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REGISTERED NUMBER: 03520516 (England and Wales)















SOUTH LINCOLNSHIRE SCAFFOLDING LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






SOUTH LINCOLNSHIRE SCAFFOLDING LIMITED (REGISTERED NUMBER: 03520516)






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




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3 to 7


SOUTH LINCOLNSHIRE SCAFFOLDING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: P I Churchill
T J Cook





REGISTERED OFFICE: Tenens Way
Riverside Industrial Estate
Boston
Lincolnshire
PE21 7PA





REGISTERED NUMBER: 03520516 (England and Wales)





ACCOUNTANTS: Duncan & Toplis Limited
Oxley House
Lincoln Way
Louth
Lincolnshire
LN11 0LS

SOUTH LINCOLNSHIRE SCAFFOLDING LIMITED (REGISTERED NUMBER: 03520516)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 483,288 470,183

CURRENT ASSETS
Stocks 2,989 1,313
Debtors 5 130,643 130,455
Cash at bank and in hand 621,454 623,335
755,086 755,103
CREDITORS
Amounts falling due within one year 6 82,926 113,856
NET CURRENT ASSETS 672,160 641,247
TOTAL ASSETS LESS CURRENT LIABILITIES 1,155,448 1,111,430

PROVISIONS FOR LIABILITIES 35,993 24,865
NET ASSETS 1,119,455 1,086,565

CAPITAL AND RESERVES
Called up share capital 8 100 100
Retained earnings 1,119,355 1,086,465
SHAREHOLDERS' FUNDS 1,119,455 1,086,565

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 directors acknowledge their 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.

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 Income and Retained Earnings has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 3 July 2024 and were signed on its behalf by:





P I Churchill - Director


SOUTH LINCOLNSHIRE SCAFFOLDING LIMITED (REGISTERED NUMBER: 03520516)

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

1. STATUTORY INFORMATION

South Lincolnshire Scaffolding Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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 as modified by the revaluation of certain assets.

Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.
Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:
Freehold property - 2% on cost
Improvements to property - not provided
Plant and equipment - 25% on reducing balance and at varying rates on cost
Office equipment - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Freehold buildings are depreciated to write down the cost less estimated residual value over the remaining useful life by equal annual instalments. Where buildings are maintained to such a standard that their residual value is not less than their cost or valuation, no depreciation is charged as it is not material.

The revaluation reserve, created as a result of the revaluation of the company's plant and equipment, is amortised in line with the depreciation policy on the assets to which it relates.

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Amounts to be billed to clients
Services provided to clients during the year, which at the balance sheet date have not been billed to clients, have been recognised as turnover in accordance with Financial Reporting Standard 5 'Reporting the substance of transactions : Application Note G Revenue Recognition'. Turnover recognised in this manner is based on an assessment of the fair value of the services provided at the balance sheet date as a proportion of the total value of the engagement. Provision is made against unbilled amounts on those engagements where the right to receive payment is contingent on factors outside the control of the company. Unbilled revenue is included in debtors.

SOUTH LINCOLNSHIRE SCAFFOLDING LIMITED (REGISTERED NUMBER: 03520516)

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

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has chosen to adopt the FRS102 1A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Grants and furlough claim money
Grants are recognised as income in the period in which they become receivable.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2023 - 14 ) .

SOUTH LINCOLNSHIRE SCAFFOLDING LIMITED (REGISTERED NUMBER: 03520516)

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

4. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
property property equipment
£    £    £   
COST OR VALUATION
At 1 April 2023 232,723 106,593 511,678
Additions - - 46,111
Disposals - - (57,255 )
At 31 March 2024 232,723 106,593 500,534
DEPRECIATION
At 1 April 2023 - - 454,074
Charge for year - - 15,359
Eliminated on disposal - - (38,377 )
At 31 March 2024 - - 431,056
NET BOOK VALUE
At 31 March 2024 232,723 106,593 69,478
At 31 March 2023 232,723 106,593 57,604

Office Motor
equipment vehicles Totals
£    £    £   
COST OR VALUATION
At 1 April 2023 12,552 124,912 988,458
Additions 541 12,750 59,402
Disposals - (7,990 ) (65,245 )
At 31 March 2024 13,093 129,672 982,615
DEPRECIATION
At 1 April 2023 5,960 58,241 518,275
Charge for year 1,009 8,944 25,312
Eliminated on disposal - (5,883 ) (44,260 )
At 31 March 2024 6,969 61,302 499,327
NET BOOK VALUE
At 31 March 2024 6,124 68,370 483,288
At 31 March 2023 6,592 66,671 470,183

Cost or valuation at 31 March 2024 is represented by:

Improvements
Freehold to Plant and
property property equipment
£    £    £   
Valuation in 2008 - - (76,757 )
Cost 232,723 106,593 577,291
232,723 106,593 500,534

SOUTH LINCOLNSHIRE SCAFFOLDING LIMITED (REGISTERED NUMBER: 03520516)

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

4. TANGIBLE FIXED ASSETS - continued

Office Motor
equipment vehicles Totals
£    £    £   
Valuation in 2008 - - (76,757 )
Cost 13,093 129,672 1,059,372
13,093 129,672 982,615

On 31 March 2008 the company revalued its plant and equipment based on the active second hand market value applied by an unconnected third party.There has been no material change since this date.

There was no effect on the company's taxation as a result of the transfer to the revaluation reserve.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 126,889 118,793
Other debtors 3,754 11,662
130,643 130,455

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 2,680 5,162
Taxation and social security 49,851 85,722
Other creditors 30,395 22,972
82,926 113,856

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Between one and five years 2,433 2,035

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

SOUTH LINCOLNSHIRE SCAFFOLDING LIMITED (REGISTERED NUMBER: 03520516)

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

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
P I Churchill
Balance outstanding at start of year 8,892 2,411
Amounts advanced 1,753 8,086
Amounts repaid (10,545 ) (1,605 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 100 8,892

T J Cook
Balance outstanding at start of year (13,326 ) (14,458 )
Amounts advanced 9,201 1,132
Amounts repaid (4,455 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (8,580 ) (13,326 )

The directors' loan accounts are unsecured and repayable on demand. No interest has been charged.

10. RELATED PARTY DISCLOSURES

The directors Mr P Churchill and Mr T Cook have provided a joint personal guarantee of £50,000.