Company registration number 07802691 (England and Wales)
UK SYSTEM SCAFFOLD HIRE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
UK SYSTEM SCAFFOLD HIRE LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,009,966
1,282,882
Current assets
Stocks
-
14,812
Debtors
4
736,422
1,472,194
Cash at bank and in hand
384,650
785,288
1,121,072
2,272,294
Creditors: amounts falling due within one year
5
(570,775)
(818,974)
Net current assets
550,297
1,453,320
Total assets less current liabilities
1,560,263
2,736,202
Creditors: amounts falling due after more than one year
6
(204,892)
(375,921)
Provisions for liabilities
(184,897)
(290,406)
Net assets
1,170,474
2,069,875
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
1,170,473
2,069,874
Total equity
1,170,474
2,069,875
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
UK SYSTEM SCAFFOLD HIRE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 6 August 2024 and are signed on its behalf by:
Mr P F Oldridge
Director
Company Registration No. 07802691
UK SYSTEM SCAFFOLD HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
UK System Scaffold Hire Limited is a private company limited by shares incorporated in England and Wales. The registered office is Meadow House Way, Buttermilk Lane, Bolsover, Chesterfield, Derbyshire, United Kingdom, S44 6AE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer. Revenue from the hire of scaffolding is recognised over the period of hire.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
20% straight line
Scaffold
10% straight line
Fixtures, fittings & equipment
25% straight line
Motor vehicles
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price.
UK SYSTEM SCAFFOLD HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.
1.7
Financial instruments
The company only has financial instruments that are classified as basic financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price and are subsequently carried at amortised cost less impairment.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from related companies, are initially recognised at transaction price and subsequently measured at amortised cost.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
UK SYSTEM SCAFFOLD HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the Balance Sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax, or a right to pay less or to receive more tax, with the exception that deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax is measured on an undiscounted basis at the rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantially enacted at the Balance Sheet date.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases are charged to income on a straight line basis over the term of the relevant lease.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
19
18
UK SYSTEM SCAFFOLD HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
3
Tangible fixed assets
Leasehold improvements
Scaffold
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023
158,972
1,418,723
62,425
83,809
1,723,929
Additions
30,550
290,899
235,335
556,784
Disposals
(731,704)
(70,000)
(801,704)
At 31 December 2023
189,522
977,918
62,425
249,144
1,479,009
Depreciation and impairment
At 1 January 2023
58,171
298,740
45,407
38,729
441,047
Depreciation charged in the year
35,359
80,030
7,607
51,501
174,497
Eliminated in respect of disposals
(111,774)
(34,727)
(146,501)
At 31 December 2023
93,530
266,996
53,014
55,503
469,043
Carrying amount
At 31 December 2023
95,992
710,922
9,411
193,641
1,009,966
At 31 December 2022
100,801
1,119,983
17,018
45,080
1,282,882
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
635,960
702,835
Amounts owed by group undertakings
683,557
Other debtors
100,462
85,802
736,422
1,472,194
5
Creditors: amounts falling due within one year
2023
2022
£
£
Obligations under finance leases
171,029
177,224
Trade creditors
106,721
250,716
Corporation tax
48,240
218,350
Other taxation and social security
126,777
118,033
Other creditors
22,104
18,466
Accruals and deferred income
95,904
36,185
570,775
818,974
Creditors include net obligations under finance lease and hire purchase contracts which are secured of £171,029 (2022: £177,224).
UK SYSTEM SCAFFOLD HIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
6
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Obligations under finance leases
204,892
375,921
Creditors include net obligations under finance lease and hire purchase contracts which are secured of £204,892 (2022: £375,921).
7
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary share of £1
1
1
8
Control
The company is controlled by Mr P F Oldridge, who owns 100% of the issued ordinary share capital of UK System Scaffold Hire Holdings Limited, the company's parent company. The registered office of the parent is: Unit 6, Waterswallows Industrial Park, Waterswallows Road, Buxton, Derbyshire, SK17 7JB, United Kingdom.