6 false false false false false false false false false true false false false false false false No description of principal activity 2023-03-01 Sage Accounts Production Advanced 2021 - FRS102_2021 30,000 3,000 3,000 6,000 24,000 27,000 22,868 7,286 30,154 xbrli:pure xbrli:shares iso4217:GBP 13943078 2023-03-01 2024-02-29 13943078 2024-02-29 13943078 2023-02-28 13943078 2022-02-28 2023-02-28 13943078 2023-02-28 13943078 core:PlantMachinery 2023-03-01 2024-02-29 13943078 core:FurnitureFittings 2023-03-01 2024-02-29 13943078 core:MotorVehicles 2023-03-01 2024-02-29 13943078 core:NetGoodwill 2023-03-01 2024-02-29 13943078 bus:OrdinaryShareClass1 2023-03-01 2024-02-29 13943078 bus:Director1 2023-03-01 2024-02-29 13943078 core:NetGoodwill 2023-02-28 13943078 core:NetGoodwill 2024-02-29 13943078 core:PlantMachinery 2023-02-28 13943078 core:MotorVehicles 2023-02-28 13943078 core:PlantMachinery 2024-02-29 13943078 core:FurnitureFittings 2024-02-29 13943078 core:MotorVehicles 2024-02-29 13943078 core:DeferredTaxation 2023-03-01 2024-02-29 13943078 core:WithinOneYear 2024-02-29 13943078 core:WithinOneYear 2023-02-28 13943078 core:AfterOneYear 2024-02-29 13943078 core:AfterOneYear 2023-02-28 13943078 core:UKTax 2023-03-01 2024-02-29 13943078 core:UKTax 2022-02-28 2023-02-28 13943078 core:ShareCapital 2024-02-29 13943078 core:ShareCapital 2023-02-28 13943078 core:RetainedEarningsAccumulatedLosses 2024-02-29 13943078 core:RetainedEarningsAccumulatedLosses 2023-02-28 13943078 core:NetGoodwill 2023-02-28 13943078 core:AcceleratedTaxDepreciationDeferredTax 2024-02-29 13943078 core:AcceleratedTaxDepreciationDeferredTax 2023-02-28 13943078 core:PlantMachinery 2023-02-28 13943078 core:MotorVehicles 2023-02-28 13943078 core:LeasedAssetsHeldAsLessee core:MotorVehicles 2024-02-29 13943078 core:LeasedAssetsHeldAsLessee core:MotorVehicles 2023-02-28 13943078 core:DeferredTaxation 2023-02-28 13943078 core:DeferredTaxation 2024-02-29 13943078 bus:SmallEntities 2023-03-01 2024-02-29 13943078 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 13943078 bus:FullAccounts 2023-03-01 2024-02-29 13943078 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 13943078 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 13943078 bus:OrdinaryShareClass1 2024-02-29 13943078 bus:OrdinaryShareClass1 2023-02-28
COMPANY REGISTRATION NUMBER: 13943078
A & A Scaffolding (Pembs) Ltd
Filleted Unaudited Financial Statements
29 February 2024
A & A Scaffolding (Pembs) Ltd
Financial Statements
Year ended 29 February 2024
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 9
A & A Scaffolding (Pembs) Ltd
Statement of Financial Position
29 February 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
6
24,000
27,000
Tangible assets
7
158,709
120,359
---------
---------
182,709
147,359
Current assets
Debtors
8
34,331
106,181
Cash at bank and in hand
135,517
36,096
---------
---------
169,848
142,277
Creditors: amounts falling due within one year
9
( 81,002)
( 92,880)
---------
---------
Net current assets
88,846
49,397
---------
---------
Total assets less current liabilities
271,555
196,756
Creditors: amounts falling due after more than one year
10
( 70,498)
( 88,203)
Provisions
11
( 30,154)
( 22,868)
---------
---------
Net assets
170,903
85,685
---------
---------
Capital and reserves
Called up share capital
13
2
2
Profit and loss account
170,901
85,683
---------
--------
Shareholders funds
170,903
85,685
---------
--------
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.
For the year ending 29 February 2024 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 .
A & A Scaffolding (Pembs) Ltd
Statement of Financial Position (continued)
29 February 2024
These financial statements were approved by the board of directors and authorised for issue on 8 March 2024 , and are signed on behalf of the board by:
Mr L A Finnegan
Director
Company registration number: 13943078
A & A Scaffolding (Pembs) Ltd
Notes to the Financial Statements
Year ended 29 February 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 15 Springfield Road, Pembroke Dock, SA72 6PZ, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in accordance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.
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.
Going concern
The directors have a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
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 profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
Over 10 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
Plant and machinery
-
25% reducing balance
Containers
-
10% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
25 % reducing balance
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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. Under the accrual model, government grants relating to revenue 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. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
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 as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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. Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2023: 4 ).
5. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
28,938
13,364
Deferred tax:
Origination and reversal of timing differences
7,286
22,868
--------
--------
Tax on profit
36,224
36,232
--------
--------
6. Intangible assets
Goodwill
£
Cost
At 1 March 2023 and 29 February 2024
30,000
--------
Amortisation
At 1 March 2023
3,000
Charge for the year
3,000
--------
At 29 February 2024
6,000
--------
Carrying amount
At 29 February 2024
24,000
--------
At 28 February 2023
27,000
--------
7. Tangible assets
Plant and machinery
Containers
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 March 2023
81,723
77,750
1,006
160,479
Additions
24,809
11,370
52,799
88,978
---------
--------
---------
-------
---------
At 29 February 2024
106,532
11,370
130,549
1,006
249,457
---------
--------
---------
-------
---------
Depreciation
At 1 March 2023
20,431
19,438
251
40,120
Charge for the year
21,525
1,137
27,777
189
50,628
---------
--------
---------
-------
---------
At 29 February 2024
41,956
1,137
47,215
440
90,748
---------
--------
---------
-------
---------
Carrying amount
At 29 February 2024
64,576
10,233
83,334
566
158,709
---------
--------
---------
-------
---------
At 28 February 2023
61,292
58,312
755
120,359
---------
--------
---------
-------
---------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 29 February 2024
68,259
--------
At 28 February 2023
39,563
--------
8. Debtors
2024
2023
£
£
Trade debtors
32,188
100,012
Other debtors
2,143
6,169
--------
---------
34,331
106,181
--------
---------
Other debtors include an amount of £Nil (2022:£Nil) falling due after more than one year.
9. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
11,379
11,021
Trade creditors
244
41,984
Corporation tax
28,938
13,364
Social security and other taxes
1,398
2,420
Hire purchase
11,090
5,107
Other creditors
27,953
18,984
--------
--------
81,002
92,880
--------
--------
10. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
21,923
33,302
Hire purchase
40,397
23,727
Other creditors
8,178
31,174
--------
--------
70,498
88,203
--------
--------
11. Provisions
Deferred tax (note 12)
£
At 1 March 2023
22,868
Additions
7,286
--------
At 29 February 2024
30,154
--------
12. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions (note 11)
30,154
22,868
--------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
30,154
22,868
--------
--------
13. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
2
2
2
2
----
----
----
----
14. Related party transactions
During the period up to 24 October 2022 the company was under the control of Mr L A Finnegan and Mr G C Hunt. From 24 October 2022 the company came under the control of Mr L A Finnegan until 22 January 2023. From 22 January 2023 the company was under the joint control of Mr L A Finnegan and Mr J N Finnegan, the directors, by virtue of their combined interest in 100% of the issued ordinary share capital. During the current year the company remained under the joint control of Mr L A Finnegan and Mr J N Finnegan, the directors, by virtue of their combined interest in 100% of the issues ordinary share capital. During the year the company paid dividends of £33,000 (2023:£Nil) to the shareholders.