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REGISTERED NUMBER: SC123165 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023

FOR

LECO MARINE UK LTD

LECO MARINE UK LTD (REGISTERED NUMBER: SC123165)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


LECO MARINE UK LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2023







DIRECTORS: K W Skea
D Skea





SECRETARY:





REGISTERED OFFICE: 48 Obsdale Park
Alness
Ross-shire
IV17 0TP





REGISTERED NUMBER: SC123165 (Scotland)





ACCOUNTANTS: Goldwells Ltd
10 Knockbreck Street
Tain
Ross-Shire
IV19 1BJ

LECO MARINE UK LTD (REGISTERED NUMBER: SC123165)

BALANCE SHEET
31ST DECEMBER 2023

Notes £    £   
FIXED ASSETS
Intangible assets 4 13,200
Tangible assets 5 4,671,177
4,684,377

CURRENT ASSETS
Stocks 3,000
Debtors 6 (53,924 )
Cash at bank 2,679,953
2,629,029
CREDITORS
Amounts falling due within one year 7 2,835,508
NET CURRENT LIABILITIES (206,479 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,477,898

PROVISIONS FOR LIABILITIES 672,252
NET ASSETS 3,805,646

CAPITAL AND RESERVES
Called up share capital 100
Retained earnings 3,805,546
3,805,646

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 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.

LECO MARINE UK LTD (REGISTERED NUMBER: SC123165)

BALANCE SHEET - continued
31ST DECEMBER 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 Mr D Skea the Board of Directors and authorised for issue on 24th December 2024 and were signed on its behalf by:





D Skea - Director


LECO MARINE UK LTD (REGISTERED NUMBER: SC123165)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023

1. STATUTORY INFORMATION

Leco Marine UK Ltd is a private company, limited by shares , registered in Scotland. 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

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 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 .

LECO MARINE UK LTD (REGISTERED NUMBER: SC123165)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1st January 2023
and 31st December 2023 16,500
AMORTISATION
At 1st January 2023 1,650
Charge for year 1,650
At 31st December 2023 3,300
NET BOOK VALUE
At 31st December 2023 13,200
At 31st December 2022 14,850

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st January 2023 6,629,754
Additions 45,000
At 31st December 2023 6,674,754
DEPRECIATION
At 1st January 2023 1,619,895
Charge for year 383,682
At 31st December 2023 2,003,577
NET BOOK VALUE
At 31st December 2023 4,671,177
At 31st December 2022 5,009,859

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Trade debtors 46,076
Other debtors (100,000 )
(53,924 )

LECO MARINE UK LTD (REGISTERED NUMBER: SC123165)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Trade creditors 1,460,654
Taxation and social security 264,557
Other creditors 1,110,297
2,835,508