Highmark Welding Installations Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01230730 (England and Wales)

Unaudited Financial Statements

For The Year Ended 31 May 2021

for

Highmark Welding Installations Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

S H Jolly

D P Jolly

REGISTERED OFFICE:

53 Whitehall Gardens

North Chingford

London

E4 6EH

REGISTERED NUMBER:

01230730 (England and Wales)

ACCOUNTANTS:

Giess Wallis Crisp LLP

10-12 Mulberry Green

Old Harlow

Essex

CM17 0ET

FIXED ASSETS

Tangible assets

4

37,507

45,740

CURRENT ASSETS

Stocks

2,470

2,470

Debtors

5

90,241

62,783

Cash at bank

85,200

118,141

177,911

183,394

CREDITORS

Amounts falling due within one year

6

118,577

73,678

NET CURRENT ASSETS

59,334

109,716

TOTAL ASSETS LESS CURRENT LIABILITIES

96,841

155,456

CREDITORS

Amounts falling due after more than one year

7

(40,363

)

(4,715

)

PROVISIONS FOR LIABILITIES

9

(5,574

)

(7,040

)

NET ASSETS

50,904

143,701

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

50,804

143,601

SHAREHOLDERS' FUNDS

50,904

143,701

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2021 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.

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

The financial statements were approved by the Board of Directors and authorised for issue on 28 February 2022 and were signed on its behalf by:

S H Jolly - Director

1.	STATUTORY INFORMATION

Highmark Welding Installations 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.

Significant judgements and estimates

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

There are no estimates and assumptions which have had a significant risk of causing a material adjustment to the carrying amount of assets and liabilities

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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

20% on reducing balance

Government grants

Grants relating to revenue shall be recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.

Stocks

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

Financial instruments

The company has elected to apply the provisions of Section 11:'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues ' of FRS 102 to all of its financial instruments

The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities such as trade debtors and creditors.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Debtors

Short terms debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by current accounts, cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors

Short term creditors are measured at the transaction price.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all 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.

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 estimated 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 paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2020 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 June 2020

and 31 May 2021

37,776

4,067

74,045

115,888

DEPRECIATION

At 1 June 2020

20,074

3,488

46,586

70,148

Charge for year

2,655

87

5,491

8,233

At 31 May 2021

22,729

3,575

52,077

78,381

NET BOOK VALUE

At 31 May 2021

15,047

492

21,968

37,507

At 31 May 2020

17,702

579

27,459

45,740

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 June 2020

53,279

Transfer to ownership

(36,121

)

At 31 May 2021

17,158

DEPRECIATION

At 1 June 2020

30,462

Charge for year

2,196

Transfer to ownership

(24,285

)

At 31 May 2021

8,373

NET BOOK VALUE

At 31 May 2021

8,785

At 31 May 2020

22,817

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

83,411

46,153

Other debtors

6,830

16,630

90,241

62,783

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

10,000

-

Hire purchase contracts

4,352

4,352

Trade creditors

48,527

15,918

Taxation and social security

51,284

44,003

Other creditors

4,414

9,405

118,577

73,678

Included within bank loans and overdrafts is a loan taken out under the BBL scheme.

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

40,000

-

Hire purchase contracts

363

4,715

40,363

4,715

Included within bank loans is a loan taken out under the BBL scheme

8.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Hire purchase contracts

4,715

9,067

Hire purchase liabilities are secured on the assets concerned.

9.	PROVISIONS FOR LIABILITIES

2021

2020

£

£

Deferred tax

5,574

7,040

Deferred

tax

£

Balance at 1 June 2020

7,040

Credit to Statement of Income and Retained Earnings during year

(1,466

)

Balance at 31 May 2021

5,574

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

100

Ordinary Shares

1

100

100