Company Registration No. 11756645 (England and Wales)
SAFETY ASSURED SCAFFOLDING LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
SAFETY ASSURED SCAFFOLDING LTD
COMPANY INFORMATION
Director
Mr G L Thorpe
Secretary
Mr G L Thorpe
Company number
11756645
Registered office
Regency House
48 Birmingham Road
Bromsgrove
Worcestershire
B61 0DD
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Lloyds Bank Plc
Colmore Row
PO Box 1000
Birmingham
West Midlands
BX1 1LT
SAFETY ASSURED SCAFFOLDING LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
SAFETY ASSURED SCAFFOLDING LTD
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SAFETY ASSURED SCAFFOLDING LTD FOR THE PERIOD ENDED 30 MARCH 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Safety Assured Scaffolding Ltd for the period ended 30 March 2023 which comprise, the 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 at http://www.icaew.com/en/members/regulations-standards-and-guidance.
This report is made solely to the Board of Directors of Safety Assured Scaffolding Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Safety Assured Scaffolding Ltd and state those matters that we have agreed to state to the Board of Directors of Safety Assured Scaffolding 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 Safety Assured Scaffolding Ltd and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Safety Assured 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 Safety Assured Scaffolding Ltd. You consider that Safety Assured Scaffolding Ltd is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the financial statements of Safety Assured 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.
Ormerod Rutter Limited
1 March 2024
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
SAFETY ASSURED SCAFFOLDING LTD
BALANCE SHEET
AS AT 30 MARCH 2023
30 March 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
5,037
6,814
Current assets
Debtors
4
40,325
44,253
Cash at bank and in hand
4,139
40,325
48,392
Creditors: amounts falling due within one year
5
(37,538)
(28,323)
Net current assets
2,787
20,069
Total assets less current liabilities
7,824
26,883
Creditors: amounts falling due after more than one year
6
(32,153)
(33,873)
Net liabilities
(24,329)
(6,990)
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
(24,429)
(7,090)
Total equity
(24,329)
(6,990)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 30 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
SAFETY ASSURED SCAFFOLDING LTD
BALANCE SHEET (CONTINUED)
AS AT 30 MARCH 2023
30 March 2023
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 1 March 2024.
2024-03-01
Mr G L Thorpe
Director
Company Registration No. 11756645
SAFETY ASSURED SCAFFOLDING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MARCH 2023
- 4 -
1
Accounting policies
Company information
Safety Assured Scaffolding Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Regency House, 48 Birmingham Road, Bromsgrove, Worcestershire, B61 0DD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
These financial statements have been drawn up on the going concern basis. If the going concern basis were not appropriate, adjustments would have been made to reduce assets to recoverable amounts, to provide for any further liabilities that might arise, and to re-classify fixed assets as current assets and long term liabilities as current liabilities.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT.
Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
20% on reducing balance
Computer equipment
33% on cost
Motor vehicles
25% on reducing balance
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
SAFETY ASSURED SCAFFOLDING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.7
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was 1 (2022 - 2).
SAFETY ASSURED SCAFFOLDING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 MARCH 2023
- 6 -
3
Tangible fixed assets
Plant and machinery
Computer equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2022 and 30 March 2023
554
359
13,467
14,380
Depreciation and impairment
At 1 April 2022
199
237
7,130
7,566
Depreciation charged in the period
71
122
1,584
1,777
At 30 March 2023
270
359
8,714
9,343
Carrying amount
At 30 March 2023
284
4,753
5,037
At 31 March 2022
355
122
6,337
6,814
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2023
2022
£
£
Motor vehicles
2,784
3,712
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
2,247
Other debtors
34,521
43,074
36,768
43,074
Deferred tax asset
3,557
1,179
40,325
44,253
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
8,000
8,000
Trade creditors
2,836
1,326
Taxation and social security
13,215
16,257
Other creditors
13,487
2,740
37,538
28,323
SAFETY ASSURED SCAFFOLDING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 MARCH 2023
- 7 -
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
31,580
31,580
Other creditors
573
2,293
32,153
33,873
7
Secured debts
The following secured debts are included within creditors:
2023
2022
£
£
Hire purchase contracts
2,293
4,013
Bank loans
39,580
39,580
41,873
43,593
Hire purchase contracts are secured against the assets to which they relate.
Bank loans are secured by way of a government-backed guarantee.
8
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary of £1 each
100
100
100
100
9
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts repaid
Closing balance
£
£
£
Loan account
-
1,353
(1,353)
-
1,353
(1,353)
-
10
Ultimate controlling party
There is no ultimate controlling party.