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Registration number: 11255650

Foundation Scaffolding Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Foundation Scaffolding Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Foundation Scaffolding Ltd

Company Information

Director

Mr Jonathan Christopher Wade

Registered office

Silver Rose Unit 21 East Lodge Village
East Lodge Lane
Enfield
EN2 8AS

Accountants

Paul Winston Limited Silver Rose Unit 21
East Lodge Village
East Lodge Lane
Enfield
EN2 8AS

 

Foundation Scaffolding Ltd

(Registration number: 11255650)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

fixed assets

 

tangible assets

4

26,335

29,956

Current assets

 

Debtors

5

233,473

193,355

Cash at bank and in hand

 

88,153

90,531

 

321,626

283,886

Creditors: Amounts falling due within one year

6

(45,071)

(38,687)

Net current assets

 

276,555

245,199

Total assets less current liabilities

 

302,890

275,155

Creditors: Amounts falling due after more than one year

6

(19,097)

(29,777)

Net assets

 

283,793

245,378

capital and reserves

 

Called up share capital

7

8

8

Profit and loss account

283,785

245,370

Shareholders' funds

 

283,793

245,378

For the financial year ending 31 March 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 12 February 2025
 

.........................................
Mr Jonathan Christopher Wade
Director

 

Foundation Scaffolding Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Silver Rose Unit 21 East Lodge Village
East Lodge Lane
Enfield
EN2 8AS
England

These financial statements were authorised for issue by the director on 12 February 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% net book value

Motor vehicles

25% net book value

 

Foundation Scaffolding Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Foundation Scaffolding Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

41,892

29,800

71,692

Additions

3,868

-

3,868

At 31 March 2024

45,760

29,800

75,560

Depreciation

At 1 April 2023

24,080

17,656

41,736

Charge for the year

4,453

3,036

7,489

At 31 March 2024

28,533

20,692

49,225

Carrying amount

At 31 March 2024

17,227

9,108

26,335

At 31 March 2023

17,812

12,144

29,956

5

Debtors

Current

2024
£

2023
£

Trade debtors

97,195

99,485

Other debtors

136,278

93,870

 

233,473

193,355

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Taxation and social security

 

3,984

-

Other creditors

 

41,087

38,687

 

45,071

38,687

Due after one year

 

Loans and borrowings

8

19,097

29,777

Creditors: amounts falling due after more than one year

 

Foundation Scaffolding Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

19,097

29,777

 

Foundation Scaffolding Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary L of £1 each

2

2

2

2

Ordinary J of £1 each

2

2

2

2

Ordinary C of £1 each

1

1

1

1

Ordinary A of £1 each

1

1

1

1

Ordinary N of £1 each

1

1

1

1

Ordinary LJ of £1 each

1

1

1

1

8

8

8

8

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

19,097

29,777

9

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £Nil per each Ordinary J

-

-