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REGISTERED NUMBER: 09557572 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

MAGDON SCAFFOLDING (UK) LTD

MAGDON SCAFFOLDING (UK) LTD (REGISTERED NUMBER: 09557572)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Balance sheet 1

Notes to the financial statements 3


MAGDON SCAFFOLDING (UK) LTD (REGISTERED NUMBER: 09557572)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
Fixed assets
Intangible assets 4 - 21,551
Tangible assets 5 78,374 55,896
78,374 77,447

Current assets
Debtors 6 102,530 141,208
Cash at bank 64,567 18,252
167,097 159,460
Creditors
Amounts falling due within one year 7 132,668 132,301
Net current assets 34,429 27,159
Total assets less current liabilities 112,803 104,606

Creditors
Amounts falling due after more than one year 8 (54,821 ) (35,405 )

Provisions for liabilities 11 (13,024 ) (6,146 )
Net assets 44,958 63,055

Capital and reserves
Called up share capital 12 200 200
Retained earnings 44,758 62,855
Shareholders' funds 44,958 63,055

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

MAGDON SCAFFOLDING (UK) LTD (REGISTERED NUMBER: 09557572)

BALANCE SHEET - continued
31 MARCH 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of comprehensive income has not been delivered.

The financial statements were approved by the director and authorised for issue on 26 July 2024 and were signed by:





Mr A J Wilding - Director


MAGDON SCAFFOLDING (UK) LTD (REGISTERED NUMBER: 09557572)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. Statutory information

Magdon Scaffolding (UK) Ltd is a private company, limited by shares, registered in England and Wales. The company's registered number is 09557572. The registered office address is 7 & 8 Church Street, Wimborne, Dorset, BH21 1JH and the company's business address is Unit 352, Aviation Business Park, Bournemouth Airport, Christchurch, Dorset, BH23 6NW.

2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents amounts receivable, in respect of goods and services provided in the ordinary course of business. Turnover is recognised as soon as the goods and services have been provided to the customer.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2020, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

MAGDON SCAFFOLDING (UK) LTD (REGISTERED NUMBER: 09557572)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. Accounting policies - continued

Financial instruments
Basic financial instruments are initially recognised at transaction price and accounted for according to the substance of the contractual arrangement, as either financial assets, liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company, after deducting all liabilities.

At each balance sheet date, financial instruments are measured at amortised cost using the effective interest method. Any losses arising from impairment are recognised in the profit and loss account in the period to which they relate.

3. Employees and directors

The average number of employees during the year was 12 (2023 - 11 ) .

4. Intangible fixed assets
Goodwill
£   
Cost
At 1 April 2023
and 31 March 2024 107,755
Amortisation
At 1 April 2023 86,204
Charge for year 21,551
At 31 March 2024 107,755
Net book value
At 31 March 2024 -
At 31 March 2023 21,551

5. Tangible fixed assets
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
Cost
At 1 April 2023 49,877 62,540 2,738 115,155
Additions 1,067 50,958 - 52,025
Disposals - (10,495 ) (1,105 ) (11,600 )
At 31 March 2024 50,944 103,003 1,633 155,580
Depreciation
At 1 April 2023 29,447 28,507 1,305 59,259
Charge for year 4,300 20,123 271 24,694
Eliminated on disposal - (5,992 ) (755 ) (6,747 )
At 31 March 2024 33,747 42,638 821 77,206
Net book value
At 31 March 2024 17,197 60,365 812 78,374
At 31 March 2023 20,430 34,033 1,433 55,896

MAGDON SCAFFOLDING (UK) LTD (REGISTERED NUMBER: 09557572)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


5. Tangible fixed assets - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
Cost
Additions 42,058
At 31 March 2024 42,058
Depreciation
Charge for year 10,515
At 31 March 2024 10,515
Net book value
At 31 March 2024 31,543

6. Debtors: amounts falling due within one year
2024 2023
£    £   
Trade debtors 90,709 120,501
Other debtors 5,100 5,100
VAT 3,217 9,779
Prepayments and accrued income 3,504 5,828
102,530 141,208

7. Creditors: amounts falling due within one year
2024 2023
£    £   
Bank loans and overdrafts 5,401 5,280
Other loans 25,000 -
Hire purchase contracts (see note 9) 9,839 -
Trade creditors 7,282 12,073
Tax 17,907 24,896
Social security and other taxes 28,076 9,785
Directors' current accounts 34,815 75,936
Accruals 4,348 4,331
132,668 132,301

8. Creditors: amounts falling due after more than one year
2024 2023
£    £   
Bank loans - 1-2 years 5,524 5,401
Bank loans - 2-5 years 17,343 16,955
Bank loans more 5 yr by instal 7,161 13,049
Hire purchase contracts (see note 9) 24,793 -
54,821 35,405

MAGDON SCAFFOLDING (UK) LTD (REGISTERED NUMBER: 09557572)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


8. Creditors: amounts falling due after more than one year - continued
2024 2023
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 7,161 13,049

9. Leasing agreements

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 9,839 -
Between one and five years 24,793 -
34,632 -

Non-cancellable operating leases
2024 2023
£    £   
Within one year 21,000 21,000
Between one and five years 15,750 36,750
36,750 57,750

10. Secured debts

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 34,632 -

Amounts owed under hire purchase are secured against the asset to which they relate.

11. Provisions for liabilities
2024 2023
£    £   
Deferred tax 13,024 6,146

Deferred
tax
£   
Balance at 1 April 2023 6,146
Charge to Income statement during year 6,878
Balance at 31 March 2024 13,024

MAGDON SCAFFOLDING (UK) LTD (REGISTERED NUMBER: 09557572)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


12. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary A £1.00 100 100
100 Ordinary B £1.00 100 100
200 200

13. Ultimate controlling party

The company is controlled by the director, Mr A Wilding, and his wife Mrs L Wilding, by virtue of their combined 100% ownership of the issued share capital.