Registered number
10656721
WELGO BUILDERS LIMITED
Filleted Accounts
31 March 2024
WELGO BUILDERS LIMITED
Registered number: 10656721
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 155,633 66,509
Current assets
Stocks 35,168 5,168
Debtors 4 483,837 254,746
Cash at bank and in hand - 10,219
519,005 270,133
Creditors: amounts falling due within one year 5 (261,569) (57,739)
Net current assets 257,436 212,394
Total assets less current liabilities 413,069 278,903
Creditors: amounts falling due after more than one year 6 (145,978) (109,952)
Net assets 267,091 168,951
Capital and reserves
Called up share capital 1 1
Profit and loss account 267,090 168,950
Shareholders' funds 267,091 168,951
The directors are 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 directors acknowledge their 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.
Samuel David Weltscher
Director
Approved by the board on 27 March 2025
WELGO BUILDERS LIMITED
Notes to the Accounts
for the year ended 31 March 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. No depreciation is charged in the year of purchase. Depreciation is provided on all tangible fixed assets, other than freehold land and buildings, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% reducing balance
Fixtures, fittings, tools and equipment 20% reducing balance
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 3
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2023 33,767 84,375 118,142
Additions 30,283 89,074 119,357
Disposals - (16,875) (16,875)
At 31 March 2024 64,050 156,574 220,624
Depreciation
At 1 April 2023 21,463 30,170 51,633
Charge for the year 2,517 10,841 13,358
At 31 March 2024 23,980 41,011 64,991
Net book value
At 31 March 2024 40,070 115,563 155,633
At 31 March 2023 12,304 54,205 66,509
4 Debtors 2024 2023
£ £
Trade debtors 330,409 37,482
Other debtors 153,428 217,264
483,837 254,746
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 22,898 18,426
Trade creditors 55,476 (90,811)
Taxation and social security costs 19,720 3,259
Other creditors 163,475 126,865
261,569 57,739
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 47,129 47,129
Obligations under finance lease and hire purchase contracts 92,934 45,800
Sundry (Long Term) 5,915 17,023
145,978 109,952
8 Other information
WELGO BUILDERS LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
158 Cromwell Road
Salford
M6 6DE
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