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Registration number: 06728315

LTC Specialist Scaffolding Limited

Filleted Financial Statements

for the Year Ended 31 August 2024

 

LTC Specialist Scaffolding Limited

Contents

Statement of Financial Position

1

Notes to the Financial Statements

2 to 10

 

LTC Specialist Scaffolding Limited

(Registration number: 06728315)
Statement of Financial Position as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

48,484

64,646

Current assets

 

Debtors

6

1,223,166

2,237,198

Cash at bank and in hand

 

297,212

236,155

 

1,520,378

2,473,353

Creditors: Amounts falling due within one year

7

(443,816)

(638,007)

Net current assets

 

1,076,562

1,835,346

Total assets less current liabilities

 

1,125,046

1,899,992

Creditors: Amounts falling due after more than one year

7

(24,228)

(46,592)

Provisions for liabilities

(12,121)

(16,162)

Net assets

 

1,088,697

1,837,238

Capital and reserves

 

Called up share capital

4

4

Profit and loss account

1,088,693

1,837,234

Shareholders' funds

 

1,088,697

1,837,238


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 Statement of Comprehensive Income.

Approved and authorised by the director on 27 February 2025
 


Mr S J Willis
Director

 

LTC Specialist Scaffolding Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

1

General information

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

The address of its registered office is:
Wixenford Depot
Colesdown Hill
PLYMOUTH
Devon
PL9 8AA

Principal activity

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

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

 

LTC Specialist Scaffolding Limited

Notes to the Financial Statements for the Year Ended 31 August 2024 (continued)

2

Accounting policies (continued)

Audit report

The Independent Auditor's Report was unqualified.

The name of the Senior Statutory Auditor who signed the audit report on 10 April 2025 was Adam Croney ACA, who signed for and on behalf of Westcotts (SW) LLP.

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

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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 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.

 

LTC Specialist Scaffolding Limited

Notes to the Financial Statements for the Year Ended 31 August 2024 (continued)

2

Accounting policies (continued)

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.

Government grants are recognised using the accrual model and the performance model.

Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.

Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

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.

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 statement of financial position 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.

 

LTC Specialist Scaffolding Limited

Notes to the Financial Statements for the Year Ended 31 August 2024 (continued)

2

Accounting policies (continued)

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

Motor vehicles

25% reducing balance

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

 

LTC Specialist Scaffolding Limited

Notes to the Financial Statements for the Year Ended 31 August 2024 (continued)

2

Accounting policies (continued)

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 statement of comprehensive income 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 in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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 statement of financial position as a finance lease obligation.

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

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.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 

LTC Specialist Scaffolding Limited

Notes to the Financial Statements for the Year Ended 31 August 2024 (continued)

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 91 (2023 - 99).

4

Auditors' remuneration

2024
£

2023
£

Audit of the financial statements

1,162

1,214


 

 

LTC Specialist Scaffolding Limited

Notes to the Financial Statements for the Year Ended 31 August 2024 (continued)

5

Tangible assets

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2023

111,820

111,820

At 31 August 2024

111,820

111,820

Depreciation

At 1 September 2023

47,174

47,174

Charge for the year

16,162

16,162

At 31 August 2024

63,336

63,336

Carrying amount

At 31 August 2024

48,484

48,484

At 31 August 2023

64,646

64,646

6

Debtors

Note

2024
£

2023
£

Trade debtors

 

1,082,422

1,083,141

Amounts owed by group undertakings

116,240

1,133,403

Other debtors

 

24,504

20,654

 

1,223,166

2,237,198

 

LTC Specialist Scaffolding Limited

Notes to the Financial Statements for the Year Ended 31 August 2024 (continued)

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

22,364

22,364

Trade creditors

 

28,427

42,695

Amounts owed to group undertakings

41,155

30,081

Taxation and social security

 

160,860

319,923

Accruals and deferred income

 

143,466

161,651

Other creditors

 

47,544

61,293

 

443,816

638,007

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

24,228

46,592

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

LTC Specialist Scaffolding Limited

Notes to the Financial Statements for the Year Ended 31 August 2024 (continued)

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase liabilities

24,228

46,592

Current loans and borrowings

2024
£

2023
£

Hire purchase liabilities

22,364

22,364

10

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

31,500

-

Later than one year and not later than five years

-

85,500

31,500

85,500

The amount of non-cancellable operating lease payments recognised as an expense during the year was £54,000 (2023 - £54,000).