Company registration number 13432894 (England and Wales)
SQUARE SCAFFOLDING LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
SQUARE SCAFFOLDING LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
SQUARE SCAFFOLDING LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
64,440
73,273
Current assets
Debtors
4
28,393
52,394
Cash at bank and in hand
6,454
4,767
34,847
57,161
Creditors: amounts falling due within one year
5
(97,361)
(140,829)
Net current liabilities
(62,514)
(83,668)
Total assets less current liabilities
1,926
(10,395)
Provisions for liabilities
307
2,663
Net assets/(liabilities)
2,233
(7,732)
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
2,133
(7,832)
Total equity
2,233
(7,732)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 26 November 2024 and are signed on its behalf by:
Mr J A Lane
Mr D Keane
Director
Director
Company registration number 13432894 (England and Wales)
SQUARE SCAFFOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
1
Accounting policies
Company information
Square Scaffolding Limited is a private company limited by shares incorporated in England and Wales. The registered office is 12 Corporation Road, Newport, Gwent, Wales, NP19 0AR.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and 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.
1.3
Tangible fixed assets
Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
15% straight line
Motor vehicles
15% reducing balance
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Debtors and creditors with stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
SQUARE SCAFFOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 3 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.7
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
3
SQUARE SCAFFOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
3
Tangible fixed assets
Plant and equipment
Motor vehicles
Total
£
£
£
Cost
At 1 May 2023
74,551
21,995
96,546
Additions
5,379
5,379
At 30 April 2024
79,930
21,995
101,925
Depreciation and impairment
At 1 May 2023
19,149
4,124
23,273
Depreciation charged in the year
11,531
2,681
14,212
At 30 April 2024
30,680
6,805
37,485
Carrying amount
At 30 April 2024
49,250
15,190
64,440
At 30 April 2023
55,402
17,871
73,273
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
18,055
27,067
Other debtors
10,338
25,327
28,393
52,394
5
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
93,667
119,992
Corporation tax
3,558
Other taxation and social security
1,534
15,935
Other creditors
2,160
1,344
97,361
140,829
SQUARE SCAFFOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
7
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
37,009
48,234
8
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Director
-
18,936
21,958
(36,947)
3,947
18,936
21,958
(36,947)
3,947
9
Parent company
The parent company is Lane Co Holdings Limited, whose registered office address is; 12 Corporation Road, Newport, Wales, NP19 0AR.
Transactions with related parties
Included in the amounts owed to other creditors is an amount of £93,667, for loans outstanding too:
Lane Property Holdings Limited is owed an amount of £2,225 (2023 - £2,225), a company which shares a director. This is included in creditors; amounts falling due within one year.
Mortgage Lane Limited is owed an amount of £11,048 (2023 - £11,348), a company which shares a director. This is included in creditors; amounts falling due within one year.
Lane Co Holdings Limited is owed an amount of £80,394 (2023 - £106,419), the parent company which shares a director. This is included in creditors; amounts falling due within one year.