REGISTERED NUMBER: 02964978 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024

FOR

LINCOLN WELDING SUPPLIES LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr G Toulson

Mr M A Thompson

REGISTERED OFFICE:

100 Barbirolli Square

Manchester

M2 3BD

REGISTERED NUMBER:

02964978 (England and Wales)

ACCOUNTANTS:

Xeinadin

100 Barbirolli Square

Manchester

M2 3BD

FIXED ASSETS

Tangible assets

4

75,873

101,162

CURRENT ASSETS

Stocks

107,067

132,581

Debtors

5

1,001,808

1,128,397

Cash at bank and in hand

39,806

40,259

1,148,681

1,301,237

CREDITORS

Amounts falling due within one year

6

(461,471

)

(622,766

)

NET CURRENT ASSETS

687,210

678,471

TOTAL ASSETS LESS CURRENT LIABILITIES

763,083

779,633

CREDITORS

Amounts falling due after more than one year

7

(7,950

)

(25,450

)

PROVISIONS FOR LIABILITIES

(18,314

)

(24,165

)

NET ASSETS

736,819

730,018

CAPITAL AND RESERVES

Called up share capital

10

100

100

Capital redemption reserve

95

95

Retained earnings

736,624

729,823

SHAREHOLDERS' FUNDS

736,819

730,018

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

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

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2nd April 2025 and were signed on its behalf by:

Mr M A Thompson - Director

1.	STATUTORY INFORMATION

Lincoln Welding Supplies Limited is a private company, limited by shares, registered in England and Wales, registration number 02964978. The Company's registered office address is 100 Barbirolli Square, Manchester, M2 3BD. The principal place of trade is 31 Bold Street, Attercliffe Common Industrial Estate, Sheffield, S9 2LR.

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 represents amounts recognised by the company in respect of goods and services supplied, exclusive of Value Added Tax and trade discounts. Turnover principally consists of sales of welding and ancillary products, which are recognised at the point of which the goods or services are provided, where net takings are recognised as earned.

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Depreciation on tangible fixed assets is charged to the profit and loss so as to write off their value, over their estimated useful lives, using the following methods:

Computer equipment

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

At each balance sheet date, the Company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items of property, plant and equipment have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately.

Stocks

Stock is stated at the lower of cost and estimated selling price less costs to complete and sell. Costs are based on the method most appropriate to the type of inventory class, usually on a first-in-first-out basis. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of these stocks are recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down in stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss 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.

The obligations for contributions to defined contribution scheme are recognised as an expense as incurred. The assets of the scheme are held separately from those of the Company in an independent administered fund.

Cash and cash equivalents

Cash and cash equivalents are represented by cash at bank and in hand. Any bank overdrafts are shown within current liabilities.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2023 - 12 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1st January 2024

and 31st December 2024

20,899

42,227

189,695

252,821

DEPRECIATION

At 1st January 2024

17,633

32,337

101,689

151,659

Charge for year

816

2,472

22,001

25,289

At 31st December 2024

18,449

34,809

123,690

176,948

NET BOOK VALUE

At 31st December 2024

2,450

7,418

66,005

75,873

At 31st December 2023

3,266

9,890

88,006

101,162

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

472,129

541,140

Amounts owed by group undertakings

523,272

581,272

Other debtors

6,407

5,985

1,001,808

1,128,397

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

44,582

150,775

Hire purchase contracts (see note 8)

17,728

18,968

Trade creditors

275,949

346,777

Taxation and social security

118,621

101,375

Other creditors

4,591

4,871

461,471

622,766

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Hire purchase contracts (see note 8)

7,950

25,450

8.	LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024

2023

£

£

Net obligations repayable:

Within one year

17,728

18,968

Between one and five years

7,950

25,450

25,678

44,418

9.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Bank overdrafts

44,582

150,775

Hire purchase contracts

25,678

44,418

70,260

195,193

Loans from HSBC Invoice Finance (UK) Ltd of £44,583 (2023: £150,775) are secured on the company's trade debtors.

Finance lease and hire purchase liabilities are secured on the assets concerned.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

100

Ordinary

£1.00

100

100

11.	OFF-BALANCE SHEET ARRANGEMENTS

Operating lease commitments not included in the balance sheet amount to £73,080 (2023: £94,080).