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REGISTERED NUMBER: 04598166 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

PLUG SCAFFOLDING LTD

PLUG SCAFFOLDING LTD (REGISTERED NUMBER: 04598166)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 December 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3

Chartered Accountants' Report 7

PLUG SCAFFOLDING LTD

COMPANY INFORMATION
for the year ended 31 December 2022







DIRECTOR: Mr D G Park



REGISTERED OFFICE: 10 St Ann Street
Salisbury
Wiltshire
SP1 2DN



REGISTERED NUMBER: 04598166 (England and Wales)



ACCOUNTANTS: Rothmans LLP
10 St Ann Street
Salisbury
Wiltshire
SP1 2DN



BANKERS: HSBC
6 High Street
Fordingbridge
Hampshire
SP6 1AX

PLUG SCAFFOLDING LTD (REGISTERED NUMBER: 04598166)

BALANCE SHEET
31 December 2022

31.12.22 31.12.21
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 38,135 60,459

CURRENT ASSETS
Debtors 5 86,405 153,034
Cash at bank 4,513 10,503
90,918 163,537
CREDITORS
Amounts falling due within one year 6 297,323 292,871
NET CURRENT LIABILITIES (206,405 ) (129,334 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(168,270

)

(68,875

)

CREDITORS
Amounts falling due after more than one
year

7

(66,940

)

(83,706

)

PROVISIONS FOR LIABILITIES (11,860 ) (11,860 )
NET LIABILITIES (247,070 ) (164,441 )

CAPITAL AND RESERVES
Called up share capital 125 125
Retained earnings 8 (247,195 ) (164,566 )
SHAREHOLDERS' FUNDS (247,070 ) (164,441 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 director and authorised for issue on 9 November 2023 and were signed by:





Mr D G Park - Director


PLUG SCAFFOLDING LTD (REGISTERED NUMBER: 04598166)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2022

1. STATUTORY INFORMATION

Plug Scaffolding Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgments, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The accounting policies requiring the most judgment within the financial statements are those relating to accounting for sales under long term contracts and the recoverability of trade 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 where the revision affects only that period, or in the period of revision and future periods where the revision affects both the current and future periods.

Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable for the erection, hire and dismantling of scaffolding.

Revenue is recognised on the provision of the services once the scaffold has been erected and the period of hire commences, at which time the significant risks and rewards have passed to the customer.

Profit is recognised on long term contracts when the final outcome can be assessed with reasonable certainty by including turnover and related costs within the profit and loss account dependant on the stage of completion of the contract at the balance sheet date.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on reducing balance, 25% on cost, 10% on reducing balance and 10% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on cost
Computer equipment - 33% on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


PLUG SCAFFOLDING LTD (REGISTERED NUMBER: 04598166)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2022

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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.

Debtors
Debtors do not carry any interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired.

Creditors
Creditors are not interest bearing and are stated at their nominal value.

Cash and cash equivalents
These compromise cash at bank and other short-term highly liquid bank deposits.

Reserves
The movement in the fair value of plant to open market value at the balance sheet date is recognised in a non-distributable reserve. This reserve, which also contains appropriate depreciation and deferred tax provisions, may not be distributed to the shareholders.

Any movements in the reserve are not liable to corporation tax and an appropriate deferred tax provision is provided within the reserve.

Going concern
The financial statements have been prepared on a going concern basis, which assumes that the company will continue in existence for the foreseeable future.

The director has declared his intention to continue to support the company for the foreseeable future and will not require repayment of his directors' loan account within 12 months of signing the directors report.

The director considers that in preparing the financial statements he has taken into account all information that could be reasonably be expected to be available. On this basis he considers that it is appropriate to prepare the financial statements on a going concern basis.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2021 - 8 ) .

PLUG SCAFFOLDING LTD (REGISTERED NUMBER: 04598166)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2022

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST OR VALUATION
At 1 January 2022 211,987 895 100,258 5,122 318,262
Additions 11,773 - - 432 12,205
At 31 December 2022 223,760 895 100,258 5,554 330,467
DEPRECIATION
At 1 January 2022 157,659 895 95,078 4,171 257,803
Charge for year 28,738 - 5,180 611 34,529
At 31 December 2022 186,397 895 100,258 4,782 292,332
NET BOOK VALUE
At 31 December 2022 37,363 - - 772 38,135
At 31 December 2021 54,328 - 5,180 951 60,459

Cost or valuation at 31 December 2022 is represented by:

Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
Valuation in 2019 - - 28,600 - 28,600
Cost 223,760 895 71,658 5,554 301,867
223,760 895 100,258 5,554 330,467

If motor vehicles had not been revalued they would have been included at the following historical cost:

31.12.22 31.12.21
£    £   
Cost 90,608 90,608
Aggregate depreciation 90,608 90,608

Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows:
Motor
vehicles
£   
COST OR VALUATION
At 1 January 2022
and 31 December 2022 90,263
DEPRECIATION
At 1 January 2022 85,082
Charge for year 5,180
At 31 December 2022 90,262
NET BOOK VALUE
At 31 December 2022 1
At 31 December 2021 5,181

PLUG SCAFFOLDING LTD (REGISTERED NUMBER: 04598166)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2022

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.22 31.12.21
£    £   
Trade debtors 45,028 103,949
Amounts recoverable on contract 36,411 39,860
Other debtors 4,966 9,225
86,405 153,034

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.22 31.12.21
£    £   
Bank loans and overdrafts 33,648 10,648
Trade creditors 16,730 29,126
Taxation and social security 31,565 26,516
Other creditors 215,380 226,581
297,323 292,871

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.22 31.12.21
£    £   
Bank loans 26,624 36,210
Taxation and social security 40,316 47,496
66,940 83,706

8. RESERVES

31.12.2231.12.21
£ £

Distributable(247,195)(170,358)
Non - distributable-5,792
(247,195)(164,566)

Movement in Non-distributable reserve 31.12.2231.12.21
£ £

Balance brought forward 5,79211,583
-
Fair value uplift--
Movement in depreciation(5,179)(7,150)
Movement in deferred tax6131,359
Balance carried forward -5,792

CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR
ON THE UNAUDITED FINANCIAL STATEMENTS OF
PLUG SCAFFOLDING LTD

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Plug Scaffolding Ltd for the year ended 31 December 2022 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Plug Scaffolding Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Plug Scaffolding Ltd and state those matters that we have agreed to state to the director of Plug Scaffolding Ltd in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Plug Scaffolding Ltd and its director for our work or for this report.

It is your duty to ensure that Plug Scaffolding Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Plug Scaffolding Ltd. You consider that Plug Scaffolding Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Plug Scaffolding Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Rothmans LLP
10 St Ann Street
Salisbury
Wiltshire
SP1 2DN


10 November 2023