REGISTERED NUMBER: SC085569 (Scotland)

Financial Statements for the Year Ended 31 March 2025

for

Weld-Spec (Glasgow) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

J J Wright

SECRETARY:

Mrs A Wright

REGISTERED OFFICE:

1160 Tollcross Road

Glasgow

G32 8HE

REGISTERED NUMBER:

SC085569 (Scotland)

FIXED ASSETS

Tangible assets

4

234,711

267,090

Investments

5

532,467

705,457

767,178

972,547

CURRENT ASSETS

Debtors

6

2,648,557

2,675,827

Cash at bank and in hand

52,043

121,411

2,700,600

2,797,238

CREDITORS

Amounts falling due within one year

7

3,142,398

3,123,159

NET CURRENT LIABILITIES

(441,798

)

(325,921

)

TOTAL ASSETS LESS CURRENT LIABILITIES

325,380

646,626

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

325,378

646,624

SHAREHOLDERS' FUNDS

325,380

646,626

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 7 October 2025 and were signed by:

J J Wright - Director

1.	STATUTORY INFORMATION

Weld-Spec (Glasgow) Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on reducing balance

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

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2024 - 10 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 April 2024

177,938

1,318,139

71,486

Additions

-

69

-

At 31 March 2025

177,938

1,318,208

71,486

DEPRECIATION

At 1 April 2024

23,635

1,215,074

63,462

Charge for year

5,400

25,784

2,006

At 31 March 2025

29,035

1,240,858

65,468

NET BOOK VALUE

At 31 March 2025

148,903

77,350

6,018

At 31 March 2024

154,303

103,065

8,024

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 April 2024

48,860

14,760

1,631,183

Additions

-

1,510

1,579

At 31 March 2025

48,860

16,270

1,632,762

DEPRECIATION

At 1 April 2024

47,558

14,364

1,364,093

Charge for year

326

442

33,958

At 31 March 2025

47,884

14,806

1,398,051

NET BOOK VALUE

At 31 March 2025

976

1,464

234,711

At 31 March 2024

1,302

396

267,090

5.	FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:

2025

2024

£

£

Other Investments - racing horses

33,509

206,499

Investment property

498,958

498,958

532,467

705,457

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

1,369,970

1,183,991

Amounts owed by associates

1,247,770

1,459,326

Other debtors

30,817

32,510

2,648,557

2,675,827

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Amounts owed to associates

1,875,223

2,000,541

Taxation and social security

102,529

103,563

Other creditors

1,164,646

1,019,055

3,142,398

3,123,159

8.	RELATED PARTY DISCLOSURES

The company received funds on behalf of Weldspec (Baku) Limited during the year concerned and paid certain expenses on behalf of that company. The company also transferred funds to John Wright Properties Limited on behalf of Weldspec (Baku) Limited The balance due to Weldspec (Baku) Limited as at the balance sheet date was £1,892,185.

The company also transferred funds to Weldspec Bloodstock Limited and paid certain expenses on behalf of that company. The balance due from that company at the balance sheet date was £1,247,710..

9.	ULTIMATE CONTROLLING PARTY

The company was jointly controlled by Mrs A Wright who is the wife of the director and Mr M Wright who is the son of the director.