REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2022 |
for |
Scaffold Orkney Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2022 |
for |
Scaffold Orkney Limited |
Scaffold Orkney Limited (Registered number: SC427641) |
Contents of the Financial Statements |
for the Year Ended 31 March 2022 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Scaffold Orkney Limited |
Company Information |
for the Year Ended 31 March 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
1 - 3 East Road |
Kirkwall |
Orkney |
KW15 1HZ |
BANKERS: |
56 Albert Street |
Kirkwall |
Orkney |
KW15 1HJ |
Scaffold Orkney Limited (Registered number: SC427641) |
Abridged Balance Sheet |
31 March 2022 |
2021 | 2022 |
£ | £ | Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Stocks |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
( |
) | NET CURRENT LIABILITIES | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
( |
) | Amounts falling due after more than one year |
( |
) |
( |
) | ACCRUALS AND DEFERRED INCOME | ( |
) |
NET ASSETS |
Scaffold Orkney Limited (Registered number: SC427641) |
Abridged Balance Sheet - continued |
31 March 2022 |
2021 | 2022 |
£ | £ | Notes | £ | £ |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
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 |
Scaffold Orkney Limited (Registered number: SC427641) |
Notes to the Financial Statements |
for the Year Ended 31 March 2022 |
1. | STATUTORY INFORMATION |
Scaffold Orkney Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Land and buildings | - |
Plant and machinery etc | - |
Land and Buildings are not depreciated, as properties are maintained to ensure that their value does not diminish over time. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Scaffold Orkney Limited (Registered number: SC427641) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2022 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' 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. |
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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. |
Basic financial assets |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
Basic financial liabilities |
Basic financial liabilities, including creditors re initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Hire purchase and leasing commitments |
Assets obtained under finance leases and hire purchase contracts are capitalised in the balance sheet and are depreciated over their useful lives. The interest element of the rental obligations are charged to profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. |
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. |
Scaffold Orkney Limited (Registered number: SC427641) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2022 |
2. | ACCOUNTING POLICIES - continued |
Government grants |
Government grants received are treated as deferred credits and credited to the profit and loss account over the estimated useful life of the relevant fixed assets. Other grants of a revenue nature are credited to the profit and loss account in the year to which they relate. |
Hire purchase and leasing commitments |
Assets obtained under finance leases and hire purchase contracts are capitalised in the balance sheet and are depreciated over their useful lives. The interest element of the rental obligations are charged to profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 April 2021 |
Additions |
Disposals | ( |
) |
At 31 March 2022 |
DEPRECIATION |
At 1 April 2021 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 March 2022 |
NET BOOK VALUE |
At 31 March 2022 |
At 31 March 2021 |
Included in cost of land and buildings is freehold land of £ 57,148 (2021 - £ 57,148 ) which is not depreciated. |
Scaffold Orkney Limited (Registered number: SC427641) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2022 |
5. | FIXED ASSET INVESTMENTS |
Information on investments other than loans is as follows: |
Totals |
£ |
COST |
At 1 April 2021 |
and 31 March 2022 | 429,250 |
NET BOOK VALUE |
At 31 March 2022 | 429,250 |
At 31 March 2021 | 429,250 |
6. | SECURED DEBTS |
The following secured debts are included within creditors: |
2022 | 2021 |
£ | £ |
Bank overdrafts |
Bank loans |
The bank loan and overdraft are secured by a Floating Charge, over the whole assets of the company, created in favour of the Bank of Scotland. |