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Registered number: 02827204









FRAMEWORK (SPECIALIST WORKS) LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2024

 
FRAMEWORK (SPECIALIST WORKS) LIMITED
REGISTERED NUMBER: 02827204

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
3,202
3,901

  
3,202
3,901

Current assets
  

Debtors: amounts falling due within one year
 6 
1,823,797
2,090,154

Cash at bank and in hand
 7 
221,465
509,770

  
2,045,262
2,599,924

Creditors: amounts falling due within one year
 8 
(1,190,682)
(1,570,980)

Net current assets
  
 
 
854,580
 
 
1,028,944

Total assets less current liabilities
  
857,782
1,032,845

Creditors: amounts falling due after more than one year
 9 
(266,665)
(466,665)

  

Net assets
  
591,117
566,180


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
590,117
565,180

  
591,117
566,180


Page 1

 
FRAMEWORK (SPECIALIST WORKS) LIMITED
REGISTERED NUMBER: 02827204
    
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 7 January 2025.






M Loddy
P Freeman
Director
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
FRAMEWORK (SPECIALIST WORKS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Framework (Specialist Works) Limited is a private company, limited by shares, domiciled in England and Wales, registration number 02827204. The registered office is Peregrine House, Northbridge Road, Berkhamsted, Hertfordshire, HP4 1EH. The principal activity of the company continued to be that of scaffolding hire.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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

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

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Independent Scaffolding Group Limited as at 30 April 2024 and these financial statements may be obtained from Companies House.

Page 3

 
FRAMEWORK (SPECIALIST WORKS) 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 Company 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.
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

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.

 
2.5

Borrowing costs

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

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Company in independently administered funds.

 
2.7

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 4

 
FRAMEWORK (SPECIALIST WORKS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.7
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
-
20%
reducing balance
Fixtures and fittings
-
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.

 
2.8

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.

 
2.9

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.

 
2.10

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 5

 
FRAMEWORK (SPECIALIST WORKS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.11

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company 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 Company's Balance Sheet when the Company 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 receivables, cash and bank balances, are initially measured at their transaction price including transaction costs 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 Company's cash and cash equivalents, trade and most other receivables 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.



Page 6

 
FRAMEWORK (SPECIALIST WORKS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

3.


Judgements 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 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. 
Management considers that there are no judgments that have been made in the process of applying the entity's accounting policies that have a significant effect on the financial statements. Furthermore,  management considers that there are no areas of estimation uncertainty at the balance sheet date that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year.


4.


Employees

The average monthly number of employees, including directors, during the year was 39 (2023 - 48).

Page 7

 
FRAMEWORK (SPECIALIST WORKS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

5.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 May 2023
15,544
15,369
30,913



At 30 April 2024

15,544
15,369
30,913



Depreciation


At 1 May 2023
14,126
12,886
27,012


Charge for the year on owned assets
234
466
700



At 30 April 2024

14,360
13,352
27,712



Net book value



At 30 April 2024
1,184
2,017
3,201



At 30 April 2023
1,418
2,483
3,901

Page 8

 
FRAMEWORK (SPECIALIST WORKS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

6.


Debtors

2024
2023
£
£


Trade debtors
6,378
22,751

Amounts owed by group undertakings
279,319
30,334

Other debtors
53,417
53,417

Prepayments and accrued income
1,484,683
1,983,652

1,823,797
2,090,154



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
221,465
509,770

221,465
509,770



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
200,000
200,000

Trade creditors
554,812
1,002,037

Amounts owed to group undertakings
-
166,000

Corporation tax
5
5

Other taxation and social security
188,708
119,258

Other creditors
165,792
9,267

Accruals and deferred income
81,365
74,413

1,190,682
1,570,980


Page 9

 
FRAMEWORK (SPECIALIST WORKS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
266,665
466,665

266,665
466,665



10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
200,000
200,000


200,000
200,000

Amounts falling due 1-2 years

Bank loans
200,000
200,000


200,000
200,000

Amounts falling due 2-5 years

Bank loans
66,665
266,665


66,665
266,665


466,665
666,665


The above bank loan is secured by a cross guarantee and a fixed charge between Independent Hire & Sales Limited, Framework (Specialist Works) Limited, Boundbridge Property Limited, and Independent Scaffolding Group Limited to guarantee payment of the principal of the bank loans.


11.


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.

Page 10

 
FRAMEWORK (SPECIALIST WORKS) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

12.


Pension commitments

The company 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 company to the fund and amounted to £27,240 (2023: £31,953).
At 30 April 2024, the balance owing to the pension scheme was £8,273 (2023: 8,333).


13.


Related party transactions

The company has taken advantage of the exemption in Financial Reporting Standard 102 from the requirement to disclose transactions with group companies on the grounds that consolidated financial statements are prepared by the ultimate parent company and are publicly available.


14.


Controlling party

The ultimate parent company is Independent Scaffolding Group Limited, a company incorporated in England and Wales. The ultimate controlling party is M Loddy due to his majority shareholding in the parent company.


15.


Auditors' information

The auditors' report on the financial statements for the year ended 30 April 2024 was unqualified.

The audit report was signed on 7 January 2025 by Charalambos Patsalides ACA FCCA (Senior Statutory Auditor) on behalf of Haslers.

 
Page 11