Registered number:
FOR THE YEAR ENDED 30 APRIL 2024
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CONNOLLY SCAFFOLDING LIMITED
COMPANY INFORMATION
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CONNOLLY SCAFFOLDING LIMITED
CONTENTS
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CONNOLLY SCAFFOLDING LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
Year ending April 2024 was again a positive year for the company with our turnover increasing to £7,036,218 generating a pre-tax profit of £931,418, adding to an already strong balance sheet. Our borrowings have continued to reduce over this period.
Overheads have remained relatively static, despite a challenging environment with rising wages and raw material costs and increasing premises costs. Our policy for 2023-24 was to consolidate our operation and reduce borrowings, which we feel we have achieved. We have continued the investment to fully digitise our management system, with us achieving 100% digitisation with-in this year. Having live up to date management information is key to continually improving the efficiency of the business and improving margins, which is represented by being able to achieve 13.23% pre-tax profit Our EBITDA is £1,546,884 compared with £1,481,800 in the previous accounting period. Social value investment continued throughout FY 23-24, in such schemes as contributing to Ronald McDonald House, Cancer Trust, Lighthouse Charity, Christies Hospice and employee backed schemes. We have embarked on setting our ESG policy in 2024-25 where targeted social values will remain a key part.
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CONNOLLY SCAFFOLDING LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
The principal activity of the company remains to be the erect and hire of scaffolding to main contractors and owner developers. Our projects run from multimillion pound contracts through to smaller local commercial schemes.
The directors decision to reverse out of the new build residential/social housing market remains, due to the over competitive market conditions with smaller scaffolding companies competing and driving sales down, coupled with a volatile seasonable nature producing a much reduced margin and poor returns. During FY 2023-24 we secured and started £8.6m of projects, with an average contract value of £168k and the largest being £3.4m. Our forward order book for FY 2024-25 stands at £9.8m of projects( which are underway), with a further £4.9m of projects in the design phase, which we fully expect to start with-in this coming financial year. In addition we are in extended negotiation (pre-contract meeting) with a further £500k. We operate mainly within the North West UK, however we had specific projects in the South West (Cornwall, Plymouth, Cardiff), Leeds, Newcastle upon Lyme, Leicester, London and Bristol. Throughout FY 23-24 we continued to target specific infrastructure (bridge) contracts, whilst continuing to steadily grow (albeit modestly) our market share of rail contracts. We see this sector as our biggest growth through the next 4 years. We secured and started the iconic Clifton Suspension Bridge (Bristol) with-in this FY 23-24. Our achieved turnover of the infrastructure and rail projects during FY 23-24 amounted to just over £500K, FY 24-25 we expect this to rise to £1.5m. We are a fully audited NASC (National Access Scaffolding Confederation) member, we have several audited SIPPS and are fully RISQ (rail) audited. Our employee base remains to be fully employed status. Despite labour shortages, we are still of the opinion this is the best policy for the company to engage and grow employees through our in-house apprenticeship. We employed 19 labourers and PT1 scaffolders, (figure at the end of the financial year) who we fully expect to move through the business during 2024-25, with the aim of them being fully trained scaffolders with-in 2 years. Our training plan demonstrates all employees are enrolled in further education and CPD. Health and safety is a key part of our business and is a major key performance indicator for our clients. We have strengthened our health and safety department with a further new appointment and are pleased to confirm we have continued to improve our incident rates, which has been rewarded with a reduction year on year of our insurance premiums. Our investment over the past 5 years in system scaffolding (£4.6m) has continued to prove fruitful to the business, reducing labour times (erecting of the scaffolding), contributing to our already improving safety record and reducing overall time period for training. Continuing this investment is key to the continued growth and success of the business and assists in mitigating the risks and uncertainties the construction is facing/will face.
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CONNOLLY SCAFFOLDING LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
Liquidity risk:
The Company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business. The Company manages the risk by maintaining regular contact with existing finance providers to evaluate options in future funding decisions. Interest rate risk: The Company is exposed to interest rate risk on Current Account. The Company manages the risk by constantly monitoring their policies to ensure that they are not exposed to short term interest rate movements. Credit risk: The Company is not exposed to a high degree of credit risk as surplus funds are minimised due to working capital requirements. These are then retained in either a short term current account or call deposit account as agreed by the Board of Directors. The Company manages this risk by continuously considering the credit ratings of financial institutes that they have relationships with. Given the political uncertainty in the past few years, ( post Covid, Brexit ), we remain cautious in relation to projects moving from the design phase to starting on site. This has been a slow process, with various reasons for delay, ranging from client uncertainty, raw material costs (increasing overall build costs) new legislation (regarding to cladding refurbishment/replacement due to Grenfell fallout) to planning issues, causing projects to slip from expected start dates. This has caused some difficulty in predicting cashflow, with expected funds slipping and having to expediate existing projects to fill the gap. Whilst the political landscape seems settled for the next 4 years or so, we feel that construction will improve, however we remain cautious for the short term and the previous slippage will be continually monitored. However, our forward order book, expansion in new sectors, investment in system scaffolding, fully digitising the management systems, and strong pipeline of new business means we are well poised to face future challenges. Given the above, our policy for the past year and for this next 2024-25 FY, is to continue to repay financial commitments, continue to reduce borrowings, to enable us to have a cash surplus by FY end 24-25.
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CONNOLLY SCAFFOLDING LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
The directors have prepared detailed cashflow forecasts, budgets and with a strong pipeline of projects (including forward order book) for the next 12 months, all demonstrate that the business will remain profitable, and will continue to reduce borrowings leaving a positive cash position at the year-end 2024-25.
The business monitors the cashflow, as part of its daily control procedures, and the directors consider the cash and future requirements of the business on a regular basis to ensure that appropriate funds are available. The business has assumed the current available support will continue and accordingly consider it appropriate that the accounts are prepared on an ongoing concern basis. Turnover increased by £317,924 (4.7% increase). Operating Profit increased by £57,144 (4.7% increase). Wages reduced (despite a rising labour cost), meaning we are achieving an increased margin by continual efficiency drives.
This report was approved by the board and signed on its behalf.
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CONNOLLY SCAFFOLDING LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
The directors present their report and the financial statements for the year ended 30 April 2024.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £923,207 (2023 - £872,128).
Dividends for the year amounted to £300,000 ( 2023- £380,000).
The directors who served during the year were:
The company does not intend to decrease its trade.
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CONNOLLY SCAFFOLDING LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
There have been no significant events affecting the Company since the year end.
The auditors, Hardy & Company (Hyde) Ltd, will be proposed for reappointment at the forthcoming Annual General Meeting. This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.
This report was approved by the board on
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CONNOLLY SCAFFOLDING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CONNOLLY SCAFFOLDING LIMITED
We have audited the financial statements of Connolly Scaffolding Limited (the 'Company') for the year ended 30 April 2024, which comprise the Statement of income and retained earnings, the Statement of financial position, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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CONNOLLY SCAFFOLDING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CONNOLLY SCAFFOLDING LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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CONNOLLY SCAFFOLDING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CONNOLLY SCAFFOLDING LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
With our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Based on our understanding of the Company we considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate journal entries to increase revenue or reduce expenditures, and management bias in accounting estimates and judgemental areas of the financial statements such as revenue recognition. Audit procedures performed by the engagement team included: - discussions with management, including consideration of known or suspected instances of non-compliance with - laws and regulations and fraud. - understanding of management's internal controls designed to prevent and detect irregularities. - reviewing the litigation records in so far as it related to non-compliance with laws and regulations and fraud. - reviewing relevant meeting minutes. - designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing. - testing transactions entered into outside of the normal course of the Company's business; and - identifying and testing journal entries, in particular any journal entries posted with unusual account combinations. There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
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CONNOLLY SCAFFOLDING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CONNOLLY SCAFFOLDING LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Certified Accountants & Statutory Auditors
Onward Chambers
34 Market Street
Cheshire
SK14 1AH
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CONNOLLY SCAFFOLDING LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 APRIL 2024
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CONNOLLY SCAFFOLDING LIMITED
REGISTERED NUMBER: 04426746
STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 16 to 28 form part of these financial statements.
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CONNOLLY SCAFFOLDING LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
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CONNOLLY SCAFFOLDING LIMITED
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CONNOLLY SCAFFOLDING LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 APRIL 2024
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CONNOLLY SCAFFOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
Connolly Scaffolding Limited is a private company limited by shares, registered in the United Kingdom number 04426746. Its registered office is E1-E2 Lyntown Trading Estate, Eccles, Manchester, M30 9QG.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:
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CONNOLLY SCAFFOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
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CONNOLLY SCAFFOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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CONNOLLY SCAFFOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Financial instruments are recognised in the Company's Statement of financial position 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of
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CONNOLLY SCAFFOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
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CONNOLLY SCAFFOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
2.Accounting policies (continued)
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
Analysis of turnover by country of destination:
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CONNOLLY SCAFFOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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CONNOLLY SCAFFOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
There were no factors that may affect future tax charges.
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CONNOLLY SCAFFOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
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CONNOLLY SCAFFOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
10.Tangible fixed assets (continued)
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CONNOLLY SCAFFOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
The assets are secured over a fixed and floating charge across the business and against specific fixed assets.
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CONNOLLY SCAFFOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
The assets are secured over a fixed and floating charge across the business and against specfic fixed assets.
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CONNOLLY SCAFFOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £140,923 (2023 - £135,628). Contributions totalling £10,744 (2023 - £5,849) were payable to the fund at the balance sheet date and are included in creditors.
The company is a wholly owned subsidiary of Wayne Connolly Holdings Ltd, a company registered in
England and Wales. There is no ultimate controlling party during the current or preceding year.
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