GRAHAM WELDING CONSTRUCTION (PB) LIMITED Filleted accounts for Companies House (small and micro)

GRAHAM WELDING CONSTRUCTION (PB) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 06839214

GRAHAM WELDING CONSTRUCTION (PB) LIMITED

Filleted Unaudited Financial Statements

31 March 2022

GRAHAM WELDING CONSTRUCTION (PB) LIMITED

Financial Statements

Year ended 31st March 2022

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

GRAHAM WELDING CONSTRUCTION (PB) LIMITED

Statement of Financial Position

31 March 2022

	2022		2021
Note	£	£	£

Fixed assets

Tangible assets	5		27,567	35,277

Current assets

Stocks		398,925	282,475
Debtors	6	153,383	187,717
Cash at bank and in hand		3,437	12,627
		---------	---------
		555,745	482,819

Creditors: amounts falling due within one year	7	579,591		515,409
		---------		---------
Net current liabilities			23,846	32,590
			--------	--------
Total assets less current liabilities			3,721	2,687
			-------	-------
Net assets			3,721	2,687
			-------	-------

Capital and reserves

Called up share capital	100	100
Profit and loss account	3,621	2,587
	-------	-------
Shareholders funds	3,721	2,687
	-------	-------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31st March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

GRAHAM WELDING CONSTRUCTION (PB) LIMITED

Statement of Financial Position (continued)

31 March 2022

These financial statements were approved by the board of directors and authorised for issue on 22 November 2022 , and are signed on behalf of the board by:

Mr J Shayer
Director

Company registration number: 06839214

GRAHAM WELDING CONSTRUCTION (PB) LIMITED

Notes to the Financial Statements

Year ended 31st March 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 9 Summit Centre, Summit Road, Potters Bar, Hertfordshire, EN6 3QW.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Leasehold Property Improvements	-	10% straight line
Plant & Machinery	-	20% reducing balance
Fixtures & Equipment	-	20% reducing balance
Motor Vehicles	-	20% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and loans to and from related parties.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 3 (2021: 3 ).

5. Tangible assets

	Leasehold Property Improvements	Plant & Machinery	Fixtures & Equipment	Motor Vehicles	Total
	£	£	£	£	£
Cost
At 1st April 2021 and 31st March 2022	24,804	16,794	25,885	37,257	104,740
	--------	--------	--------	--------	---------
Depreciation
At 1st April 2021	15,682	13,436	20,652	19,693	69,463
Charge for the year	2,480	671	1,046	3,513	7,710
	--------	--------	--------	--------	---------
At 31st March 2022	18,162	14,107	21,698	23,206	77,173
	--------	--------	--------	--------	---------
Carrying amount
At 31st March 2022	6,642	2,687	4,187	14,051	27,567
	--------	--------	--------	--------	---------
At 31st March 2021	9,122	3,358	5,233	17,564	35,277
	--------	--------	--------	--------	---------

6. Debtors

	2022	2021
	£	£
Trade debtors	152,595	178,713
Other debtors	788	9,004
	---------	---------
	153,383	187,717
	---------	---------

7. Creditors: amounts falling due within one year

	2022	2021
	£	£
Trade creditors	533,743	500,143
Social security and other taxes	31,633	5,794
Other creditors	14,215	9,472
	---------	---------
	579,591	515,409
	---------	---------

8. Related party transactions

The company was under the control of Mr J.Graham throughout the current and previous year. Mr J Graham is the managing director.