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Company registration number: 14416873
Ridge Scaffolding Company Ltd
Unaudited filleted financial statements
31 March 2024
Ridge Scaffolding Company Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Ridge Scaffolding Company Ltd
Directors and other information
Directors Mr D Goldhawk (Appointed 13 October 2022)
Mr L Spink (Appointed 13 October 2022)
Company number 14416873
Registered office Vaughan Chambers
Vaughan Road
Harpenden
AL5 4EE
Accountants Hicks and Company
Chartered Accountants
Vaughan Chambers
Vaughan Road
Harpenden
AL5 4EE
Ridge Scaffolding Company Ltd
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Ridge Scaffolding Company Ltd
Period ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Ridge Scaffolding Company Ltd for the period ended 31 March 2024 which comprise the statement of financial position and 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 http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Ridge Scaffolding Company Ltd, as a body, in accordance with the terms of our engagement letter dated 31 October 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Ridge Scaffolding Company Ltd and state those matters that we have agreed to state to the board of directors of Ridge Scaffolding Company Ltd 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 Ridge Scaffolding Company Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Ridge Scaffolding Company Ltd 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 Ridge Scaffolding Company Ltd. You consider that Ridge Scaffolding Company Ltd is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the financial statements of Ridge Scaffolding Company Ltd. 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.
Hicks and Company
Chartered Accountants
Vaughan Chambers
Vaughan Road
Harpenden
AL5 4EE
5 August 2024
Ridge Scaffolding Company Ltd
Statement of financial position
31 March 2024
31/03/24
Note £ £
Fixed assets
Tangible assets 4 94,124
_______
94,124
Current assets
Debtors 5 50,590
Cash at bank and in hand 14,945
_______
65,535
Creditors: amounts falling due
within one year 6 ( 138,947)
_______
Net current liabilities ( 73,412)
_______
Total assets less current liabilities 20,712
_______
Net assets 20,712
_______
Capital and reserves
Called up share capital 100
Profit and loss account 20,612
_______
Shareholders funds 20,712
_______
For the period ending 31 March 2024 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 period 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 and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 05 August 2024 , and are signed on behalf of the board by:
Mr D Goldhawk
Director
Company registration number: 14416873
Ridge Scaffolding Company Ltd
Notes to the financial statements
Period ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Vaughan Chambers, Vaughan Road, Harpenden, AL5 4EE.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in 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 financial assets and investment properties measured at fair value through profit or loss.The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods 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.
Taxation
The taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.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.Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.Any tangible assets carried at revalued amounts is recorded at the fair value at the date of revaluation less any subseqeunt 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 equity, except to the extent 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor vehicles - 20 % reducing balance
Plant and Machinery - 20 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
4. Tangible assets
Plant and machinery Motor vehicles Total
£ £ £
Cost
At 13 October 2022 - - -
Additions 95,780 31,000 126,780
_______ _______ _______
At 31 March 2024 95,780 31,000 126,780
_______ _______ _______
Depreciation
At 13 October 2022 - - -
Charge for the year 26,456 6,200 32,656
_______ _______ _______
At 31 March 2024 26,456 6,200 32,656
_______ _______ _______
Carrying amount
At 31 March 2024 69,324 24,800 94,124
_______ _______ _______
5. Debtors
31/03/24
£
Trade debtors 5,220
Other debtors 45,370
_______
50,590
_______
6. Creditors: amounts falling due within one year
31/03/24
£
Social security and other taxes 9,876
Other creditors 129,071
_______
138,947
_______
7. Directors advances, credits and guarantees
During the period the directors entered into the following advances and credits with the company:
Period ended 31/03/24
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr L Spink - ( 100,106) ( 100,106)
_______ _______ _______
8. Related party transactions
During the period ended 31 March 2024, the company sold goods and services with a value of £90,030 to Goldhawk Lofts Ltd, a company in which Mr D Goldhawk is a director and shareholder. The company also received a loan from Goldhawk Lofts Ltd of £26,815. At 31 March 2024, there was a balance due to Goldhawk Lofts Ltd of £26,815.During the period ended 31 March 2024, the company provided a loan of £26,550 to Black Horse Hospitality Ltd, a company in which Mr D Goldhawk and Mr L Spink are directors and shareholders. At 31 March 2024 there was a balance due from Black Horse Hospitality Ltd of £26,550.