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REGISTERED NUMBER: SC023232 (Scotland)













FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

LANARKSHIRE WELDING COMPANY LIMITED

LANARKSHIRE WELDING COMPANY LIMITED (REGISTERED NUMBER: SC023232)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 29 FEBRUARY 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


LANARKSHIRE WELDING COMPANY LIMITED

COMPANY INFORMATION
for the year ended 29 FEBRUARY 2024







DIRECTORS: A W McDonald
M A McDonald
A D McDonald
D E Pearson
A R Clark





REGISTERED OFFICE: John Street
Wishaw
Lanarkshire
ML2 7TQ





REGISTERED NUMBER: SC023232 (Scotland)





AUDITORS: Thomas Barrie & Co LLP
Statutory Auditor
Chartered Accountants
Atlantic House
1a Cadogan Street
Glasgow
G2 6QE

LANARKSHIRE WELDING COMPANY LIMITED (REGISTERED NUMBER: SC023232)

STATEMENT OF FINANCIAL POSITION
29 FEBRUARY 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 964,498 922,328

CURRENT ASSETS
Stocks 164,635 10,944
Debtors 5 1,426,888 1,323,376
Cash at bank and in hand 860,389 1,795,638
2,451,912 3,129,958
CREDITORS
Amounts falling due within one year 6 (1,755,451 ) (2,444,453 )
NET CURRENT ASSETS 696,461 685,505
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,660,959

1,607,833

PROVISIONS FOR LIABILITIES (51,593 ) (42,978 )

ACCRUALS AND DEFERRED INCOME (197,308 ) (200,365 )
NET ASSETS 1,412,058 1,364,490

CAPITAL AND RESERVES
Called up share capital 40,024 40,024
Capital redemption reserve 50,048 50,048
Other reserves 148,324 148,324
Retained earnings 1,173,662 1,126,094
SHAREHOLDERS' FUNDS 1,412,058 1,364,490

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 D McDonald - Director


LANARKSHIRE WELDING COMPANY LIMITED (REGISTERED NUMBER: SC023232)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 29 FEBRUARY 2024

1. STATUTORY INFORMATION

Lanarkshire Welding Company Limited is a private company, limited by shares, registered in Scotland, registration number SC023232. The registered office is John Street, Wishaw, Lanarkshire, ML2 7TQ.

The principal activity of the company was welding and steel fabrication work.

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.

The presentational and functional currency of the financial statements is Pounds Sterling (£).

Going Concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Significant judgements and estimates
In preparing these financial statements, the directors are required to make judgements, estimates and assumptions that affect the application of the Company's accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively.

The following judgements and estimates have had the most significant effects on amounts recognised in the financial statements:

Fixed Assets
The estimates and assumptions made to determine asset lives require judgements to be made as regards useful lives and residual values. The useful lives and residual values of the company's financial assets are determined by management at the time the asset is acquired and reviewed annually for appropriateness. The lives are based on management experience with similar assets. The depreciation rates being applied are outlined below.

Work in progress
Work in progress is valued at the lower of cost and net realisable value. It includes a share of overheads and the estimated profit earned to the year end, using the percentage completion method, and taking into account any anticipated losses.

Turnover
Turnover is measured at the fair value of consideration received or receivable, taking into account the amount of any discounts and rebates allowed by the entity, but excluding value added tax and other sales taxes.

Services
Income from welding and steel fabrication services mainly relates to construction contracts. Each contract is reviewed both pre and post year end, with an appropriate element of the estimated profit, calculated on the percentage completed method, being reflected in the accounts.

Government grants
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss. COVID related local authority grant funding is recognised on receipt, whereas grant funding received in relation to the Job Retention Scheme is recognised in the period in which the associated wages are paid.

LANARKSHIRE WELDING COMPANY LIMITED (REGISTERED NUMBER: SC023232)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 29 FEBRUARY 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Land and buildings - 1% on cost
Plant and machinery etc - 33% on cost, 25% on cost, 25% on reducing balance and 10% on cost

The carrying value of tangible fixed assets are reviewed for impairment if events or changes in circumstances indicate the carrying value may not be reasonable.

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

Work in progress includes all direct expenditure, an appropriate proportion of fixed and variable overheads, and a profit element based on the stage of completion of contracts at the year end. Where a contract is known to be loss making, the full contract loss is recognised within work in progress at the year end.

Financial instruments
The company has financial assets and financial liabilities of a kind that qualify as basic financial instruments.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash and cash equivalents comprise cash balances, including bank overdrafts that are payable on demand and form an integral part of the company's cash management.

Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Provisions
Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognised as finance cost.

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.


LANARKSHIRE WELDING COMPANY LIMITED (REGISTERED NUMBER: SC023232)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 29 FEBRUARY 2024

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.

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

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable for the year are charged to the profit and loss account.

Short term employee benefits
Short term employee benefits, including holiday pay, are recognised as an expense in profit and loss in the period in which they are incurred. A liability is recognised for the amount expected to be paid if the company has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee, and the obligation can be estimated reliably.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 56 (2023 - 66 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 March 2023 1,029,368 1,003,504 2,032,872
Additions - 161,915 161,915
Disposals - (148,964 ) (148,964 )
At 29 February 2024 1,029,368 1,016,455 2,045,823
DEPRECIATION
At 1 March 2023 354,961 755,583 1,110,544
Charge for year 9,189 59,363 68,552
Eliminated on disposal - (97,771 ) (97,771 )
At 29 February 2024 364,150 717,175 1,081,325
NET BOOK VALUE
At 29 February 2024 665,218 299,280 964,498
At 28 February 2023 674,407 247,921 922,328

LANARKSHIRE WELDING COMPANY LIMITED (REGISTERED NUMBER: SC023232)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 29 FEBRUARY 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,346,811 1,228,106
Other debtors 80,077 95,270
1,426,888 1,323,376

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 511,625 504,598
Taxation and social security 407,364 540,146
Other creditors 836,462 1,399,709
1,755,451 2,444,453

7. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Gordon Cruickshank CA (Senior Statutory Auditor)
for and on behalf of Thomas Barrie & Co LLP