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COMPANY REGISTRATION NUMBER: 06593725
Broadstairs Scaffolding Limited
Filleted Unaudited Financial Statements
31 May 2024
Broadstairs Scaffolding Limited
Financial Statements
Year ended 31 May 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Broadstairs Scaffolding Limited
Statement of Financial Position
31 May 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
405,152
440,055
Current assets
Stocks
10,000
10,000
Debtors
6
267,342
243,393
Cash at bank and in hand
19,781
47,072
---------
---------
297,123
300,465
Creditors: amounts falling due within one year
7
135,095
145,081
---------
---------
Net current assets
162,028
155,384
---------
---------
Total assets less current liabilities
567,180
595,439
Creditors: amounts falling due after more than one year
8
40,978
91,301
Provisions
92,910
73,461
---------
---------
Net assets
433,292
430,677
---------
---------
Capital and reserves
Called up share capital
100
100
Capital redemption reserve
100
100
Profit and loss account
433,092
430,477
---------
---------
Shareholders funds
433,292
430,677
---------
---------
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 income and retained earnings has not been delivered.
For the 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.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Broadstairs Scaffolding Limited
Statement of Financial Position (continued)
31 May 2024
These financial statements were approved by the board of directors and authorised for issue on 7 January 2025 , and are signed on behalf of the board by:
Mr L F Licata
Director
Company registration number: 06593725
Broadstairs Scaffolding Limited
Notes to the Financial Statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Revenue recognition Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. Income tax The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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. Operating leases Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis. Tangible assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. 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:
Plant and machinery - 15% reducing balance
Fixtures and fittings - 15% reducing balance
Motor vehicles - 15% reducing balance
Equipment - 15% reducing balance
Impairment of fixed assets 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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no 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. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2023: 8 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 June 2023
569,867
6,221
230,525
16,894
823,507
Additions
1,014
9,295
40,150
416
50,875
Disposals
( 36,445)
( 36,445)
---------
--------
---------
--------
---------
At 31 May 2024
570,881
15,516
234,230
17,310
837,937
---------
--------
---------
--------
---------
Depreciation
At 1 June 2023
310,629
3,008
61,131
8,684
383,452
Charge for the year
38,904
493
24,021
1,255
64,673
Disposals
( 15,340)
( 15,340)
---------
--------
---------
--------
---------
At 31 May 2024
349,533
3,501
69,812
9,939
432,785
---------
--------
---------
--------
---------
Carrying amount
At 31 May 2024
221,348
12,015
164,418
7,371
405,152
---------
--------
---------
--------
---------
At 31 May 2023
259,238
3,213
169,394
8,210
440,055
---------
--------
---------
--------
---------
6. Debtors
2024
2023
£
£
Trade debtors
98,501
59,717
Other debtors
168,841
183,676
---------
---------
267,342
243,393
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
28,416
26,005
Trade creditors
61,504
67,575
Corporation tax
11,581
Social security and other taxes
6,688
5,722
Other creditors
38,487
34,198
---------
---------
135,095
145,081
---------
---------
Bank loans are secured by way of a fixed and floating charge over the assets and undertakings of the company.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
28,417
Other creditors
40,978
62,884
--------
--------
40,978
91,301
--------
--------
Bank loans are secured by way of a fixed and floating charge over the assets and undertakings of the company.
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
12,500
12,500
Later than 1 year and not later than 5 years
12,500
--------
--------
12,500
25,000
--------
--------
10. Director's advances, credits and guarantees
During the year the director was advanced £107,472 (2023: £62,903) and made repayments of £144,071 (2023: £26,713). Interest was charged on this loan amounting to £621 (2023: £409).
11. Related party transactions
At the balance sheet date the company owed the director £354 (2023: director owed the company £36,599).