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Company registration number: 03821458
Allen Welding Limited
Unaudited filleted financial statements
31 July 2024
Allen Welding Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Allen Welding Limited
Directors and other information
Directors Mr P Allen
Mrs J Allen
Mr S Allen
Mrs S Drake
Secretary Mrs J Allen
Company number 03821458
Registered office Devonshire Villa
52 Stuart Road
Plymouth
PL3 4EE
Accountants Northcott Trumfield
Devonshire Villa
52 Stuart Road
Plymouth
Devon
PL3 4EE
Allen Welding Limited
Statement of financial position
31 July 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 205,697 182,298
_______ _______
205,697 182,298
Current assets
Stocks 9,000 10,000
Debtors 6 356,933 698,297
Cash at bank and in hand 732,187 353,964
_______ _______
1,098,120 1,062,261
Creditors: amounts falling due
within one year 7 ( 478,066) ( 595,641)
_______ _______
Net current assets 620,054 466,620
_______ _______
Total assets less current liabilities 825,751 648,918
Creditors: amounts falling due
after more than one year 8 ( 16,385) ( 38,231)
Provisions for liabilities ( 44,500) ( 38,000)
_______ _______
Net assets 764,866 572,687
_______ _______
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 763,866 571,687
_______ _______
Shareholders funds 764,866 572,687
_______ _______
For the year ending 31 July 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 24 April 2025 , and are signed on behalf of the board by:
Mr S Allen
Director
Company registration number: 03821458
Allen Welding Limited
Notes to the financial statements
Year ended 31 July 2024
1. General information
The company is a private company limited by shares, registered in England in the United Kingdom. The address of the registered office is Allen Welding Limited, Devonshire Villa, 52 Stuart Road, Plymouth, PL3 4EE.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling rounded to the nearest £1, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property - Straight line over life of asset
Plant and machinery - 20 % reducing balance
Fittings fixtures and equipment - 20 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 21 (2023: 22 ).
5. Tangible assets
Short leasehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 August 2023 18,296 132,324 10,635 291,952 453,207
Additions - 11,723 - 86,500 98,223
Disposals - ( 11,980) - ( 26,430) ( 38,410)
_______ _______ _______ _______ _______
At 31 July 2024 18,296 132,067 10,635 352,022 513,020
_______ _______ _______ _______ _______
Depreciation
At 1 August 2023 18,296 89,568 7,198 155,847 270,909
Charge for the year - 12,212 686 61,126 74,024
Disposals - ( 11,980) - ( 25,630) ( 37,610)
_______ _______ _______ _______ _______
At 31 July 2024 18,296 89,800 7,884 191,343 307,323
_______ _______ _______ _______ _______
Carrying amount
At 31 July 2024 - 42,267 2,751 160,679 205,697
_______ _______ _______ _______ _______
At 31 July 2023 - 42,756 3,437 136,105 182,298
_______ _______ _______ _______ _______
6. Debtors
2024 2023
£ £
Trade debtors 341,556 679,425
Other debtors 15,377 18,872
_______ _______
356,933 698,297
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 21,846 21,846
Trade creditors 79,188 75,539
Corporation tax 158,703 75,889
Social security and other taxes 139,996 173,518
Other creditors 78,333 248,849
_______ _______
478,066 595,641
_______ _______
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Other creditors 16,385 38,231
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr P Allen ( 119,264) 82,892 ( 36,372)
Mr S Allen - - -
_______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr P Allen ( 5,682) ( 113,582) ( 119,264)
Mr S Allen ( 260) 260 -
_______ _______ _______
( 5,942) ( 113,322) ( 119,264)
_______ _______ _______