Company registration number 05161803 (England and Wales)
WELDON CONTRACTS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
WELDON CONTRACTS LIMITED
CONTENTS
Page
Directors' responsibilities statement
1
Balance sheet
2
Statement of changes in equity
3
Notes to the financial statements
4 - 10
WELDON CONTRACTS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
WELDON CONTRACTS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
160,992
175,421
Current assets
Stocks
251,077
492,801
Debtors
5
1,308,025
1,666,923
Cash at bank and in hand
719,226
587,804
2,278,328
2,747,528
Creditors: amounts falling due within one year
6
(457,865)
(643,911)
Net current assets
1,820,463
2,103,617
Total assets less current liabilities
1,981,455
2,279,038
Creditors: amounts falling due after more than one year
7
(1,168,213)
(1,936,939)
Provisions for liabilities
9
(73,064)
(53,801)
Net assets
740,178
288,298
Capital and reserves
Called up share capital
3,784
3,784
Capital redemption reserve
99,820
99,820
Other reserves
14,626
14,690
Profit and loss reserves
621,948
170,004
Total equity
740,178
288,298
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
The financial statements were approved by the board of directors and authorised for issue on 2 July 2025 and are signed on its behalf by:
D. SPIRES
Director
Company registration number 05161803 (England and Wales)
WELDON CONTRACTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
Share capital
Capital redemption reserve
Other reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2023
3,784
99,820
16,884
143,961
264,449
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
-
55,823
55,823
Other movements
-
-
(2,194)
2,194
-
Balance at 31 December 2023
3,784
99,820
14,690
201,978
320,272
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
-
500,556
500,556
Dividends
-
-
-
(68,682)
(68,682)
Other movements
-
-
(64)
18,658
18,594
Balance at 31 December 2024
3,784
99,820
14,626
621,948
740,178
WELDON CONTRACTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
1
Accounting policies
Company information
WELDON CONTRACTS LIMITED is a private company limited by shares incorporated in England and Wales. The registered office is The Beeches Glebe Farm Caunton Road, Norwell, Newark, Nottinghamshire, UK, NG23 6LB.
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, The principal accounting policies adopted are set out below.
1.2
Turnover
Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.
When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.
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.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
1.3
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:
Leasehold improvements
25% straight line
Plant and equipment etc.
20 % - 25 % straight line
Motor vehicles
25% straight line
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.
WELDON CONTRACTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
The assets’ residual values, useful lives and depreciation methods are reviewed and adjusted if appropriate or there is an indication of a significant change since the last reporting date. |
1.4
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.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.5
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.
1.6
Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to or from related parties and investments in non-puttable ordinary shares. |
1.7
Convertible debt instruments
Convertible debt instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. |
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
WELDON CONTRACTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 6 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
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 so as to produce a constant periodic rate of interest on the remaining balance of the liability.
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.
WELDON CONTRACTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 7 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 33 (2023 - 34).
2024
2023
Number
Number
Total
33
34
3
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2024
147,228
Disposals
(147,228)
At 31 December 2024
Amortisation and impairment
At 1 January 2024
147,228
Disposals
(147,228)
At 31 December 2024
Carrying amount
At 31 December 2024
At 31 December 2023
WELDON CONTRACTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
4
Tangible fixed assets
Plant and equipment etc.
Motor vehicles
Total
£
£
£
Cost
At 1 January 2024
1,182,585
58,307
1,240,892
Additions
50,807
50,807
Disposals
(971,198)
(52,729)
(1,023,927)
At 31 December 2024
262,194
5,578
267,772
Depreciation and impairment
At 1 January 2024
1,011,752
53,719
1,065,471
Depreciation charged in the year
156,597
5,578
162,175
Eliminated in respect of disposals
(1,067,147)
(53,719)
(1,120,866)
At 31 December 2024
101,202
5,578
106,780
Carrying amount
At 31 December 2024
160,992
160,992
At 31 December 2023
170,833
4,588
175,421
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
792,814
740,427
Corporation tax recoverable
20,179
Other debtors
331,203
349,373
Prepayments and accrued income
184,008
556,944
1,308,025
1,666,923
WELDON CONTRACTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Obligations under finance leases
8
53,007
57,057
Trade creditors
190,992
364,470
Amounts owed to group undertakings
75,374
102,068
Corporation tax
54,305
Other taxation and social security
82,432
81,585
Deferred income
1,755
8,775
Other creditors
(3,350)
Accruals and deferred income
33,306
457,865
643,911
7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Deferred income
1,168,213
1,936,939
8
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
34,605
23,791
In two to five years
21,761
55,642
56,366
79,433
Less: future finance charges
(3,359)
(22,376)
53,007
57,057
Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
9
Provisions for liabilities
2024
2023
£
£
Provision for project issues
45,382
23,530
Deferred tax liabilities
27,682
30,271
73,064
53,801
WELDON CONTRACTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.
The auditor's report on these financial statements was unqualified and was signed by Olivier Foucault who is the Senior Statutory Auditor for FC Expertise LTD. |
Opinion
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
have been prepared in accordance with the requirements of the Companies Act 2006.
Senior Statutory Auditor:
Olivier PJ Foucault
Statutory Auditor:
FC EXPERTISE LTD
Date of audit report:
2 July 2025
11
Operating lease commitments
As 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
£
£
Total commitments
79,189
105,586
12
Related party transactions
The company has taken advantage of exemption under FRS 102 not to disclose related party transactions with wholly-owned subsidiaries within the group.
13
Parent company
The parent company is Groupe Meriguet SAS, incorporated and registered in France whose registered office is at 12 Rue de Parc Royal, 75003 Paris.
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