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Company registration number: 06643048
Focus Rigging & Scaffolding Limited
Unaudited filleted financial statements
31 July 2023
Focus Rigging & Scaffolding Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Focus Rigging & Scaffolding Limited
Directors and other information
Directors A McMahon
P D McMahon
G McMahon
Company number 06643048
Registered office Nuffield Farm
Flaunden Lane
Bovingdon
Herts
HP3 0PA
Business address Nuffield Farm
Flaunden Lane
Bovingdon
Herts
HP3 0PA
Accountants Pink Affinity Limited
Focus Rigging & Scaffolding Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Focus Rigging & Scaffolding Limited
Year ended 31 July 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 Focus Rigging & Scaffolding Limited for the year ended 31 July 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 Focus Rigging & 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 Focus Rigging & Scaffolding Limited and state those matters that we have agreed to state to the board of directors of Focus Rigging & 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 Focus Rigging & Scaffolding Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Focus Rigging & 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 profit of Focus Rigging & Scaffolding Limited. You consider that Focus Rigging & 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 Focus Rigging & 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.
Pink Affinity Limited
11 April 2024
Focus Rigging & Scaffolding Limited
Statement of financial position
31 July 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 943,889 661,792
_______ _______
943,889 661,792
Current assets
Debtors 6 892,554 1,332,722
Cash at bank and in hand 1,247,521 574,619
_______ _______
2,140,075 1,907,341
Creditors: amounts falling due
within one year 7 ( 478,194) ( 642,857)
_______ _______
Net current assets 1,661,881 1,264,484
_______ _______
Total assets less current liabilities 2,605,770 1,926,276
Provisions for liabilities ( 93,760) ( 23,122)
_______ _______
Net assets 2,512,010 1,903,154
_______ _______
Capital and reserves
Called up share capital 106 106
Profit and loss account 2,511,904 1,903,048
_______ _______
Shareholders funds 2,512,010 1,903,154
_______ _______
For the year ending 31 July 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 11 April 2024 , and are signed on behalf of the board by:
P D McMahon
Director
Company registration number: 06643048
Focus Rigging & Scaffolding Limited
Notes to the financial statements
Year ended 31 July 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Nuffield Farm, Flaunden Lane, Bovingdon, Herts, HP3 0PA.
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, and 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 and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
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.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
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 - 15 % straight line
Fittings fixtures and equipment - 15 % straight line
Motor vehicles - 25 % straight line
Office Equipment - 25 % straight line
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.
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
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.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 11 (2022: 10 ).
5. Tangible assets
Long leasehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 August 2022 400,000 580,062 24,620 833,330 1,838,012
Additions - 211,554 - 358,149 569,703
Disposals - - - ( 71,864) ( 71,864)
_______ _______ _______ _______ _______
At 31 July 2023 400,000 791,616 24,620 1,119,615 2,335,851
_______ _______ _______ _______ _______
Depreciation
At 1 August 2022 90,606 428,469 20,989 636,156 1,176,220
Charge for the year 27,377 91,980 2,138 165,190 286,685
Disposals - - - ( 70,943) ( 70,943)
_______ _______ _______ _______ _______
At 31 July 2023 117,983 520,449 23,127 730,403 1,391,962
_______ _______ _______ _______ _______
Carrying amount
At 31 July 2023 282,017 271,167 1,493 389,212 943,889
_______ _______ _______ _______ _______
At 31 July 2022 309,394 151,593 3,631 197,174 661,792
_______ _______ _______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors 880,472 1,298,626
Other debtors 12,082 34,096
_______ _______
892,554 1,332,722
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 87,139 213,393
Corporation tax 182,225 179,843
Social security and other taxes 203,384 234,830
Other creditors 5,446 14,791
_______ _______
478,194 642,857
_______ _______
8. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
A McMahon ( 142) 46,113 ( 46,000) ( 29)
P D McMahon ( 142) 46,113 ( 46,000) ( 29)
G McMahon ( 129) 130,585 ( 131,000) ( 544)
_______ _______ _______ _______
( 413) 222,811 ( 223,000) ( 602)
_______ _______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
A McMahon ( 3,829) 47,687 ( 44,000) ( 142)
P D McMahon ( 3,829) 47,687 ( 44,000) ( 142)
G McMahon ( 1,129) 105,000 ( 104,000) ( 129)
_______ _______ _______ _______
( 8,787) 200,374 ( 192,000) ( 413)
_______ _______ _______ _______