Company registration number 00821066 (England and Wales)
WELLINGTON WELDING SUPPLIES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2024
4 Brackley Close
Bournemouth International Airport
Christchurch
Dorset
BH23 6SE
WELLINGTON WELDING SUPPLIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
WELLINGTON WELDING SUPPLIES LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
12,833
9,833
Tangible assets
4
977,267
946,393
990,100
956,226
Current assets
Stocks
1,009,135
959,556
Debtors
5
1,196,957
1,094,505
Cash at bank and in hand
390,243
348,809
2,596,335
2,402,870
Creditors: amounts falling due within one year
6
(1,447,296)
(1,346,317)
Net current assets
1,149,039
1,056,553
Total assets less current liabilities
2,139,139
2,012,779
Provisions for liabilities
(39,974)
(37,672)
Net assets
2,099,165
1,975,107
Capital and reserves
Called up share capital
776
776
Share premium account
9,806
9,806
Revaluation reserve
7
199,078
199,078
Profit and loss reserves
1,889,505
1,765,447
Total equity
2,099,165
1,975,107

For the financial year ended 31 December 2024 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 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 Companies Act 2006 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.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

WELLINGTON WELDING SUPPLIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
31 December 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 14 May 2025 and are signed on its behalf by:
Mr P T Goldney
Director
Company registration number 00821066 (England and Wales)
WELLINGTON WELDING SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information

Wellington Welding Supplies Limited is a private company limited by shares incorporated in England and Wales. The registered office is Cattedown Road, Cattedown, Plymouth, Devon, PL4 0SW.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the one off revaluation of freehold properties at fair value upon transition to FRS 102.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Website development costs
20% straight line
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
None
Leasehold improvements
Over the term of the lease
Plant and equipment
15% reducing balance / Computers 30% straight line
Motor vehicles
20% straight line
WELLINGTON WELDING SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

The estimated residual value of the company's freehold properties is in excess of its net book value. It is the company's policy to maintain this property to a high standard, so that the estimated residual value will not be impaired over time. The costs of this maintenance are charged to the profit and loss account as incurred. The directors are of the opinion that any depreciation in respect of the company's freehold property would be immaterial and consequently no provision is made in the accounts for such depreciation.

1.6
Impairment of fixed assets

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.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.8
Financial instruments
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

Current tax is recognised on taxable profit for the current and, where not previously recognised, 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

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss on a straight line basis over the term of the lease.

WELLINGTON WELDING SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
36
37
3
Intangible fixed assets
Goodwill
Website development costs
Total
£
£
£
Cost
At 1 January 2024
118,219
10,000
128,219
Additions
-
0
6,250
6,250
At 31 December 2024
118,219
16,250
134,469
Amortisation and impairment
At 1 January 2024
118,219
167
118,386
Amortisation charged for the year
-
0
3,250
3,250
At 31 December 2024
118,219
3,417
121,636
Carrying amount
At 31 December 2024
-
0
12,833
12,833
At 31 December 2023
-
0
9,833
9,833
WELLINGTON WELDING SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
4
Tangible fixed assets
Freehold land and buildings
Leasehold improvements
Plant and equipment
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 January 2024
500,000
65,529
223,231
646,327
1,435,087
Additions
-
0
-
0
56,372
155,361
211,733
Disposals
-
0
-
0
(35,671)
(41,302)
(76,973)
At 31 December 2024
500,000
65,529
243,932
760,386
1,569,847
Depreciation and impairment
At 1 January 2024
-
0
27,952
187,858
272,884
488,694
Depreciation charged in the year
-
0
9,041
24,830
135,845
169,716
Eliminated in respect of disposals
-
0
-
0
(35,671)
(30,159)
(65,830)
At 31 December 2024
-
0
36,993
177,017
378,570
592,580
Carrying amount
At 31 December 2024
500,000
28,536
66,915
381,816
977,267
At 31 December 2023
500,000
37,577
35,373
373,443
946,393

In respect of certain fixed assets held at revalued amounts, the comparable historical cost and depreciation values are as follows:

2024
2023
£
£
Net book value at end of year
500,000
500,000
Historical cost
300,922
300,922

The revaluation surplus is disclosed in note 7.

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,137,589
1,028,045
Other debtors
59,368
66,460
1,196,957
1,094,505
WELLINGTON WELDING SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
870,289
733,046
Taxation and social security
336,246
335,985
Other creditors
240,761
277,286
1,447,296
1,346,317

Included in other creditors are balances due on hire purchase contracts of £nil (2023: £11,579) which are secured over the assets to which they relate.

7
Revaluation reserve
2024
2023
£
£
At the beginning and end of the year
199,078
199,078
8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
Within one year
51,965
44,684
Between two and five years
120,640
104,785
In over five years
13,750
30,750
186,355
180,219
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