Registered number
03418846
Angell Welding Limited
Filleted Accounts
31 October 2024
Angell Welding Limited
Registered number: 03418846
Balance Sheet
as at 31 October 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 72,000 108,000
Tangible assets 4 21,068 5,388
93,068 113,388
Current assets
Stocks 40,000 30,000
Debtors 5 106,357 132,185
Cash at bank and in hand 93,116 92,106
239,473 254,291
Creditors: amounts falling due within one year 6 (188,452) (144,684)
Net current assets 51,021 109,607
Net assets 144,089 222,995
Capital and reserves
Called up share capital 120 120
Profit and loss account 143,969 222,875
Shareholders' funds 144,089 222,995
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
I.A.D. Angell
Director
Approved by the board on 12 June 2025
Angell Welding Limited
Notes to the Accounts
for the year ended 31 October 2024
1 Accounting policies
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).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance method
Fixtures, fittings, tools and equipment 25% reducing balance method
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 8 8
3 Intangible fixed assets £
Goodwill:
Cost
At 1 November 2023 360,000
At 31 October 2024 360,000
Amortisation
At 1 November 2023 252,000
Provided during the year 36,000
At 31 October 2024 288,000
Net book value
At 31 October 2024 72,000
At 31 October 2023 108,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 November 2023 25,339 2,953 28,292
Additions 4,325 14,083 18,408
At 31 October 2024 29,664 17,036 46,700
Depreciation
At 1 November 2023 20,172 2,732 22,904
Charge for the year 2,380 348 2,728
At 31 October 2024 22,552 3,080 25,632
Net book value
At 31 October 2024 7,112 13,956 21,068
At 31 October 2023 5,167 221 5,388
5 Debtors 2024 2023
£ £
Trade debtors 91,147 78,549
Other debtors 15,210 53,636
106,357 132,185
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 141,560 85,328
Taxation and social security costs 43,292 55,856
Other creditors 3,600 3,500
188,452 144,684
7 Related party transactions
The company leases its factory from Mr and Mrs I Angell. An appropriate arms-length rent is paid based on prevailing market values. A rent of £100,000 for the year has been charged in the accounts (2023: £100,000).
8 Other information
Angell Welding Limited is a private company limited by shares and incorporated in England. Its registered office is:
273 King Henrys Drive,
New Addington,
Croydon
Surrey
CR0 0AE
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