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Avalon Scaffolding Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2024

Registration number: 10253993

 

Avalon Scaffolding Ltd

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6 to 7

Statement of Changes in Equity

8

Notes to the Unaudited Financial Statements

9 to 14

 

Avalon Scaffolding Ltd

Company Information

Directors

GCR Langworthy

G Hutchinson

Registered office

6 Oaklands Court
Tiverton Way
Tiverton Business Park
Tiverton
Devon
EX16 6TG

Accountants

Withers Steele Limited
Chartered Accountants
6 Oaklands Court
Tiverton Way
Tiverton Business Park
Tiverton
Devon
EX16 6TG

 

Avalon Scaffolding Ltd

Directors' Report for the Year Ended 30 June 2024

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

Directors of the company

The directors who held office during the year were as follows:

GCR Langworthy

G Hutchinson

Principal activity

The principal activity of the company is the provision of scaffolding services

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 13 January 2025 and signed on its behalf by:
 

.........................................
GCR Langworthy
Director

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Avalon Scaffolding Ltd
for the Year Ended 30 June 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Avalon Scaffolding Ltd for the year ended 30 June 2024 as set out on pages 4 to 14 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Avalon Scaffolding Ltd, as a body, in accordance with the terms of our engagement letter dated 2 March 2021. Our work has been undertaken solely to prepare for your approval the accounts of Avalon Scaffolding Ltd and state those matters that we have agreed to state to the Board of Directors of Avalon Scaffolding Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Avalon Scaffolding Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Avalon Scaffolding Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Avalon Scaffolding Ltd. You consider that Avalon Scaffolding Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Avalon Scaffolding Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Withers Steele Limited
Chartered Accountants
6 Oaklands Court
Tiverton Way
Tiverton Business Park
Tiverton
Devon
EX16 6TG

13 January 2025

 

Avalon Scaffolding Ltd

Profit and Loss Account for the Year Ended 30 June 2024

Note

2024
£

2023
£

Turnover

 

1,602,974

1,618,844

Cost of sales

 

(1,104,475)

(1,040,730)

Gross profit

 

498,499

578,114

Administrative expenses

 

(303,422)

(303,359)

Other operating income

 

15,210

5,469

Operating profit

 

210,287

280,224

Other interest receivable and similar income

 

27

-

Interest payable and similar expenses

 

(18,933)

(20,175)

   

(18,906)

(20,175)

Profit before tax

191,381

260,049

Tax on profit

 

(47,005)

(76,025)

Profit for the financial year

 

144,376

184,024

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Avalon Scaffolding Ltd

Statement of Comprehensive Income for the Year Ended 30 June 2024

2024
£

2023
£

Profit for the year

144,376

184,024

Total comprehensive income for the year

144,376

184,024

 

Avalon Scaffolding Ltd

(Registration number: 10253993)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

714,208

647,888

Current assets

 

Debtors

5

176,963

375,245

Cash at bank and in hand

 

64,143

36,431

 

241,106

411,676

Creditors: Amounts falling due within one year

6

(316,740)

(521,057)

Net current liabilities

 

(75,634)

(109,381)

Total assets less current liabilities

 

638,574

538,507

Creditors: Amounts falling due after more than one year

6

(59,978)

(66,408)

Provisions for liabilities

(140,682)

(114,566)

Net assets

 

437,914

357,533

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

436,914

356,533

Shareholders' funds

 

437,914

357,533

For the financial year ending 30 June 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 13 January 2025 and signed on its behalf by:
 

 

Avalon Scaffolding Ltd

(Registration number: 10253993)
Balance Sheet as at 30 June 2024

.........................................
GCR Langworthy
Director

.........................................
G Hutchinson
Director

 

Avalon Scaffolding Ltd

Statement of Changes in Equity for the Year Ended 30 June 2024

Share capital
£

Retained earnings
£

Total
£

At 1 July 2023

1,000

356,534

357,534

Profit for the year

-

144,376

144,376

Dividends

-

(63,996)

(63,996)

At 30 June 2024

1,000

436,914

437,914

Share capital
£

Retained earnings
£

Total
£

At 1 July 2022

1,000

236,505

237,505

Profit for the year

-

184,024

184,024

Dividends

-

(63,996)

(63,996)

At 30 June 2023

1,000

356,533

357,533

 

Avalon Scaffolding Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

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

The address of its registered office is:
6 Oaklands Court
Tiverton Way
Tiverton Business Park
Tiverton
Devon
EX16 6TG

These financial statements were authorised for issue by the Board on 13 January 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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Government grants

Revenue based Covid-19 grants were received in these financial statements

Tax

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

 

Avalon Scaffolding Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

Freehold buildings

4% straight line method

Scaffolding

7% straight line method

Motor vehicles

20% straight line method

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

 

Avalon Scaffolding Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 24 (2023 - 23).

 

Avalon Scaffolding Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Cost or valuation

At 1 July 2023

107,068

5,087

184,275

640,476

Additions

-

-

131,820

34,502

Disposals

-

-

(41,690)

-

At 30 June 2024

107,068

5,087

274,405

674,978

Depreciation

At 1 July 2023

4,852

1,974

119,956

162,236

Charge for the year

808

779

28,752

46,734

Eliminated on disposal

-

-

(18,761)

-

At 30 June 2024

5,660

2,753

129,947

208,970

Carrying amount

At 30 June 2024

101,408

2,334

144,458

466,008

At 30 June 2023

102,216

3,113

64,319

478,240

Total
£

Cost or valuation

At 1 July 2023

936,906

Additions

166,322

Disposals

(41,690)

At 30 June 2024

1,061,538

Depreciation

At 1 July 2023

289,018

Charge for the year

77,073

Eliminated on disposal

(18,761)

At 30 June 2024

347,330

Carrying amount

At 30 June 2024

714,208

At 30 June 2023

647,888

Included within the net book value of land and buildings above is £101,409 (2023 - £102,217) in respect of freehold land and buildings.
 

 

Avalon Scaffolding Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

5

Debtors

Current

2024
£

2023
£

Trade debtors

176,558

375,245

Other debtors

405

-

 

176,963

375,245

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

36,386

36,855

Trade creditors

 

62,460

140,980

Taxation and social security

 

21,739

44,117

Accruals and deferred income

 

1,900

1,850

Other creditors

 

194,255

297,255

 

316,740

521,057

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

59,978

66,408

 

Avalon Scaffolding Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

32,126

61,679

Finance lease liabilities

27,852

4,729

59,978

66,408

Current loans and borrowings

2024
£

2023
£

Bank borrowings

30,395

30,849

Finance lease liabilities

5,991

6,006

36,386

36,855