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Company No: 08430204 (England and Wales)

ALLIED SCAFFOLDING SOUTH WEST LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

ALLIED SCAFFOLDING SOUTH WEST LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

ALLIED SCAFFOLDING SOUTH WEST LIMITED

BALANCE SHEET

As at 31 December 2023
ALLIED SCAFFOLDING SOUTH WEST LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 83,462 93,623
83,462 93,623
Current assets
Debtors 4 126,002 187,482
Cash at bank and in hand 44,154 55,733
170,156 243,215
Creditors: amounts falling due within one year 5 ( 187,100) ( 231,097)
Net current (liabilities)/assets (16,944) 12,118
Total assets less current liabilities 66,518 105,741
Creditors: amounts falling due after more than one year 6 ( 14,704) ( 25,172)
Provision for liabilities ( 20,866) ( 23,406)
Net assets 30,948 57,163
Capital and reserves
Called-up share capital 300 300
Profit and loss account 30,648 56,863
Total shareholders' funds 30,948 57,163

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Allied Scaffolding South West Limited (registered number: 08430204) were approved and authorised for issue by the Board of Directors on 13 September 2024. They were signed on its behalf by:

D J Froude
Director
ALLIED SCAFFOLDING SOUTH WEST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
ALLIED SCAFFOLDING SOUTH WEST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Allied Scaffolding South West Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Goodwood House, Blackbrook Park Avenue, Taunton, TA1 2PX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

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, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Government grants

Government grants are recognised under the accruals model resulting in income being recognised on systematic basis over the period in which the related costs are incurred for which the grant is compensating. The income from the scheme is recognised as other income in the profit and loss and timing differences present as other debtors or deferred income within the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 5 years straight line
Vehicles 4 years straight line
Fixtures and fittings 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 20 21

3. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £
Cost
At 01 January 2023 279,793 31,359 6,932 318,084
Additions 26,858 0 0 26,858
At 31 December 2023 306,651 31,359 6,932 344,942
Accumulated depreciation
At 01 January 2023 201,718 16,574 6,169 224,461
Charge for the financial year 30,541 6,167 311 37,019
At 31 December 2023 232,259 22,741 6,480 261,480
Net book value
At 31 December 2023 74,392 8,618 452 83,462
At 31 December 2022 78,075 14,785 763 93,623

4. Debtors

2023 2022
£ £
Trade debtors 106,107 162,761
Other debtors 19,895 24,721
126,002 187,482

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 10,143 9,893
Trade creditors 129,507 168,907
Taxation and social security 36,438 41,306
Obligations under finance leases and hire purchase contracts (secured) 326 6,500
Other creditors 10,686 4,491
187,100 231,097

Hire purchase liabilities are secured against the assets to which they relate

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 14,704 24,847
Obligations under finance leases and hire purchase contracts 0 325
14,704 25,172

There are no amounts included above in respect of which any security has been given by the small entity.

Bank borrowings are denominated in £ with nominal interest rate of 2.5%, and the final instalment is due on 29 May 2026.

7. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
within one year 14,909 14,909
between one and five years 35,364 50,274
50,273 65,183

8. Related party transactions

Transactions with the entity's directors

Advances

The Directors loan account is repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.

At 1 January 2023, the balance owed by J Lawrence, a director was £nil. During the year, £2,008 was advanced to the director, and £2,008 was repaid by the director. At 31 December 2023, the balance owed by the director was £nil.

At 1 January 2023, the balance owed by D Froude, a director was £10. During the year, £1,827 was advanced to the director, and £1,827 was repaid by the director. At 31 December 2023, the balance owed by the director was £10.

At 1 January 2022, the balance owed by J Lawrence, a director was £2,150. During the year, £1,845 was advanced to the director, and £3,995 was repaid by the director. At 31 December 2022, the balance owed by the director was £nil.

At 1 January 2022, the balance owed by D Froude, a director was £10. During the year, £1,595 was advanced to the director, and £1,595 was repaid by the director. At 31 December 2022, the balance owed by the director was £10.