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REGISTERED NUMBER: 02549741 (England and Wales)













Unaudited Financial Statements

for the Year Ended 29 February 2024

for

Wold Engineering Limited

Wold Engineering Limited (Registered number: 02549741)






Contents of the Financial Statements
for the Year Ended 29 February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Wold Engineering Limited

Company Information
for the Year Ended 29 February 2024







DIRECTORS: A Dame
Mrs L Dame
T A Dame
L A Dame





SECRETARY: Mrs L Dame





REGISTERED OFFICE: Swinhope
Market Rasen
Lincolnshire
LN8 6HT





REGISTERED NUMBER: 02549741 (England and Wales)

Wold Engineering Limited (Registered number: 02549741)

Balance Sheet
29 February 2024

29.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - 520
Tangible assets 5 78,216 65,980
78,216 66,500

CURRENT ASSETS
Debtors 6 156,741 168,370
Cash at bank and in hand 207,409 137,798
364,150 306,168
CREDITORS
Amounts falling due within one year 7 290,943 219,652
NET CURRENT ASSETS 73,207 86,516
TOTAL ASSETS LESS CURRENT
LIABILITIES

151,423

153,016

CREDITORS
Amounts falling due after more than one
year

8

(22,119

)

(14,843

)

PROVISIONS FOR LIABILITIES (6,597 ) (3,675 )
NET ASSETS 122,707 134,498

CAPITAL AND RESERVES
Called up share capital 1,004 1,004
Retained earnings 121,703 133,494
SHAREHOLDERS' FUNDS 122,707 134,498

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 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.

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 28 November 2024 and were signed on its behalf by:




A Dame - Director


Wold Engineering Limited (Registered number: 02549741)

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

Wold Engineering 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.

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.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Patents
Patents are valued at cost less accumulated amortisation.

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.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

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.

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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Wold Engineering Limited (Registered number: 02549741)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

2. ACCOUNTING POLICIES - continued

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 9 (2023 - 9 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 March 2023 520
Disposals (520 )
At 29 February 2024 -
NET BOOK VALUE
At 29 February 2024 -
At 28 February 2023 520

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 March 2023 88,781 18,035 81,403 188,219
Additions 1,835 180 29,830 31,845
At 29 February 2024 90,616 18,215 111,233 220,064
DEPRECIATION
At 1 March 2023 69,430 11,923 40,886 122,239
Charge for year 3,007 942 15,660 19,609
At 29 February 2024 72,437 12,865 56,546 141,848
NET BOOK VALUE
At 29 February 2024 18,179 5,350 54,687 78,216
At 28 February 2023 19,351 6,112 40,517 65,980

Wold Engineering Limited (Registered number: 02549741)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 March 2023 69,853
Additions 29,830
Transfer to ownership (30,377 )
At 29 February 2024 69,306
DEPRECIATION
At 1 March 2023 31,730
Charge for year 13,496
Transfer to ownership (24,115 )
At 29 February 2024 21,111
NET BOOK VALUE
At 29 February 2024 48,195
At 28 February 2023 38,123

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Trade debtors 137,381 155,370
Other debtors 19,360 13,000
156,741 168,370

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Hire purchase contracts 9,992 4,679
Trade creditors 156,812 75,274
Taxation and social security 44,858 54,466
Other creditors 79,281 85,233
290,943 219,652

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
29.2.24 28.2.23
£    £   
Hire purchase contracts 22,119 14,843