REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Audited Financial Statements for the Year Ended 30 June 2024 |
for |
Benchmark Scaffolding Ltd |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Audited Financial Statements for the Year Ended 30 June 2024 |
for |
Benchmark Scaffolding Ltd |
Benchmark Scaffolding Ltd (Registered number: 06130415) |
Contents of the Financial Statements |
for the Year Ended 30 June 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 5 |
Report of the Independent Auditors | 6 |
Statement of Comprehensive Income | 9 |
Balance Sheet | 10 |
Statement of Changes in Equity | 11 |
Cash Flow Statement | 12 |
Notes to the Financial Statements | 13 |
Benchmark Scaffolding Ltd |
Company Information |
for the Year Ended 30 June 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants and |
Statutory Auditor |
67 Westow Street |
Upper Norwood |
London |
SE19 3RW |
Benchmark Scaffolding Ltd (Registered number: 06130415) |
Strategic Report |
for the Year Ended 30 June 2024 |
The directors present their strategic report for the year ended 30 June 2024. |
PRINCIPAL ACTIVITY |
Benchmark Scaffolding Limited is a leading provider of high-quality commercial contract scaffolding in the UK, with operational offices in South Yorkshire, ideally located to serve the North, and in London, to serve the Capital and the Southern regions of the country. Thanks to our operational bases being positioned with good access to arterial roads and rail networks we have been able to expand our operations to other parts of the UK. This has allowed us to deliver our own special brand of scaffolding service, that we believe is unparalleled in the industry, excelling on the more technically challenging projects whilst delivering design, erection, maintenance and subsequent dismantling of access, support work, and protection. |
REVIEW OF BUSINESS |
This trading period has shown a marked improvement on the previous, more challenging year, with improved numbers in turnover, EBITDA, and profit. These gains are underpinned by a strong orderbook for the year ahead where we anticipate a further significant increase in turnover and profit. |
We will continue to treat the health and safety of all our employees and partners as our number one priority. We have continued, through these challenging times, to seek and secure business stability and longevity by actively seeking new customers whilst nurturing our relationships with our existing business partners. |
As a company we will continue to do the things that have brought us great success over the years. That is to continually improve and introduce new policies and procedures around operational safety at work, both on our sites and in our offices. We will continue to share this with all our stakeholders to ensure that they are also actively engaged in improving safety across the wider construction sector. |
Benchmark have achieved a turnover at £17.3m which is up by 6% on the previous year. This result is the start of a growth stage which has continued into the early part of the new trading period. |
Financial Review |
Benchmark measures itself using 3 Key performance indicators: turnover, EBITDA, and profit on ordinary activities before tax. These are generally accepted KPI's used by companies within our sector. We now present these below. The Key financial highlights of the business for the year under review: |
1. Turnover increased to £17.3m in 2024 from £16.3m in 2023. |
2. EBITDA increased during the year to £1.5m in 2024 from £1m in 2023. |
3. Profit on ordinary activities before tax was a profit of £0.66m in 2024 compared to a loss of £0.10m in 2023. |
The company has made an even better start to FY25; the Board and management team are confident that this good start will be maintained and improved on up to our year end when we expect to celebrate a second year of solid profit. We believe that the company is still well placed to recover further when market confidence returns. We will continue to strive to achieve another strong year of activity, and we remain well placed to achieve this on the back of a solid pipeline of work for late 2024, throughout 2025, and beyond. |
Benchmark Scaffolding Ltd (Registered number: 06130415) |
Strategic Report |
for the Year Ended 30 June 2024 |
The company further prides itself on its Health and Safety performance and engages a dedicated team of safety professionals to ensure that all workplace activities comply with industry guidance and standards. Regular internal and external independent audits and incentives are in place to ensure that all stakeholders of Benchmark are always fully engaged with health and safety matter. |
Benchmark operates an environmental policy to minimise the social and environmental impact of the company's activities, this year we have introduced the use of HVO fuel to run our fleet of lorries in the London and South region. This is monitored regularly through independent reviews of the business via management system audits. |
The Board would like to thank the staff once again for their hard work and recognise the effort that has gone into producing this improved set of results. |
PRINCIPAL RISKS AND UNCERTAINTIES |
In the normal course of business the company will be exposed to the following principal risks and uncertainties: |
Credit Risk |
The company's credit risk is attributable to its trade debtors, who are all credit checked, before the company engages in business. |
These debtors are continuously monitored for a change in credit history, which allows the company to adapt and change rapidly if it deems that the customer may become a risk. This helps to minimise any potential bad debt. The company primarily trades with blue chip companies thereby reducing the risk of bad debts even further. The credit control function is continually monitoring the trade debtors and is constantly chasing debts as they fall due. |
The company has a long standing and strong relationship with its customers thus reducing the credit risk even further. |
Liquidity Risk |
The company's cash position is strong with no borrowings from its parent and therefore the company is not at risk. |
In the short and long term, the company produces cash flow forecasts weekly, quarterly, and annually, these are used as a tool to monitor the company's liquidity position constantly. In addition to management, the board members take an active interest and review the company's quarterly forecast monthly and offer strategic input and advice. |
Interest Rate Risk |
The company has set loan agreements and hire purchase agreements at stated interest rates; therefore, it is not affected by interest rate fluctuations. |
Political Risk |
At the time of presenting this report, the company does not envisage a change in the new Labour government in the UK for several years, and certainly not in the current trading year to 30 June 2025. As we are a UK based company, mainly in England with no overseas trade, Brexit has not impacted us directly and so we have had little or no disruption to our business. |
We will continue to focus our efforts on securing profitable work, with established customers, and have begun the new trading period by securing most of the required future pipeline for the year 24/25, which will help the company maintain and grow its turnover over the next 12-18 months. We hope that we will start to see a return to continued growth in the construction sector and the wider economy through 2025 and beyond. |
Benchmark Scaffolding Ltd (Registered number: 06130415) |
Strategic Report |
for the Year Ended 30 June 2024 |
Benchmark is confident that it is well positioned to adapt to any future change in the economic climate. It has a strong projected cashflow forecast, and with an excellent, well established, management team in place is enthusiastic and agile enough to tackle any challenges that the future brings. |
ON BEHALF OF THE BOARD: |
Benchmark Scaffolding Ltd (Registered number: 06130415) |
Report of the Directors |
for the Year Ended 30 June 2024 |
The directors present their report with the financial statements of the company for the year ended 30 June 2024. |
DIVIDENDS |
No dividends will be distributed for the year ended 30 June 2024. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements 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 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. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, CWF & Partners Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Benchmark Scaffolding Ltd |
Opinion |
We have audited the financial statements of Benchmark Scaffolding Ltd (the 'company') for the year ended 30 June 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Financial Statements, 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). |
_ |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 30 June 2024 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
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 UK, including the FRC'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. |
Conclusions relating to going concern |
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. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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. |
In connection with our audit of the financial statements, 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 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. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Benchmark Scaffolding Ltd |
Matters on which we are required to report by exception |
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 Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Benchmark Scaffolding Ltd |
Auditors' responsibilities for the audit of the financial statements |
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 a Report of the Auditors 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006, UK tax legislation and Health & Safety regulations. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and discussing with management on any known or suspected instances of fraud or non-compliance with laws and regulations. |
In evaluating the risk of management override of internal controls, we tested journals entries and evaluated whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. |
Under ISA 240 (UK) there is a presumed risk that revenue may be misstated due to the improper recognition of revenue. To address this risk, we obtained an understanding of the company's revenue recognition policies and compared these to the accounting standard, performed a walkthrough to confirm our understanding of the processes and controls through which the business initiates, records, processes and reports revenue transactions. We tested a sample of revenue transactions to supporting evidence and tested, on a sample basis, revenue related balances in the balance sheet. |
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 from error,, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentation, 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. |
Use of our report |
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 a Report of the Auditors 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 Accountants and |
Statutory Auditor |
67 Westow Street |
Upper Norwood |
London |
SE19 3RW |
Benchmark Scaffolding Ltd (Registered number: 06130415) |
Statement of Comprehensive Income |
for the Year Ended 30 June 2024 |
30.6.24 | 30.6.23 |
Notes | £ | £ |
TURNOVER | 4 |
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
Administrative expenses | ( |
) | ( |
) |
OPERATING PROFIT/(LOSS) | 7 | ( |
) |
Interest receivable and similar income |
733,005 | (14,846 | ) |
Interest payable and similar expenses | 8 | ( |
) | ( |
) |
PROFIT/(LOSS) BEFORE TAXATION | ( |
) |
Tax on profit/(loss) | 9 | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Benchmark Scaffolding Ltd (Registered number: 06130415) |
Balance Sheet |
30 June 2024 |
30.6.24 | 30.6.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 11 |
CURRENT ASSETS |
Debtors | 12 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 13 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 14 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 16 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 17 |
Retained earnings | 18 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Benchmark Scaffolding Ltd (Registered number: 06130415) |
Statement of Changes in Equity |
for the Year Ended 30 June 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 July 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 June 2023 |
Changes in equity |
Total comprehensive income | - |
Balance at 30 June 2024 |
Benchmark Scaffolding Ltd (Registered number: 06130415) |
Cash Flow Statement |
for the Year Ended 30 June 2024 |
30.6.24 | 30.6.23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 21 |
Interest element of hire purchase payments paid |
( |
) |
( |
) |
Tax paid |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Loan debtors in year | (237,133 | ) | - |
Capital repayments in year | ( |
) | ( |
) |
Equity dividends paid | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Increase/(decrease) in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
22 |
1,130,552 |
Cash and cash equivalents at end of year | 22 | 330,236 | 249,361 |
Benchmark Scaffolding Ltd (Registered number: 06130415) |
Notes to the Financial Statements |
for the Year Ended 30 June 2024 |
1. | STATUTORY INFORMATION |
Benchmark Scaffolding Ltd is a |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention. |
The presentation currency of the financial statements is in Pound Sterling (£). Monetary amounts are rounded to the nearest £. |
Significant judgements and estimates |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities at the balance sheet date and the amounts reported for revenue and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. |
Depreciation of tangible fixed assets |
Depreciation is provided so as to write down the assets to their residual values over their estimated useful lives. The selection of these residual values and estimated lives requires the exercise of management judgement. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Negative goodwill |
Negative goodwill is the difference between amounts paid on the acquisition of the assets and liabilities of a business and its fair value. |
In accordance with FRS 102 the negative goodwill has been capitalised and amortised through the profit and loss account in the period in which the non-monetary assets acquired are recovered. In the case of fixed assets this is the period over which they are depreciated or to be realised, and in the case of current assets, the period over which they are sold or otherwise realised. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Benchmark Scaffolding Ltd (Registered number: 06130415) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
3. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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. |
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. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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. |
Benchmark Scaffolding Ltd (Registered number: 06130415) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
3. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company has chosen to adopt sections 11 and 12 of FRS 102 in respect of financial instruments. |
(i) Financial assets |
Basic financial assets, including trade and other debtors, cash and bank balances and intra-group balances, are initially recognised at transaction price, 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. |
Such assets are subsequently carried at amortised cost using the effective interest method. |
At the end of each reporting period financial assets measured at cost and amortised cost are assessed for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Income Statement. |
For financial assets measured at amortised costs, the impairment loss is measured as the difference between the asset's carrying amount and the present value of the estimated cash flow discounted at the asset's original effective interest rate. |
(ii) Financial liabilities |
Basic financial liabilities, including trade and other creditors, bank overdraft, intra-group balances and hire purchase contracts, are initially recognised at transaction price, unless the arrangement constitutes a |
financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Cash and cash equivalents |
Cash and cash equivalents includes cash in hand, deposits held at call with banks, and, if applicable, other short-term highly liquid investments with original maturities of three months or less. |
4. | TURNOVER |
The total turnover of the company has been derived from its principal activity wholly undertaken in the UK. |
5. | EMPLOYEES AND DIRECTORS |
30.6.24 | 30.6.23 |
£ | £ |
Wages and salaries |
Social security costs |
Benchmark Scaffolding Ltd (Registered number: 06130415) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
5. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the year was as follows: |
30.6.24 | 30.6.23 |
Scaffolding | 127 | 138 |
Administration | 37 | 38 |
6. | DIRECTORS' EMOLUMENTS |
30.6.24 | 30.6.23 |
£ | £ |
Directors' remuneration |
Information regarding the highest paid director is as follows: |
30.6.24 | 30.6.23 |
£ | £ |
Emoluments etc |
7. | OPERATING PROFIT/(LOSS) |
The operating profit (2023 - operating loss) is stated after charging/(crediting): |
30.6.24 | 30.6.23 |
£ | £ |
Hire of plant and machinery |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts |
Profit on disposal of fixed assets | ( |
) | ( |
) |
Auditors' remuneration |
8. | INTEREST PAYABLE AND SIMILAR EXPENSES |
30.6.24 | 30.6.23 |
£ | £ |
Hire purchase |
Benchmark Scaffolding Ltd (Registered number: 06130415) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
9. | TAXATION |
Analysis of the tax charge/(credit) |
The tax charge/(credit) on the profit for the year was as follows: |
30.6.24 | 30.6.23 |
£ | £ |
Current tax: |
Adjustment to prior years | (14,022 | ) | (226,090 | ) |
Deferred tax |
Tax on profit/(loss) | ( |
) |
Reconciliation of total tax charge/(credit) included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
30.6.24 | 30.6.23 |
£ | £ |
Profit/(loss) before tax | ( |
) |
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of |
( |
) |
Effects of: |
Expenses not deductible for tax purposes |
Income not taxable for tax purposes | ( |
) | ( |
) |
Capital allowances in excess of depreciation | ( |
) | ( |
) |
Utilisation of tax losses | ( |
) |
Deferred taxation | 415,384 | 99,078 |
Research and development allowances | - | (226,090 | ) |
Unrelieved tax losses carried forward | - | 115,376 |
Effects of tax rate change | 386 | - |
Total tax charge/(credit) | 401,363 | (127,012 | ) |
10. | DIVIDENDS |
30.6.24 | 30.6.23 |
£ | £ |
Ordinary shares of £1 each |
Interim |
Benchmark Scaffolding Ltd (Registered number: 06130415) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
11. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor | Computer |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 July 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1 July 2023 |
Additions |
Disposals | ( |
) | ( |
) |
Transfer to ownership | (250,000 | ) | (203,422 | ) | (453,422 | ) |
At 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
Transfer to ownership | (45,833 | ) | (132,683 | ) | (178,516 | ) |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
Benchmark Scaffolding Ltd (Registered number: 06130415) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.24 | 30.6.23 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
VAT |
Prepayments |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.24 | 30.6.23 |
£ | £ |
Hire purchase contracts (see note 15) |
Trade creditors |
Social security and other taxes |
Other creditors |
Accrued expenses |
14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.6.24 | 30.6.23 |
£ | £ |
Hire purchase contracts (see note 15) |
Benchmark Scaffolding Ltd (Registered number: 06130415) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
15. | LEASING AGREEMENTS |
Minimum lease payments under hire purchase fall due as follows: |
30.6.24 | 30.6.23 |
£ | £ |
Gross obligations repayable: |
Within one year |
Between one and five years |
Finance charges repayable: |
Within one year |
Between one and five years |
Net obligations repayable: |
Within one year |
Between one and five years |
16. | PROVISIONS FOR LIABILITIES |
30.6.24 | 30.6.23 |
£ | £ |
Deferred tax | 1,024,655 | 609,271 |
Deferred |
tax |
£ |
Balance at 1 July 2023 |
Provided during year |
Balance at 30 June 2024 |
17. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.6.24 | 30.6.23 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
There are no rights, preferences and restrictions in terms of distribution of dividends and capital repayments attaching to the ordinary shares allotted. |
Benchmark Scaffolding Ltd (Registered number: 06130415) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
18. | RESERVES |
Retained |
earnings |
£ |
At 1 July 2023 |
Profit for the year |
At 30 June 2024 |
19. | ULTIMATE PARENT COMPANY |
The immediate and ultimate parent company during the financial year is Benchmark Investments Ltd, a company incorporated in England and Wales. |
Benchmark Investments Ltd is the largest and smallest group within which Benchmark Scaffolding Ltd belongs and for which copies of the consolidated financial statements can be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ. |
20. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
21. | RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
30.6.24 | 30.6.23 |
£ | £ |
Profit/(loss) before taxation | ( |
) |
Depreciation charges |
Profit on disposal of fixed assets | ( |
) | ( |
) |
Finance costs | 68,089 | 89,938 |
Finance income | (55,852 | ) | (105,850 | ) |
1,459,761 | 709,117 |
(Increase)/decrease in trade and other debtors | ( |
) |
Increase/(decrease) in trade and other creditors | ( |
) |
Cash generated from operations |
Benchmark Scaffolding Ltd (Registered number: 06130415) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2024 |
22. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 30 June 2024 |
30.6.24 | 1.7.23 |
£ | £ |
Cash and cash equivalents | 330,236 | 249,361 |
Year ended 30 June 2023 |
30.6.23 | 1.7.22 |
£ | £ |
Cash and cash equivalents | 249,361 | 1,130,552 |
23. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.7.23 | Cash flow | At 30.6.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 249,361 | 80,875 | 330,236 |
249,361 | 330,236 |
Debt |
Finance leases | (921,517 | ) | 314,617 | (606,900 | ) |
(921,517 | ) | 314,617 | (606,900 | ) |
Total | (672,156 | ) | 395,492 | (276,664 | ) |