Palmers Scaffolding (North West) Limited is a private company limited by shares incorporated in England and Wales. The registered office is International House, Aviation Park, Saltney Ferry, Chester, CH4 0GZ.
The current period covers the 6 months ended 30 June 2024, the date the company ceased to trade.
The comparative period covers the year ended 31 December 2023.
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 £.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Innovative Scaffold Services Limited. These consolidated financial statements are available from its registered office International House, Flint Road, Saltney Ferry, Chester, CH4 0GZ.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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.
Basic financial liabilities, including creditors, and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
All turnover arose within the United Kingdom.
The average monthly number of persons (including directors) employed by the company during the year was 1 (2023: 1).
Since the year end the company has ceased to trade and the directors will be applying for the company to be struck off the Register at Companies House having settled all of its debts and received monies due to it.
The company has taken advantage of the exemption under the terms of Financial Reporting Standards 102 'The Financial Reporting Standards applicable in the UK and Republic of Ireland' not to disclose related party transactions with wholly owned subsidiaries within the group.
The company is a wholly owned subsidiary of Innovative Scaffold Services Limited, a company incorporated in England and Wales with a registered office of International House, Flint Road, Saltney Ferry, Chester, CH4 OGZ.
Innovative Scaffold Services Limited prepares consolidated financial statements which incorporate the results of the company. This is both the smallest and largest group for which consolidated financial statements are drawn up of which the company is a member.