13 31/05/2023 2023-05-31 false false false false false false false false false false true false false true false false false false true false false No description of principal activities is disclosed 2022-06-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 2908818 2022-06-01 2023-05-31 2908818 2023-05-31 2908818 2022-05-31 2908818 2021-06-01 2022-05-31 2908818 2022-05-31 2908818 core:PlantMachinery 2022-06-01 2023-05-31 2908818 core:FurnitureFittingsToolsEquipment 2022-06-01 2023-05-31 2908818 core:MotorVehicles 2022-06-01 2023-05-31 2908818 bus:RegisteredOffice 2022-06-01 2023-05-31 2908818 bus:LeadAgentIfApplicable 2022-06-01 2023-05-31 2908818 bus:Director1 2022-06-01 2023-05-31 2908818 bus:Director2 2022-06-01 2023-05-31 2908818 bus:CompanySecretary1 2022-06-01 2023-05-31 2908818 core:LandBuildings core:OwnedOrFreeholdAssets 2022-05-31 2908818 core:PlantMachinery 2022-05-31 2908818 core:FurnitureFittingsToolsEquipment 2022-05-31 2908818 core:MotorVehicles 2022-05-31 2908818 core:LandBuildings core:OwnedOrFreeholdAssets 2023-05-31 2908818 core:PlantMachinery 2023-05-31 2908818 core:FurnitureFittingsToolsEquipment 2023-05-31 2908818 core:MotorVehicles 2023-05-31 2908818 core:WithinOneYear 2023-05-31 2908818 core:WithinOneYear 2022-05-31 2908818 core:AfterOneYear 2023-05-31 2908818 core:AfterOneYear 2022-05-31 2908818 core:LandBuildings core:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 2908818 core:ShareCapital 2023-05-31 2908818 core:ShareCapital 2022-05-31 2908818 core:RetainedEarningsAccumulatedLosses 2023-05-31 2908818 core:RetainedEarningsAccumulatedLosses 2022-05-31 2908818 core:LandBuildings core:OwnedOrFreeholdAssets 2022-05-31 2908818 core:PlantMachinery 2022-05-31 2908818 core:FurnitureFittingsToolsEquipment 2022-05-31 2908818 core:MotorVehicles 2022-05-31 2908818 bus:SmallEntities 2022-06-01 2023-05-31 2908818 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 2908818 bus:FullAccounts 2022-06-01 2023-05-31 2908818 bus:SmallCompaniesRegimeForAccounts 2022-06-01 2023-05-31 2908818 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31
Company registration number: 2908818
Fixright Scaffolding Limited
Unaudited filleted financial statements
31 May 2023
Fixright Scaffolding Limited
Contents
Directors and other information
Directors report
Accountants report
Statement of financial position
Notes to the financial statements
Fixright Scaffolding Limited
Directors and other information
Directors N Evans
J O'Connor
Secretary N Evans
Company number 2908818
Registered office Hollingdon Depot, Stewkley Road
Soulbury
Leighton Buzzard
LU7 0DN
Accountants Jenner Accountants Limited
1 South House
Bond Avenue
Milton Keynes
Buckinghamshire
MK1 1SW
Fixright Scaffolding Limited
Directors report
Year ended 31 May 2023
The directors present their report and the unaudited financial statements of the company for the year ended 31 May 2023.
Directors
The directors who served the company during the year were as follows:
N Evans
J O'Connor
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 07 February 2024 and signed on behalf of the board by:
N Evans
Director
Fixright Scaffolding Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Fixright Scaffolding Limited
Year ended 31 May 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Fixright Scaffolding Limited for the year ended 31 May 2023 which comprise the statement of financial position and 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 at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Fixright Scaffolding Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Fixright Scaffolding Limited and state those matters that we have agreed to state to the board of directors of Fixright Scaffolding Limited 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 Fixright Scaffolding Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Fixright Scaffolding Limited 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 Fixright Scaffolding Limited. You consider that Fixright Scaffolding Limited 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 Fixright Scaffolding Limited. 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.
Jenner Accountants Limited
Chartered Accountants
1 South House
Bond Avenue
Milton Keynes
Buckinghamshire
MK1 1SW
Date:
Fixright Scaffolding Limited
Statement of financial position
31 May 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 104,910 112,322
_______ _______
104,910 112,322
Current assets
Debtors 6 93,934 187,584
Cash at bank and in hand 5,000 10,120
_______ _______
98,934 197,704
Creditors: amounts falling due
within one year 7 ( 152,613) ( 149,119)
_______ _______
Net current (liabilities)/assets ( 53,679) 48,585
_______ _______
Total assets less current liabilities 51,231 160,907
Creditors: amounts falling due
after more than one year 8 ( 81,390) ( 123,257)
Provisions for liabilities ( 23,394) ( 23,856)
_______ _______
Net (liabilities)/assets ( 53,553) 13,794
_______ _______
Capital and reserves
Called up share capital 10 10
Profit and loss account ( 53,563) 13,784
_______ _______
Shareholders (deficit)/funds ( 53,553) 13,794
_______ _______
For the year ending 31 May 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 07 February 2024 , and are signed on behalf of the board by:
N Evans
Director
Company registration number: 2908818
Fixright Scaffolding Limited
Notes to the financial statements
Year ended 31 May 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hollingdon Depot, Stewkley Road, Soulbury, Leighton Buzzard, LU7 0DN.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - 10 years straight line
Plant and machinery - 25 % reducing balance
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Government grants are recognised using the accrual model.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 13 (2022: 14 ).
5. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 June 2022 27,248 31,285 8,332 139,163 206,028
Additions - 15,586 - 19,000 34,586
Disposals - - - ( 36,500) ( 36,500)
_______ _______ _______ _______ _______
At 31 May 2023 27,248 46,871 8,332 121,663 204,114
_______ _______ _______ _______ _______
Depreciation
At 1 June 2022 18,843 8,711 1,684 64,467 93,705
Charge for the year 2,724 8,182 1,662 20,894 33,462
Disposals - - - ( 27,963) ( 27,963)
_______ _______ _______ _______ _______
At 31 May 2023 21,567 16,893 3,346 57,398 99,204
_______ _______ _______ _______ _______
Carrying amount
At 31 May 2023 5,681 29,978 4,986 64,265 104,910
_______ _______ _______ _______ _______
At 31 May 2022 8,405 22,574 6,648 74,696 112,323
_______ _______ _______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors 87,441 174,441
Other debtors 6,493 13,143
_______ _______
93,934 187,584
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 58,538 42,954
Trade creditors 1,958 14,167
Social security and other taxes 58,048 62,624
Other creditors 34,069 29,374
_______ _______
152,613 149,119
_______ _______
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Other creditors 81,390 123,257
_______ _______