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Registration number: 06880739

Multi-Weld UK Limited

Unaudited Financial Statements

for the Year Ended 30 April 2024

 

Multi-Weld UK Limited

(Registration number: 06880739)

Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

3

187,500

225,000

Tangible assets

4

53,598

67,251

 

241,098

292,251

Current assets

 

Stocks

5

2,562

2,835

Debtors

6

514,159

471,896

Cash at bank and in hand

 

3,656,754

2,789,786

 

4,173,475

3,264,517

Creditors: Amounts falling due within one year

7

(480,185)

(282,599)

Net current assets

 

3,693,290

2,981,918

Total assets less current liabilities

 

3,934,388

3,274,169

Provisions for liabilities

(14,400)

(16,813)

Net assets

 

3,919,988

3,257,356

Capital and reserves

 

Called up share capital

1,000

1,000

Profit and loss account

3,918,988

3,256,356

Shareholders' funds

 

3,919,988

3,257,356

 

Multi-Weld UK Limited

(Registration number: 06880739)

Balance Sheet as at 30 April 2024

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.

Director's 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 director acknowledges his 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 and the option not to file the Profit and Loss Account has been taken.

These financial statements, which 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 and in accordance with the provisions of FRS 102 Section 1A Small Entities.

These financial statements were approved and authorised for issue by the director on 14 January 2025
 

.........................................

Mr F Ellison
Director

 

Multi-Weld UK Limited

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

1

Accounting policies

Multi-Weld UK Limited is a private company, limited by shares, domiciled in England and Wales, company number 06880739. The registered office is at Unit 11a, Carcroft Enterprise Park, Station Road, Carcroft, DN6 8DD.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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 presentation currency is United Kingdom pounds sterling, which is the functional currency of the company. The financial statements are those of an individual entity.

These financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

After due consideration of all relevant factors, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.

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.

Tax

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

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.

 

Multi-Weld UK Limited

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

Deferred tax shall be recognised in respect of all timing differences at the reporting date, except as otherwise required by FRS102. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that 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 income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Unrelieved tax losses and other deferred tax assets shall be 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.

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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% reducing balance

Motor vehicles

25% reducing balance

Office Equipment

25% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5% straight line

Stocks

Stock is valued at the lower of cost and net realisable value, after any due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

 

Multi-Weld UK Limited

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

Hire purchasing and leasing

Rentals payable under operating leases are charged in the Statement of Income and Retained Earnings on a straight line basis over the lease term.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the Statement of Income and Retained Earnings.
 

 

Multi-Weld UK Limited

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

2

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 11 (2023 - 11).

3

Intangible assets

Goodwill
 £

Total
£

Cost

At 1 May 2023

750,000

750,000

At 30 April 2024

750,000

750,000

Amortisation

At 1 May 2023

525,000

525,000

Amortisation charge

37,500

37,500

At 30 April 2024

562,500

562,500

Carrying amount

At 30 April 2024

187,500

187,500

At 30 April 2023

225,000

225,000

 

Multi-Weld UK Limited

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

4

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost

At 1 May 2023

272,073

13,868

27,600

313,541

Additions

562

-

-

562

At 30 April 2024

272,635

13,868

27,600

314,103

Depreciation

At 1 May 2023

209,606

12,610

24,074

246,290

Charge for the year

12,568

765

882

14,215

At 30 April 2024

222,174

13,375

24,956

260,505

Carrying amount

At 30 April 2024

50,461

493

2,644

53,598

At 30 April 2023

62,467

1,258

3,526

67,251

5

Stocks

2024
 £

2023
 £

Stocks

2,562

2,835

6

Debtors

2024
 £

2023
 £

Trade debtors

507,524

470,060

Prepayments

6,635

1,836

514,159

471,896

 

Multi-Weld UK Limited

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

7

Creditors

2024
 £

2023
 £

Due within one year

Trade creditors

75,503

73,503

Director's current account

18,651

22,657

Social security and other taxes

116,959

79,677

Accrued expenses

5,110

9,955

Corporation tax

263,962

96,807

480,185

282,599

8

Commitments

The total amount of financial commitments not included in the balance sheet are £7,057 (2023 - £6,173). The company has a three month operating lease commitment in relation to its land and property. The commitment is unsecured.