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REGISTERED NUMBER: 07717492 (England and Wales)















Unaudited Financial Statements for the Year Ended 31st October 2024

for

GREENWOOD SCAFFOLDING LIMITED

GREENWOOD SCAFFOLDING LIMITED (REGISTERED NUMBER: 07717492)






Contents of the Financial Statements
for the Year Ended 31st October 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GREENWOOD SCAFFOLDING LIMITED

Company Information
for the Year Ended 31st October 2024







DIRECTORS: Mr B J Kelly
Mr G Hughes





REGISTERED OFFICE: Plot D
Mode Wheel Road South
Salford
Manchester
M50 1DG





REGISTERED NUMBER: 07717492 (England and Wales)





ACCOUNTANTS: BK Plus - Chorley
Chartered Certified Accountants
41 St Thomas's Road
Chorley
Lancashire
PR7 1JE

GREENWOOD SCAFFOLDING LIMITED (REGISTERED NUMBER: 07717492)

Balance Sheet
31st October 2024

31.10.24 31.10.23
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 2,751,714 2,752,457

CURRENT ASSETS
Stocks 917,292 1,149,234
Debtors 5 108,401 12,049
Cash at bank 1,071,892 875,904
2,097,585 2,037,187
CREDITORS
Amounts falling due within one year 6 762,982 870,752
NET CURRENT ASSETS 1,334,603 1,166,435
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,086,317

3,918,892

CREDITORS
Amounts falling due after more than one
year

7

(293,839

)

(233,604

)

PROVISIONS FOR LIABILITIES (771,228 ) (680,689 )
NET ASSETS 3,021,250 3,004,599

CAPITAL AND RESERVES
Called up share capital 110 110
Share premium 3,308 3,308
Retained earnings 3,017,832 3,001,181
SHAREHOLDERS' FUNDS 3,021,250 3,004,599

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st October 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st October 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

GREENWOOD SCAFFOLDING LIMITED (REGISTERED NUMBER: 07717492)

Balance Sheet - continued
31st October 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14th February 2025 and were signed on its behalf by:





Mr G Hughes - Director


GREENWOOD SCAFFOLDING LIMITED (REGISTERED NUMBER: 07717492)

Notes to the Financial Statements
for the Year Ended 31st October 2024

1. STATUTORY INFORMATION

Greenwood Scaffolding Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable and represents amounts received for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Revenue is recognised when goods and services have been delivered to customers such that risks and rewards of ownership have transferred to them.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Long leasehold property - Straight line over 50 years
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33.3% on cost

Impairment of assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments' of FRS 102 to all its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


GREENWOOD SCAFFOLDING LIMITED (REGISTERED NUMBER: 07717492)

Notes to the Financial Statements - continued
for the Year Ended 31st October 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits held with banks, and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 44 (2023 - 36 ) .

GREENWOOD SCAFFOLDING LIMITED (REGISTERED NUMBER: 07717492)

Notes to the Financial Statements - continued
for the Year Ended 31st October 2024

4. TANGIBLE FIXED ASSETS
Long Fixtures
leasehold Plant and and
property machinery fittings
£    £    £   
COST
At 1st November 2023 75,563 4,197,648 4,040
Additions - 83,558 -
Disposals - - -
At 31st October 2024 75,563 4,281,206 4,040
DEPRECIATION
At 1st November 2023 1,500 2,040,124 2,194
Charge for year 1,480 333,616 460
Eliminated on disposal - - -
At 31st October 2024 2,980 2,373,740 2,654
NET BOOK VALUE
At 31st October 2024 72,583 1,907,466 1,386
At 31st October 2023 74,063 2,157,524 1,846

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1st November 2023 793,837 7,636 5,078,724
Additions 421,582 1,709 506,849
Disposals (68,919 ) - (68,919 )
At 31st October 2024 1,146,500 9,345 5,516,654
DEPRECIATION
At 1st November 2023 278,442 4,007 2,326,267
Charge for year 139,671 2,180 477,407
Eliminated on disposal (38,734 ) - (38,734 )
At 31st October 2024 379,379 6,187 2,764,940
NET BOOK VALUE
At 31st October 2024 767,121 3,158 2,751,714
At 31st October 2023 515,395 3,629 2,752,457

GREENWOOD SCAFFOLDING LIMITED (REGISTERED NUMBER: 07717492)

Notes to the Financial Statements - continued
for the Year Ended 31st October 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1st November 2023 249,998 621,720 871,718
Additions - 421,582 421,582
Disposals - (68,919 ) (68,919 )
Transfer to ownership (249,998 ) (60,432 ) (310,430 )
At 31st October 2024 - 913,951 913,951
DEPRECIATION
At 1st November 2023 82,922 195,141 278,063
Charge for year - 110,209 110,209
Eliminated on disposal - (38,734 ) (38,734 )
Transfer to ownership (82,922 ) (31,396 ) (114,318 )
At 31st October 2024 - 235,220 235,220
NET BOOK VALUE
At 31st October 2024 - 678,731 678,731
At 31st October 2023 167,076 426,579 593,655

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.24 31.10.23
£    £   
VAT 32,956 -
Prepayments 75,445 12,049
108,401 12,049

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.24 31.10.23
£    £   
Hire purchase contracts (see note 8) 137,169 164,432
Trade creditors 80,388 33,054
Amounts owed to group undertakings 348,431 58,230
Tax 24,325 384,678
Social security and other taxes 35,549 50,606
VAT - 3,717
Other creditors 5,800 8,146
Directors' loan accounts 1,350 34,820
Accrued expenses 129,970 133,069
762,982 870,752

GREENWOOD SCAFFOLDING LIMITED (REGISTERED NUMBER: 07717492)

Notes to the Financial Statements - continued
for the Year Ended 31st October 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.10.24 31.10.23
£    £   
Hire purchase contracts (see note 8) 293,839 233,604

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.10.24 31.10.23
£    £   
Net obligations repayable:
Within one year 137,169 164,432
Between one and five years 293,839 233,604
431,008 398,036

Non-cancellable operating leases
31.10.24 31.10.23
£    £   
Within one year 20,000 20,000

9. SECURED DEBTS

The following secured debts are included within creditors:

31.10.24 31.10.23
£    £   
Hire purchase contracts 431,008 398,036

A mortgage debenture has been registered at Companies House regarding all present and future monies owed by Greenwood Scaffolding Limited to Paula Kelly and/or Brian Kelly whether actual or contingent and that they shall be paid in full by way of either 'first fixed charge', 'first fixed mortgage', 'first floating charge' or 'negative pledge'.

Balances due under hire purchase contracts are secured against the individual assets for which the agreements were undertaken.

10. RELATED PARTY DISCLOSURES

At 31st October 2024, the company owed £1,350 to Mr G Hughes (2023: £24,941). No interest has been charged on this amount and it is repayable on demand.

11. ULTIMATE CONTROLLING PARTY

The controlling party is Greenwood Holdings NW Limited.

The ultimate controlling party is Mr G Hughes.