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Registered number: 7238372
Mainline Scaffolding Limited
Unaudited Financial Statements
For The Year Ended 30 April 2024
Sarah Redfern
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 7238372
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 996,566 987,277
996,566 987,277
CURRENT ASSETS
Stocks 6 5,700 5,700
Debtors 7 699 60,897
Cash at bank and in hand 342,602 294,114
349,001 360,711
Creditors: Amounts Falling Due Within One Year 8 (60,286 ) (80,469 )
NET CURRENT ASSETS (LIABILITIES) 288,715 280,242
TOTAL ASSETS LESS CURRENT LIABILITIES 1,285,281 1,267,519
NET ASSETS 1,285,281 1,267,519
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 1,285,181 1,267,419
SHAREHOLDERS' FUNDS 1,285,281 1,267,519
Page 1
Page 2
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 John Lawrence
Director
Mrs Kellie Lawrence
Director
02/09/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Mainline Scaffolding Limited is a private company, limited by shares, incorporated in England & Wales, registered number 7238372 . The registered office is Mayerling, Huntsbottom Lane, Liss, GU33 7EU.
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. 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. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. 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:
Freehold 0%
Plant & Machinery 15%
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. 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.
...CONTINUED
Page 3
Page 4
2.6. Taxation - continued
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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 6 (2023: 4)
6 4
4. Intangible Assets
Goodwill
£
Cost
As at 1 May 2023 10,100
As at 30 April 2024 10,100
Amortisation
As at 1 May 2023 10,100
As at 30 April 2024 10,100
Net Book Value
As at 30 April 2024 -
As at 1 May 2023 -
5. Tangible Assets
Land & Property
Freehold Plant & Machinery Total
£ £ £
Cost
As at 1 May 2023 916,314 249,574 1,165,888
Additions - 24,817 24,817
As at 30 April 2024 916,314 274,391 1,190,705
Depreciation
As at 1 May 2023 - 178,611 178,611
Provided during the period - 15,528 15,528
As at 30 April 2024 - 194,139 194,139
Net Book Value
As at 30 April 2024 916,314 80,252 996,566
As at 1 May 2023 916,314 70,963 987,277
Page 4
Page 5
6. Stocks
2024 2023
£ £
Work in progress 5,700 5,700
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 16,810 72,297
Prepayments and accrued income 1,267 2,154
Deferred tax current asset (18,009) (13,554)
VAT 631 -
699 60,897
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 23,165 7,353
Corporation tax 22,953 50,754
VAT - 7,526
Net wages 13 13
Other creditors 1,541 1,614
Accruals and deferred income 2,200 1,000
Directors' loan accounts 10,414 12,209
60,286 80,469
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
Page 5