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Company No: 08472051 (England and Wales)

MORTEC WELDING AND FABRICATION LIMITED

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

MORTEC WELDING AND FABRICATION LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

MORTEC WELDING AND FABRICATION LIMITED

BALANCE SHEET

As at 30 April 2024
MORTEC WELDING AND FABRICATION LIMITED

BALANCE SHEET (continued)

As at 30 April 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 37,356 35,966
37,356 35,966
Current assets
Stocks 4 2,000 2,000
Debtors 5 182,863 155,461
Cash at bank and in hand 73,066 228,963
257,929 386,424
Creditors: amounts falling due within one year 6 ( 127,906) ( 244,723)
Net current assets 130,023 141,701
Total assets less current liabilities 167,379 177,667
Creditors: amounts falling due after more than one year 7 0 ( 1,389)
Net assets 167,379 176,278
Capital and reserves
Called-up share capital 100 100
Profit and loss account 167,279 176,178
Total shareholders' funds 167,379 176,278

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:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Mortec Welding and Fabrication Limited (registered number: 08472051) were approved and authorised for issue by the Board of Directors on 28 January 2025. They were signed on its behalf by:

S P Morgan
Director
MORTEC WELDING AND FABRICATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
MORTEC WELDING AND FABRICATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Mortec Welding and Fabrication Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 15 Chalwyn Industrial Estate, St Clements Road, Poole, BH12 4PE, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.
Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 3 years straight line
Plant and machinery etc. 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 11 12

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 May 2023 9,713 113,015 122,728
Additions 0 33,253 33,253
Disposals 0 ( 22,000) ( 22,000)
At 30 April 2024 9,713 124,268 133,981
Accumulated depreciation
At 01 May 2023 9,713 77,049 86,762
Charge for the financial year 0 13,988 13,988
Disposals 0 ( 4,125) ( 4,125)
At 30 April 2024 9,713 86,912 96,625
Net book value
At 30 April 2024 0 37,356 37,356
At 30 April 2023 0 35,966 35,966

4. Stocks

2024 2023
£ £
Stocks 2,000 2,000

5. Debtors

2024 2023
£ £
Trade debtors 141,169 126,590
Other taxation and social security 0 23,309
Other debtors 41,694 5,562
182,863 155,461

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 59,676 26,625
Taxation and social security 17,891 107,360
Obligations under finance leases and hire purchase contracts (secured) 1,389 2,642
Other creditors 48,950 108,096
127,906 244,723

Hire purchase agreements are secured on the assets to which they relate

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Obligations under finance leases and hire purchase contracts 0 1,389

There are no amounts included above in respect of which any security has been given by the small entity.

8. Ultimate controlling party

Parent Company:

Mortec Holdings Limited
Unit 15 Chalwyn Industrial Estate, St Clements Road, Poole, Dorset, United Kingdom, BH12 4PE