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Registration number: SC709609

Navigate Scaffolding Ltd

Unaudited Filleted Abridged Financial Statements

for the Year Ended 30 September 2023

 

Navigate Scaffolding Ltd

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 9

 

Navigate Scaffolding Ltd

Company Information

Directors

Mr Kyle Stevenson

Mr Ryan Stevenson

Registered office

Alloa Business Centre
The Whins
Alloa
Clackmannanshire
FK10 3SA

Accountants

Tayler Morgan Ltd
3 Larch Street
Grangemouth
Falkirk
FK3 8PG

 

Navigate Scaffolding Ltd

(Registration number: SC709609)
Abridged Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

191,729

75,409

Current assets

 

Debtors

74,162

-

Cash at bank and in hand

 

44,031

14,050

 

118,193

14,050

Prepayments and accrued income

 

31,098

894

Creditors: Amounts falling due within one year

(57,071)

(20,055)

Net current assets/(liabilities)

 

92,220

(5,111)

Total assets less current liabilities

 

283,949

70,298

Creditors: Amounts falling due after more than one year

(13,834)

(61,666)

Accruals and deferred income

 

(1,200)

(850)

Net assets

 

268,915

7,782

Capital and reserves

 

Called up share capital

5

4

4

Retained earnings

268,911

7,778

Shareholders' funds

 

268,915

7,782

For the financial year ending 30 September 2023 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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

 

Navigate Scaffolding Ltd

(Registration number: SC709609)
Abridged Balance Sheet as at 30 September 2023 (continued)

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 12 October 2023 and signed on its behalf by:
 

.........................................
Mr Kyle Stevenson
Director

.........................................
Mr Ryan Stevenson
Director

 

Navigate Scaffolding Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2023

1

General information

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

The address of its registered office is:
Alloa Business Centre
The Whins
Alloa
Clackmannanshire
FK10 3SA
Scotland

These financial statements were authorised for issue by the Board on 12 October 2023.

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 abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged 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.

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 current 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.

 

Navigate Scaffolding Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2023 (continued)

2

Accounting policies (continued)

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet 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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Commercial vehicles

15% reducing balance

Plant & machinery

15% reducing balance

Office equipment

25% reducing balance

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 at amortised cost using the effective interest method, 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.

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 and subsequently measured at amortised cost using the effective interest method.

 

Navigate Scaffolding Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2023 (continued)

2

Accounting policies (continued)

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

 

Navigate Scaffolding Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2023 (continued)

4

Tangible assets

Plant and machinery
£

Office equipment
£

Commercial vehicles
 £

Total
£

Cost or valuation

At 1 October 2022

56,483

537

35,082

92,102

Additions

136,086

2,058

12,300

150,444

At 30 September 2023

192,569

2,595

47,382

242,546

Depreciation

At 1 October 2022

11,297

134

5,262

16,693

Charge for the year

27,191

615

6,318

34,124

At 30 September 2023

38,488

749

11,580

50,817

Carrying amount

At 30 September 2023

154,081

1,846

35,802

191,729

At 30 September 2022

45,186

403

29,820

75,409

5

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

4

4

4

4

         

6

Dividends

   

2023

 

2022

   

£

 

£

Final dividend of £Nil (2022 - £Nil) per ordinary share

 

-

 

-

Interim dividend of £58,890 (2022 - £Nil) per ordinary share

 

58,890

 

-

   

58,890

 

-

         
 

Navigate Scaffolding Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2023 (continued)

7

Related party transactions

 

Navigate Scaffolding Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2023 (continued)

7

Related party transactions (continued)

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

25,080

6,270