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REGISTERED NUMBER: 06504663 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

WELDSMART LTD

WELDSMART LTD (REGISTERED NUMBER: 06504663)

CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 9

WELDSMART LTD

COMPANY INFORMATION
for the Year Ended 31 March 2024







DIRECTORS: C A Knight
Mrs H B Knight
D J Burgess





SECRETARY: Mrs H B Knight





REGISTERED OFFICE: Vantage House
3 East Terrace Business Park
Euxton Lane, Euxton
Chorley
Lancashire
PR7 6TB





REGISTERED NUMBER: 06504663 (England and Wales)





ACCOUNTANTS: Studholme-Bell Limited
Chartered Accountants
& Business Advisors
Vantage House
3 East Terrace Business Park
Euxton Lane, Euxton
Chorley
Lancashire
PR7 6TB

WELDSMART LTD (REGISTERED NUMBER: 06504663)

BALANCE SHEET
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 - 7,570
Tangible assets 6 293,958 330,495
293,958 338,065

CURRENT ASSETS
Stocks 96,014 198,014
Debtors 7 268,113 282,263
Cash at bank and in hand 22,156 69,537
386,283 549,814
CREDITORS
Amounts falling due within one year 8 479,056 511,946
NET CURRENT (LIABILITIES)/ASSETS (92,773 ) 37,868
TOTAL ASSETS LESS CURRENT
LIABILITIES

201,185

375,933

CREDITORS
Amounts falling due after more than one
year

9

(75,496

)

(133,071

)

PROVISIONS FOR LIABILITIES (58,215 ) (41,464 )
NET ASSETS 67,474 201,398

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 67,374 201,298
SHAREHOLDERS' FUNDS 67,474 201,398

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

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

WELDSMART LTD (REGISTERED NUMBER: 06504663)

BALANCE SHEET - continued
31 March 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 19 March 2025 and were signed on its behalf by:




C A Knight - Director



Mrs H B Knight - Director


WELDSMART LTD (REGISTERED NUMBER: 06504663)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2024


1. STATUTORY INFORMATION

Weldsmart Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. COMPLIANCE WITH ACCOUNTING STANDARDS

These financial statements have been prepared in compliance with FRS102 Section 1A for small entities. There were no material departures from that standard.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The principle accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year and have also been consistently applied within the same accounts.

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.

Income recognition
Income is recognised when goods have been delivered to customers such that the risks and rewards of ownership have transferred to them.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of the business in 2008, it has been fully amortised over its estimated useful life.

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.

Development costs are being amortised evenly over their estimated useful life of ten years.

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.
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 15% on reducing balance
Computer equipment - 33% on cost

Stocks
Stocks have been valued at the lower of cost and estimated selling price, less costs to sell. In respect of work in progress and finished goods, cost included a relevant proportion of overheads according to the stage of manufacture/completion.

Deferred taxation
Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes.

Tax deferred or accelerated is accounted for in respect of all material timing differences.

Research and development
Expenditure on research is written off against profits in the year in which it is incurred. Development expenditure is capitalised and amortised over its useful life.

WELDSMART LTD (REGISTERED NUMBER: 06504663)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024


3. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Property, plant and equipment acquired under finance leases or hire purchase contracts are capitalised and depreciated in the same manner as other intangible assets. The related obligations, net of future finance charges, are included in creditors.

Rentals payable under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.

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.

Financial instruments
The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, bank loans and directors' loans.

Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method.

Directors' loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at amortised cost 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 income and retained earnings.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2023 - 17 ) .

5. INTANGIBLE FIXED ASSETS
Development
Goodwill costs Totals
£    £    £   
COST
At 1 April 2023
and 31 March 2024 30,000 75,700 105,700
AMORTISATION
At 1 April 2023 30,000 68,130 98,130
Amortisation for year - 7,570 7,570
At 31 March 2024 30,000 75,700 105,700
NET BOOK VALUE
At 31 March 2024 - - -
At 31 March 2023 - 7,570 7,570

WELDSMART LTD (REGISTERED NUMBER: 06504663)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024


6. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and
leasehold machinery fittings
£    £    £   
COST
At 1 April 2023 27,497 355,752 57,892
Additions - 19,745 4,475
At 31 March 2024 27,497 375,497 62,367
DEPRECIATION
At 1 April 2023 - 174,889 5,582
Charge for year - 30,091 14,196
At 31 March 2024 - 204,980 19,778
NET BOOK VALUE
At 31 March 2024 27,497 170,517 42,589
At 31 March 2023 27,497 180,863 52,310

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 April 2023 116,428 47,603 605,172
Additions - - 24,220
At 31 March 2024 116,428 47,603 629,392
DEPRECIATION
At 1 April 2023 66,803 27,403 274,677
Charge for year 9,924 6,546 60,757
At 31 March 2024 76,727 33,949 335,434
NET BOOK VALUE
At 31 March 2024 39,701 13,654 293,958
At 31 March 2023 49,625 20,200 330,495

WELDSMART LTD (REGISTERED NUMBER: 06504663)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024


6. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 April 2023 110,140 73,439 183,579
Transfer to ownership - (55,444 ) (55,444 )
At 31 March 2024 110,140 17,995 128,135
DEPRECIATION
At 1 April 2023 41,131 34,964 76,095
Charge for year 10,351 2,699 13,050
Transfer to ownership - (30,465 ) (30,465 )
At 31 March 2024 51,482 7,198 58,680
NET BOOK VALUE
At 31 March 2024 58,658 10,797 69,455
At 31 March 2023 69,009 38,475 107,484

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 234,224 234,530
Other debtors 2,404 16,341
Prepayments 31,485 31,392
268,113 282,263

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts 51,855 52,579
Trade creditors 266,015 338,556
Tax 20,818 22,041
Social security and other taxes 6,884 8,101
VAT 93,422 72,045
Other creditors 24,975 3,617
Accruals and deferred income 5,087 5,007
479,056 511,946

WELDSMART LTD (REGISTERED NUMBER: 06504663)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024


9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Bank loans - 1-2 years 6,929 10,000
Bank loans - 2-5 years - 6,929
Hire purchase contracts 64,245 116,142
Directors loan account 4,322 -
75,496 133,071

10. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Hire purchase contracts 116,100 168,721

Hire purchase liabilities are secured on the assets to which they relate.

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
WELDSMART LTD


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Weldsmart Ltd for the year ended 31 March 2024 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Weldsmart Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Weldsmart Ltd and state those matters that we have agreed to state to the Board of Directors of Weldsmart Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Weldsmart Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Weldsmart Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Weldsmart Ltd. You consider that Weldsmart Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Weldsmart Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Studholme-Bell Limited
Chartered Accountants
& Business Advisors
Vantage House
3 East Terrace Business Park
Euxton Lane, Euxton
Chorley
Lancashire
PR7 6TB


19 March 2025