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WELD-TEC INDUSTRIAL SERVICES LIMITED

Registered Number
SC164741
(Scotland)

Unaudited Financial Statements for the Year ended
31 March 2024

WELD-TEC INDUSTRIAL SERVICES LIMITED
Company Information
for the year from 1 April 2023 to 31 March 2024

Directors

Mr J J Hay
Mr S J Hay

Company Secretary

Mr J J Hay

Registered Address

Unit 1 Block 2
Causewayside Street
Tollcross Industrial Estate
G32 8LT

Registered Number

SC164741 (Scotland)
WELD-TEC INDUSTRIAL SERVICES LIMITED
Balance Sheet as at
31 March 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets35,9847,464
5,9847,464
Current assets
Stocks28,23528,235
Debtors4147,573145,782
Cash at bank and on hand39,38624,721
215,194198,738
Creditors amounts falling due within one year5(201,142)(186,306)
Net current assets (liabilities)14,05212,432
Total assets less current liabilities20,03619,896
Net assets20,03619,896
Capital and reserves
Called up share capital66
Profit and loss account20,03019,890
Shareholders' funds20,03619,896
The financial statements were approved and authorised for issue by the Board of Directors on 31 January 2025, and are signed on its behalf by:
Mr S J Hay
Director
Registered Company No. SC164741
WELD-TEC INDUSTRIAL SERVICES LIMITED
Notes to the Financial Statements
for the year ended 31 March 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered number is SC164761 and registered office address is Unit 1, Block 2, Causewayside Street, Tollcross Industrial Estate, Glasgow, G32 8LT.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover represents net invoiced sale of goods, excluding value added tax, attributable to the principal activity of the company being that of selling machinery and industrial equipment.
Defined contribution pension plan
The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.
Current taxation
Current tax is recognised in profit or loss and represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Tangible fixed assets and depreciation
Tangible assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: Plant and machinery 25% reducing balance & 20% straight line Fixtures and fittings 25% reducing balance Office equipment 25% reducing balance Motor vehicles 25% reducing balance The gain or loss arising on the disposal of an asset is determined as the difference between the sales proceeds and the carrying value of the asset, and is credited or charged to the profit and loss account.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately within current liabilities.
Financial instruments
The company only enters into basic financial instruments that result in the recognition of financial assets like trade debtors and creditors. These are measured at amortised cost and are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
2.Average number of employees

20242023
Average number of employees during the year86
3.Tangible fixed assets

Plant & machinery

Vehicles

Fixtures & fittings

Office Equipment

Total

£££££
Cost or valuation
At 01 April 236,0864,0704,0476,56320,766
Additions---475475
At 31 March 246,0864,0704,0477,03821,241
Depreciation and impairment
At 01 April 232212,9444,0476,09013,302
Charge for year1,466282-2071,955
At 31 March 241,6873,2264,0476,29715,257
Net book value
At 31 March 244,399844-7415,984
At 31 March 235,8651,126-4737,464
4.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables146,222143,894
Other debtors106106
Prepayments and accrued income1,2451,782
Total147,573145,782
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables166,655149,647
Taxation and social security28,41522,551
Other creditors2,1213,246
Accrued liabilities and deferred income3,95110,862
Total201,142186,306