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Registered number: 02177897










HI-PRO SCAFFOLDING LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2024

 
HI-PRO SCAFFOLDING LIMITED
REGISTERED NUMBER:02177897

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2024
2023
2023
Note
£
£
£
£

Fixed assets
  

Tangible assets
 4 
66,933
89,245

Current assets
  

Debtors: amounts falling due within one year
 5 
318,659
378,137

Cash at bank and in hand
 6 
183,539
47,514

  
502,198
425,651

Creditors: amounts falling due within one year
 7 
(211,763)
(147,157)

Net current assets
  
 
 
290,435
 
 
278,494

Total assets less current liabilities
  
357,368
367,739

Creditors: amounts falling due after more than one year
 8 
(10,702)
(23,936)

  

Net assets
  
346,666
343,803


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
346,566
343,703

  
346,666
343,803


Page 1

 
HI-PRO SCAFFOLDING LIMITED
REGISTERED NUMBER:02177897
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024

The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 income and retained earnings 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 by: 




................................................
Martin John Clinton
Director

Date: 21 March 2025


The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
HI-PRO SCAFFOLDING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Hi-Pro Scaffolding Limited is a private limited company, incorporated in England and Wales.
The registered office and principal place of business is Unit 2, Beamish Close, Sandy, SG19 1SD.

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 following principal accounting policies have been applied:

 
2.2

Going concern

The Directors have looked forward 12 months and have concluded that the Company should be able
to operate within its current cash resources for the foreseeable future and therefore believe it is
appropriate to prepare these financial statements on a going concern basis.

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Rendering of services

Turnover 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 turnover 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.

All costs incurred are recorded as cost of sales. Revenues recognised in excess of amounts billed are classified as amounts recoverable on contracts and included in debtors.

 
2.4

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 3

 
HI-PRO SCAFFOLDING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.4
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 the following basis:.

Depreciation is provided on the following basis:

Motor vehicles
-
25% per annum on a reducing balance basis

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.

 
2.5

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.

 
2.6

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.

 
2.7

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of
financial assets and liabilities like trade and other debtors and creditors, loans from banks and other
third parties, loans to related parties and investments in ordinary shares.

 
2.8

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 4

 
HI-PRO SCAFFOLDING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.9

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP presented to the nearest round pound.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.10

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.

 
2.11

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.

 
2.12

Leased assets: the Company 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.

  
2.13

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 the Statement of Income and Retained Earnings 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.

Page 5

 
HI-PRO SCAFFOLDING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.14

Taxation

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 operates and generates 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; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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.



3.


Employee numbers

The average monthly number of employees, including directors, during the year was 11 (2023: 12).

Page 6

 
HI-PRO SCAFFOLDING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Tangible fixed assets





Motor vehicles

£



Cost or valuation


At 1 January 2024
223,785



At 31 December 2024

223,785



Depreciation


At 1 January 2024
134,540


Charge for the year on owned assets
3,241


Charge for the year on financed assets
19,071



At 31 December 2024

156,852



Net book value



At 31 December 2024
66,933



At 31 December 2023
89,245

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Motor vehicles
57,216
85,172

Page 7

 
HI-PRO SCAFFOLDING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Debtors

2024
2023
£
£


Trade debtors
31,332
60,184

Amounts owed by group undertakings
188,305
187,283

Other debtors
1,272
4,123

Prepayments and accrued income
14,256
6,529

Amounts recoverable on long-term contracts
83,494
120,018

318,659
378,137



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
183,539
47,514



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
67,521
31,756

Corporation tax
41,732
-

Other taxation and social security
11,338
13,512

Obligations under finance lease and hire purchase contracts
13,235
24,007

Other creditors
2,237
2,182

Accruals and deferred income
75,700
75,700

211,763
147,157


Secured loans
Amounts due under finance leases and hire purchase contracts are secured against the assets to which they relate.

Page 8

 
HI-PRO SCAFFOLDING LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
10,702
23,936


Secured loans
Amounts due under finance leases and hire purchase contracts are secured against the assets to which they relate.


9.


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 £70,400 (2023 - £,36,130). The amount outstanding at the year end is £2,237 (2023 - £2,182).


10.


Related party transactions

At 31 December 2024 there was an amount due from the holding Company Hi-Pro Scaffolding Holdings Limited £188,305 (2023: £187,283). No interest was charged on this loan and it is repayable on demand. There was an intercompany management charge of £70,000 (2023: £70,000).
The Company incurred rental charges of £53,687 (2023: £7,500) from JPM Property SIPP. The rental charges are in connection with the occupation of the premises for the Company's principal activities. At 31 December 2024, the balance owing to JPM Property SIPP was £10,425 (2023: £3,000).


11.


Ultimate parent undertaking

The ultimate parent undertaking is Hi-Pro Scaffolding Holdings Limited

 
Page 9