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Company No: 05037010 (England and Wales)

SOUTH WEST SCAFFOLDING LIMITED

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

SOUTH WEST SCAFFOLDING LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

SOUTH WEST SCAFFOLDING LIMITED

BALANCE SHEET

As at 30 April 2024
SOUTH WEST SCAFFOLDING LIMITED

BALANCE SHEET (continued)

As at 30 April 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 53,321 78,465
53,321 78,465
Current assets
Stocks 250 100
Debtors 5 74,713 87,338
Cash at bank and in hand 56,902 31,906
131,865 119,344
Creditors: amounts falling due within one year 6 ( 69,861) ( 80,374)
Net current assets 62,004 38,970
Total assets less current liabilities 115,325 117,435
Creditors: amounts falling due after more than one year 7 ( 125,000) ( 125,000)
Provision for liabilities ( 10,131) ( 14,908)
Net liabilities ( 19,806) ( 22,473)
Capital and reserves
Called-up share capital 8 2 2
Profit and loss account ( 19,808 ) ( 22,475 )
Total shareholders' deficit ( 19,806) ( 22,473)

For the financial year ending 30 April 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 South West Scaffolding Limited (registered number: 05037010) were approved and authorised for issue by the Board of Directors on 30 November 2024. They were signed on its behalf by:

Mr S R Watson
Director
Mrs V J Watson
Director
SOUTH WEST SCAFFOLDING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
SOUTH WEST SCAFFOLDING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 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

South West Scaffolding Limited (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 Unit 6a Webbers Way, Dartington, Totnes, TQ9 6JY, 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 £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Revenue from services is recognised as they are delivered.

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.

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 average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. 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, reducing balance] basis over its expected useful life, as follows:

Plant and machinery 10 years straight line
Vehicles 4 years straight line
Office equipment 3 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.

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 Statement of Income and Retained Earnings 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 is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 10 15

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 May 2023 90,000 90,000
At 30 April 2024 90,000 90,000
Accumulated amortisation
At 01 May 2023 90,000 90,000
At 30 April 2024 90,000 90,000
Net book value
At 30 April 2024 0 0
At 30 April 2023 0 0

4. Tangible assets

Plant and machinery Vehicles Office equipment Total
£ £ £ £
Cost
At 01 May 2023 224,968 121,479 12,826 359,273
Disposals ( 2,034) ( 36,697) 0 ( 38,731)
At 30 April 2024 222,934 84,782 12,826 320,542
Accumulated depreciation
At 01 May 2023 149,853 118,168 12,787 280,808
Charge for the financial year 20,572 3,311 39 23,922
Disposals ( 812) ( 36,697) 0 ( 37,509)
At 30 April 2024 169,613 84,782 12,826 267,221
Net book value
At 30 April 2024 53,321 0 0 53,321
At 30 April 2023 75,115 3,311 39 78,465

5. Debtors

2024 2023
£ £
Trade debtors 53,386 62,629
Prepayments 16,827 22,313
Other debtors 4,500 2,396
74,713 87,338

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 0 6,250
Trade creditors 16,021 22,604
Amounts owed to directors 13,872 5,872
Accruals 3,300 6,447
Taxation and social security 34,801 37,842
Other creditors 1,867 1,359
69,861 80,374

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

2024 2023
£ £
Amounts owed to directors 125,000 125,000

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

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2

9. Financial commitments

Commitments

2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 68,725 30,808