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Registration number: 04124350

Chris Sedgeman Scaffolding Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Chris Sedgeman Scaffolding Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 12

 

Chris Sedgeman Scaffolding Ltd

Company Information

Directors

Mr Christopher John Sedgeman

Mrs Lynn Tanya Way

Company secretary

Mrs Lynn Tanya Way

Registered office

Unit 2A
Long Rock Industrial Estate
Penzance
Cornwall
TR20 8HX

 

Chris Sedgeman Scaffolding Ltd

(Registration number: 04124350)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

116,441

77,536

Tangible assets

5

1,978,287

1,978,900

 

2,094,728

2,056,436

Current assets

 

Stocks

6

31,518

34,992

Debtors

7

590,375

826,157

Cash at bank and in hand

 

121,088

102,342

 

742,981

963,491

Creditors: Amounts falling due within one year

8

(491,541)

(794,266)

Net current assets

 

251,440

169,225

Total assets less current liabilities

 

2,346,168

2,225,661

Creditors: Amounts falling due after more than one year

8

(580,214)

(503,037)

Provisions for liabilities

(283,175)

(182,566)

Net assets

 

1,482,779

1,540,058

Capital and reserves

 

Called up share capital

11

100

100

Retained earnings

1,482,679

1,539,958

Shareholders' funds

 

1,482,779

1,540,058

For the financial year ending 31 March 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.

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 23 November 2023 and signed on its behalf by:
 

.........................................
Mr Christopher John Sedgeman
Director

 

Chris Sedgeman Scaffolding Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

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

The address of its registered office is:
Unit 2A
Long Rock Industrial Estate
Penzance
Cornwall
TR20 8HX

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 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 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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Government grants

Government grants comprise of COVID-19 business support measures including 'The Coronavirus Job Retention Scheme', the 'Business Interruption Payment' under the Bounce Back Loan Scheme, and 'The Coronavirus Statutory Sick Pay Rebate Scheme'.

The company recognises government grants at fair value in line with the accruals model under FRS 102 when:
There is reasonable assurance that the company will comply with the conditions attaching to them; and
The grants will be received.

Other grants

Grants received in respect of capital expenditure are held as deferred income in the balance sheet and amortised over the useful economic life of the asset concerned. Grants received in respect of revenue expenditure are recognised in the profit and loss account when the corresponding expense is incurred.

 

Chris Sedgeman Scaffolding Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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.

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.

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 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

Boat, yard equipment and scaffold beds

Between 20% and 25% on written down value

Scaffold equipment

Straight line basis between 3 to 10 years, with residual values of between 3% to 10% of cost

Plant and machinery - garage

Pit - straight line basis over 10 years, equipment - 25% on written down value

Motor vehicles

25% on written down value

Furniture and equipment

25% on written down value

Assets held under finance leases

Written down over the term of the lease

Land

Not depreciated due to indefinite useful economic life

Buildings

Straight line basis over 50 years, except where residual value estimated to be at least equal to cost (such that no depreciation charge arises)

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

 

Chris Sedgeman Scaffolding Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Amortisation

Asset class

Amortisation method and rate

Software

Amortisation has not begun as asset not yet available for use

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

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.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Chris Sedgeman Scaffolding Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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.

Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

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.

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.

 

Chris Sedgeman Scaffolding Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Financial instruments

Classification
Financial assets are classified into either basic or other financial assets. Financial liabilities are classified into either basic or other financial liabilities. These classifications depend on certain criteria determined at the time of recognition.

The company holds only basic financial instruments.

 Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Basic financial assets, which include trade and other debtors, 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 initially measured at the present value of the future receipts discounted at a market rate of interest and subsequently held at amortised cost.

Basic financial liabilities, including trade and other payables are initially measured 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. They are subsequently measured at amortised cost using the effective interest method, with interest expense recognised on an effective yield basis.

The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate discounts estimated future cash payments through the expected life of the financial liability to the net carrying amount on initial recognition.

 Impairment
Basic financial assets are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where 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 have been affected. The impairment loss is recognised in profit or loss.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 51 (2022 - 50).

 

Chris Sedgeman Scaffolding Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Intangible assets

Goodwill
 £

Software
 £

Total
£

Cost or valuation

At 1 April 2022

10,000

77,536

87,536

Additions

-

38,905

38,905

At 31 March 2023

10,000

116,441

126,441

Amortisation

At 1 April 2022

10,000

-

10,000

At 31 March 2023

10,000

-

10,000

Carrying amount

At 31 March 2023

-

116,441

116,441

At 31 March 2022

-

77,536

77,536

 

Chris Sedgeman Scaffolding Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

5

tangible assets

Land and buildings
£

Short leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

774,760

-

132,352

3,615,127

889,013

5,411,252

Additions

16,210

8,654

10,642

220,588

98,254

354,348

Disposals

(4,500)

-

(1,046)

(92,740)

(25,220)

(123,506)

At 31 March 2023

786,470

8,654

141,948

3,742,975

962,047

5,642,094

Depreciation

At 1 April 2022

70,385

-

90,696

2,642,620

628,652

3,432,353

Charge for the year

10,136

-

11,299

203,305

83,504

308,244

Eliminated on disposal

-

-

(990)

(50,847)

(24,953)

(76,790)

At 31 March 2023

80,521

-

101,005

2,795,078

687,203

3,663,807

Carrying amount

At 31 March 2023

705,949

8,654

40,943

947,897

274,844

1,978,287

At 31 March 2022

704,376

-

41,656

972,507

260,361

1,978,900

Included within the net book value of land and buildings above is £705,949 (2022 - £704,375) in respect of freehold land and buildings and £8,654 (2022 - £Nil) in respect of short leasehold land and buildings.
 

 

Chris Sedgeman Scaffolding Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

6

Stocks

2023
£

2022
£

Other inventories

31,518

34,992

7

Debtors

Current

2023
£

2022
£

Trade debtors

459,538

617,121

Prepayments

29,510

24,567

Other debtors

101,327

184,469

 

590,375

826,157

 

Chris Sedgeman Scaffolding Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

9

28,780

121,948

Trade creditors

 

47,084

190,659

Taxation and social security

 

81,197

67,794

Other creditors

 

334,480

413,865

 

491,541

794,266

Due after one year

 

Loans and borrowings

9

577,918

499,975

Deferred income

 

2,296

3,062

 

580,214

503,037

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

577,918

499,975

Deferred income

 

2,296

3,062

 

580,214

503,037

2023
£

2022
£

Due after more than five years

After more than five years by instalments

225,038

245,614

After more than five years not by instalments

727

969

225,765

246,583

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

325,486

331,150

Hire purchase and finance lease liabilities

252,432

168,825

577,918

499,975

 

Chris Sedgeman Scaffolding Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

2023
£

2022
£

Current loans and borrowings

Bank borrowings

28,780

21,384

Bank overdrafts

-

100,564

28,780

121,948


Security by way of fixed charges over land and buildings owned by the Company is given in respect of the following creditors:

• Bank borrowings & overdrafts (due within one year): £28,780 (2022: £121,948)
• Bank borrowings (due after one year): £325,486 (2022: £331,150)

10

Related party transactions

Transactions with directors

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Mr Christopher John Sedgeman

Interest free loan, repayable on demand

74,837

145,249

(147,982)

72,104

         
       

 

2022

At 1 April 2021
£

Advances to director
£

Repayments by director
£

At 31 March 2022
£

Mr Christopher John Sedgeman

Interest free loan, repayable on demand

53,391

133,486

(112,040)

74,837

         
       

 

11

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100