REGISTERED NUMBER: 02558918 (England and Wales)

Weldtite Products Limited

Financial Statements for the Year Ended 31st December 2024

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

C M Bennett-Baggs

D J Bennett-Baggs

J L Bennett-Baggs

P K Davis

O Leach

REGISTERED OFFICE:

Unit 9

Harrier Road

Humber Bridge Industrial Estate

Barton Upon Humber

North Lincolnshire

DN18 5RP

REGISTERED NUMBER:

02558918 (England and Wales)

SENIOR STATUTORY AUDITOR:

Ian Lamb FCA CF

AUDITORS:

Smailes Goldie

Chartered Accountants

Statutory Auditor

Regent's Court

Princess Street

Hull

East Yorkshire HU2 8BA

FIXED ASSETS

Tangible assets

4

162,474

176,746

CURRENT ASSETS

Stocks

5

963,247

995,462

Debtors

6

4,971,496

4,017,178

Cash at bank and in hand

463,470

558,838

6,398,213

5,571,478

CREDITORS

Amounts falling due within one year

7

4,406,443

3,649,915

NET CURRENT ASSETS

1,991,770

1,921,563

TOTAL ASSETS LESS CURRENT LIABILITIES

2,154,244

2,098,309

CREDITORS

Amounts falling due after more than one year

8

(32,092

)

(36,024

)

PROVISIONS FOR LIABILITIES

9

(8,851

)

(11,359

)

NET ASSETS

2,113,301

2,050,926

CAPITAL AND RESERVES

Called up share capital

10

1,000

1,000

Retained earnings

11

2,112,301

2,049,926

SHAREHOLDERS' FUNDS

2,113,301

2,050,926

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 Board of Directors and authorised for issue on 2nd December 2025 and were signed on its behalf by:

P K Davis - Director

1.	STATUTORY INFORMATION

Weldtite Products Limited is a private company, limited by shares , registered in England and Wales. 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.

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.

Freehold property - 2% on cost

Plant and machinery - 15% to 20% on cost

Fixtures and fittings - 15% to 100% on cost

Motor vehicles - 20% on cost

Office and computer equipment - 20% on cost

Government grants

Grants are accounted for under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the income statement at the same rate as the depreciation on the assets to which the grant relates. The deferred elements of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the statement of comprehensive income in the same period as the related expenditure.

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals payable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Pensions

The company operates a defined contribution pension scheme for all employees. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions payable for the year are charged in the profit and loss account.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 32 (2023 - 36 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

Fixtures

land and

Plant and

and

buildings

machinery

fittings

£

£

£

COST

At 1st January 2024

153,591

537,518

202,787

Additions

-

5,816

3,672

Disposals

-

(54,844

)

-

At 31st December 2024

153,591

488,490

206,459

DEPRECIATION

At 1st January 2024

20,465

525,344

197,469

Charge for year

3,394

6,456

2,203

Eliminated on disposal

-

(54,844

)

-

At 31st December 2024

23,859

476,956

199,672

NET BOOK VALUE

At 31st December 2024

129,732

11,534

6,787

At 31st December 2023

133,126

12,174

5,318

Office

and

Motor

computer

vehicles

equipment

Totals

£

£

£

COST

At 1st January 2024

13,990

109,330

1,017,216

Additions

-

5,602

15,090

Disposals

-

(3,520

)

(58,364

)

At 31st December 2024

13,990

111,412

973,942

DEPRECIATION

At 1st January 2024

11,192

86,000

840,470

Charge for year

2,798

14,511

29,362

Eliminated on disposal

-

(3,520

)

(58,364

)

At 31st December 2024

13,990

96,991

811,468

NET BOOK VALUE

At 31st December 2024

-

14,421

162,474

At 31st December 2023

2,798

23,330

176,746

Included in cost of land and buildings is freehold land of £ 15,000 (2023 - £ 15,000 ) which is not depreciated.

5.

STOCKS

2024

2023

£

£

Raw materials

380,335

413,913

Work-in-progress

59,933

70,766

Finished goods

522,979

510,783

963,247

995,462

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

797,610

489,073

Amounts owed by group undertakings

4,083,986

3,410,762

VAT

40,320

43,821

Prepayments

49,580

73,522

4,971,496

4,017,178

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

128,071

102,096

Amounts owed to group undertakings

4,046,612

3,396,160

Tax

88,541

30,802

Accruals and deferred income

139,287

116,925

Deferred government grants

3,932

3,932

4,406,443

3,649,915

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Deferred government grants

32,092

36,024

9.	PROVISIONS FOR LIABILITIES

2024

2023

£

£

Deferred tax

Accelerated capital allowances

8,851

11,359

Deferred

tax

£

Balance at 1st January 2024

11,359

Provided during year

(2,508

)

Balance at 31st December 2024

8,851

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

5,000

Ordinary

20p

1,000

1,000

11.

RESERVES

Retained

earnings

£

At 1st January 2024

2,049,926

Profit for the year

412,375

Dividends

(350,000

)

At 31st December 2024

2,112,301

12.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Ian Lamb FCA CF (Senior Statutory Auditor)

for and on behalf of Smailes Goldie

13.	CONTINGENT LIABILITIES

The company has guaranteed long term liabilities due to certain shareholders of the ultimate parent company. These are supported by fixed and floating charges over the assets of the company. The maximum amount due under the arrangement is £5,181,716 (2023 £5,671,716).

14.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

15.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Weldtite Manufacturing Limited.