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Company No: 04072540 (England and Wales)

SRK SCAFFOLDING AND INDUSTRIAL SERVICES LTD

Unaudited Financial Statements
For the financial year ended 31 May 2024
Pages for filing with the registrar

SRK SCAFFOLDING AND INDUSTRIAL SERVICES LTD

Unaudited Financial Statements

For the financial year ended 31 May 2024

Contents

SRK SCAFFOLDING AND INDUSTRIAL SERVICES LTD

BALANCE SHEET

As at 31 May 2024
SRK SCAFFOLDING AND INDUSTRIAL SERVICES LTD

BALANCE SHEET (continued)

As at 31 May 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 1,670,744 1,368,514
1,670,744 1,368,514
Current assets
Stocks 4 11,541 46,863
Debtors 5 3,234,329 2,206,924
Cash at bank and in hand 103 6,257
3,245,973 2,260,044
Creditors: amounts falling due within one year 6 ( 2,134,623) ( 1,361,708)
Net current assets 1,111,350 898,336
Total assets less current liabilities 2,782,094 2,266,850
Creditors: amounts falling due after more than one year 7 ( 574,769) ( 734,557)
Provision for liabilities ( 324,699) ( 242,289)
Net assets 1,882,626 1,290,004
Capital and reserves
Called-up share capital 30,000 30,000
Profit and loss account 1,852,626 1,260,004
Total shareholder's funds 1,882,626 1,290,004

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

Directors' responsibilities:

The financial statements of SRK Scaffolding and Industrial Services Ltd (registered number: 04072540) were approved and authorised for issue by the Board of Directors on 04 November 2024. They were signed on its behalf by:

R Trott
Director
SRK SCAFFOLDING AND INDUSTRIAL SERVICES LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
SRK SCAFFOLDING AND INDUSTRIAL SERVICES LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

SRK Scaffolding and Industrial Services Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Haywards Lane, Chelston, Wellington, TA21 9FD, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the supply of scaffolding services, 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.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 2 - 10 years straight line
Vehicles 4 years straight line
Fixtures and fittings 5 years straight line
Office equipment 5 years straight line
Other property, plant and equipment 10 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 87 84

3. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Office equipment Other property, plant
and equipment
Total
£ £ £ £ £ £
Cost
At 01 June 2023 4,467,185 1,267,799 34,222 67,428 408,246 6,244,880
Additions 615,451 194,722 17,230 8,122 68,111 903,636
Disposals ( 25,868) 0 0 0 ( 615) ( 26,483)
At 31 May 2024 5,056,768 1,462,521 51,452 75,550 475,742 7,122,033
Accumulated depreciation
At 01 June 2023 3,628,465 900,580 32,512 43,628 271,181 4,876,366
Charge for the financial year 354,760 189,409 2,840 7,997 45,816 600,822
Disposals ( 25,868) 0 0 0 ( 31) ( 25,899)
At 31 May 2024 3,957,357 1,089,989 35,352 51,625 316,966 5,451,289
Net book value
At 31 May 2024 1,099,411 372,532 16,100 23,925 158,776 1,670,744
At 31 May 2023 838,720 367,219 1,710 23,800 137,065 1,368,514

4. Stocks

2024 2023
£ £
Work in progress 11,541 46,863

5. Debtors

2024 2023
£ £
Trade debtors 2,248,716 1,697,669
Amounts owed by Group undertakings 720,090 278,900
Other debtors 265,523 230,355
3,234,329 2,206,924

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts 589,512 175,800
Trade creditors 552,713 533,390
Amounts owed to Group undertakings 93,806 0
Taxation and social security 321,471 135,106
Obligations under finance leases and hire purchase contracts 310,524 294,478
Other creditors 266,597 222,934
2,134,623 1,361,708

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 273,430 442,980
Obligations under finance leases and hire purchase contracts 301,339 291,577
574,769 734,557

There are no amounts included above in respect of which any security has been given by the small entity.

8. Related party transactions

Other related party transactions

Marshwood Homes Limited is a company under common control and ownership. At the year end the company was owed £131,013 (2023: £62,732) from Marshwood Homes Limited.

R & K Building Limited is a company under common control and ownership. At the year end the company was owed £337,077 (2023: £51,636) from R & K Building Limited.

Bramleys Property Investments Limited is a company under common control and ownership. At the year end the company was owed £126,000 (2023: £81,286) from Bramleys Property Investments Limited.

Mayfield Property Investments Limited is a company under common control and ownership. At the year end the company was owed £126,000 (2023: £81,286) from Mayfield Property Investments Limited.