Company Registration No. 11625140 (England and Wales)
Royston Scaffolding Limited
Unaudited accounts
for the year ended 31 December 2023
Royston Scaffolding Limited
Unaudited accounts
Contents
Royston Scaffolding Limited
Statement of financial position
as at 31 December 2023
Tangible assets
346,539
223,622
Cash at bank and in hand
190,020
163,320
Creditors: amounts falling due within one year
(135,956)
(123,704)
Net current assets
181,438
149,300
Total assets less current liabilities
527,977
372,922
Creditors: amounts falling due after more than one year
(84,918)
(117,681)
Provisions for liabilities
Deferred tax
(86,635)
(55,906)
Net assets
356,424
199,335
Called up share capital
1
1
Profit and loss account
356,423
199,334
Shareholders' funds
356,424
199,335
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 27 March 2024 and were signed on its behalf by
E McGrath
Director
Company Registration No. 11625140
Royston Scaffolding Limited
Notes to the Accounts
for the year ended 31 December 2023
Royston Scaffolding Limited is a private company, limited by shares, registered in England and Wales, registration number 11625140. The registered office is 3 The Lanterns, 16 Melbourn Street, Royston, Herts, SG8 7BX.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities and the Companies Act 2006. There were no material departures from that standard.
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the financial statements.
These financial statements for the year ended
31 December 2023 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 January 2022.
The transition to FRS 102 Section 1A Small Entities has resulted in a small number of changes in accounting policies to those used previously.
The nature of these changes and their impact on opening equity and profit for the comparative period are explained in note
9 below.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Revenue is measured at the fair value of the consideration received or receivable. Revenue is reduced for estimated customer returns, rebates and other similar allowances.
Revenue from the sale of goods is recognised when all the following conditions are satisfied:
•the company has transferred to the buyer the significant risks and rewards of ownership of the goods;
•the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
•the amount of revenue can be measured reliably;
•it is probable that the economic benefits associated with the transaction will flow to the company; and
•the costs incurred or to be incurred in respect of the transition can be measured reliably.
Specifically, revenue from the sale of goods is recognised when the goods are delivered and legal title has passed.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% Reducing Balance
Motor vehicles
25% Reducing Balance
Fixtures & fittings
25% Straight Line
Royston Scaffolding Limited
Notes to the Accounts
for the year ended 31 December 2023
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account on a straight-line basis, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
Taxation represents the sum of tax currently payable and deferred tax. Deferred tax provision has been implemented following the transition to FRS 102 Section 1A when a provision was not previously required.
The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At 1 January 2023
215,354
117,890
1,364
334,608
Additions
114,569
60,250
5,649
180,468
At 31 December 2023
329,923
178,140
7,013
515,076
At 1 January 2023
92,551
17,500
935
110,986
Charge for the year
30,701
25,097
1,753
57,551
At 31 December 2023
123,252
42,597
2,688
168,537
At 31 December 2023
206,671
135,543
4,325
346,539
At 31 December 2022
122,803
100,390
429
223,622
Royston Scaffolding Limited
Notes to the Accounts
for the year ended 31 December 2023
Amounts falling due within one year
Trade debtors
42,418
29,708
Other debtors
59,786
70,984
6
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
10,000
10,000
Obligations under finance leases and hire purchase contracts
23,307
33,585
Trade creditors
33,824
32,068
Taxes and social security
58,005
43,670
Other creditors
4,525
3,018
Loans from directors
-
1,363
The bank loans and overdrafts are secured by a fixed and floating charge over the company's assets. The finance leases are secured on the assets concerned.
7
Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
69,779
92,542
The bank loan is secured by a fixed and floating charge over the company's assets. The finance leases are secured on the assets concerned.
8
Average number of employees
During the year the average number of employees was 3 (2022: 3).
Royston Scaffolding Limited
Notes to the Accounts
for the year ended 31 December 2023
9
Reconciliations on adoption of FRS 102
Reconciliation of equity
1 January 2022
31 December 2022
Capital and reserves (as previously stated)
199,335
255,241
Deferred Taxation
-
(55,906)
Capital and reserves (as restated)
199,335
199,335
Reconciliation of profit or loss for the year
31 December 2022
Profit for the year (as previously stated)
240,346
Profit for the year (as restated)
184,440