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Wellington Scaffolding Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

Registration number: 08205182

 

Wellington Scaffolding Ltd

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Balance Sheet

4

Notes to the Unaudited Financial Statements

5 to 11

 

Wellington Scaffolding Ltd

Company Information

Director

KR Wendt

Registered office

18 Newport Street
Tiverton
Devon
EX16 6NL

Accountants

Withers Steele Limited
Chartered Accountants
6 Oaklands Court
Tiverton Way
Tiverton Business Park
Tiverton
Devon
EX16 6TG

 

Wellington Scaffolding Ltd

Director's Report for the Year Ended 31 March 2024

The director presents his report and the financial statements for the year ended 31 March 2024.

Director of the company

The director who held office during the year was as follows:

KR Wendt

Principal activity

The principal activity of the company is scaffold erection and hire

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 9 October 2024
 

.........................................
KR Wendt
Director

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Wellington Scaffolding Ltd
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Wellington Scaffolding Ltd for the year ended 31 March 2024 as set out on pages 4 to 11 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 at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Wellington Scaffolding Ltd, as a body, in accordance with the terms of our engagement letter dated 12 May 2022. Our work has been undertaken solely to prepare for your approval the accounts of Wellington Scaffolding Ltd and state those matters that we have agreed to state to the Board of Directors of Wellington Scaffolding Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Wellington Scaffolding Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Wellington Scaffolding Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Wellington Scaffolding Ltd. You consider that Wellington 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 accounts of Wellington 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 accounts.

......................................

Withers Steele Limited
Chartered Accountants
6 Oaklands Court
Tiverton Way
Tiverton Business Park
Tiverton
Devon
EX16 6TG

9 October 2024

 

Wellington Scaffolding Ltd

(Registration number: 08205182)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

206,033

116,665

Current assets

 

Debtors

5

149,075

123,365

Cash at bank and in hand

 

356,898

331,568

 

505,973

454,933

Creditors: Amounts falling due within one year

6

(267,370)

(300,095)

Net current assets

 

238,603

154,838

Total assets less current liabilities

 

444,636

271,503

Creditors: Amounts falling due after more than one year

6

(29,245)

(3,939)

Provisions for liabilities

(51,509)

(22,166)

Net assets

 

363,882

245,398

Capital and reserves

 

Called up share capital

7

1

1

Retained earnings

363,881

245,397

Shareholders' funds

 

363,882

245,398

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 9 October 2024
 

.........................................
KR Wendt
Director

 

Wellington Scaffolding Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
18 Newport Street
Tiverton
Devon
EX16 6NL
England

The principal place of business is:
Unit 6
Greenham Business Park
Whiteball
Wellington
Somerset
TA21 0LR

These financial statements were authorised for issue by the director on 9 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Wellington Scaffolding Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & machinery

20% reducing balance method

Office equipment

15% reducing balance method

Motor vehicles

20% reducing balance method

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Wellington Scaffolding Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Wellington Scaffolding Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 10 (2023 - 10).

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

5,170

41,963

432,181

479,314

Additions

-

64,510

51,803

116,313

At 31 March 2024

5,170

106,473

483,984

595,627

Depreciation

At 1 April 2023

2,370

18,448

341,831

362,649

Charge for the year

420

7,276

19,249

26,945

At 31 March 2024

2,790

25,724

361,080

389,594

Carrying amount

At 31 March 2024

2,380

80,749

122,904

206,033

At 31 March 2023

2,800

23,515

90,350

116,665

 

Wellington Scaffolding Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

debtors

Current

2024
£

2023
£

Trade debtors

118,229

93,437

Prepayments

22,656

29,928

Other debtors

8,190

-

 

149,075

123,365

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

139,149

227,509

Trade creditors

 

100,860

38,669

Taxation and social security

 

23,751

30,307

Accruals and deferred income

 

3,204

3,204

Other creditors

 

406

406

 

267,370

300,095

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

29,245

3,939

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

       
 

Wellington Scaffolding Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Finance lease liabilities

29,245

3,939

Current loans and borrowings

2024
£

2023
£

Finance lease liabilities

17,259

5,619

Other borrowings

121,890

221,890

139,149

227,509

9

Related party transactions

Income and receivables from related parties

2024

Parent
£

Sale of goods

30,421

2023

Parent
£

Sale of goods

20,012

Expenditure with and payables to related parties

2024

Parent
£

Purchase of goods

24,239

2023

Parent
£

Purchase of goods

9,877

Loans from related parties

2024

Parent
£

Total
£

At start of period

221,890

221,890

Repaid

100,000

100,000

At end of period

321,890

321,890

2023

Parent
£

Total
£

At start of period

221,890

221,890

At end of period

221,890

221,890

 

Wellington Scaffolding Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

10

Parent and ultimate parent undertaking

The company's immediate parent is Abacus Construction Limited, incorporated in England.

 The ultimate controlling party is KR Wendt & MSA Wendt.