1 November 2022 v2024.35.1 limited_company_frs_102_section_1a_v1_1_1 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBPSC6522422022-11-012023-10-31SC6522422023-10-31SC6522422022-10-31SC652242core:WithinOneYear2023-10-31SC652242core:WithinOneYear2022-10-31SC652242core:AfterOneYear2023-10-31SC652242core:AfterOneYear2022-10-31SC652242core:ShareCapital2023-10-31SC652242core:ShareCapital2022-10-31SC652242core:RetainedEarningsAccumulatedLosses2023-10-31SC652242core:RetainedEarningsAccumulatedLosses2022-10-31SC652242bus:Director12022-11-012023-10-31SC652242bus:RegisteredOffice2022-11-012023-10-31SC652242core:MotorVehicles2022-11-012023-10-31SC652242core:PlantMachinery2022-11-012023-10-31SC652242core:OfficeEquipment2022-11-012023-10-31SC6522422021-11-012022-10-31SC652242core:PlantMachinery2022-11-01SC652242core:PlantMachinery2023-10-31SC652242core:PlantMachinery2022-10-31SC65224212022-11-012023-10-31SC652242countries:Scotland2022-11-012023-10-31SC652242bus:AuditExemptWithAccountantsReport2022-11-012023-10-31SC652242bus:PrivateLimitedCompanyLtd2022-11-012023-10-31SC652242bus:SmallEntities2022-11-012023-10-31SC652242bus:FullAccounts2022-11-012023-10-31
Company registration number:
SC652242
Nextgen Scaffolding Ltd
Unaudited Filleted Financial Statements for the year ended
31 October 2023
Nextgen Scaffolding Ltd
Report to the board of directors on the preparation of the unaudited statutory financial statements of Nextgen Scaffolding Ltd
Year ended
31 October 2023
As described on the statement of financial position, the Board of Directors of
Nextgen Scaffolding Ltd
are responsible for the preparation of the
financial statements
for the year ended
31 October 2023
, which comprise the income statement, statement of income and retained earnings, statement of financial position and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006.
In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Horizon Chartered Accountants
20-23 Woodside Place
Glasgow
G3 7QL
United Kingdom
Date:
30 July 2024
Nextgen Scaffolding Ltd
Statement of Financial Position
31 October 2023
20232022
Note££
Fixed assets    
Tangible assets 5
57,659
 
49,152
 
Current assets    
Debtors 6
64,060
 
31,609
 
Cash at bank and in hand
3,185
 
2,343
 
67,245
 
33,952
 
Creditors: amounts falling due within one year 7
(68,357
)
(27,827
)
Net current (liabilities)/assets
(1,112
)
6,125
 
Total assets less current liabilities 56,547   55,277  
Creditors: amounts falling due after more than one year 8
(63,225
)
(53,774
)
Net (liabilities)/assets
(6,678
)
1,503
 
Capital and reserves    
Called up share capital
13
 
13
 
Profit and loss account
(6,691
)
1,490
 
Shareholders (deficit)/funds
(6,678
)
1,503
 
For the year ending
31 October 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.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
30 July 2024
, and are signed on behalf of the board by:
J Sutherland
Director
Company registration number:
SC652242
Nextgen Scaffolding Ltd
Notes to the Financial Statements
Year ended
31 October 2023

1 General information

The company is a private company limited by shares and is registered in Scotland. The address of the registered office is
C/O Horizon CA
,
20-23 Woodside Place
,
Glasgow
,
G3 7QL
, Scotland.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and 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 assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; 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.

Current tax

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.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount 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 capital and reserves. However, the increase is recognised in profit or loss to the extent that 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 capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Motor vehicles
25% reducing balance
Plant and machinery
25% reducing balance
Office equipment
25% reducing balance

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.

Finance leases and hire purchase contracts

Assets held under finance leases 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.

4 Average number of employees

The average number of persons employed by the company during the year was
4
(2022:
2.00
).

5 Tangible assets

Plant and machinery etc.
£
Cost  
At
1 November 2022
92,777
 
Additions
27,725
 
At
31 October 2023
120,502
 
Depreciation  
At
1 November 2022
43,625
 
Charge
19,218
 
At
31 October 2023
62,843
 
Carrying amount  
At
31 October 2023
57,659
 
At 31 October 2022
49,152
 

6 Debtors

20232022
££
Trade debtors
17,070
 
11,609
 
Other debtors
46,990
 
20,000
 
64,060
 
31,609
 

7 Creditors: amounts falling due within one year

20232022
££
Bank loans and overdrafts
5,448
 
2,466
 
Trade creditors
8,876
  -  
Taxation and social security
28,106
 
14,009
 
Other creditors
25,927
 
11,352
 
68,357
 
27,827
 

8 Creditors: amounts falling due after more than one year

20232022
££
Bank loans and overdrafts
12,292
 
14,079
 
Other creditors
50,933
 
39,695
 
63,225
 
53,774