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COMPANY REGISTRATION NUMBER: 10026501
South Wales Brickwork and Scaffold Limited
Filleted Unaudited Financial Statements
31 May 2024
South Wales Brickwork and Scaffold Limited
Financial Statements
Year ended 31 May 2024
CONTENTS
PAGE
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
South Wales Brickwork and Scaffold Limited
Officers and Professional Advisers
The board of directors
Mr A James
Mr A Curtin
Mr A P Curtin
Mr A Paddison
Registered office
Former Cape Industrial Yard
The Queensway
Fforestfach
Swansea
Wales
SA5 4DJ
Accountants
James & Uzzell Ltd
Chartered Certified Accountants
Axis 15, Axis Court
Mallard Way
Riverside Business Park
Swansea
SA7 0AJ
South Wales Brickwork and Scaffold Limited
Statement of Financial Position
31 May 2024
2024
2023
Note
£
£
FIXED ASSETS
Tangible assets
5
204,618
163,962
CURRENT ASSETS
Debtors
6
396,088
435,888
Cash at bank and in hand
30,444
122,875
---------
---------
426,532
558,763
CREDITORS: amounts falling due within one year
7
119,870
138,259
---------
---------
NET CURRENT ASSETS
306,662
420,504
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
511,280
584,466
CREDITORS: amounts falling due after more than one year
8
118,905
93,420
PROVISIONS
37,142
29,407
---------
---------
NET ASSETS
355,233
461,639
---------
---------
CAPITAL AND RESERVES
Called up share capital
9
100
100
Profit and loss account
355,133
461,539
---------
---------
SHAREHOLDERS FUNDS
355,233
461,639
---------
---------
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 comprehensive income 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.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
South Wales Brickwork and Scaffold Limited
Statement of Financial Position (continued)
31 May 2024
These financial statements were approved by the board of directors and authorised for issue on 4 February 2025 , and are signed on behalf of the board by:
Andrew P Curtin
Andrew Peter Curtin
Director
Company registration number: 10026501
South Wales Brickwork and Scaffold Limited
Notes to the Financial Statements
Year ended 31 May 2024
1. GENERAL INFORMATION
South Wales Brickwork and Scaffold Limited is a private company limited by shares incorporated in England & Wales, United Kingdom. The address of the registered office is given in the company information on page 1 of these financial statements. The nature of the company's operations and principal activities are building contractors and scaffolding hire.
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 a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1. The reporting period of these financial statements and its comparative period is 12 months. These financial statements only include the results of the individual entity made up to 31 May 2024. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.
Going concern
The directors have considered the future trading position of the company and is confident that the going concern principle can be applied to the financial statements.
Loans and borrowings
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.
Judgements and key sources of estimation uncertainty
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.
Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.
Impairment of debtors
The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.
Accounting for construction contracts
Recognition of turnover and profit is based on judgements made in respect of the ultimate profitability of a contract. Such judgements are arrived at through the use of estimates in relation to costs and value of work performed to date and to be performed in bringing contracts to completion, including satisfaction of maintenance responsibilities. These estimates are made by reference to recovery of pre-contract costs, surveys of progress against the construction programme, changes in work scope, the contractual terms under which the work is being performed including the recoverability of any unagreed income from variations on the likely outcome of discussions on claims, costs incurred and external certification of the work performed. The company has the appropriate control procedures to ensure all estimates are determined on a consistent basis and subject to appropriate review and authorisation.
Debtors and creditors receivable/payable within one year
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows: Construction contracts When the outcome of a construction contract can be estimated reliably, contract costs and turnover are recognised by reference to the stage of completion at the balance sheet date. Where the outcome cannot be measured reliably, contract costs are recognised as an expense in the period in which they are incurred and contract turnover is recognised to the extent of costs incurred that it is probable will be recoverable. When it is probable that contract costs will exceed the total contract turnover, the expected loss is recognised as an expense immediately, with a corresponding provision. Interest received Interest income is recognised using the effective interest method.
Tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Long leasehold property
-
30 years
Plant and machinery
-
25% straight line
Motor vehicles
-
25% straight line
Equipment
-
15% straight line
Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
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 company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 15 (2023: 16 ).
5. TANGIBLE ASSETS
Land and buildings
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 June 2023
60,000
51,115
123,869
824
235,808
Additions
9,130
66,797
75,927
Disposals
( 4,500)
( 4,500)
--------
--------
---------
----
---------
At 31 May 2024
69,130
51,115
186,166
824
307,235
--------
--------
---------
----
---------
Depreciation
At 1 June 2023
4,667
37,687
29,172
320
71,846
Charge for the year
2,082
6,590
26,475
124
35,271
Disposals
( 4,500)
( 4,500)
--------
--------
---------
----
---------
At 31 May 2024
6,749
44,277
51,147
444
102,617
--------
--------
---------
----
---------
Carrying amount
At 31 May 2024
62,381
6,838
135,019
380
204,618
--------
--------
---------
----
---------
At 31 May 2023
55,333
13,428
94,697
504
163,962
--------
--------
---------
----
---------
6. DEBTORS
2024
2023
£
£
Trade debtors
243,242
337,401
Other debtors
152,846
98,487
---------
---------
396,088
435,888
---------
---------
7. CREDITORS: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
6,586
6,586
Trade creditors
21,005
6,243
Corporation tax
4,836
Social security and other taxes
21,629
40,919
Other creditors
70,650
79,675
---------
---------
119,870
138,259
---------
---------
The total secured liabilities included in creditors within one year amounts to £26,802 (2023: £26,477). Obligations under finance leases and hire purchase contracts are secured by related assets.
8. CREDITORS: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
26,703
32,172
Other creditors
92,202
61,248
---------
--------
118,905
93,420
---------
--------
The total secured liabilities included in creditors after one year is £118,905 (2023: £93,421). Obligations under finance leases and hire purchase contracts are secured by related assets.
9. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
70
70
70
70
Ordinary A shares of £ 1 each
5
5
5
5
Ordinary B shares of £ 1 each
10
10
10
10
Ordinary C shares of £ 1 each
10
10
10
10
Ordinary D shares of £ 1 each
5
5
5
5
----
----
----
----
100
100
100
100
----
----
----
----
10. RELATED PARTY TRANSACTIONS
During the year the company entered into transactions with related parties as follows: Other related parties
2024 2023
£ £
Amounts owed by other related parties 108,000
No interest has been charged on any of the outstanding amounts.
11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
At the year end, the director owed £28,155 (2023: £82,152) to the company.
Interest has been incurred in relation to this balance at a rate of 2.25%.
12. EXCEPTIONAL ITEM
There is an exceptional item included in other income during the year which relates to an intercompany balance written off.