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Registered number: 07075946
Essential Scaffolding Group (London) Limited
Unaudited Financial Statements
For The Year Ended 30 November 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 07075946
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 217,612 259,737
217,612 259,737
CURRENT ASSETS
Debtors 5 926,686 1,002,146
Cash at bank and in hand 650,373 711,227
1,577,059 1,713,373
Creditors: Amounts Falling Due Within One Year 6 (222,363 ) (181,940 )
NET CURRENT ASSETS (LIABILITIES) 1,354,696 1,531,433
TOTAL ASSETS LESS CURRENT LIABILITIES 1,572,308 1,791,170
Creditors: Amounts Falling Due After More Than One Year 7 (69,806 ) (310,912 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (35,065 ) (56,872 )
NET ASSETS 1,467,437 1,423,386
CAPITAL AND RESERVES
Called up share capital 9 2 2
Profit and Loss Account 1,467,435 1,423,384
SHAREHOLDERS' FUNDS 1,467,437 1,423,386
Page 1
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For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr G Conley
Director
22/08/2024
The notes on pages 3 to 7 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Essential Scaffolding Group (London) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07075946 .
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Significant judgements and estimations
The key assumption resulting in estimation uncertainty at the reporting date is the future Bank of England base rate. Bank loans are stated at amortised cost. The loan interest rate is a fixed rate of interest plus base rate. It has been assumed that the base rate will not vary significantly throughout the remainder of the loan term.  If there was a significant variation in the base rate, there could be a significant impact on the interest recognised using the effective interest method and the carrying value of the loan on an amortised cost basis. Estimates and judgements are continually evaluated and are based on historical experience, independent forecasts and other factors that are believed to be reasonable under the circumstances. 
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. 
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. New acquisitions are only capitalised if the cost exceeds £500; for plant & machinery, new acquisitions are only capitalised if the cost exceeds £1,500. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 25% straight line
Plant & Machinery 25% reducing balance (50% straight line for new additions from 2018)
Motor Vehicles 25% reducing balance (straight line for new additions)
Computer Equipment 25% reducing balance (straight line for new additions)
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2.5. Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts are capitalised as tangible fixed assets and are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6. Financial Instruments
Debt instruments, other than those wholly repayable within one year, are initially measured at transaction price including transaction costs, and subsequently at amortised cost using the effective interest rate method.
2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.8. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees during the year was: 7 (2022: 8)
7 8
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4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £ £
Cost
As at 1 December 2022 61,346 613,343 365,878 10,461 1,051,028
Additions - 36,290 86,912 - 123,202
Disposals - - (37,173 ) (5,762 ) (42,935 )
As at 30 November 2023 61,346 649,633 415,617 4,699 1,131,295
Depreciation
As at 1 December 2022 59,334 494,402 228,012 9,543 791,291
Provided during the period 2,012 115,213 42,899 230 160,354
Disposals - - (32,341 ) (5,621 ) (37,962 )
As at 30 November 2023 61,346 609,615 238,570 4,152 913,683
Net Book Value
As at 30 November 2023 - 40,018 177,047 547 217,612
As at 1 December 2022 2,012 118,941 137,866 918 259,737
5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 148,476 271,942
Other debtors 118,196 70,190
266,672 342,132
Due after more than one year
Amounts owed by group undertakings 660,014 660,014
926,686 1,002,146
At the balance sheet date, £660,014 was owed by Essential Holdings Limited, the parent company. This loan is interest free and repayable upon notice of 12 months and 1 day.
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6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 1,801 6,960
Trade creditors 49,554 25,832
Bank loans and overdrafts 36,016 21,542
Other creditors 35,244 14,528
Taxation and social security 99,748 113,078
222,363 181,940
7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts - 1,801
Bank loans 69,806 309,111
69,806 310,912
Of the creditors falling due after more than one year the following amounts are due after more than five years.
2023 2022
£ £
Bank loans - 214,031
8. Secured Creditors
Of the creditors the following amounts are secured.
The hire purchase creditor is secured on the underlying asset.
The bank loan is secured with a fixed and floating charge over all assets.
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 1,801 8,761
Bank loans and overdrafts 105,822 330,652
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 2 2
2023 2022
Allotted, called up and fully paid £ £
50 Ordinary Shares of £ 0.010 each 1 1
50 Ordinary A shares of £ 0.010 each 1 1
2 2
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Shares in issue are 50 ordinary £0.01 and 50 ordinary A £0.01 shares - these are rounded to the nearest £1 above. Both share types rank pari passu except that different rates of dividend can be paid.
10. Parent Undertaking and Controlling Party
The company's immediate and parent undertaking is Essential Holdings Limited . Essential Holdings Limited was incorporated in England & Wales. There is no ultimate controlling party as Essential Holdings Limited is controlled in combination.
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