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REGISTERED NUMBER: 04598166 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

PLUG SCAFFOLDING LTD

PLUG SCAFFOLDING LTD (REGISTERED NUMBER: 04598166)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3

Chartered Accountants' Report 8

PLUG SCAFFOLDING LTD

COMPANY INFORMATION
for the year ended 31 December 2023







DIRECTOR: Mr D G Park



REGISTERED OFFICE: 10 St Ann Street
Salisbury
Wiltshire
SP1 2DN



REGISTERED NUMBER: 04598166 (England and Wales)



ACCOUNTANTS: Rothmans LLP
10 St Ann Street
Salisbury
Wiltshire
SP1 2DN



BANKERS: HSBC
6 High Street
Fordingbridge
Hampshire
SP6 1AX

PLUG SCAFFOLDING LTD (REGISTERED NUMBER: 04598166)

BALANCE SHEET
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 31,399 38,135

CURRENT ASSETS
Debtors 5 112,754 86,405
Cash at bank 58 4,513
112,812 90,918
CREDITORS
Amounts falling due within one year 6 324,128 297,323
NET CURRENT LIABILITIES (211,316 ) (206,405 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(179,917

)

(168,270

)

CREDITORS
Amounts falling due after more than one
year

7

(16,795

)

(66,940

)

PROVISIONS FOR LIABILITIES (15,230 ) (11,860 )
NET LIABILITIES (211,942 ) (247,070 )

CAPITAL AND RESERVES
Called up share capital 125 125
Retained earnings 8 (212,067 ) (247,195 )
SHAREHOLDERS' FUNDS (211,942 ) (247,070 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 16 September 2024 and were signed by:





Mr D G Park - Director


PLUG SCAFFOLDING LTD (REGISTERED NUMBER: 04598166)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2023

1. STATUTORY INFORMATION

Plug Scaffolding Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgments, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The accounting policies requiring the most judgment within the financial statements are those relating to accounting for sales under long term contracts and the recoverability of trade debtors.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of revision and future periods where the revision affects both the current and future periods.

Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable for the erection, hire and dismantling of scaffolding.

Revenue is recognised on the provision of the services once the scaffold has been erected and the period of hire commences, at which time the significant risks and rewards have passed to the customer.

Profit is recognised on long term contracts when the final outcome can be assessed with reasonable certainty by including turnover and related costs within the profit and loss account dependant on the stage of completion of the contract at the balance sheet date.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on reducing balance, 25% on cost, 10% on reducing balance and 10% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on cost
Computer equipment - 33% on cost

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.

Motor vehicles are carried at their fair value using a policy of revaluation. The assets are valued at their open market value by the directors at the balance sheet date

Taxation
Taxation for the year comprises current and deferred tax. 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.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


PLUG SCAFFOLDING LTD (REGISTERED NUMBER: 04598166)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors
Debtors do not carry any interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired.

Creditors
Creditors are not interest bearing and are stated at their nominal value.

Cash and cash equivalents
These compromise cash at bank and other short-term highly liquid bank deposits.

Reserves
The movement in the fair value of the motor vehicles to open market value at the balance sheet date is recognised in a non-distributable reserve. This reserve, which also contains appropriate depreciation and deferred tax provisions, may not be distributed to the shareholders.

Any movements in the reserve are not liable to corporation tax and an appropriate deferred tax provision is provided within the reserve.

Going concern
The financial statements have been prepared on a going concern basis, which assumes that the company will continue in existence for the foreseeable future.

The director has declared his intention to continue to support the company for the foreseeable future and will not require repayment of his directors' loan account within 12 months of signing the directors report.

The director considers that in preparing the financial statements he has taken into account all information that could be reasonably be expected to be available. On this basis he considers that it is appropriate to prepare the financial statements on a going concern basis.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 8 ) .

PLUG SCAFFOLDING LTD (REGISTERED NUMBER: 04598166)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST OR VALUATION
At 1 January 2023 223,760 895 100,258 5,554 330,467
Additions 152 - - - 152
Disposals - - (33,400 ) - (33,400 )
Revaluations - - 19,000 - 19,000
At 31 December 2023 223,912 895 85,858 5,554 316,219
DEPRECIATION
At 1 January 2023 186,397 895 100,258 4,782 292,332
Charge for year 20,528 - 4,750 610 25,888
Eliminated on disposal - - (33,400 ) - (33,400 )
At 31 December 2023 206,925 895 71,608 5,392 284,820
NET BOOK VALUE
At 31 December 2023 16,987 - 14,250 162 31,399
At 31 December 2022 37,363 - - 772 38,135

Cost or valuation at 31 December 2023 is represented by:

Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
Valuation in 2019 - - 28,600 - 28,600
Valuation in 2023 - - 19,000 - 19,000
Cost 223,912 895 38,258 5,554 268,619
223,912 895 85,858 5,554 316,219

If motor vehicles had not been revalued they would have been included at the following historical cost:

31.12.23 31.12.22
£    £   
Cost 66,858 90,608
Aggregate depreciation 66,858 90,608

PLUG SCAFFOLDING LTD (REGISTERED NUMBER: 04598166)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows:
Motor
vehicles
£   
COST OR VALUATION
At 1 January 2023 90,263
Disposals (33,400 )
At 31 December 2023 56,863
DEPRECIATION
At 1 January 2023 90,262
Eliminated on disposal (33,400 )
At 31 December 2023 56,862
NET BOOK VALUE
At 31 December 2023 1
At 31 December 2022 1

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 46,433 45,028
Amounts recoverable on contract 61,634 36,411
Other debtors 4,687 4,966
112,754 86,405

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 36,816 33,648
Trade creditors 12,653 16,730
Taxation and social security 47,950 31,565
Other creditors 226,709 215,380
324,128 297,323

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans 16,795 26,624
Taxation and social security - 40,316
16,795 66,940

PLUG SCAFFOLDING LTD (REGISTERED NUMBER: 04598166)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

8. RESERVES

31.12.2331.12.22
£ £

Distributable(223,609)(247,195)
Non - distributable11,542-
(212,067)(247,195)

Movement in non-distributable reserve 31.12.2331.12.22
£ £

Balance brought forward --
Fair value uplift19,000-
Asset disposals--
Movement in depreciation(4,750)-
Movement in deferred tax(2,708)-
Balance carried forward 11,542-

CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR
ON THE UNAUDITED FINANCIAL STATEMENTS OF
PLUG SCAFFOLDING LTD

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Plug Scaffolding Ltd for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Plug Scaffolding Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Plug Scaffolding Ltd and state those matters that we have agreed to state to the director of Plug Scaffolding Ltd in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Plug Scaffolding Ltd and its director for our work or for this report.

It is your duty to ensure that Plug Scaffolding 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 Plug Scaffolding Ltd. You consider that Plug Scaffolding Ltd 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 Plug Scaffolding 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.






Rothmans LLP
10 St Ann Street
Salisbury
Wiltshire
SP1 2DN


17 September 2024