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Registration number: 05705177

A W Scaffolding (South West) Ltd

Annual Report and Unaudited Financial Statements Year Ended 28 February 2023

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Chartered Accountants

 

A W Scaffolding (South West) Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

4 to 10

 

A W Scaffolding (South West) Ltd

Company Information

Directors

Mr K A G Adams

P Willsher

Registered office

Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

Accountants

Edwards & Keeping
Chartered Accountants
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
A W Scaffolding (South West) Ltdfor the Year Ended 28 February 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of A W Scaffolding (South West) Ltd for the year ended 28 February 2023 as set out on pages 3 to 10 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 at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of A W Scaffolding (South West) Ltd, as a body, in accordance with the terms of our engagement letter dated 28 November 2019. Our work has been undertaken solely to prepare for your approval the accounts of A W Scaffolding (South West) Ltd and state those matters that we have agreed to state to the Board of Directors of A W Scaffolding (South West) Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than A W Scaffolding (South West) Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that A W Scaffolding (South West) Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of A W Scaffolding (South West) Ltd. You consider that A W Scaffolding (South West) 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 accounts of A W Scaffolding (South West) 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 accounts.






Edwards & Keeping
Chartered Accountants
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

27 November 2023

 

A W Scaffolding (South West) Ltd

(Registration number: 05705177)
Balance Sheet as at 28 February 2023

Note

2023

2022

   

£

£

£

£

Fixed assets

   

 

Tangible assets

4

 

391,921

 

288,527

Current assets

   

 

Stocks

5

5,000

 

5,000

 

Debtors

6

234,517

 

252,191

 

Cash at bank and in hand

 

164,880

 

233,544

 

 

404,397

 

490,735

 

Creditors: Amounts falling due within one year

7

(136,858)

 

(184,928)

 

Net current assets

   

267,539

 

305,807

Total assets less current liabilities

   

659,460

 

594,334

Creditors: Amounts falling due after more than one year

7

 

(234,453)

 

(230,180)

Provisions for liabilities

 

(67,591)

 

(60,318)

Net assets

   

357,416

 

303,836

Capital and reserves

   

 

Called up share capital

100

 

100

 

Retained earnings

357,316

 

303,736

 

Shareholders' funds

   

357,416

 

303,836

For the financial year ending 28 February 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 24 November 2023 and signed on its behalf by:
 


Mr K A G Adams
Director

   

   
 

A W Scaffolding (South West) Ltd

Notes to the Financial Statements
for the Year Ended 28 February 2023

1

General information

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

The address of its registered office is:
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA
England

The principal place of business is:
Unit 15
Charminster Farm Industrial Estate
Wanchard Lane
CHARMINSTER
Dorset
DT2 9RP

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.

These accounts are presented in £ sterling.

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.

 

A W Scaffolding (South West) Ltd

Notes to the Financial Statements
for the Year Ended 28 February 2023

Government grants

Revenue grants are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate.

A grant that becomes receivable as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support to the company with no future related costs, shall be recognised in income in the period in which it becomes receivable.

In 2021, the company accessed a government backed Coronavirus Bounce Back loan. The loan is 100% guaranteed by the government. The government made a Business Interruption Payment (BIP) to the lender to cover the first 12 months of interest payments. In the previous year, the BIP is recognised in the profit and loss account as grant income on a systematic basis.

Tax

The tax expense for the period comprises current and deferred 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

Leasehold property improvements

10% straight line

Plant and machinery

15% reducing balance

Office equipment

15% reducing balance

Motor vehicles

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.

 

A W Scaffolding (South West) Ltd

Notes to the Financial Statements
for the Year Ended 28 February 2023

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

 

A W Scaffolding (South West) Ltd

Notes to the Financial Statements
for the Year Ended 28 February 2023

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 14 (2022 - 13).

4

Tangible assets

Short leasehold land and buildings (inc improvements)
£

Plant and machinery
£

Office Equipment
£

Motor vehicles
 £

Total
£

Cost

At 1 March 2022

62,133

578,672

21,905

137,265

799,975

Additions

30,181

92,609

3,853

60,320

186,963

At 28 February 2023

92,314

671,281

25,758

197,585

986,938

Depreciation

At 1 March 2022

38,741

374,651

14,633

83,423

511,448

Charge for the year

8,866

44,495

1,668

28,540

83,569

At 28 February 2023

47,607

419,146

16,301

111,963

595,017

Carrying amount

At 28 February 2023

44,707

252,135

9,457

85,622

391,921

At 28 February 2022

23,392

204,021

7,272

53,842

288,527

Included within the net book value of land and buildings above is £44,707 (2022 - £23,392) in respect of short leasehold land and buildings.
 

 

A W Scaffolding (South West) Ltd

Notes to the Financial Statements
for the Year Ended 28 February 2023

5

Stocks

2023
£

2022
£

Work in progress

5,000

5,000

6

Debtors

Current

2023
£

2022
£

Trade debtors

153,031

120,137

Prepayments

8,363

7,230

Other debtors

73,123

124,824

 

234,517

252,191

 

A W Scaffolding (South West) Ltd

Notes to the Financial Statements
for the Year Ended 28 February 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

54,378

109,119

Trade creditors

 

54,239

55,665

Taxation and social security

 

21,731

13,140

Accruals and deferred income

 

3,165

3,059

Other creditors

 

3,345

3,945

 

136,858

184,928

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

38,680

97,805

Finance lease liabilities

-

8,518

Other borrowings

15,698

2,796

54,378

109,119

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

194,453

180,180

Other borrowings

40,000

50,000

234,453

230,180

Bank borrowings

NatWest has a first fixed charge over the property, plant and machinery and stock of the Company. It also has a floating charge on all other property assets and rights of the Company owned now or in the future which are not subject to an effective fixed charge under the debenture or any other security held by the bank.

9

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £500.00 (2022 - £500.00) per ordinary share

 

50,000

 

50,000

         
 

A W Scaffolding (South West) Ltd

Notes to the Financial Statements
for the Year Ended 28 February 2023

10

Related party transactions

Transactions with directors

2023

At 1 March 2022
£

Advances to director
£

Repayments by director
£

At 28 February 2023
£

Mr K A G Adams

Directors loan account

(26,513)

(64,682)

50,000

(41,195)

         
       

 

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

64,290

-

Contributions paid to money purchase schemes

15,522

12,000

79,812

12,000