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Company registration number: NI071229
Sperrin Scaffolding Ltd
Trading as Sperrin Scaffolding Ltd
Unaudited filleted financial statements
31 March 2024
Sperrin Scaffolding Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Sperrin Scaffolding Ltd
Directors and other information
Directors
Mr Gerard Kelly
Mrs Grainne Kelly
Company number NI071229
Registered office 11 Strawmore Lane
Draperstown
Co Derry
BT45 7JJ
Business address 11 Strawmore Lane
Draperstown
Co Derry
BT45 7JJ
Accountants W McGillian & Co Ltd
Unit A2, Workspace
5-7 Tobermore Road
Draperstown
BT45 7AG
Bankers Bank of Ireland
St Patrick's Street
Draperstown
Co Derry
Sperrin Scaffolding Ltd
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Sperrin Scaffolding Ltd
Year ended 31 March 2024
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 March 2024 which comprise the statement of financial position, statement of changes in equity and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
W McGillian & Co Ltd
Unit A2, Workspace
5-7 Tobermore Road
Draperstown
BT45 7AG
26 November 2024
Sperrin Scaffolding Ltd
Statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 305,158 285,526
_______ _______
305,158 285,526
Current assets
Debtors 6 289,586 273,122
Cash at bank and in hand 381,036 128,744
_______ _______
670,622 401,866
Creditors: amounts falling due
within one year 7 ( 178,287) ( 120,685)
_______ _______
Net current assets 492,335 281,181
_______ _______
Total assets less current liabilities 797,493 566,707
Creditors: amounts falling due
after more than one year 8 ( 4,322) ( 15,720)
Provisions for liabilities ( 64,004) ( 59,507)
_______ _______
Net assets 729,167 491,480
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 729,165 491,478
_______ _______
Shareholders funds 729,167 491,480
_______ _______
For the 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.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 26 November 2024 , and are signed on behalf of the board by:
Mr Gerard Kelly Mrs Grainne Kelly
Director Director
Company registration number: NI071229
Sperrin Scaffolding Ltd
Statement of changes in equity
Year ended 31 March 2024
Called up share capital Profit and loss account Total
£ £ £
At 1 April 2022 2 384,838 384,840
Profit for the year 182,640 182,640
_______ _______ _______
Total comprehensive income for the year - 182,640 182,640
Dividends paid and payable ( 76,000) ( 76,000)
_______ _______ _______
Total investments by and distributions to owners - ( 76,000) ( 76,000)
_______ _______ _______
At 31 March 2023 and 1 April 2023 2 491,478 491,480
Profit for the year 362,287 362,287
_______ _______ _______
Total comprehensive income for the year - 362,287 362,287
Dividends paid and payable ( 124,600) ( 124,600)
_______ _______ _______
Total investments by and distributions to owners - ( 124,600) ( 124,600)
_______ _______ _______
At 31 March 2024 2 729,165 729,167
_______ _______ _______
Sperrin Scaffolding Ltd
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 11 Strawmore Lane, Draperstown, Co Derry, BT45 7JJ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. 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 capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates .
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 3 ).
5. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 April 2023 55,293 304,356 14,292 120,063 494,004
Additions - 1,723 2,024 79,250 82,997
Disposals - - - ( 30,400) ( 30,400)
_______ _______ _______ _______ _______
At 31 March 2024 55,293 306,079 16,316 168,913 546,601
_______ _______ _______ _______ _______
Depreciation
At 1 April 2023 5,048 131,108 10,320 62,002 208,478
Charge for the year 1,106 34,837 904 9,980 46,827
Disposals - - - ( 13,862) ( 13,862)
_______ _______ _______ _______ _______
At 31 March 2024 6,154 165,945 11,224 58,120 241,443
_______ _______ _______ _______ _______
Carrying amount
At 31 March 2024 49,139 140,134 5,092 110,793 305,158
_______ _______ _______ _______ _______
At 31 March 2023 50,245 173,248 3,972 58,061 285,526
_______ _______ _______ _______ _______
6. Debtors
2024 2023
£ £
Trade debtors 91,666 162,574
Other debtors 197,920 110,548
_______ _______
289,586 273,122
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 26,291 35,660
Trade creditors 16,106 7,019
Corporation tax 111,344 47,925
Other creditors 24,546 30,081
_______ _______
178,287 120,685
_______ _______
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Other creditors 4,322 15,720
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr Gerard Kelly ( 10,307) ( 7,447) 10,577 ( 7,177)
Mrs Grainne Kelly ( 4,681) ( 1,354) 1,734 ( 4,301)
_______ _______ _______ _______
( 14,988) ( 8,801) 12,311 ( 11,478)
_______ _______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr Gerard Kelly ( 811) ( 13,370) 3,874 ( 10,307)
Mrs Grainne Kelly ( 120) ( 7,325) 2,764 ( 4,681)
_______ _______ _______ _______
( 931) ( 20,695) 6,638 ( 14,988)
_______ _______ _______ _______