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Registration number: 03344527

Liddiard Scaffolding Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2023

 

Liddiard Scaffolding Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Liddiard Scaffolding Limited

Company Information

Directors

Mr R Liddiard

Mrs K Phipps

Registered office

Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN

Accountants

MMO Limited
Chartered Accountants
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN

 

Liddiard Scaffolding Limited

(Registration number: 03344527)
Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

640,257

662,787

Other financial assets

83,900

83,900

 

724,157

746,687

Current assets

 

Stocks

5

10,000

10,000

Debtors

6

1,348,651

1,041,753

Cash at bank and in hand

 

207,979

514,002

 

1,566,630

1,565,755

Creditors: Amounts falling due within one year

9

(663,264)

(710,524)

Net current assets

 

903,366

855,231

Total assets less current liabilities

 

1,627,523

1,601,918

Creditors: Amounts falling due after more than one year

9

(234,045)

(206,086)

Provisions for liabilities

(79,869)

(94,076)

Net assets excluding pension asset/(liability)

 

1,313,609

1,301,756

Net pension liability 1

(663,000)

(663,000)

Net assets

 

650,609

638,756

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

650,509

638,656

Shareholders' funds

 

650,609

638,756

For the financial year ending 30 April 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.

 

Liddiard Scaffolding Limited

(Registration number: 03344527)
Balance Sheet as at 30 April 2023

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 17 November 2023 and signed on its behalf by:
 

.........................................
Mr R Liddiard
Director

 

Liddiard Scaffolding Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

1

General information

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

The address of its registered office is:
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN
England

The principal place of business is:
Area K
Upper Adhurst Industrial Park
London Road
Petersfield
Hampshire
GU31 5AE
England

These financial statements were authorised for issue by the Board on 17 November 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 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.

All figures are presented in British Sterling, which is the functional currency of the company, and are rounded to the nearest £1.

 

Liddiard Scaffolding Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Departure from requirements of FRS 102

Interest arising on finance leases commencing within the year has been calculated using the effective interest method. All other lease interest has been calculated using the straight line method. This is a departure from the requirements of FRS102.

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 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

Plant and equipment

25% reducing balance

Office equipment

25% reducing balance

Motor vehicles

25% reducing balance

Leasehold Improvements

over 10 years

 

Liddiard Scaffolding Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

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.

 

Liddiard Scaffolding Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

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. Th

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 34 (2022 - 35).

 

Liddiard Scaffolding Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2022

77,316

2,688,283

198,615

2,964,214

Additions

6,760

180,082

-

186,842

Disposals

-

-

(1,000)

(1,000)

At 30 April 2023

84,076

2,868,365

197,615

3,150,056

Depreciation

At 1 May 2022

35,301

2,186,274

79,852

2,301,427

Charge for the year

8,408

170,523

29,441

208,372

At 30 April 2023

43,709

2,356,797

109,293

2,509,799

Carrying amount

At 30 April 2023

40,367

511,568

88,322

640,257

At 30 April 2022

42,015

502,009

118,763

662,787

Included within the net book value of land and buildings above is £Nil (2022 - £Nil) in respect of freehold land and buildings and £40,367 (2022 - £42,015) in respect of long leasehold land and buildings.
 

5

Stocks

2023
£

2022
£

Work in progress

10,000

10,000

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

552,827

436,848

Amounts owed by related parties

8

755,253

556,847

Prepayments

 

24,297

4,064

Other debtors

 

16,274

43,994

   

1,348,651

1,041,753

 

Liddiard Scaffolding Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

8

Related party transactions

Summary of transactions with parent

The company is owned 100% by Liddiard Holdings 2014 Limited. Mr Robert Liddiard and Mr Leslie Liddiard are also directors and 67.5% shareholders of Liddiard Holdings 2014 Limited.
 Transactions with the holding company are undertaken in the normal course of business.
 

Summary of transactions with other related parties

Liddiard Holdings 2014 Limited owns 100% of the share capital of Lifting and Scaffolding Services Limited. Mr Robert Liddiard and Mr Leslie Liddiard are directors and 67.5% shareholders of Liddiard Holdings 2014 Limited.
 Transactions with Lifting and Scaffolding Services Limited are undertaken in the normal course of business.
 

Loans to related parties

2023

Parent
£

Other related parties
£

Total
£

At start of period

216,747

340,000

556,747

At end of period

216,747

340,000

556,747

2022

Parent
£

Other related parties
£

Total
£

At start of period

410,247

340,000

750,247

Repaid

(193,500)

-

(193,500)

At end of period

216,747

340,000

556,747

Loans from related parties

2023

Other related parties
£

Total
£

At start of period

2,999

2,999

At end of period

2,999

2,999

 

Liddiard Scaffolding Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

2022

Other related parties
£

Total
£

Advanced

2,999

2,999

At end of period

2,999

2,999

 

Liddiard Scaffolding Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

380,155

425,504

Trade creditors

 

106,636

121,125

Amounts owed to group undertakings and undertakings in which the company has a participating interest

8

-

2,999

Taxation and social security

 

93,107

80,368

Accruals and deferred income

 

79,000

79,000

Other creditors

 

4,366

1,528

 

663,264

710,524

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

234,045

206,086

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Hire purchase contracts

234,045

206,086

2023
£

2022
£

Current loans and borrowings

Bank borrowings

246,667

326,666

Hire purchase contracts

133,488

98,838

380,155

425,504