Company registration number 09154240 (England and Wales)
DIRECT SCAFFOLD SUPPLY (UK) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
DIRECT SCAFFOLD SUPPLY (UK) LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
DIRECT SCAFFOLD SUPPLY (UK) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Stocks
689,130
938,728
Debtors
5
67,980
58,282
Cash at bank and in hand
336,377
671,818
1,093,487
1,668,828
Creditors: amounts falling due within one year
6
(568,918)
(63,160)
Net current assets
524,569
1,605,668
Creditors: amounts falling due after more than one year
7
(1,000,000)
(1,627,743)
Net liabilities
(475,431)
(22,075)
Capital and reserves
Called up share capital
8
1,000
1,000
Profit and loss reserves
(476,431)
(23,075)
Total equity
(475,431)
(22,075)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 28 April 2025 and are signed on its behalf by:
J Ivy
Director
Company Registration No. 09154240
DIRECT SCAFFOLD SUPPLY (UK) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2023
1,000
286,244
287,244
Year ended 31 December 2023:
Loss and total comprehensive income for the year
-
(309,319)
(309,319)
Balance at 31 December 2023
1,000
(23,075)
(22,075)
Year ended 31 December 2024:
Loss and total comprehensive income for the year
-
(453,356)
(453,356)
Balance at 31 December 2024
1,000
(476,431)
(475,431)
DIRECT SCAFFOLD SUPPLY (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information
Direct Scaffold Supply (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is River House, 1 Maidstone Road, Sidcup, Kent, United Kingdom, DA14 5RH.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
As at 31 December 2024, the company had net liabilities totalling £475,431. Included within Creditors: amounts falling due intrue more than one year at that date, was an amount of £1m due to the company's parent company, Direct Scaffold Supply LLC. The controlling parties of Direct Scaffold Supply LLC, have confirmed that the company will not be required to repay this amount in the next 12 months. They have also confirmed that the parent company will continue to provide any necessary financial support to Direct Scaffold Supply (UK) Limited for a period of at least 12 months from the signing of the 2024 audited balance sheet. The directors therefore consider it appropriate to continue to adopt the going concern basis when preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
DIRECT SCAFFOLD SUPPLY (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
DIRECT SCAFFOLD SUPPLY (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
DIRECT SCAFFOLD SUPPLY (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
3
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
22,475
21,200
Audit of the financial statements of the company - prior year
-
5,000
Other services
25,050
14,626
47,525
40,826
4
Employees
The average monthly number of persons (excluding directors not on payroll) employed by the company during the year was:
2024
2023
Number
Number
Total
3
2
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
66,929
938
Corporation tax recoverable
1,051
1,051
Other debtors
56,293
67,980
58,282
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
175,977
18,609
Amounts owed to group undertakings
275,238
Taxation and social security
29,137
22
Other creditors
88,566
44,529
568,918
63,160
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Amounts owed to group undertakings
1,000,000
1,627,743
DIRECT SCAFFOLD SUPPLY (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Catherine Cooper FCCA
Statutory Auditor:
Azets Audit Services
10
Related party transactions
As at 31 December 2024 Staging & Seat LP (a company under common control and ownership) owed the company £nil (2023: £26,985). This balance is included within other debtors.
As at 31 December 2024 DirecTank (a company under common control and ownership) owed the company £nil (2023: £15,370). his balance is included within other debtors. Transactions in the year included £nil (2023: £14,580) of media costs for recharge and £nil (2023: £433) of travel costs for recharge.
As at 31 December 2024 the company owed DSS Group Holdings (a company under common control and ownership) owed the company £2,720 (2023: the company was owed £13,938). This balance is included within other creditors. During the year an amount of £nil (2023: £13,937) for bonus and £nil (2023: £3,370) management fee were recharged through the company.
As at 31 December 2024 the company owed Direct Scaffold Supply LLC (parent company) £1,275,238 (2023: £1,627,743). Of this amount £275,238 is included within Creditors: amounts falling due within one year and £1,000,000 is included within Creditors: amounts falling due in more than one year.
11
Parent company
The parent company is Direct Scaffold Supply LLC by virtue of its ownership of 100% of the issued share capital in the company. The registered office of the parent company is 6059 South Loop East, Houston, Texas, TX 77087, United States of America.
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