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No description of principal activity
2022-04-01
Sage Accounts Production Advanced 2023 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
04195570
2022-04-01
2023-03-31
04195570
2023-03-31
04195570
2022-03-31
04195570
2021-04-01
2022-03-31
04195570
2022-03-31
04195570
2021-03-31
04195570
core:PlantMachinery
2022-04-01
2023-03-31
04195570
core:MotorVehicles
2022-04-01
2023-03-31
04195570
bus:Director1
2022-04-01
2023-03-31
04195570
core:WithinOneYear
2023-03-31
04195570
core:WithinOneYear
2022-03-31
04195570
core:PlantMachinery
2022-03-31
04195570
core:MotorVehicles
2022-03-31
04195570
core:PlantMachinery
2023-03-31
04195570
core:MotorVehicles
2023-03-31
04195570
core:ShareCapital
2023-03-31
04195570
core:ShareCapital
2022-03-31
04195570
core:RetainedEarningsAccumulatedLosses
2023-03-31
04195570
core:RetainedEarningsAccumulatedLosses
2022-03-31
04195570
core:CostValuation
core:Non-currentFinancialInstruments
2022-03-31
04195570
core:Non-currentFinancialInstruments
core:RevaluationsIncreaseDecreaseInInvestments
2023-03-31
04195570
core:CostValuation
core:Non-currentFinancialInstruments
2023-03-31
04195570
core:Non-currentFinancialInstruments
core:ProvisionsForImpairmentInvestments
2023-03-31
04195570
core:Non-currentFinancialInstruments
2023-03-31
04195570
core:Non-currentFinancialInstruments
2022-03-31
04195570
core:PlantMachinery
2022-03-31
04195570
core:MotorVehicles
2022-03-31
04195570
bus:SmallEntities
2022-04-01
2023-03-31
04195570
bus:AuditExemptWithAccountantsReport
2022-04-01
2023-03-31
04195570
bus:SmallCompaniesRegimeForAccounts
2022-04-01
2023-03-31
04195570
bus:PrivateLimitedCompanyLtd
2022-04-01
2023-03-31
04195570
bus:FullAccounts
2022-04-01
2023-03-31
04195570
1
2023-03-31
04195570
1
2022-03-31
04195570
core:ToolsEquipment
2022-04-01
2023-03-31
04195570
core:ToolsEquipment
2022-03-31
04195570
core:ToolsEquipment
2023-03-31
COMPANY REGISTRATION NUMBER:
04195570
Scaffold & Construction Products Limited |
|
Filleted Unaudited Financial Statements |
|
Scaffold & Construction Products Limited |
|
Year ended 31 March 2023
Statement of financial position |
1 to 2 |
|
|
Notes to the financial statements |
3 to 8 |
|
|
Scaffold & Construction Products Limited |
|
Statement of Financial Position |
|
31 March 2023
Fixed assets
Tangible assets |
5 |
32,673 |
47,218 |
Investments |
6 |
118,448 |
116,888 |
|
--------- |
--------- |
|
151,121 |
164,106 |
|
|
|
|
Current assets
Stocks |
1,917,759 |
2,568,665 |
Debtors |
7 |
2,754,426 |
2,994,199 |
Cash at bank and in hand |
249,937 |
136,877 |
|
------------ |
------------ |
|
4,922,122 |
5,699,741 |
|
|
|
|
Creditors: amounts falling due within one year |
8 |
1,711,167 |
2,715,400 |
|
------------ |
------------ |
Net current assets |
3,210,955 |
2,984,341 |
|
------------ |
------------ |
Total assets less current liabilities |
3,362,076 |
3,148,447 |
|
|
|
|
Provisions
Taxation including deferred tax |
6,421 |
841 |
|
------------ |
------------ |
Net assets |
3,355,655 |
3,147,606 |
|
------------ |
------------ |
|
|
|
Capital and reserves
Called up share capital |
100 |
100 |
Profit and loss account |
3,355,555 |
3,147,506 |
|
------------ |
------------ |
Shareholders funds |
3,355,655 |
3,147,606 |
|
------------ |
------------ |
|
|
|
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 income and retained earnings has not been delivered.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Scaffold & Construction Products Limited |
|
Statement of Financial Position (continued) |
|
31 March 2023
These financial statements were approved by the
board of directors
and authorised for issue on
29 March 2024
, and are signed on behalf of the board by:
Company registration number:
04195570
Scaffold & Construction Products Limited |
|
Notes to the Financial Statements |
|
Year ended 31 March 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 Swarn House, Meadow Lane, Coseley, Bilston, West Midlands, WV14 9NQ.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Revenue recognition
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, 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.
Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date
.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
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 |
- |
20% straight line |
|
Motor vehicles |
- |
25% straight line |
|
Equipment |
- |
20% straight line |
|
|
|
|
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
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. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
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
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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 as a finance cost 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
20
(2022:
22
).
5.
Tangible assets
|
Plant and machinery |
Motor vehicles |
Equipment |
Total |
|
£ |
£ |
£ |
£ |
Cost |
|
|
|
|
At 1 April 2022 |
98,857 |
75,930 |
57,140 |
231,927 |
Additions |
2,225 |
– |
5,145 |
7,370 |
Disposals |
– |
(
52,680) |
– |
(
52,680) |
|
--------- |
--------- |
--------- |
--------- |
At 31 March 2023 |
101,082 |
23,250 |
62,285 |
186,617 |
|
--------- |
--------- |
--------- |
--------- |
Depreciation |
|
|
|
|
At 1 April 2022 |
73,896 |
69,051 |
41,762 |
184,709 |
Charge for the year |
6,312 |
6,876 |
8,725 |
21,913 |
Disposals |
– |
(
52,678) |
– |
(
52,678) |
|
--------- |
--------- |
--------- |
--------- |
At 31 March 2023 |
80,208 |
23,249 |
50,487 |
153,944 |
|
--------- |
--------- |
--------- |
--------- |
Carrying amount |
|
|
|
|
At 31 March 2023 |
20,874 |
1 |
11,798 |
32,673 |
|
--------- |
--------- |
--------- |
--------- |
At 31 March 2022 |
24,961 |
6,879 |
15,378 |
47,218 |
|
--------- |
--------- |
--------- |
--------- |
|
|
|
|
|
6.
Investments
|
Shares in group undertakings |
Other investments other than loans |
Total |
|
£ |
£ |
£ |
Cost or Valuation |
|
|
|
At 1 April 2022 |
1 |
189,192 |
189,193 |
Revaluations |
– |
1,560 |
1,560 |
|
--------- |
--------- |
--------- |
At 31 March 2023 |
1 |
190,752 |
190,753 |
|
--------- |
--------- |
--------- |
Impairment |
|
|
|
At 1 April 2022 and 31 March 2023 |
– |
72,305 |
72,305 |
|
--------- |
--------- |
--------- |
|
|
|
|
Carrying amount |
|
|
|
At 31 March 2023 |
1 |
118,447 |
118,448 |
|
--------- |
--------- |
--------- |
At 31 March 2022 |
1 |
116,887 |
116,888 |
|
--------- |
--------- |
--------- |
|
|
|
|
The investments made by the company include the following:
239,930 shares in Lloyds TSB - the market value at 31 March 2023 was £114,447 (2022: £112,887).
Personal number plate (RUB1P) - the market value at 31 March 2023 was £4,000 (2022: £4,000).
7.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
946,258 |
1,332,774 |
Prepayments and accrued income |
28,152 |
190,183 |
Amounts due from related companies |
273,530 |
422,504 |
Amounts due from factor |
573,556 |
– |
Other debtors |
932,930 |
1,048,738 |
|
------------ |
------------ |
|
2,754,426 |
2,994,199 |
|
------------ |
------------ |
|
|
|
8.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Trade creditors |
234,186 |
640,851 |
Accruals and deferred income |
192,118 |
453,019 |
Corporation tax |
69,734 |
102,641 |
Social security and other taxes |
280,196 |
114,327 |
Obligations under finance leases and hire purchase contracts |
– |
14,787 |
Director loan accounts |
221,053 |
17,442 |
Amounts owed to related companies |
108,171 |
513,483 |
Amounts owed to factors |
– |
745,559 |
Other creditors |
605,709 |
113,291 |
|
------------ |
------------ |
|
1,711,167 |
2,715,400 |
|
------------ |
------------ |
|
|
|
The amounts due in respect of invoice factoring are secured against the company's trade debtors.
9.
Director's advances, credits and guarantees
During the year, the director received dividends of £50,000 (2022 - £Nil) from the company. There were amounts owed to the director at the year end of £221,053 (2022: £17,442).
10.
Related party transactions
The company was under the control of the director throughout the current and previous year. No further related party transactions are required to be disclosed under FRS 102 for small groups.