Registered number
06055392
Wellmax Scaffolding Ltd
Filleted Accounts
30 April 2024
Wellmax Scaffolding Ltd
Registered number: 06055392
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 410,774 375,445
Current assets
Stocks 652,242 124,836
Debtors 4 425,828 1,535,033
Cash at bank and in hand 721,726 646,147
1,799,796 2,306,016
Creditors: amounts falling due within one year 5 (662,699) (1,812,138)
Net current assets 1,137,097 493,878
Total assets less current liabilities 1,547,871 869,323
Creditors: amounts falling due after more than one year 6 (602,293) -
Provisions for liabilities (100,910) (91,686)
Net assets 844,668 777,637
Capital and reserves
Called up share capital 10 10
Profit and loss account 844,658 777,627
Shareholders' funds 844,668 777,637
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr RS Maxwell-Smith
Director
Approved by the board on 25 October 2024
Wellmax Scaffolding Ltd
Notes to the Accounts
for the year ended 30 April 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold property 25% Reducing balance
Plant & machinery 25% Reducing balance
Fixtures & fittings 25% Reducing balance
Computer equipment 50% Reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 17 29
3 Tangible fixed assets
Leasehold Property Plant and machinery etc Office Equipment /Fixtures & Fittings Total
£ £ £ £
Cost
At 1 May 2023 446,163 14,919 94,295 555,377
Additions 151,702 - 790 152,492
At 30 April 2024 597,865 14,919 95,085 707,869
Depreciation
At 1 May 2023 84,759 12,689 82,484 179,932
Charge for the year 111,965 557 4,641 117,163
At 30 April 2024 196,724 13,246 87,125 297,095
Net book value
At 30 April 2024 401,141 1,673 7,960 410,774
At 30 April 2023 361,404 2,230 11,811 375,445
4 Debtors 2024 2023
£ £
Trade debtors 256,671 1,460,552
Prepayments 164,117 65,991
Other debtors 5,040 8,490
425,828 1,535,033
5 Creditors: amounts falling due within one year 2024 2023
£ £
Accruals 43,668 923,758
Trade creditors 599,323 818,646
Inter-company loans 79,753 79,753
Taxation and social security costs (62,025) (96,512)
Other creditors 1,980 86,493
662,699 1,812,138
6 Creditors: amounts falling due after one year 2024 2023
£ £
Directors input 602,293 -
7 Related party transactions
During the financial year the company received loans from company's controlled by the directors, the balances are shown in inter-company loans.These loans are repayable at the directors discretion. During the financial year the company hired equipment from a company controlled by the directors at market value. YE 2024 £1,444,743 (YE 2023 £1,591.095)
8 Other information
Wellmax Scaffolding Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Yard 4 Temple Wood Estate
Stock Road
West Hanningfield
Essex
CM2 8LP
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