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REGISTERED NUMBER: SC078610 (Scotland)
















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

FOR

WELDSAFE LIMITED

WELDSAFE LIMITED (REGISTERED NUMBER: SC078610)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


WELDSAFE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTORS: Mr J D Bunyan
Mrs C Bunyan
Mrs C H Gibbons





SECRETARY: Mr J D Bunyan





REGISTERED OFFICE: Unit 3b Albion Trading Estate
770 South Street
Scotstoun
Glasgow
G14 0SY





REGISTERED NUMBER: SC078610 (Scotland)





ACCOUNTANTS: Robert J Hart & Company
Chartered Accountants
Arran House
15D Skye Road
Prestwick
Ayrshire
KA9 2TA

WELDSAFE LIMITED (REGISTERED NUMBER: SC078610)

BALANCE SHEET
31 MAY 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 61,009 75,821
61,009 75,821

CURRENT ASSETS
Stocks 231,809 339,253
Debtors 6 727,622 791,454
Cash at bank and in hand 399,052 97,150
1,358,483 1,227,857
CREDITORS
Amounts falling due within one year 7 465,981 430,655
NET CURRENT ASSETS 892,502 797,202
TOTAL ASSETS LESS CURRENT
LIABILITIES

953,511

873,023

CREDITORS
Amounts falling due after more than one
year

8

(2,608

)

(7,823

)

PROVISIONS FOR LIABILITIES 11 (15,252 ) (14,406 )
NET ASSETS 935,651 850,794

CAPITAL AND RESERVES
Called up share capital 20,000 20,000
Retained earnings 915,651 830,794
SHAREHOLDERS' FUNDS 935,651 850,794

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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.

WELDSAFE LIMITED (REGISTERED NUMBER: SC078610)

BALANCE SHEET - continued
31 MAY 2024


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 11 February 2025 and were signed on its behalf by:





Mr J D Bunyan - Director


WELDSAFE LIMITED (REGISTERED NUMBER: SC078610)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1. STATUTORY INFORMATION

Weldsafe Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 1996, is amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short Leasehold - over the term of the lease
Plant and machinery etc - 25% on reducing balance

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

WELDSAFE LIMITED (REGISTERED NUMBER: SC078610)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 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 12 (2023 - 12 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 June 2023
and 31 May 2024 2,000
AMORTISATION
At 1 June 2023
and 31 May 2024 2,000
NET BOOK VALUE
At 31 May 2024 -
At 31 May 2023 -

5. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and Motor
leasehold machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 June 2023 27,882 74,973 49,155 191,539 343,549
Additions - 5,525 - - 5,525
At 31 May 2024 27,882 80,498 49,155 191,539 349,074
DEPRECIATION
At 1 June 2023 27,882 63,175 47,692 128,979 267,728
Charge for year - 4,331 366 15,640 20,337
At 31 May 2024 27,882 67,506 48,058 144,619 288,065
NET BOOK VALUE
At 31 May 2024 - 12,992 1,097 46,920 61,009
At 31 May 2023 - 11,798 1,463 62,560 75,821

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Cost £40,300 (2023: £40,300) Depreciation to date £13,853 (2023: £5,038) NBV £26,447 (2023: £35,262)

WELDSAFE LIMITED (REGISTERED NUMBER: SC078610)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade debtors 681,682 745,398
Other debtors 45,940 46,056
727,622 791,454

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Hire purchase contracts (see note 9) 5,215 5,215
Trade creditors 288,918 246,239
Taxation and social security 131,030 109,626
Other creditors 40,818 69,575
465,981 430,655

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.5.24 31.5.23
£    £   
Hire purchase contracts (see note 9) 2,608 7,823

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.5.24 31.5.23
£    £   
Net obligations repayable:
Within one year 5,215 5,215
Between one and five years 2,608 7,823
7,823 13,038

Non-cancellable operating leases
31.5.24 31.5.23
£    £   
Within one year 15,241 15,241
Between one and five years - 30,722
15,241 45,963

WELDSAFE LIMITED (REGISTERED NUMBER: SC078610)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

10. SECURED DEBTS

The following secured debts are included within creditors:

31.5.24 31.5.23
£    £   
Hire purchase contracts 7,823 13,038

Hire purchase creditors are secured against the specific fixed assets financed.

11. PROVISIONS FOR LIABILITIES
31.5.24 31.5.23
£    £   
Deferred tax 15,252 14,406

Deferred
tax
£   
Balance at 1 June 2023 14,406
Charge to Income Statement during year 846
Balance at 31 May 2024 15,252

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 May 2024 and 31 May 2023:

31.5.24 31.5.23
£    £   
Mr J D Bunyan
Balance outstanding at start of year 21,836 -
Amounts advanced 10,182 163,836
Amounts repaid (21,836 ) (142,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 10,182 21,836

Mrs C H Gibbons
Balance outstanding at start of year - -
Amounts advanced 9,541 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 9,541 -

Interest has been charged on the balance at a rate of 2.25%.

13. RELATED PARTY DISCLOSURES

At the balance sheet date the amounts due to and from associated companies were £9,808 and £7,770 respectively (2023: £12,000 and £6,412). The balances are interest free and repayable on demand.