Silverfin false 30/12/2022 31/12/2021 30/12/2022 G D Mason 23/12/1993 14 November 2023 The principal activity of the Company during the financial year was that of the provision of scaffolding services. 02883504 2022-12-30 02883504 bus:Director1 2022-12-30 02883504 2021-12-30 02883504 core:CurrentFinancialInstruments 2022-12-30 02883504 core:CurrentFinancialInstruments 2021-12-30 02883504 core:Non-currentFinancialInstruments 2022-12-30 02883504 core:Non-currentFinancialInstruments 2021-12-30 02883504 core:ShareCapital 2022-12-30 02883504 core:ShareCapital 2021-12-30 02883504 core:RetainedEarningsAccumulatedLosses 2022-12-30 02883504 core:RetainedEarningsAccumulatedLosses 2021-12-30 02883504 core:PlantMachinery 2021-12-30 02883504 core:Vehicles 2021-12-30 02883504 core:FurnitureFittings 2021-12-30 02883504 core:ToolsEquipment 2021-12-30 02883504 core:PlantMachinery 2022-12-30 02883504 core:Vehicles 2022-12-30 02883504 core:FurnitureFittings 2022-12-30 02883504 core:ToolsEquipment 2022-12-30 02883504 2021-12-31 2022-12-30 02883504 bus:FullAccounts 2021-12-31 2022-12-30 02883504 bus:SmallEntities 2021-12-31 2022-12-30 02883504 bus:AuditExemptWithAccountantsReport 2021-12-31 2022-12-30 02883504 bus:PrivateLimitedCompanyLtd 2021-12-31 2022-12-30 02883504 bus:Director1 2021-12-31 2022-12-30 02883504 core:PlantMachinery 2021-12-31 2022-12-30 02883504 core:Vehicles 2021-12-31 2022-12-30 02883504 core:FurnitureFittings 2021-12-31 2022-12-30 02883504 core:ToolsEquipment 2021-12-31 2022-12-30 02883504 2020-12-31 2021-12-30 02883504 core:CurrentFinancialInstruments 2021-12-31 2022-12-30 02883504 core:Non-currentFinancialInstruments 2021-12-31 2022-12-30 iso4217:GBP xbrli:pure

Company No: 02883504 (England and Wales)

MASONS SCAFFOLDING LTD

Unaudited Financial Statements
For the financial year ended 30 December 2022
Pages for filing with the registrar

MASONS SCAFFOLDING LTD

Unaudited Financial Statements

For the financial year ended 30 December 2022

Contents

MASONS SCAFFOLDING LTD

BALANCE SHEET

As at 30 December 2022
MASONS SCAFFOLDING LTD

BALANCE SHEET (continued)

As at 30 December 2022
Note 2022 2021
£ £
Fixed assets
Tangible assets 4 1,492,237 1,429,787
1,492,237 1,429,787
Current assets
Debtors 5 1,779,428 1,290,455
Cash at bank and in hand 329,915 236,495
2,109,343 1,526,950
Creditors: amounts falling due within one year 6 ( 491,875) ( 406,391)
Net current assets 1,617,468 1,120,559
Total assets less current liabilities 3,109,705 2,550,346
Creditors: amounts falling due after more than one year 7 ( 179,341) ( 86,513)
Provision for liabilities ( 282,268) ( 307,138)
Net assets 2,648,096 2,156,695
Capital and reserves
Called-up share capital 100 100
Profit and loss account 2,647,996 2,156,595
Total shareholders' funds 2,648,096 2,156,695

For the financial year ending 30 December 2022 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Masons Scaffolding Ltd (registered number: 02883504) were approved and authorised for issue by the Director on 14 November 2023. They were signed on its behalf by:

G D Mason
Director
MASONS SCAFFOLDING LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 December 2022
MASONS SCAFFOLDING LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 December 2022
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Masons Scaffolding Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Nexus House, 2 Cray Road, Sidcup, DA14 5DA, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 25 % reducing balance
Tools and equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial assets
Financial assets are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Financial assets are classified as financial assets at fair value through profit or loss, loans and debtors, held-to-maturity investments, available-for-sale financial assets, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial assets at initial recognition.

Financial liabilities are classified as financial liabilities at fair value through profit and loss, loans and borrowings, trade and other creditors, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial liabilities at initial recognition.

Recognition and measurement
All financial instruments are recognised initially at fair value plus transaction costs. Thereafter financial instruments are stated at amortised cost using the effective interest rate method (less impairment where appropriate) unless the effect of discounting would be immaterial in which case they are stated at cost (less impairment where appropriate). The exception to this are those financial instruments where it is a requirement to continue recording them at fair value through profit and loss.

Impairment
Financial assets are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historic experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

Specifically, judgements and estimates are used in determining the recoverability of debtors.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

3. Employees

2022 2021
Number Number
Monthly average number of persons employed by the Company during the year, including the director 13 12

4. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Tools and equipment Total
£ £ £ £ £
Cost
At 31 December 2021 2,347,866 363,991 58,854 44,908 2,815,619
Additions 424,969 10,245 44,997 12,202 492,413
Disposals 0 ( 3,500) 0 0 ( 3,500)
At 30 December 2022 2,772,835 370,736 103,851 57,110 3,304,532
Accumulated depreciation
At 31 December 2021 1,186,872 132,138 33,878 32,944 1,385,832
Charge for the financial year 355,697 58,664 9,066 4,130 427,557
Disposals 0 ( 1,094) 0 0 ( 1,094)
At 30 December 2022 1,542,569 189,708 42,944 37,074 1,812,295
Net book value
At 30 December 2022 1,230,266 181,028 60,907 20,036 1,492,237
At 30 December 2021 1,160,994 231,853 24,976 11,964 1,429,787

5. Debtors

2022 2021
£ £
Trade debtors 726,389 778,654
Other debtors 1,053,039 511,801
1,779,428 1,290,455

6. Creditors: amounts falling due within one year

2022 2021
£ £
Trade creditors 82,335 225,180
Taxation and social security 238,991 70,815
Obligations under finance leases and hire purchase contracts 147,375 68,885
Other creditors 23,174 41,511
491,875 406,391

Hire purchase contracts due within one year have a carrying amount at the year end of £147,375 (2021 - £68,885) and are secured over the assets concerned.

7. Creditors: amounts falling due after more than one year

2022 2021
£ £
Obligations under finance leases and hire purchase contracts 179,341 86,513

Hire purchase contracts due after one year have a carrying amount at the year end of £179,341 (2021 - £86,513) and are secured over the assets concerned.

8. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2022 2021
£ £
within one year 0 25,000

9. Related party transactions

Transactions with the entity's director

2022 2021
£ £
Amounts due from director 631,284 231,754

During the year, the company advanced £418,743 (2021: £110,842) to the director of the company. £19,213 (2021: £27,770) was repaid during the year.

The loan to the director is unsecured and repayable on demand. Interest has been charged at the official rate of interest