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WELDLEC LIMITED

Registered Number
04653762
(England and Wales)

Unaudited Financial Statements for the Year ended
29 February 2024

WELDLEC LIMITED
Company Information
for the year from 1 March 2023 to 29 February 2024

Directors

Mrs V S Cogbill
Mrs B Morgan
Mr D Morgan
Mr N B Morgan

Company Secretary

Mrs V S Cogbill

Registered Address

Phoenix Wharf
The Docks
Port Talbot
SA13 1RA

Registered Number

04653762 (England and Wales)
WELDLEC LIMITED
Statement of Financial Position
29 February 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Intangible assets311,217-
Tangible assets4198,746176,005
209,963176,005
Current assets
Stocks529,50029,500
Debtors6956,880869,167
Cash at bank and on hand58,44610
1,044,826898,677
Creditors amounts falling due within one year7(822,466)(642,970)
Net current assets (liabilities)222,360255,707
Total assets less current liabilities432,323431,712
Creditors amounts falling due after one year8(65,459)(81,819)
Provisions for liabilities10(36,593)(20,991)
Net assets330,271328,902
Capital and reserves
Called up share capital100100
Profit and loss account330,171328,802
Shareholders' funds330,271328,902
The financial statements were approved and authorised for issue by the Board of Directors on 22 January 2025, and are signed on its behalf by:
Mrs V S Cogbill
Director
Registered Company No. 04653762
WELDLEC LIMITED
Notes to the Financial Statements
for the year ended 29 February 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
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.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)Straight line (years)
Land and buildings-10
Plant and machinery25-
Fixtures and fittings25-
Vehicles25-
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
Government grants or assistance
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2.Average number of employees

20242023
Average number of employees during the year3235
3.Intangible assets

Other

Total

££
Cost or valuation
Additions12,58012,580
At 29 February 2412,58012,580
Amortisation and impairment
Charge for year1,3631,363
At 29 February 241,3631,363
Net book value
At 29 February 2411,21711,217
At 28 February 23--
4.Tangible fixed assets

Land & buildings

Plant & machinery

Vehicles

Fixtures & fittings

Total

£££££
Cost or valuation
At 01 March 236,760283,527226,78510,856527,928
Additions-10,11089,164-99,274
Disposals-(2,048)(19,950)-(21,998)
At 29 February 246,760291,589295,99910,856605,204
Depreciation and impairment
At 01 March 234,056213,884126,3967,587351,923
Charge for year67620,51846,3201,08968,603
On disposals--(14,068)-(14,068)
At 29 February 244,732234,402158,6488,676406,458
Net book value
At 29 February 242,02857,187137,3512,180198,746
At 28 February 232,70469,643100,3893,269176,005
5.Stocks

2024

2023

££
Work in progress25,00025,000
Other stocks4,5004,500
Total29,50029,500
6.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables949,963861,507
Other debtors6,9176,637
Prepayments and accrued income-1,023
Total956,880869,167
7.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables88,436174,499
Bank borrowings and overdrafts281,967257,876
Taxation and social security208,496186,595
Finance lease and HP contracts21,39721,000
Other creditors222,1703,000
Total822,466642,970
Creditors (borrowings) include the business factoring account, this was included in debtors in the 2023 financials as a reduction to the Trade debtor closing balance.
8.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts11,95421,554
Other creditors53,50560,265
Total65,45981,819
9.Obligations under finance leases

2024

2023

££
Finance lease and HP contracts44,29051,050
10.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)36,59320,991
Total36,59320,991