5 01/09/2023 31/08/2024 2024-08-31 false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2023-09-01 Sage Accounts Production 23.0 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 04036467 2023-09-01 2024-08-31 04036467 2024-08-31 04036467 2023-08-31 04036467 2022-09-01 2023-08-31 04036467 2023-08-31 04036467 2022-08-31 04036467 core:PlantMachinery 2023-09-01 2024-08-31 04036467 core:FurnitureFittingsToolsEquipment 2023-09-01 2024-08-31 04036467 core:MotorVehicles 2023-09-01 2024-08-31 04036467 core:OnerousContractsExcludingVacantProperties 2023-09-01 2024-08-31 04036467 bus:OrdinaryShareClass1 2023-09-01 2024-08-31 04036467 bus:Director1 2023-09-01 2024-08-31 04036467 core:IntangibleAssetsOtherThanGoodwill 2023-08-31 04036467 core:IntangibleAssetsOtherThanGoodwill 2024-08-31 04036467 core:PlantMachinery 2023-08-31 04036467 core:FurnitureFittingsToolsEquipment 2023-08-31 04036467 core:MotorVehicles 2023-08-31 04036467 core:PlantMachinery 2024-08-31 04036467 core:FurnitureFittingsToolsEquipment 2024-08-31 04036467 core:MotorVehicles 2024-08-31 04036467 core:WithinOneYear 2024-08-31 04036467 core:WithinOneYear 2023-08-31 04036467 core:AfterOneYear 2024-08-31 04036467 core:AfterOneYear 2023-08-31 04036467 core:ShareCapital 2024-08-31 04036467 core:ShareCapital 2023-08-31 04036467 core:RetainedEarningsAccumulatedLosses 2024-08-31 04036467 core:RetainedEarningsAccumulatedLosses 2023-08-31 04036467 bus:OrdinaryShareClass1 core:ShareCapital 2024-08-31 04036467 bus:OrdinaryShareClass1 core:ShareCapital 2023-08-31 04036467 core:UKTax 2022-09-01 2023-08-31 04036467 core:IntangibleAssetsOtherThanGoodwill 2023-09-01 2024-08-31 04036467 core:IntangibleAssetsOtherThanGoodwill 2023-08-31 04036467 core:AcceleratedTaxDepreciationDeferredTax 2024-08-31 04036467 core:AcceleratedTaxDepreciationDeferredTax 2023-08-31 04036467 core:TaxLossesCarry-forwardsDeferredTax 2024-08-31 04036467 core:TaxLossesCarry-forwardsDeferredTax 2023-08-31 04036467 core:PlantMachinery 2023-08-31 04036467 core:FurnitureFittingsToolsEquipment 2023-08-31 04036467 bus:SmallEntities 2023-09-01 2024-08-31 04036467 bus:AuditExempt-NoAccountantsReport 2023-09-01 2024-08-31 04036467 bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 04036467 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 04036467 bus:FullAccounts 2023-09-01 2024-08-31 04036467 core:LeaseholdImprovements 2023-09-01 2024-08-31 04036467 core:LeaseholdImprovements 2023-08-31 04036467 core:LeaseholdImprovements 2024-08-31
Company registration number: 04036467
Weldrack Limited
Unaudited filleted financial statements
31 August 2024
Weldrack Limited
Contents
Balance sheet
Notes to the financial statements
Weldrack Limited
Balance sheet
31 August 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 6 13,723 26,754
Tangible assets 7 103,326 114,102
_______ _______
117,049 140,856
Current assets
Stocks 336,218 245,000
Debtors 8 137,477 129,810
Cash at bank and in hand 165 1,241
_______ _______
473,860 376,051
Creditors: amounts falling due
within one year 9 ( 448,128) ( 365,722)
_______ _______
Net current assets 25,732 10,329
_______ _______
Total assets less current liabilities 142,781 151,185
Creditors: amounts falling due
after more than one year 10 ( 103,350) ( 114,403)
_______ _______
Net assets 39,431 36,782
_______ _______
Capital and reserves
Called up share capital 13 1,000 1,000
Profit and loss account 38,431 35,782
_______ _______
Shareholders funds 39,431 36,782
_______ _______
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges 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 Profit and loss account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 16 May 2025 , and are signed on behalf of the board by:
G Emerson
Director
Company registration number: 04036467
Weldrack Limited
Notes to the financial statements
Year ended 31 August 2024
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Birtley Lane, Hunwick Village, Bishop Auckland, Co Durham, DL15 0SG.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, 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.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. 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. 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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Development costs - Straight line over 5 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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:
Plant and machinery - 20 % straight line
Fittings fixtures and equipment - 25 % straight line
Motor vehicles - 25 % straight line
Property improvements - 4 % straight line
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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.
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 5 (2023: 5 ).
5. Tax on profit/loss
Major components of tax expense/income
2024 2023
£ £
Current tax:
Adjustments in respect of previous periods - ( 2,068)
_______ _______
Deferred tax:
Origination and reversal of timing differences - ( 9,524)
_______ _______
Tax on profit/loss - ( 11,592)
_______ _______
6. Intangible assets
Development costs Total
£ £
Cost
At 1 September 2023 and 31 August 2024 124,104 124,104
_______ _______
Amortisation
At 1 September 2023 97,350 97,350
Charge for the year 13,031 13,031
_______ _______
At 31 August 2024 110,381 110,381
_______ _______
Carrying amount
At 31 August 2024 13,723 13,723
_______ _______
At 31 August 2023 26,754 26,754
_______ _______
7. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Property improvements Total
£ £ £ £ £
Cost
At 1 September 2023 114,074 60,622 35,976 103,387 314,059
Additions 2,511 4,795 - - 7,306
_______ _______ _______ _______ _______
At 31 August 2024 116,585 65,417 35,976 103,387 321,365
_______ _______ _______ _______ _______
Depreciation
At 1 September 2023 89,316 58,964 35,976 15,701 199,957
Charge for the year 12,640 1,306 - 4,136 18,082
_______ _______ _______ _______ _______
At 31 August 2024 101,956 60,270 35,976 19,837 218,039
_______ _______ _______ _______ _______
Carrying amount
At 31 August 2024 14,629 5,147 - 83,550 103,326
_______ _______ _______ _______ _______
At 31 August 2023 24,758 1,658 - 87,686 114,102
_______ _______ _______ _______ _______
8. Debtors
2024 2023
£ £
Trade debtors 137,477 123,595
Other debtors - 6,215
_______ _______
137,477 129,810
_______ _______
9. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 96,871 45,613
Trade creditors 202,054 204,309
Corporation tax ( 49) 87
Social security and other taxes 24,700 28,894
Other creditors 124,552 86,819
_______ _______
448,128 365,722
_______ _______
10. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 101,091 105,365
Other creditors 2,259 9,038
_______ _______
103,350 114,403
_______ _______
11. Provisions
Deferred tax (note 12)
£
At 1 September 2023 and 31 August 2024 -
_______
12. Deferred tax
The deferred tax included in the Balance Sheet is as follows:
2024 2023
£ £
The deferred tax account consists of the tax effect of timing differences in respect of:
2024 2023
£ £
Accelerated capital allowances 4,944 6,604
Unused tax losses ( 4,944) ( 6,604)
_______ _______
(-) (-)
_______ _______
13. Called up share capital
Authorised share capital
2024 2023
No £ No £
Ordinary shares shares of £ 1.00 each 1,000 1,000 1,000 1,000
_______ _______ _______ _______
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares shares of £ 1.00 each 1,000 1,000 1,000 1,000
_______ _______ _______ _______
14. Directors advances, credits and guarantees
There were no directors advances, credits or guarantees in the year.