Company Registration No. 10666462 (England and Wales)
SCAFFOLD MANAGEMENT LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2018
PAGES FOR FILING WITH REGISTRAR
SCAFFOLD MANAGEMENT LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
SCAFFOLD MANAGEMENT LTD
BALANCE SHEET
AS AT 31 MARCH 2018
31 March 2018
- 1 -
2018
Notes
£
£
Fixed assets
Tangible assets
3
65,748
Current assets
Debtors
4
17,986
Cash at bank and in hand
2,785
20,771
Creditors: amounts falling due within one year
5
(70,184)
Net current liabilities
(49,413)
Total assets less current liabilities
16,335
Provisions for liabilities
(12,492)
Net assets
3,843
Capital and reserves
Called up share capital
6
100
Profit and loss reserves
3,743
Total equity
3,843

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial Period ended 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.

SCAFFOLD MANAGEMENT LTD
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2018
31 March 2018
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 1 November 2018 and are signed on its behalf by:
Mr J Gillam
Director
Company Registration No. 10666462
SCAFFOLD MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2018
- 3 -
1
Accounting policies
Company information

Scaffold Management Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 15 Carham Road, Carr Lane Industrial Estate, Hoylake, Wirral, CH47 4FF.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, except for modification to a fair value basis where specified in the accounting policies below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

Revenue is recognised in two stages, firstly 65% of the contract value is recognised on the completion of scaffold erection. The remaining 35% is recognised on completion once the scaffold erection has been dismantled and the work has subsequently been completed.

 

Where the contract spans the accounting period, the revenue is recognised by reference to the stage of completion on a time basis and taken to prepaid income as required.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
10 % on straight line method

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

SCAFFOLD MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2018
1
Accounting policies
(Continued)
- 4 -
1.5
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.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Basic financial assets, which include debtors and cash, together with basic financial liabilities, including creditors, are initially recognised at transaction cost and not amortised as they are either receivable or payable within one year.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.8
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

SCAFFOLD MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2018
- 5 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the Period was 7.

3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 13 March 2017
-
Additions
72,318
At 31 March 2018
72,318
Depreciation and impairment
At 13 March 2017
-
Depreciation charged in the Period
6,570
At 31 March 2018
6,570
Carrying amount
At 31 March 2018
65,748
4
Debtors
2018
Amounts falling due within one year:
£
Trade debtors
11,753
Other debtors
6,233
17,986
5
Creditors: amounts falling due within one year
2018
£
Trade creditors
17,214
Taxation and social security
36,680
Other creditors
16,290
70,184
SCAFFOLD MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2018
- 6 -
6
Called up share capital
2018
£
Ordinary share capital
Issued and not fully paid
100 Ordinary shares of £1 each
100
100

On incorporation 100 Ordinary £1 shares were issued at par.

8
Related party transactions
Transactions with related parties

During the year, the company paid personal expenses for a shareholder of £1,999. As at the period ended 31 March 2018, the shareholder owed the company £1,999. Interest has not been charged on this balance and it is repayable on demand.

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