WELDEX (INTERNATIONAL) OFFSHORE LIMITED
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Cash
£3.6m
+70.3% vs 2024
Net assets
£28m
+5.3% vs 2024
Employees
92
-4.2% lowest in 5 filed years
Profit before tax
£1.6m
-37.5% first positive since 2021
Net assets
5-year trend · vs Industrials median
Accounts
5-year trend · Δ = latest vs prior filed period · latest reflected 2025-11-30
| Metric | Trend | 2021-11-30 | 2022-11-30 | 2023-11-30 | 2024-11-30 | 2025-11-30 | Δ vs prior |
|---|---|---|---|---|---|---|---|
| Turnover | £18,960,000 | £21,771,000 | £26,634,000 | £23,631,000 | £22,545,000 | -4.6% | |
| Operating profit | £748,000 | £2,424,000 | £3,844,000 | £4,910,000 | £3,374,000 | -31.3% | |
| Profit before tax | -£1,250,000 | £822,000 | £2,345,000 | £2,507,000 | £1,567,000 | -37.5% | |
| Net profit | -£4,455,000 | £606,000 | £2,211,000 | £1,851,000 | £1,430,000 | -22.7% | |
| Cash | £2,609,000 | £772,000 | £3,976,000 | £2,085,000 | £3,551,000 | +70.3% | |
| Total assets less current liabilities | £81,941,000 | £76,238,000 | £77,377,000 | £73,294,000 | £69,725,000 | -4.9% | |
| Net assets | £41,264,000 | £41,870,000 | £25,124,000 | £26,975,000 | £28,405,000 | +5.3% | |
| Equity | £41,264,000 | £41,870,000 | £25,124,000 | £26,975,000 | £28,405,000 | +5.3% | |
| Average employees | 115 | 106 | 99 | 96 | 92 | -4.2% | |
| Wages | — | £6,370,000 | £6,282,000 | £6,303,000 | £6,188,000 | -1.8% | |
| Directors' remuneration | £546,000 | £546,000 | £639,000 | £867,000 | £890,000 | +2.7% | |
| Directors' pension contributions | £NaN | £NaN | £19,000 | £20,000 | £20,000 | 0% | |
| Highest paid director | £NaN | £NaN | £203,000 | £269,000 | £274,000 | +1.9% |
Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. The Δ column is the change from the prior filed period as a percentage of |prior|; lines a company doesn't report show —. About these numbers
Ratios
Computed from the line items above — sparklines read oldest → newest
| Ratio | Trend | 2021-11-30 | 2022-11-30 | 2023-11-30 | 2024-11-30 | 2025-11-30 |
|---|---|---|---|---|---|---|
| Operating margin | 3.9% | 11.1% | 14.4% | 20.8% | 15.0% | |
| Net margin | -23.5% | 2.8% | 8.3% | 7.8% | 6.3% | |
| Return on capital employed | 0.9% | 3.2% | 5.0% | 6.7% | 4.8% | |
| Gearing (liabilities / total assets) | 59.0% | 54.3% | 69.0% | 65.4% | 62.0% | |
| Current ratio | — | — | 2.64x | 1.67x | 1.62x | |
| Interest cover | 0.37x | 1.51x | 2.55x | 1.98x | 1.85x |
Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.
Audit & accounting basis
- Accounting basis
- FRS 102
- Reporting scope
- Standalone (parent only)
- Auditor
- AAB Audit & Accountancy Limited
- Audit opinion
- Unqualified (clean)
- Going concern
- Affirmed
“The directors, having made due and careful enquiry, are of the opinion that the company has adequate working capital to execute its operations over the next 12 months, following the date of approval of these financial statements. The directors, therefore, have made an informed judgement, at the time of approving the financial statements, that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.”
Significant events
- “The Groups asset-based lending facility (ABL) is due for renewal in September 2026. Subsequent to the year end, the Group received credit approval from its principal lender for the refinancing of the ABL facility for a further three-year term on agreed commercial terms. At the date of approval of these financial statements, the refinancing documentation is in the process of being completed. The Directors have received confirmation of the lender's approval and have no reason to believe that the refinancing will not complete as expected.”
- “Subsequent to the re-financing above, post year end, the lender has approved the release of certain security previously provided on property owned by the Group.”
Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers
People
4 active · 5 resigned
| Name | Role | Appointed | Born | Nationality |
|---|---|---|---|---|
| MCGILVRAY, Catherine | Director | 2010-08-11 | Jul 1943 | British |
| MCGILVRAY, Dugald Mitchell | Director | — | Nov 1944 | British |
| MCGILVRAY, Iain Mitchell | Director | 1996-05-01 | Nov 1972 | British |
| MCGILVRAY, Margaret Joan | Director | 1996-05-01 | Aug 1968 | British |
Show 5 resigned officers
| Name | Role | Appointed | Resigned |
|---|---|---|---|
| MCGILVRAY, Catherine | Secretary | 1991-12-31 | 2010-06-21 |
| BURNETT & REID | Corporate Secretary | — | 1992-12-31 |
| HILLHOUSE, John Anderson Steel | Director | — | 1996-05-01 |
| MCGILVRAY, Catherine | Director | — | 2010-06-21 |
| YARROW, Norman Murray | Director | 1996-05-01 | 2010-06-21 |
Ownership
Persons with significant control
| Name | Kind | Nature of control | Notified | Status |
|---|---|---|---|---|
| Weldex (International) Offshore Holdings Ltd | Corporate entity | Shares 75–100% | 2016-12-31 | Active |
Filing timeline
Last 20 of 142 total filings
| Date | Type | Category | Description | |
|---|---|---|---|---|
| 2026-08-20 | AA | accounts | Accounts with accounts type full | |
| 2026-05-11 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2025-08-29 | AA | accounts | Accounts with accounts type full | |
| 2025-02-05 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2024-08-30 | AA | accounts | Accounts with accounts type full | |
| 2024-02-07 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2023-11-16 | AA | accounts | Accounts with accounts type full | |
| 2023-10-05 | 466(Scot) | mortgage | Mortgage alter floating charge with number | |
| 2023-10-05 | MR01 | mortgage | Mortgage create with deed with charge number charge creation date | |
| 2023-10-05 | 466(Scot) | mortgage | Mortgage alter floating charge with number | |
| 2023-10-03 | MR01 | mortgage | Mortgage create with deed with charge number charge creation date | |
| 2023-02-28 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2022-08-31 | AA | accounts | Accounts with accounts type full | |
| 2022-03-01 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2021-08-27 | AA | accounts | Accounts with accounts type full | |
| 2021-03-08 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2020-12-07 | AA | accounts | Accounts with accounts type full | |
| 2020-01-14 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2019-09-02 | AA | accounts | Accounts with accounts type full | |
| 2019-06-26 | MR01 | mortgage | Mortgage create with deed with charge number charge creation date |
Public-record activity
Raw counts from Companies House — last 12–24 months
- Filings
- 2
- Capital events
- 0
- Officers appointed
- 0
- Officers resigned
- 0
last 12 months
last 24 months
last 12 months
last 12 months
Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.