Company Registration No. 08395291 (England and Wales)
ASCENT SCAFFOLDING UK LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
28 FEBRUARY 2022
28 February 2022
PAGES FOR FILING WITH REGISTRAR
PM+M Solutions for Business LLP
Chartered Accountants
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
ASCENT SCAFFOLDING UK LTD
COMPANY INFORMATION
Directors
Mr J Entwistle
Mr M D Robinson
Company number
08395291
Registered office
c/o PM+M
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
Accountants
PM+M Solutions for Business LLP
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
ASCENT SCAFFOLDING UK LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
ASCENT SCAFFOLDING UK LTD
BALANCE SHEET
AS AT
28 FEBRUARY 2022
28 February 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
72,821
85,684
Current assets
Stocks
5,466
14,337
Debtors
4
177,942
100,933
Cash at bank and in hand
10,101
36,049
193,509
151,319
Creditors: amounts falling due within one year
5
(111,345)
(92,731)
Net current assets
82,164
58,588
Total assets less current liabilities
154,985
144,272
Creditors: amounts falling due after more than one year
6
(115,453)
(127,614)
Provisions for liabilities
(18,205)
(16,280)
Net assets
21,327
378
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
21,227
278
Total equity
21,327
378

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 year ended 28 February 2022 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 year 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.

ASCENT SCAFFOLDING UK LTD
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2022
28 February 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 23 August 2022 and are signed on its behalf by:
Mr M D Robinson
Director
Company Registration No. 08395291
ASCENT SCAFFOLDING UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2022
- 3 -
1
Accounting policies
Company information

Ascent Scaffolding UK Ltd is a private company limited by shares incorporated in England and Wales. The registered office is c/o PM+M, New Century House, Greenbank Technology Park, Challenge Way, Blackburn, Lancashire, BB1 5QB.

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. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents net invoiced sales of services, excluding value added tax.

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
15% on cost
Motor vehicles
25% on reducing balance

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
Stocks

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

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.5
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.

ASCENT SCAFFOLDING UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2022
1
Accounting policies
(Continued)
- 4 -
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.

1.6
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.

1.7
Leases

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.

1.8
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

ASCENT SCAFFOLDING UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2022
- 5 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2022
2021
Number
Number
Total
8
9
3
Tangible fixed assets
Plant and equipment
Motor vehicles
Total
£
£
£
Cost
At 1 March 2021
171,017
56,078
227,095
Additions
4,059
12,500
16,559
Disposals
-
0
(9,995)
(9,995)
At 28 February 2022
175,076
58,583
233,659
Depreciation and impairment
At 1 March 2021
114,447
26,964
141,411
Depreciation charged in the year
16,742
9,299
26,041
Eliminated in respect of disposals
-
0
(6,614)
(6,614)
At 28 February 2022
131,189
29,649
160,838
Carrying amount
At 28 February 2022
43,887
28,934
72,821
At 28 February 2021
56,570
29,114
85,684

Included in the above balances are assets held under hire purchase contracts. At the balance sheet date, these assets had a net book value of £11,157 (2021 - £14,876).

4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
177,203
100,049
Other debtors
739
884
177,942
100,933
ASCENT SCAFFOLDING UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2022
- 6 -
5
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
17,197
7,378
Trade creditors
22,067
14,272
Taxation and social security
39,857
37,868
Other creditors
32,224
33,213
111,345
92,731
6
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
32,500
42,622
Other creditors
82,953
84,992
115,453
127,614
7
Secured debts

Included within creditors are hire purchase contracts with a value of £13,153 (2021 - £16.273). Hire purchase balances are secured over the assets to which they relate.

8
Related party transactions

At the year end the company owed the directors a total of £91,345 (2021 - £87,958 ). £73,345 is due after more than one year. Interest at a market rate is being paid on one of these loans.

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