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WELDLEC LIMITED

Registered Number
04653762
(England and Wales)

Unaudited Financial Statements for the Period ended
31 December 2024

WELDLEC LIMITED
Company Information
for the period from 1 March 2024 to 31 December 2024

Directors

Mrs V S Cogbill
Mr N B Morgan

Company Secretary

Mrs V S Cogbill

Registered Address

Phoenix Wharf
The Docks
Port Talbot
SA13 1RA

Registered Number

04653762 (England and Wales)
WELDLEC LIMITED
Statement of Financial Position
31 December 2024

Notes

31 Dec 2024

29 Feb 2024

£

£

£

£

Fixed assets
Intangible assets38,58011,217
Tangible assets4163,857198,746
172,437209,963
Current assets
Stocks522,50029,500
Debtors6623,835956,880
Cash at bank and on hand23,29258,446
669,6271,044,826
Creditors amounts falling due within one year7(762,257)(822,466)
Net current assets (liabilities)(92,630)222,360
Total assets less current liabilities79,807432,323
Creditors amounts falling due after one year8(55,702)(65,459)
Provisions for liabilities10(25,329)(36,593)
Net assets(1,224)330,271
Capital and reserves
Called up share capital100100
Profit and loss account(1,324)330,171
Shareholders' funds(1,224)330,271
The financial statements were approved and authorised for issue by the Board of Directors on 13 May 2025, and are signed on its behalf by:
Mrs V S Cogbill
Director
Registered Company No. 04653762
WELDLEC LIMITED
Notes to the Financial Statements
for the period ended 31 December 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
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).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.
Turnover policy
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.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Defined contribution pension plan
The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.
Deferred tax
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.
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)Straight line (years)
Land and buildings-10
Plant and machinery25-
Fixtures and fittings25-
Vehicles25-
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
Government grants or assistance
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2.Average number of employees

20242024
Average number of employees during the year2332
3.Intangible assets

Other

Total

££
Cost or valuation
At 01 March 2412,58012,580
At 31 December 2412,58012,580
Amortisation and impairment
At 01 March 241,3631,363
Charge for year2,6372,637
At 31 December 244,0004,000
Net book value
At 31 December 248,5808,580
At 29 February 2411,21711,217
4.Tangible fixed assets

Land & buildings

Plant & machinery

Vehicles

Fixtures & fittings

Total

£££££
Cost or valuation
At 01 March 246,760291,589295,99910,856605,204
Additions--47,244-47,244
Disposals--(106,256)-(106,256)
At 31 December 246,760291,589236,98710,856546,192
Depreciation and impairment
At 01 March 244,732234,402158,6488,676406,458
Charge for year2,02811,98634,91845749,389
Revaluation surplus--(11)-(11)
On disposals--(73,501)-(73,501)
At 31 December 246,760246,388120,0549,133382,335
Net book value
At 31 December 24-45,201116,9331,723163,857
At 29 February 242,02857,187137,3512,180198,746
5.Stocks

2024

2024

££
Work in progress18,00025,000
Other stocks4,5004,500
Total22,50029,500
6.Debtors: amounts due within one year

2024

2024

££
Trade debtors / trade receivables605,039949,963
Other debtors12,8886,917
Prepayments and accrued income5,908-
Total623,835956,880
7.Creditors: amounts due within one year

2024

2024

££
Trade creditors / trade payables160,41388,436
Bank borrowings and overdrafts179,195281,967
Taxation and social security140,765208,496
Finance lease and HP contracts15,26821,397
Other creditors266,616222,170
Total762,257822,466
8.Creditors: amounts due after one year

2024

2024

££
Bank borrowings and overdrafts4,22611,954
Other creditors51,47653,505
Total55,70265,459
9.Obligations under finance leases

2024

2024

££
Finance lease and HP contracts1,47644,290
10.Provisions for liabilities

2024

2024

££
Net deferred tax liability (asset)25,32936,593
Total25,32936,593
11.Directors advances, credits and guarantees

Brought forward

Amount advanced

Amount repaid

Carried forward

££££
Mrs V S Cogbill01,64601,646
Mr N B Morgan04,60704,607
06,25306,253
Included within other creditors less than one year is £6,253 due to the business by the directors. These amounts were repaid in full on April 10th 2025.
12.Exceptional items
During the year £150,000 of expenditure of exceptional size or incidence was recorded and related to a dispute which has now reached a settlement agreement. This was included in administrative expenses.