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Registration number: 05101648

V Wallis Welding Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

V Wallis Welding Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

V Wallis Welding Limited

Company Information

Directors

Mr VWH Wallis

Mrs MA Wallis

Mr RVA Wallis

Mrs R J Wallis

Company secretary

Mrs MA Wallis

Registered office

21 Market Place
Blandford Forum
Dorset
DT11 7AF

Accountants

Harney & Co Limited
Chartered Certified Accountants
21 Market Place
Blandford Forum
Dorset
DT11 7AF

 

V Wallis Welding Limited

(Registration number: 05101648)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

55,895

57,857

Current assets

 

Stocks

5

2,000

4,100

Debtors

6

84,723

87,201

Cash at bank and in hand

 

610,830

800,636

 

697,553

891,937

Creditors: Amounts falling due within one year

7

(116,722)

(216,030)

Net current assets

 

580,831

675,907

Total assets less current liabilities

 

636,726

733,764

Provisions for liabilities

(10,365)

(14,055)

Net assets

 

626,361

719,709

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

626,261

719,609

Shareholders' funds

 

626,361

719,709

For the financial year ending 30 April 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 22 July 2024 and signed on its behalf by:
 

.........................................
Mr RVA Wallis
Director

.........................................
Mrs R J Wallis
Director

 
     
 

V Wallis Welding Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
21 Market Place
Blandford Forum
Dorset
DT11 7AF

These financial statements were authorised for issue by the Board on 22 July 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the company and rounded to the nearest £1.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when: the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity, and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

V Wallis Welding Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and Machinery

15% on a reducing balance

Fixtures and fittings

15% on a reducing balance

Motor vehicles

25% on a reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. Trade debtors are recognised at the transaction price less an impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

V Wallis Welding Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

Defined contribution pension obligation

The company operates a defined contribution pension scheme. Contributions are recognised as employee benefit expense in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2023 - 7).

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 May 2023

4,200

95,418

62,219

161,837

Additions

1,139

68,763

3,628

73,530

Disposals

-

(86,600)

-

(86,600)

At 30 April 2024

5,339

77,581

65,847

148,767

Depreciation

At 1 May 2023

2,515

51,161

50,304

103,980

Charge for the year

424

4,317

2,053

6,794

Eliminated on disposal

-

(17,902)

-

(17,902)

At 30 April 2024

2,939

37,576

52,357

92,872

Carrying amount

At 30 April 2024

2,400

40,005

13,490

55,895

At 30 April 2023

1,685

44,257

11,915

57,857

5

Stocks

2024
£

2023
£

Other inventories

2,000

4,100

 

V Wallis Welding Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

6

Debtors

Current

2024
£

2023
£

Trade debtors

73,134

83,114

Prepayments

6,443

4,087

Other debtors

5,146

-

 

84,723

87,201

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

16,255

13,438

Taxation and social security

35,057

90,913

Accruals and deferred income

29,239

12,699

Other creditors

9,102

6,588

Amounts due to related parties

27,069

92,392

116,722

216,030

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

 

V Wallis Welding Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

9

Dividends

2024

2023

£

£

Interim dividend of £1,010.00 (2023 - £1,010.00) per ordinary share

101,000

101,000

 

 

10

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

43,756

35,868

Contributions paid to money purchase schemes

160,000

-

203,756

35,868