Company registration number 08008611 (England and Wales)
H & H SCAFFOLDING (SW) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
H & H SCAFFOLDING (SW) LIMITED
CONTENTS
Page
Balance sheet
2
Notes to the financial statements
3 - 6
H & H SCAFFOLDING (SW) LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF H & H SCAFFOLDING (SW) LIMITED FOR THE YEAR ENDED 31 MARCH 2024
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of H & H Scaffolding (SW) Limited for the year ended 31 March 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of H & H Scaffolding (SW) Limited, as a body, in accordance with the terms of our engagement letter dated 7 February 2023. Our work has been undertaken solely to prepare for your approval the financial statements of H & H Scaffolding (SW) Limited and state those matters that we have agreed to state to the board of directors of H & H Scaffolding (SW) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than H & H Scaffolding (SW) Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that H & H Scaffolding (SW) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of H & H Scaffolding (SW) Limited. You consider that H & H Scaffolding (SW) Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of H & H Scaffolding (SW) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Phillips Frith LLP
29 August 2024
Chartered Accountants
9 Tregarne Terrace
St Austell
Cornwall
PL25 4DD
H & H SCAFFOLDING (SW) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,571,157
1,398,356
Current assets
Stocks
2,000
30,000
Debtors
4
244,062
280,374
Cash at bank and in hand
205,257
164,006
451,319
474,380
Creditors: amounts falling due within one year
5
(559,782)
(561,870)
Net current liabilities
(108,463)
(87,490)
Total assets less current liabilities
1,462,694
1,310,866
Creditors: amounts falling due after more than one year
6
(336,886)
(377,282)
Provisions for liabilities
(372,560)
(283,250)
Net assets
753,248
650,334
Capital and reserves
Called up share capital
103
100
Profit and loss reserves
753,145
650,234
Total equity
753,248
650,334
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 March 2024 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.
The financial statements were approved by the board of directors and authorised for issue on 28 August 2024 and are signed on its behalf by:
Mr M Hancock
Director
Company Registration No. 08008611
H & H SCAFFOLDING (SW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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1
Accounting policies
Company information
H & H Scaffolding (SW) Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Bungalow, Inches, Withiel, Bodmin, Cornwall, PL30 5LR.
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. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for scaffolding services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts.
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:
Freehold land and buildings
5% per annum on the straight line method
Plant and equipment
5%, 10%, 12.5%, 25% & 33.33% per annum on the straight line method, and 15% per annum on the reducing balance method
Motor vehicles
25% per annum on the reducing balance method
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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs.
1.6
Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.
H & H SCAFFOLDING (SW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
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1.7
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.8
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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
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, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
26
24
H & H SCAFFOLDING (SW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
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3
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023
68,615
1,406,622
297,598
1,772,835
Additions
8,730
159,335
157,236
325,301
Disposals
(4,500)
(24,900)
(29,400)
At 31 March 2024
77,345
1,561,457
429,934
2,068,736
Depreciation and impairment
At 1 April 2023
10,293
304,297
59,889
374,479
Depreciation charged in the year
3,431
118,320
22,262
144,013
Eliminated in respect of disposals
(444)
(20,469)
(20,913)
At 31 March 2024
13,724
422,173
61,682
497,579
Carrying amount
At 31 March 2024
63,621
1,139,284
368,252
1,571,157
At 31 March 2023
58,322
1,102,325
237,709
1,398,356
Motor vehicles with a carrying value of £ 343,225 (2023: 211,069) are held under hire purchase contracts.
4
Debtors: amounts falling due within one year
2024
2023
£
£
Trade debtors
219,802
187,065
Corporation tax recoverable
34,779
Other debtors
24,260
58,530
244,062
280,374
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
5,556
5,556
Trade creditors
43,885
81,023
Corporation tax
18,624
Other taxation and social security
(6,033)
3,036
Other creditors
497,750
472,255
559,782
561,870
H & H SCAFFOLDING (SW) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
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6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
28,704
34,259
Other creditors
308,182
343,023
336,886
377,282
Hire purchase agreements are secured against the assets to which they relate. The outstanding amount at 31 March 2024 was £517,136 (2023: £513,715). See note 4.
7
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
105,127
139,518