Eltham Welding Supplies Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02878440 (England and Wales)

ELTHAM WELDING SUPPLIES LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2019

Page

Company Information

1

Chartered Accountants' Report

2

Abridged Statement of Financial Position

3

to

4

Notes to the Financial Statements

5

to

7

DIRECTORS:

T M Simpson

L E Simpson

SECRETARY:

T A Simpson

REGISTERED OFFICE:

Unit 1 Schooner Park

Crossways Business Park

Dartford

Kent

DA2 6NW

REGISTERED NUMBER:

02878440 (England and Wales)

ACCOUNTANTS:

Wags LLP t/a Wagstaffs

Richmond House

Walkern Road

Stevenage

Hertfordshire

SG1 3QP

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to

file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other

primary statements and the Report of the Directors are not required to be filed with the Registrar of

Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Eltham Welding Supplies Limited for the year ended 31st December 2019 which comprise

the Income Statement, Abridged Statement of Financial Position, Statement of Changes in Equity and the related

notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Eltham Welding Supplies Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Eltham Welding Supplies Limited and state those matters that we have agreed to state to the Board of Directors of Eltham Welding Supplies Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Eltham Welding Supplies Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Eltham Welding Supplies Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Eltham Welding Supplies Limited. You consider that Eltham Welding Supplies Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Eltham Welding Supplies Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Wags LLP t/a Wagstaffs

Richmond House

Walkern Road

Stevenage

Hertfordshire

SG1 3QP

14th July 2020

FIXED ASSETS

Tangible assets

5

404,566

409,304

Investments

6

5,930

5,930

410,496

415,234

CURRENT ASSETS

Stocks

292,430

252,054

Debtors

435,109

390,746

Cash at bank and in hand

69,476

35,914

797,015

678,714

CREDITORS

Amounts falling due within one year

(694,644

)

(669,585

)

NET CURRENT ASSETS

102,371

9,129

TOTAL ASSETS LESS CURRENT LIABILITIES

512,867

424,363

CREDITORS

Amounts falling due after more than one year

(59,267

)

(69,643

)

PROVISIONS FOR LIABILITIES

(3,165

)

(4,065

)

NET ASSETS

450,435

350,655

CAPITAL AND RESERVES

Called up share capital

8

25,000

25,000

Retained earnings

425,435

325,655

SHAREHOLDERS' FUNDS

450,435

350,655

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 31st December 2019 in accordance with Section 444(2A) of the Companies Act 2006.

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 14th July 2020 and were signed on its behalf by:

T M Simpson - Director

L E Simpson - Director

1.	STATUTORY INFORMATION

Eltham Welding Supplies 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements are prepared on a going concern basis and under the historical cost convention.

Significant judgements and estimates

No significant judgements or estimates have had to be made by the directors in preparing these financial

statements.

Revenue

Revenue represents the total invoice value, excluding value added tax, trade discounts and all other taxes

of sales made during the year.

Revenue recognition

Revenue is recognised when goods have been delivered and services supplied to customers such that risks

and rewards of ownership have transferred to them.

Property, plant and equipment

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

Land and buildings

-

not depreciated

Plant and machinery etc

-

33% on cost

Inventories

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete

and slow moving items.

Tax

Tax 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 tax 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all material timing differences that have originated but not

reversed at the statement of financial position 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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2018 - 18 ) .

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1st January 2019

1,048,930

Additions

12,389

At 31st December 2019

1,061,319

DEPRECIATION

At 1st January 2019

639,626

Charge for year

17,127

At 31st December 2019

656,753

NET BOOK VALUE

At 31st December 2019

404,566

At 31st December 2018

409,304

6.	FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:

2019

2018

£

£

Wasp investments

5,930

5,930

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2019

2018

£

£

Within one year

30,934

43,260

Between one and five years

-

30,934

30,934

74,194

8.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

2019

2018

value:

£

£

25,000

Share capital 1

£1

25,000

25,000

9.	POST BALANCE SHEET EVENTS

The outbreak of coronavirus, also known as Covid 19 has spread across the globe and is impacting

worldwide economic activity. Conditions surrounding the coronavirus continue to rapidly evolve and in

early 2020, government authorities implemented emergency measures to mitigate the spread of the virus.

The Company has taken advantage of UK governments employment financial grants.The outbreak and the

related mitigation measures may have an adverse impact on the global economic conditions as well as on

the Company's business activities. The extent to which the coronavirus may impact the Company's

business will depend on future developments. These events are uncertain and as such, the Company

cannot determine their financial impact at this time.