12 11 Express Weldcare Services Limited 04211996 false 2023-07-01 2024-06-30 2024-06-30 The principal activity of the company is the purchase and sale of welding consumables and equipment. Digita Accounts Production Advanced 6.30.9574.0 true true 04211996 2023-07-01 2024-06-30 04211996 2024-06-30 04211996 bus:OrdinaryShareClass1 2024-06-30 04211996 core:CurrentFinancialInstruments 2024-06-30 04211996 core:CurrentFinancialInstruments core:WithinOneYear 2024-06-30 04211996 core:Non-currentFinancialInstruments core:AfterOneYear 2024-06-30 04211996 core:Goodwill 2024-06-30 04211996 core:FurnitureFittingsToolsEquipment 2024-06-30 04211996 core:MotorVehicles 2024-06-30 04211996 core:OtherPropertyPlantEquipment 2024-06-30 04211996 bus:SmallEntities 2023-07-01 2024-06-30 04211996 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 04211996 bus:FilletedAccounts 2023-07-01 2024-06-30 04211996 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 04211996 bus:RegisteredOffice 2023-07-01 2024-06-30 04211996 bus:Director1 2023-07-01 2024-06-30 04211996 bus:Director4 2023-07-01 2024-06-30 04211996 bus:Director5 2023-07-01 2024-06-30 04211996 bus:OrdinaryShareClass1 2023-07-01 2024-06-30 04211996 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 04211996 bus:Agent1 2023-07-01 2024-06-30 04211996 core:Goodwill 2023-07-01 2024-06-30 04211996 core:ComputerEquipment 2023-07-01 2024-06-30 04211996 core:FurnitureFittings 2023-07-01 2024-06-30 04211996 core:FurnitureFittingsToolsEquipment 2023-07-01 2024-06-30 04211996 core:MotorVehicles 2023-07-01 2024-06-30 04211996 core:OtherPropertyPlantEquipment 2023-07-01 2024-06-30 04211996 core:PlantMachinery 2023-07-01 2024-06-30 04211996 countries:England 2023-07-01 2024-06-30 04211996 2023-06-30 04211996 core:Goodwill 2023-06-30 04211996 core:FurnitureFittingsToolsEquipment 2023-06-30 04211996 core:MotorVehicles 2023-06-30 04211996 core:OtherPropertyPlantEquipment 2023-06-30 04211996 2022-07-01 2023-06-30 04211996 2023-06-30 04211996 bus:OrdinaryShareClass1 2023-06-30 04211996 core:CurrentFinancialInstruments 2023-06-30 04211996 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 04211996 core:Non-currentFinancialInstruments core:AfterOneYear 2023-06-30 04211996 core:FurnitureFittingsToolsEquipment 2023-06-30 04211996 core:MotorVehicles 2023-06-30 04211996 core:OtherPropertyPlantEquipment 2023-06-30 04211996 bus:OrdinaryShareClass1 2022-07-01 2023-06-30 xbrli:pure iso4217:GBP xbrli:shares

Registration number: 04211996

Express Weldcare Services Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Express Weldcare Services Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Express Weldcare Services Limited

Company Information

Directors

Mr J P Orbell

Mrs A Orbell

Mr J D Orbell

Registered office

Unit B3
Empress Park
Empress Road
Southampton
Hampshire
SO14 0JX

Accountants

Harney & Co Limited
Chartered Certified Accountants58 Kinson Road
Bournemouth
Dorset
BH10 4AN

 

Express Weldcare Services Limited

(Registration number: 04211996)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

53,102

65,057

Current assets

 

Stocks

6

193,559

142,646

Debtors

7

279,394

263,751

Cash at bank and in hand

 

127,420

89,821

 

600,373

496,218

Creditors: Amounts falling due within one year

8

(408,137)

(336,414)

Net current assets

 

192,236

159,804

Total assets less current liabilities

 

245,338

224,861

Creditors: Amounts falling due after more than one year

8

(66,119)

(120,906)

Provisions for liabilities

(10,856)

(8,550)

Net assets

 

168,363

95,405

Capital and reserves

 

Called up share capital

9

440

440

Capital redemption reserve

440

440

Retained earnings

167,483

94,525

Shareholders' funds

 

168,363

95,405

For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 20 March 2025 and signed on its behalf by:
 

 

Express Weldcare Services Limited

(Registration number: 04211996)
Balance Sheet as at 30 June 2024 (continued)

.........................................
Mr J P Orbell
Director

.........................................
Mr J D Orbell
Director

 
     
 

Express Weldcare Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Unit B3
Empress Park
Empress Road
Southampton
Hampshire
SO14 0JX

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the company and rounded to the nearest £1.

Going concern

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when: the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Express Weldcare Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

2

Accounting policies (continued)

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% on a straight line basis

Plant and machinery

20% on a straight line basis

Fixtures and fittings

25% on a straight line basis

Computer equipment

25% on a straight line basis

Goodwill

Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Straight line over 5 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Express Weldcare Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

2

Accounting policies (continued)

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Express Weldcare Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

2

Accounting policies (continued)

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

The company has basic financial instruments which are classified, measured and accounted for according to the substance of the contractual arrangement, as financial assets or financial liabilities. The company has not entered into any complex financial instruments.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2023 - 11).

 

Express Weldcare Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

4

Intangible assets

Goodwill
 £

Cost or valuation

At 1 July 2023

14,002

At 30 June 2024

14,002

Amortisation

At 1 July 2023

14,002

At 30 June 2024

14,002

Carrying amount

At 30 June 2024

-

 

Express Weldcare Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

5

Tangible assets

Fixtures, fittings and equipment
£

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 July 2023

4,402

131,820

8,452

144,674

Additions

154

13,975

8,478

22,607

Disposals

-

(24,150)

-

(24,150)

At 30 June 2024

4,556

121,645

16,930

143,131

Depreciation

At 1 July 2023

3,564

72,449

3,604

79,617

Charge for the year

435

23,666

2,411

26,512

Eliminated on disposal

-

(16,100)

-

(16,100)

At 30 June 2024

3,999

80,015

6,015

90,029

Carrying amount

At 30 June 2024

557

41,630

10,915

53,102

At 30 June 2023

838

59,371

4,848

65,057

6

Stocks

2024
£

2023
£

Parts and materials

193,559

142,646

7

Debtors

Current

2024
£

2023
£

Trade debtors

229,032

210,939

Prepayments

6,644

8,245

Other debtors

43,718

44,567

 

279,394

263,751

 

Express Weldcare Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

65,696

56,688

Trade creditors

 

216,560

184,162

Amounts owed to directors

16,923

29,896

Taxation and social security

 

43,789

41,048

Other creditors

 

65,169

24,620

 

408,137

336,414

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

66,119

120,906

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

440

440

440

440

         

10

Dividends

Interim dividends paid

   

2024
£

 

2023
£

Interim dividend of £127.00 (2023 - £89.00) per each Ordinary

 

55,924

 

39,072