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Registered number: 05641673









INDEPENDENT SCAFFOLDING GROUP LIMITED







CONSOLIDATED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

 
INDEPENDENT SCAFFOLDING GROUP LIMITED
 
 
COMPANY INFORMATION


Directors
M Loddy 
P Freeman 




Company secretary
K Loddy



Registered number
05641673



Registered office
Peregrine House
Northbridge Road

Berkhamsted

Hertfordshire

HP4 1EH




Independent auditors
Haslers
Chartered Accountants & Statutory Auditor

Old Station Road

Loughton

Essex

IG10 4PL





 
INDEPENDENT SCAFFOLDING GROUP LIMITED
 

CONTENTS



Page
Group strategic report
 
1
Directors' report
 
2 - 3
Directors' responsibilities statement
 
4
Independent auditors' report
 
5 - 9
Consolidated statement of comprehensive income
 
10
Consolidated balance sheet
 
11 - 12
Company balance sheet
 
13
Consolidated statement of changes in equity
 
14
Company statement of changes in equity
 
15
Consolidated statement of cash flows
 
16 - 17
Consolidated analysis of net debt
 
18
Notes to the financial statements
 
19 - 35


 
INDEPENDENT SCAFFOLDING GROUP LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

Introduction
 
The overall business activity for the group continues to be the hiring of scaffolding equipment, and general scaffolding contracting.

Business review
 
Economic conditions have remained difficult as the industry has continued to recover from the Covid 19 pandemic. During the year, operational costs for the group increased due to the continued and sustained higher prices of borrowing, energy and labour. Contractors and Developers that are customers of the group experienced similar financial pressures and these were combined with general economic uncertainty ahead of the 2024 general election. As a consequence, all group customers continued to seek lower contract prices, in tandem with reducing the volume of their activities in line with a lower general demand.
These increased costs and reduced work levels coincided with an acute shortage of skilled labour in the industry as a whole. This has prevented the group from achieving similar turnover and profitability levels to those consistently delivered in previous years.
A complete restructure of all group borrowings was initiated in January 2024 to significantly reduce group operational costs. It was anticipated that this restructure would be complete by the end of the financial year, but delays by lenders resulted in the restructure being effective in November 2024. This restructure will help the group deliver improved results for the following period. 

Principal risks and uncertainties
 
The principal risk and uncertainty is the UK economy as a whole. Growth and activity have been suppressed by recent changes in legislation, although the requirement for, and the government commitment to increase housing stock significantly over the next five years is expected to help the group return to greatly improved results.

Financial key performance indicators
 
Our business model has identified GP margin and sales as the key performance indicators. Overall, business sales values decreased by 14.07% for the group on the prior year while gross profit decreased to 94.5% (2023: 98.0%). Margins are key to the group and our focus is to meet our target margins and thus ensure that the group remains profitable.


This report was approved by the board on 3 January 2025 and signed on its behalf.



P Freeman
Director

Page 1

 
INDEPENDENT SCAFFOLDING GROUP LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024

The directors present their report and the financial statements for the year ended 30 April 2024.

Results and dividends

The loss for the year, after taxation, amounted to £823,484 (2023 - profit £361,799).

Dividends for the period amounted to £Nil (2023: £100,000).

Directors

The directors who served during the year were:

M Loddy 
P Freeman 

Future developments

The group continues to seek opportunities to expand its business.

Financial instruments

Treasury operations and financial instruments
The group's principal financial instruments include bank accounts and hire purchase finance houses, the main
purpose of which is to raise finance for the company's operations. In addition, the company has various other
financial assets and liabilities such as trade debtors and trade creditors arising directly from operations.
Liquidity risk
The group manages its cash requirements in order to maximise interest income and minimise interest expense,
whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.
Credit risk
Investments of cash surpluses and borrowings are made through banks and companies which must fulfil credit
rating criteria approved by the board.
All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are
reviewed on a regular basis and provision is made for doubtful debts when necessary.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Page 2

 
INDEPENDENT SCAFFOLDING GROUP LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Auditors

The auditorsHaslerswill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 3 January 2025 and signed on its behalf.
 





P Freeman
Director

Page 3

 
INDEPENDENT SCAFFOLDING GROUP LIMITED
 
 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:

select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;


prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 4

 
INDEPENDENT SCAFFOLDING GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INDEPENDENT SCAFFOLDING GROUP LIMITED
 

Opinion


We have audited the financial statements of Independent Scaffolding Group Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 April 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 30 April 2024 and of the Group's loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 5

 
INDEPENDENT SCAFFOLDING GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INDEPENDENT SCAFFOLDING GROUP LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Page 6

 
INDEPENDENT SCAFFOLDING GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INDEPENDENT SCAFFOLDING GROUP LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
INDEPENDENT SCAFFOLDING GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INDEPENDENT SCAFFOLDING GROUP LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and
determined that the most significant are those that:
• had a direct effect on the determination of material amounts and disclosures in the financial statements.
These included the UK Companies Act and tax legislation etc; and
• do not have a direct effect on the financial statements but compliance with which may be fundamental to
the company’s ability to operate or to avoid a material penalty. These include operational and employment laws
and regulations including health and safety regulations, environmental regulations, GDPR and Subcontractor
insurance requirements.
We obtained an understanding of how the company are complying with those legal and regulatory frameworks by
making enquiries with management and those responsible for legal and compliance frameworks. We corroborated our enquiries through review of correspondence with regulatory bodies and gaining an understanding of the entity level controls of the company in respect of these areas and the controls in place to reduce opportunity for fraudulent transactions.
We discussed among the audit engagement team including relevant internal tax specialists, regarding the opportunities and incentives, including management override of controls, that may exist within the organisation for fraud and how and where fraud might occur in the financial statements. We also communicated the applicable laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.
As a result of performing the above, we identified the greatest potential for fraud in the following areas, and our specific procedures performed to address it are described below:
The principal risks related to management override in relation to posting of non-standard manual journals in respect of revenue and misstatement of expenses in relation to work in progress.
Procedures performed to address these were as follows:
• Walkthrough testing was carried out to identify and assess the design effectiveness of controls, management have in place to prevent and detect fraud, including known of suspected instances or noncompliance with laws and regulations and fraud;
• Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
• Using analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatements due to fraud;
 
Page 8

 
INDEPENDENT SCAFFOLDING GROUP LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INDEPENDENT SCAFFOLDING GROUP LIMITED (CONTINUED)


• Assessing the appropriateness of accounting estimates and challenging any significant assumptions orjudgements made by management;
• Incorporating testing of manual journal entries that were posted throughout the year. In particular, we focused on material journal entries, journal entries posted with unusual account combinations, and journal entries crediting revenue or cash. These were scrutinised for evidence of unusual entries;
• Reviewing revenue recognition policies and general policies in relation to work in progress. We assessed the accuracy and completeness of the management’s estimates through developing a detailed understanding of the contract stage and reviewing post year end activity; and
• Evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Charalambos Patsalides ACA FCCA (Senior statutory auditor)
  
for and on behalf of
Haslers
 
Chartered Accountants
Statutory Auditor
  
Old Station Road
Loughton
Essex
IG10 4PL

3 January 2025
Page 9

 
INDEPENDENT SCAFFOLDING GROUP LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
Note
£
£

  

Turnover
 4 
6,539,613
7,610,025

Cost of sales
  
(358,081)
(149,846)

Gross profit
  
6,181,532
7,460,179

Administrative expenses
  
(6,668,687)
(6,979,877)

Other operating income
 5 
6,900
189

Operating (loss)/profit
 6 
(480,255)
480,491

Interest payable and similar expenses
 9 
(369,628)
(104,039)

(Loss)/profit before taxation
  
(849,883)
376,452

Tax on (loss)/profit
 10 
26,399
(14,653)

(Loss)/profit for the financial year
  
(823,484)
361,799

(Loss)/profit for the year attributable to:
  

Owners of the parent Company
  
(823,484)
361,799

  
(823,484)
361,799

There were no recognised gains and losses for 2024 or 2023 other than those included in the consolidated statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 19 to 35 form part of these financial statements.

Page 10

 
INDEPENDENT SCAFFOLDING GROUP LIMITED
REGISTERED NUMBER: 05641673

CONSOLIDATED BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 13 
4,423,097
4,701,294

Investments
 14 
15,000
15,000

  
4,438,097
4,716,294

Current assets
  

Debtors: amounts falling due within one year
 15 
5,513,320
5,393,229

Cash at bank and in hand
 16 
267,949
1,068,303

  
5,781,269
6,461,532

Creditors: amounts falling due within one year
 17 
(3,644,593)
(2,119,826)

Net current assets
  
 
 
2,136,676
 
 
4,341,706

Total assets less current liabilities
  
6,574,773
9,058,000

Creditors: amounts falling due after more than one year
 18 
(1,202,053)
(1,818,730)

Provisions for liabilities
  

Deferred taxation
 22 
(920,055)
(946,454)

  
 
 
(920,055)
 
 
(946,454)

Net assets excluding pension asset
  
4,452,665
6,292,816

Net assets
  
4,452,665
6,292,816


Capital and reserves
  

Called up share capital 
 23 
42,642
1,059,309

Capital redemption reserve
 24 
3,208,076
2,191,409

Profit and loss account
 24 
1,201,947
3,042,098

Equity attributable to owners of the parent Company
  
4,452,665
6,292,816

  
4,452,665
6,292,816


Page 11

 
INDEPENDENT SCAFFOLDING GROUP LIMITED
REGISTERED NUMBER: 05641673
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 3 January 2025.




P Freeman
Director

The notes on pages 19 to 35 form part of these financial statements.

Page 12

 
INDEPENDENT SCAFFOLDING GROUP LIMITED
REGISTERED NUMBER: 05641673

COMPANY BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 14 
263,874
263,874

  
263,874
263,874

Current assets
  

Debtors: amounts falling due within one year
 15 
3,021,510
3,238,177

  
3,021,510
3,238,177

Creditors: amounts falling due within one year
 17 
(30,335)
(30,335)

Net current assets
  
 
 
2,991,175
 
 
3,207,842

Total assets less current liabilities
  
3,255,049
3,471,716

  

  

Net assets excluding pension asset
  
3,255,049
3,471,716

Net assets
  
3,255,049
3,471,716


Capital and reserves
  

Called up share capital 
 23 
42,642
1,059,309

Capital redemption reserve
 24 
3,208,076
2,191,409

Profit and loss account carried forward
  
4,331
220,998

  
3,255,049
3,471,716


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 3 January 2025.


P Freeman
Director

The notes on pages 19 to 35 form part of these financial statements.

Page 13

 
INDEPENDENT SCAFFOLDING GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£

At 1 May 2023
1,059,309
2,191,409
3,042,098
6,292,816


Comprehensive income for the year

Loss for the year
-
-
(823,484)
(823,484)
Total comprehensive income for the year
-
-
(823,484)
(823,484)


Contributions by and distributions to owners

Purchase of own shares
-
1,016,667
(1,016,667)
-

Shares cancelled during the year
(1,016,667)
-
-
(1,016,667)


At 30 April 2024
42,642
3,208,076
1,201,947
4,452,665


The notes on pages 19 to 35 form part of these financial statements.


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£

At 1 May 2022
1,459,309
1,791,409
3,180,299
6,431,017


Comprehensive income for the year

Profit for the year
-
-
361,799
361,799
Total comprehensive income for the year
-
-
361,799
361,799


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(100,000)
(100,000)

Purchase of own shares
-
400,000
(400,000)
-

Shares cancelled during the year
(400,000)
-
-
(400,000)


Total transactions with owners
(400,000)
400,000
(500,000)
(500,000)


At 30 April 2023
1,059,309
2,191,409
3,042,098
6,292,816


The notes on pages 19 to 35 form part of these financial statements.

Page 14

 
INDEPENDENT SCAFFOLDING GROUP LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£

At 1 May 2023
1,059,309
2,191,409
220,998
3,471,716


Comprehensive income for the year

Profit for the year
-
-
800,000
800,000
Total comprehensive income for the year
-
-
800,000
800,000


Contributions by and distributions to owners

Purchase of own shares
-
1,016,667
(1,016,667)
-

Shares cancelled during the year
(1,016,667)
-
-
(1,016,667)


At 30 April 2024
42,642
3,208,076
4,331
3,255,049


The notes on pages 19 to 35 form part of these financial statements.


COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£

At 1 May 2022
1,459,309
1,791,409
220,998
3,471,716


Comprehensive income for the year

Profit for the year
-
-
500,000
500,000
Total comprehensive income for the year
-
-
500,000
500,000


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(100,000)
(100,000)

Purchase of own shares
-
400,000
(400,000)
-

Shares cancelled during the year
(400,000)
-
-
(400,000)


Total transactions with owners
(400,000)
400,000
(500,000)
(500,000)


At 30 April 2023
1,059,309
2,191,409
220,998
3,471,716


The notes on pages 19 to 35 form part of these financial statements.

Page 15

 
INDEPENDENT SCAFFOLDING GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
£
£

Cash flows from operating activities

(Loss)/profit for the financial year
(823,484)
361,799

Adjustments for:

Depreciation of tangible assets
340,969
418,953

Loss on disposal of tangible assets
(3,346)
(12,011)

Interest paid
369,629
104,039

Taxation charge
(26,399)
14,653

(Increase) in debtors
(120,090)
(475,747)

Increase in creditors
1,504,606
224,016

Corporation tax received/(paid)
-
(19,764)

Net cash generated from operating activities

1,241,885
615,938


Cash flows from investing activities

Purchase of tangible fixed assets
(74,129)
(275,129)

Sale of tangible fixed assets
14,706
15,588

HP interest paid
(12,284)
(10,793)

Net cash from investing activities

(71,707)
(270,334)
Page 16

 
INDEPENDENT SCAFFOLDING GROUP LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024


2024
2023

£
£



Cash flows from financing activities

Purchase of ordinary shares
(1,016,667)
(400,000)

Repayment of loans
(277,735)
(276,162)

Other new loans
-
1,077,555

Repayment of other loans
(177,685)
(439,317)

Repayment of finance leases
(141,100)
(148,179)

Dividends paid
-
(100,000)

Interest paid
(357,345)
(93,246)

Net cash used in financing activities
(1,970,532)
(379,349)

Net (decrease) in cash and cash equivalents
(800,354)
(33,745)

Cash and cash equivalents at beginning of year
1,068,303
1,102,048

Cash and cash equivalents at the end of year
267,949
1,068,303


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
267,949
1,068,303

267,949
1,068,303


The notes on pages 19 to 35 form part of these financial statements.

Page 17

 
INDEPENDENT SCAFFOLDING GROUP LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 APRIL 2024




At 1 May 2023
Cash flows
At 30 April 2024
£

£

£

Cash at bank and in hand

1,068,303

(800,354)

267,949

Debt due after 1 year

(1,615,837)

475,766

(1,140,071)

Debt due within 1 year

(496,514)

(1,044,515)

(1,541,029)

Finance leases

(338,777)

141,100

(197,677)


(1,382,825)
(1,228,003)
(2,610,828)

The notes on pages 19 to 35 form part of these financial statements.

Page 18

 
INDEPENDENT SCAFFOLDING GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Independent Scaffolding Group Limited is a private company, limited by shares, domiciled in England and
Wales, registration number 05641673. The registered office is Peregrine House, Northbridge Road, Berkhamsted, Hertfordshire, HP4 1EH. The principal activity of the company continued to be that of a holding company. The principal activity of the group continued to be that of providing scaffolding hire, hiring of scaffolding and general contracting.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being .

Page 19

 
INDEPENDENT SCAFFOLDING GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Long Term Contracts
Revenue relates to amounts from Long Term Contracts in relation to the hire, installation and recovery of scaffolding structures and materials to the construction industry.
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
-  it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; - and the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.5

Leased assets: the Group as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

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

Page 20

 
INDEPENDENT SCAFFOLDING GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.8

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 21

 
INDEPENDENT SCAFFOLDING GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
2.5% - 20% reducing balance / 33 1/3%
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
15% - 20% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 22

 
INDEPENDENT SCAFFOLDING GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.16

Financial instruments

The Group 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.

The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Group's Balance sheet when the Group 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.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the
Page 23

 
INDEPENDENT SCAFFOLDING GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.16
Financial instruments (continued)

asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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 Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

 

Page 24

 
INDEPENDENT SCAFFOLDING GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.17

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.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In applying the Company's accounting policies, the directors are required to make judgements, estimates
and assumptions in determining the carrying amounts of assets and liabilities. The directors' judgements,
estimates and assumptions are based on the best and most reliable evidence available at the time when
the decisions are made, and are based on historical experience and other factors that are considered to
be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and
assumptions, the actual results and outcomes may differ.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the estimate is revised, if the revision affects only that
period, or in the period of the revision and future periods, if the revision affects both current and future
periods.
The directors do not believe that there have been judgements (apart from those involving estimates) made
in the process of applying the above accounting policies that have had a significant effect on amounts
recognised in the financial statements.


4.


Turnover

All turnover arose within the United Kingdom.


5.


Other operating income

2024
2023
£
£

Insurance claims receivable
6,900
189

6,900
189



6.


Operating (loss)/profit

The operating (loss)/profit is stated after charging:

2024
2023
£
£

Other operating lease rentals
376,660
397,219

Page 25

 
INDEPENDENT SCAFFOLDING GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

7.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
2024
2023
£
£


Wages and salaries
1,627,178
1,981,699

Social security costs
162,494
202,577

Cost of defined contribution scheme
35,410
120,242

1,825,082
2,304,518


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Scaffolder and administration staff
55
64
2
2


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
25,188
25,419

Group contributions to defined contribution pension schemes
-
79,000

25,188
104,419


During the year retirement benefits were accruing to no directors (2023 - NIL) in respect of defined contribution pension schemes.


9.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
64,658
64,376

Other loan interest payable
292,686
28,870

Finance leases and hire purchase contracts
12,284
10,793

369,628
104,039

Page 26

 
INDEPENDENT SCAFFOLDING GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

10.


Taxation


2024
2023
£
£



Total current tax
-
-

Deferred tax


Origination and reversal of timing differences
(26,399)
14,653

Total deferred tax
(26,399)
14,653


Tax on (loss)/profit
(26,399)
14,653

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19.5%). The differences are explained below:

2024
2023
£
£


(Loss)/profit on ordinary activities before tax
(849,884)
376,453


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19.5%)
(212,471)
73,408

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
4,017
2,380

Capital allowances for year in excess of depreciation
(26,714)
(27,911)

Corporation Tax rate change adjustment
-
3,226

Other differences leading to an increase (Decrease) in the tax charge
-
(36,450)

Unrelieved tax losses carried forward
208,769
-

Total tax charge for the year
(26,399)
14,653


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 27

 
INDEPENDENT SCAFFOLDING GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

11.


Dividends

2024
2023
£
£


Dividends paid
-
100,000

-
100,000


12.


Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The profit after tax of the parent Company for the year was £800,000 (2023 - £500,000).


13.


Tangible fixed assets

Group






Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 May 2023
8,501,729
1,461,411
124,672
10,087,812


Additions
74,129
-
-
74,129


Disposals
-
(42,947)
(59,669)
(102,616)



At 30 April 2024

8,575,858
1,418,464
65,003
10,059,325



Depreciation


At 1 May 2023
4,267,910
1,021,613
96,995
5,386,518


Charge for the year on owned assets
226,699
-
2,955
229,654


Charge for the year on financed assets
-
111,315
-
111,315


Disposals
-
(38,522)
(52,737)
(91,259)



At 30 April 2024

4,494,609
1,094,406
47,213
5,636,228



Net book value



At 30 April 2024
4,081,249
324,058
17,790
4,423,097



At 30 April 2023
4,233,819
439,798
27,677
4,701,294

Page 28

 
INDEPENDENT SCAFFOLDING GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

14.


Fixed asset investments

Group





Other fixed asset investments

£



Cost or valuation


At 1 May 2023
15,000



At 30 April 2024
15,000




Company





Investments in subsidiary companies

£



Cost or valuation


At 1 May 2023
263,874



At 30 April 2024
263,874





The aggregate of the share capital and reserves as at 30 April 2024 and the profit or loss for the year ended on that date for the subsidiary undertaking was as follows:



15.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
6,379
22,752
-
-

Amounts owed by group undertakings
-
-
21,510
238,177

Other debtors
3,521,039
3,148,195
3,000,000
3,000,000

Prepayments and accrued income
1,985,902
2,222,282
-
-

5,513,320
5,393,229
3,021,510
3,238,177


Page 29

 
INDEPENDENT SCAFFOLDING GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

16.


Cash and cash equivalents

Group
Group
2024
2023
£
£

Cash at bank and in hand
267,949
1,068,303

267,949
1,068,303



17.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
200,000
200,000
-
-

Other loans
275,767
255,420
-
-

Trade creditors
512,323
539,134
-
-

Corporation tax
5
5
-
-

Other taxation and social security
193,121
127,171
-
-

Obligations under finance lease and hire purchase contracts
135,697
135,884
-
-

Other creditors
1,471,726
137,686
30,335
30,335

Accruals and deferred income
855,954
724,526
-
-

3,644,593
2,119,826
30,335
30,335


Page 30

 
INDEPENDENT SCAFFOLDING GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

18.


Creditors: Amounts falling due after more than one year

Group
Group
2024
2023
£
£

Bank loans
481,902
759,637

Other loans
658,168
856,200

Net obligations under finance leases and hire purchase contracts
61,983
202,893

1,202,053
1,818,730


Obligations under finance leases and hire purchase contracts are secured on the assets to which they
relate.
Included in other loans are amounts totalling £856,600 (2023: £1,035,460) on which security has been
given by way of a debenture or charge on the assets of the group.
The aggregate amount of creditors for which security has been given is £1,814,857 (2023: £2,410,034).                                                                                                                                                                                                                             

Page 31

 
INDEPENDENT SCAFFOLDING GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

19.


Loans


Analysis of the maturity of loans is given below:


Group
Group
2024
2023
£
£

Amounts falling due within one year

Bank loans
200,000
200,000

Other loans
275,767
255,420


475,767
455,420

Amounts falling due 1-2 years

Bank loans
279,344
277,735

Other loans
218,768
198,032


498,112
475,767

Amounts falling due 2-5 years

Bank loans
202,559
481,902

Other loans
439,400
658,168


641,959
1,140,070

Amounts falling due after more than 5 years

1,615,838
2,071,257



20.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2024
2023
£
£

Within one year
135,694
135,884

Between 1-5 years
61,983
202,893

197,677
338,777

Page 32

 
INDEPENDENT SCAFFOLDING GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

21.


Financial instruments

Group
Group
2024
2023
£
£

Financial assets

Financial assets measured at fair value through profit or loss
267,949
1,068,303




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand






22.


Deferred taxation


Group



2024
2023


£

£






At beginning of year
(946,454)
(931,801)


Charged to profit or loss
26,399
(14,653)



At end of year
(920,055)
(946,454)

Company


2024
2023






At end of year
-
-
Group
Group
2024
2023
£
£

Accelerated capital allowances
(920,055)
(946,454)

(920,055)
(946,454)

Page 33

 
INDEPENDENT SCAFFOLDING GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

23.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



42,012 (2023 - 42,012) Ordinary shares of £1.000 each
42,012.000
42,012.000
630,000 (2023 - 630,000) Ordinary 'B' shares of £0.001 each
630.000
630.000
Enter number (2023 - 1,016,667) Preference shares of £1.000 each
-
1,016,667.000

42,642.000

1,059,309.000



24.


Reserves

Capital redemption reserve

The capital redemption reserve represents the cumulative par value of shares which have been cancelled
by the company.

Share based payment reserve 

The share based payment reserve represents the cumulative amount of the share based payment
charges during the vesting period of awarded shares.

Profit and loss account

The profit and loss account represents cumulative profits and losses net of dividends and other
adjustments.


25.


Contingent liabilities

The bank borrowings of Boundbridge Property Limited which at the year end amounted to £1,094,155 are secured by a fixed and floating charge over the assets of the company. In addition there is a cross guarantee and a fixed charge between Independent Hire & Sales Limited, Framework (Specialist Works) Limited and Independent Scaffolding Group Limited with Boundbridge Property Limited to guarantee payment of the principal of the bank loan within the financial statements of Boundbridge Property Limited. 


26.


Pension commitments

The group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £35,410. (2023: £120,242). At 30 April 2024, the balance owing to the pension scheme was £8,902 (2023: £9,904).

Page 34

 
INDEPENDENT SCAFFOLDING GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

27.


Commitments under operating leases

At 30 April 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2024
2023
£
£

Not later than 1 year
63,422
63,422

Later than 1 year and not later than 5 years
190,268
253,691

253,690
317,113

28.


Related party transactions

Key management personnel compensation in the year totalled £25,188 (2023: 104,418).
During the year transactions with the following related parties occurred:
Group
In the year ended 30 April 2024, an entity under common control advanced a loan to the group. The group incurred charges from the entity for the use of trademarks held by that entity. The charge in the accounts was £55,875 (2023: £51,617).
Expenses were paid to an entity under common control in the year that amounted to £1,025,764 (2023: £942,102). These expenses related to the provision of management services.
The directors have personally guaranteed the bank borrowings of the group up to £250,000.
During the year the group incurred rent of £376,660 (2023: £397,218) to an entity under common control.


2024
2023
£
£

Entities under common control
733
733
Key management personnel
(1,065,685)
(41,095)
(1,064,952)
(40,362)


29.


Controlling party

The ultimate controlling party is M Loddy due to his majority shareholding in the parent company

 
Page 35