Registered number
01292406
Code-A-Weld (Great Yarmouth) Limited
Filleted Accounts
31 May 2024
Code-A-Weld (Great Yarmouth) Limited
Registered number: 01292406
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 908,717 891,731
Current assets
Stocks 442,775 265,151
Debtors 4 610,113 845,894
Cash at bank and in hand 511,267 80,148
1,564,155 1,191,193
Creditors: amounts falling due within one year 5 (798,742) (605,156)
Net current assets 765,413 586,037
Total assets less current liabilities 1,674,130 1,477,768
Creditors: amounts falling due after more than one year 6 (407,897) (422,849)
Provisions for liabilities (68,544) (64,222)
Net assets 1,197,689 990,697
Capital and reserves
Called up share capital 100 100
Profit and loss account 1,197,589 990,597
Shareholders' funds 1,197,689 990,697
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
T.Fowler
Director
Approved by the board on 27 February 2025
Code-A-Weld (Great Yarmouth) Limited
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
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).
Turnover
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. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Consolidation
In the opinion of the director, the company and its parent undertakings comprise a small group. The company has therefore taken advantage of the exemption provided by Section 398 of the Companies Act 2006 not to prepare group accounts.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life, as follows:
Freehold buildings nil
Plant and machinery 15% reducing balance
Motor Vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 37 38
3 Tangible fixed assets
Freehold Property Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 June 2023 643,121 809,531 103,779 1,556,431
Additions - 19,544 40,976 60,520
Disposals - - (17,121) (17,121)
At 31 May 2024 643,121 829,075 127,634 1,599,830
Depreciation
At 1 June 2023 - 604,870 59,830 664,700
Charge for the year - 32,157 10,857 43,014
On disposals - - (16,601) (16,601)
At 31 May 2024 - 637,027 54,086 691,113
Net book value
At 31 May 2024 643,121 192,048 73,548 908,717
At 31 May 2023 643,121 204,661 43,949 891,731
4 Debtors 2024 2023
£ £
Trade debtors 546,944 793,609
Other debtors 63,169 52,285
610,113 845,894
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 23,500 23,500
Obligations under finance lease and hire purchase contracts 8,986 14,760
Trade creditors 272,116 210,098
Amounts owed to group undertakings and undertakings in which the company has a participating interest 8,000 8,000
Taxation and social security costs 243,243 218,450
Other creditors 242,897 130,348
798,742 605,156
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 405,284 411,250
Obligations under finance lease and hire purchase contracts 2,613 11,599
407,897 422,849
7 Loans 2024 2023
£ £
Creditors include:
Instalments falling due for payment after more than five years 293,749 317,250
Secured bank loans 428,784 434,750
The bank loan is secured by a first legal charge over freehold property, a debenture over the company's assets and a personal guarantee.
8 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 368,859 413,859
9 Controlling party
The company is controlled by its parent, Majorspark Limited, which in turn is controlled by its parent Atadura Limited. In the opinion of the directors at the Balance Sheet date the ultimate controlling party is D. Fowler.
10 Other information
Code-A-Weld (Great Yarmouth) Limited is a private company limited by shares and incorporated in England. Its registered office is:
Bessemer House
Bessemer Way
Harfeys Industrial Estate
Great Yarmouth
NR30 0LX
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