
Other debtors
1,727
4,014
29,708
33,044
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
6,000
Trade creditors
7,531
5,672
Taxation and social security
17,946
8,146
Other creditors
111,914
115,580
137,391
135,398
Included in other creditors are net obligations under finance lease and hire purchase contracts of £4,167 (2023 £4,167) which are secured on the assets concerned.
WELDSURE FABRICATIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
16,000
Other creditors
13,342
17,509
13,342
33,509
Included in other creditors are net obligations under finance lease and hire purchase contracts of £13,342 (2023 £17,509) which are secured on the assets concerned.
8
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
2 ordinary shares of £1 each
2
2