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Registration number: 07679433

Stanfirm Limited

trading as Northern Scaffolding Solutions

Filleted Unaudited Financial Statements

for the Year Ended 30 June 2018

 

Stanfirm Limited

trading as Northern Scaffolding Solutions

(Registration number: 07679433)
Balance Sheet as at 30 June 2018

Note

2018
£

(As restated)

2017
£

Fixed assets

 

Tangible assets

4

278,105

101,029

Current assets

 

Stocks

5

13,399

-

Debtors

6

132,200

94,289

Cash at bank and in hand

 

45,273

29,095

 

190,872

123,384

Creditors: Amounts falling due within one year

7

(270,532)

(178,645)

Net current liabilities

 

(79,660)

(55,261)

Total assets less current liabilities

 

198,445

45,768

Provisions for liabilities

(52,840)

(19,196)

Net assets

 

145,605

26,572

Capital and reserves

 

Called up share capital

8

421

421

Profit and loss account

145,184

26,151

Total equity

 

145,605

26,572

For the financial year ending 30 June 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

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

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

Stanfirm Limited

trading as Northern Scaffolding Solutions

(Registration number: 07679433)
Balance Sheet as at 30 June 2018

Approved and authorised by the Board on 1 November 2018 and signed on its behalf by:
 


Mr M Staniland
Director

   
 

Stanfirm Limited

trading as Northern Scaffolding Solutions

Notes to the Financial Statements for the Year Ended 30 June 2018

1

General information

The company is a private company limited by share capital, incorporated in England.

The registration number is 07679433.

The address of its registered office is:
Unit 1
3 Brigg Road
Scotter
Gainsborough
Lincolnshire
DN21 3HX

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Reclassification of comparative amounts

The company accounts have been prepared under FRS102 Section 1A (previously under FRS105). Deferred tax is not recognised under FRS105 so the comparative figures have therefore been restated. The effect on the reserves was a decrease of £19,196.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
- the amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity;
- and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Stanfirm Limited

trading as Northern Scaffolding Solutions

Notes to the Financial Statements for the Year Ended 30 June 2018

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

over 10 years

Furniture, fittings and equipment

15% per annum on written down value

Motor vehicles

25% per annum on written down value

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Stanfirm Limited

trading as Northern Scaffolding Solutions

Notes to the Financial Statements for the Year Ended 30 June 2018

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 13 (2017 - 3).

 

Stanfirm Limited

trading as Northern Scaffolding Solutions

Notes to the Financial Statements for the Year Ended 30 June 2018

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2017

-

93,742

9,033

102,775

Additions

10,569

166,532

31,900

209,001

Disposals

-

-

(1,900)

(1,900)

At 30 June 2018

10,569

260,274

39,033

309,876

Depreciation

At 1 July 2017

-

1,217

529

1,746

Charge for the year

-

25,195

6,730

31,925

Eliminated on disposal

-

-

(1,900)

(1,900)

At 30 June 2018

-

26,412

5,359

31,771

Carrying amount

At 30 June 2018

10,569

233,862

33,674

278,105

At 30 June 2017

-

92,525

8,504

101,029

5

Stocks

2018
£

2017
£

Work in progress

13,399

-

6

Debtors

2018
£

2017
£

Trade debtors

103,823

83,920

Other debtors

28,377

8,632

Social security and other taxes

-

1,737

132,200

94,289

 

Stanfirm Limited

trading as Northern Scaffolding Solutions

Notes to the Financial Statements for the Year Ended 30 June 2018

7

Creditors

Creditors: amounts falling due within one year

2018
£

2017
£

Trade creditors

61,714

1,868

Taxation and social security

32,442

633

Other creditors

176,376

176,144

270,532

178,645

8

Share capital

Allotted, called up and fully paid shares

 

2018

2017

 

No.

£

No.

£

Ordinary A shares of £1 each

100

100

100

100

Ordinary B shares of £1 each

100

100

100

100

Ordinary C shares of £1 each

200

200

200

200

Ordinary D shares of £1 each

21

21

21

21

 

421

421

421

421