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Registered number: 07913270
SP Welding & Fabrication Ltd
Unaudited Financial Statements
For The Year Ended 31 March 2025
Michael Paul Accountants Limited
Contents
Page
Company Information 1
Accountant's Report 2
Balance Sheet 3—4
Notes to the Financial Statements 5—7
Page 1
Company Information
Directors Mr Sean Palfrey
Mrs Amanda Palfrey
Secretary Mrs Amanda Palfrey
Company Number 07913270
Registered Office 20 The Green
Lyndon
Oakham
LE15 8TX
Accountants Michael Paul Accountants Limited
A member of the Association of Chartered Certified Accountants
Studio 2, Lamport Manor
Old Road, Lamport
Northampton
Northamptonshire
NN6 9HF
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Page 2
Accountant's Report
Report to the directors on the preparation of the unaudited statutory accounts of SP Welding & Fabrication Ltd for the year ended 31 March 2025
To assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of SP Welding & Fabrication Ltd which comprise the Profit and Loss Account, the Balance Sheet and the related notes, from the company’s accounting records and from information and explanations you have given us.
As a practising member of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made to the directors of SP Welding & Fabrication Ltd , as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of SP Welding & Fabrication Ltd and state those matters that we have agreed to state to the directors of SP Welding & Fabrication Ltd , as a body, in this report in accordance with the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than SP Welding & Fabrication Ltd and its directors as a body for our work or for this report.
It is your duty to ensure that SP Welding & Fabrication Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of SP Welding & Fabrication Ltd . You consider that SP Welding & Fabrication Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of SP Welding & Fabrication Ltd . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
12/05/2025
Michael Paul Accountants Limited
A member of the Association of Chartered Certified Accountants
Studio 2, Lamport Manor
Old Road, Lamport
Northampton
Northamptonshire
NN6 9HF
Page 2
Page 3
Balance Sheet
Registered number: 07913270
2025 2024
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 11,761 14,823
11,761 14,823
CURRENT ASSETS
Stocks 5 216 250
Debtors 6 9,814 8,148
Cash at bank and in hand 3,863 2,895
13,893 11,293
Creditors: Amounts Falling Due Within One Year 7 (20,438 ) (21,890 )
NET CURRENT ASSETS (LIABILITIES) (6,545 ) (10,597 )
TOTAL ASSETS LESS CURRENT LIABILITIES 5,216 4,226
Creditors: Amounts Falling Due After More Than One Year 8 (2,087 ) (3,836 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (2,142 ) (2,724 )
NET ASSETS/(LIABILITIES) 987 (2,334 )
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 887 (2,434 )
SHAREHOLDERS' FUNDS 987 (2,334)
Page 3
Page 4
For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
The financial statements were approved by the board of directors on 12 May 2025 and were signed on its behalf by:
Mr Sean Palfrey
Director
Mrs Amanda Palfrey
Director
12/05/2025
The notes on pages 5 to 7 form part of these financial statements.
Page 4
Page 5
Notes to the Financial Statements
1. General Information
SP Welding & Fabrication Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 07913270 . The registered office is 20 The Green, Lyndon, Oakham, LE15 8TX.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold Nil
Plant & Machinery 25% on reducing balance
Motor Vehicles 25% on reducing balance
Computer Equipment 33% on cost
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
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2.5. Stocks and Work in Progress
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 stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2024: 2)
2 2
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £ £
Cost
As at 1 April 2024 486 41,468 17,795 1,044 60,793
Additions - 695 - - 695
As at 31 March 2025 486 42,163 17,795 1,044 61,488
Depreciation
As at 1 April 2024 - 35,866 9,060 1,044 45,970
Provided during the period - 1,574 2,183 - 3,757
As at 31 March 2025 - 37,440 11,243 1,044 49,727
Net Book Value
As at 31 March 2025 486 4,723 6,552 - 11,761
As at 1 April 2024 486 5,602 8,735 - 14,823
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5. Stocks
2025 2024
£ £
Materials 216 250
6. Debtors
2025 2024
£ £
Due within one year
Trade debtors 2,124 -
Other debtors 7,690 8,148
9,814 8,148
7. Creditors: Amounts Falling Due Within One Year
2025 2024
£ £
Net obligations under finance lease and hire purchase contracts 1,749 1,749
Trade creditors 6,905 11,094
Other creditors 8,065 8,846
Taxation and social security 3,719 201
20,438 21,890
8. Creditors: Amounts Falling Due After More Than One Year
2025 2024
£ £
Net obligations under finance lease and hire purchase contracts 2,087 3,836
9. Share Capital
2025 2024
£ £
Allotted, Called up and fully paid 100 100
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