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REGISTERED NUMBER: 07027865 (England and Wales)













Unaudited Financial Statements

for the Year Ended 31 December 2024

for

Duraweld Limited

Duraweld Limited (Registered number: 07027865)






Contents of the Financial Statements
for the Year Ended 31 December 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Duraweld Limited

Company Information
for the Year Ended 31 December 2024







DIRECTORS: M B Yeung





SECRETARY: M B Yeung





REGISTERED OFFICE: Salter Road
Eastfield
Scarborough
North Yorkshire
YO11 3UP





REGISTERED NUMBER: 07027865 (England and Wales)





ACCOUNTANTS: Clive Owen LLP
Chartered Accountants
Oak Tree House, Harwood Road
Northminster Business Park
Upper Poppleton
York
YO26 6QU

Duraweld Limited (Registered number: 07027865)

Balance Sheet
31 December 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 4 31,028 41,935
Tangible assets 5 292,545 258,544
323,573 300,479

CURRENT ASSETS
Stocks 6 206,068 203,906
Debtors 7 475,080 479,299
Cash at bank and in hand 176,407 517,257
857,555 1,200,462
CREDITORS
Amounts falling due within one year 8 (466,323 ) (657,026 )
NET CURRENT ASSETS 391,232 543,436
TOTAL ASSETS LESS CURRENT
LIABILITIES

714,805

843,915

CREDITORS
Amounts falling due after more than one
year

9

(32,982

)

(200,000

)

PROVISIONS FOR LIABILITIES 12 (65,701 ) (56,856 )
NET ASSETS 616,122 587,059

CAPITAL AND RESERVES
Called up share capital 13 10,000 10,050
Capital redemption reserve 50 -
Retained earnings 606,072 577,009
SHAREHOLDERS' FUNDS 616,122 587,059

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

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

Duraweld Limited (Registered number: 07027865)

Balance Sheet - continued
31 December 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 April 2025 and were signed on its behalf by:





M B Yeung - Director


Duraweld Limited (Registered number: 07027865)

Notes to the Financial Statements
for the Year Ended 31 December 2024

1. STATUTORY INFORMATION

Duraweld Limited 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. 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.

There were no material departures from that standard.

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

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Income recognition
Income is recognised when a contract for the sale of goods and/or services is determined as unconditional.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of businesses in 2022 and 2023, is being amortised evenly over its useful economic life of five years.

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 5% on cost and 3% on cost
Plant and machinery - 25% on cost
Fixtures and fittings - 33% on cost
Computer equipment - 33% on cost

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

Government grants
Revenue based grants are credited to the profit and loss on receipt.

Capital based grants credited to the profit and loss account in equal instalments, over the estimated useful life of the related asset.

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments
Basic financial instruments are recognised at amortised cost with changes recognised in profit or loss.

Duraweld Limited (Registered number: 07027865)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 59 (2023 - 40 ) .

Duraweld Limited (Registered number: 07027865)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

4. INTANGIBLE FIXED ASSETS
Goodwill Website Totals
£    £    £   
COST
At 1 January 2024 247,880 4,300 252,180
Additions 1,000 - 1,000
At 31 December 2024 248,880 4,300 253,180
AMORTISATION
At 1 January 2024 207,379 2,866 210,245
Amortisation for year 10,473 1,434 11,907
At 31 December 2024 217,852 4,300 222,152
NET BOOK VALUE
At 31 December 2024 31,028 - 31,028
At 31 December 2023 40,501 1,434 41,935

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 January 2024 217,424 542,846 11,236 174,611 946,117
Additions - 83,075 959 18,053 102,087
Disposals - (210,059 ) (195 ) (65,731 ) (275,985 )
At 31 December 2024 217,424 415,862 12,000 126,933 772,219
DEPRECIATION
At 1 January 2024 48,537 464,843 8,342 165,851 687,573
Charge for year 8,285 48,274 1,077 10,340 67,976
Eliminated on disposal - (210,059 ) (85 ) (65,731 ) (275,875 )
At 31 December 2024 56,822 303,058 9,334 110,460 479,674
NET BOOK VALUE
At 31 December 2024 160,602 112,804 2,666 16,473 292,545
At 31 December 2023 168,887 78,003 2,894 8,760 258,544

6. STOCKS
2024 2023
£    £   
Stocks 159,264 163,871
Work-in-progress 46,804 40,035
206,068 203,906

Duraweld Limited (Registered number: 07027865)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 415,615 427,578
Other debtors 3,800 7,641
Prepayments and accrued income 55,665 44,080
475,080 479,299

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 10) 7,524 -
Trade creditors 171,037 201,800
Taxation and social security 179,622 187,825
Other creditors 6,748 156,083
Accruals and deferred income 101,392 111,318
466,323 657,026

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts (see note 10) 32,982 -
Other creditors - 200,000
32,982 200,000

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 7,524 -
Between one and five years 32,982 -
40,506 -

Non-cancellable operating leases
2024 2023
£    £   
Within one year 100,914 36,747
Between one and five years 343,266 2,513
444,180 39,260

Duraweld Limited (Registered number: 07027865)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

11. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 40,506 -
Other creditors - 329,393
40,506 329,393

Included in other creditors is a loan from Morning Egg Limited, a company under common control. The loan was repaid in December 2024.

The hire purchase liability is secured against the asset to which it relates.

12. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 65,701 56,856

Deferred
tax
£   
Balance at 1 January 2024 56,856
Provided during year 8,845
Balance at 31 December 2024 65,701

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
5,000 Ordinary A shares £1 5,000 5,000
5,000 Ordinary B shares £1 5,000 5,000
50 Ordinary C shares £1 - 50
10,000 10,050

On 30 December 2024 the company repurchased 50 Ordinary C shares.