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REGISTERED NUMBER: 02001348 (England and Wales)















Welfaux Limited

Unaudited Financial Statements for the Year Ended 30 April 2024






Welfaux Limited (Registered number: 02001348)

Contents of the Financial Statements
for the Year Ended 30 April 2024










Page

Balance Sheet 1

Notes to the Financial Statements 2 to 5


Welfaux Limited (Registered number: 02001348)

Balance Sheet
30 April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,756,458 1,274,436

CURRENT ASSETS
Stocks 167,305 144,869
Debtors 5 349,627 445,527
Cash at bank and in hand 11,547 108
528,479 590,504
CREDITORS
Amounts falling due within one year 6 871,885 872,419
NET CURRENT LIABILITIES (343,406 ) (281,915 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,413,052

992,521

CREDITORS
Amounts falling due after more than one year 7 (578,951 ) (172,996 )

PROVISIONS FOR LIABILITIES (130,249 ) (96,669 )
NET ASSETS 703,852 722,856

CAPITAL AND RESERVES
Called up share capital 9,750 10,000
Capital redemption reserve 250 -
Retained earnings 693,852 712,856
703,852 722,856

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 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.

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 29 January 2025 and were signed on its behalf by:




AD Welsher - Director


Welfaux Limited (Registered number: 02001348)

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


1. STATUTORY INFORMATION

Welfaux Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 02001348

Registered office: The Welfaux Building
Toutley Industrial Estate
Toutley Road
Wokingham
Berkshire
RG41 1QN

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - not provided
Plant and machinery etc - 33% on cost, 25% on cost and 15 - 33% straight line

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Welfaux Limited (Registered number: 02001348)

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


2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2023 - 19 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 May 2023 733,131 1,012,628 1,745,759
Additions 467,827 247,563 715,390
Disposals - (189,558 ) (189,558 )
At 30 April 2024 1,200,958 1,070,633 2,271,591
DEPRECIATION
At 1 May 2023 - 471,323 471,323
Charge for year - 153,693 153,693
Eliminated on disposal - (109,883 ) (109,883 )
At 30 April 2024 - 515,133 515,133
NET BOOK VALUE
At 30 April 2024 1,200,958 555,500 1,756,458
At 30 April 2023 733,131 541,305 1,274,436

Welfaux Limited (Registered number: 02001348)

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


4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 May 2023 442,443
Additions 69,600
Disposals (62,170 )
Transfer to ownership (121,908 )
At 30 April 2024 327,965
DEPRECIATION
At 1 May 2023 195,208
Charge for year 53,963
Eliminated on disposal (36,479 )
Transfer to ownership (21,000 )
At 30 April 2024 191,692
NET BOOK VALUE
At 30 April 2024 136,273
At 30 April 2023 247,235

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 298,892 395,653
Other debtors 50,735 49,874
349,627 445,527

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 166,703 63,369
Hire purchase contracts 65,466 113,978
Trade creditors 306,851 352,291
Taxation and social security 113,874 107,393
Other creditors 218,991 235,388
871,885 872,419

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 458,864 34,252
Hire purchase contracts 120,087 138,744
578,951 172,996

Welfaux Limited (Registered number: 02001348)

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


8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 138,045 53,553
Bank loans 487,522 -
Hire purchase contracts 185,553 252,722
811,120 306,275

The company has taken a secured loan against the freehold building.

9. CONTINGENT LIABILITIES

As part of its normal business, the company agrees to buy back fork lift trucks from finance companies at pre-determined prices at the end of third party hire agreements. The directors consider that the value of these trucks will, at the end of the hire agreement, be at least equal to the amount payable.

Residual values payable:
30.04.24 30.04.23 30.04.22
£ £ £
Amounts falling due within one year 57,082 39,811 47,947
Amounts falling due after more than one year 719,241 511,433 323,045


In addition to the above the company has agreed to underwrite a number of finance agreements, entered into by customers, in which the agreements have specific early contract termination clauses.

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 April 2024 and 30 April 2023:

2024 2023
£    £   
AD Welsher
Balance outstanding at start of year - -
Amounts advanced 1,450 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 1,450 -

This balance was repaid within nine months of the Balance Sheet date.

11. RELATED PARTY DISCLOSURES

As at the comparative Balance Sheet date the company owed £50 to its Directors. This amount was repayable on demand.
No interest has been paid nor is payable on this amount.

12. ULTIMATE CONTROLLING PARTY

The company was under the control of its Directors, who include the majority shareholder, throughout the year and the comparative year.