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Registration number: 10299149

WG Scaffold Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2024

 

WG Scaffold Ltd

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 7

 

WG Scaffold Ltd

(Registration number: 10299149)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

47,219

63,094

Current assets

 

Debtors

5

176,195

179,449

Cash at bank and in hand

 

367,026

317,921

 

543,221

497,370

Creditors: Amounts falling due within one year

6

(532,997)

(465,048)

Net current assets

 

10,224

32,322

Total assets less current liabilities

 

57,443

95,416

Creditors: Amounts falling due after more than one year

6

(10,000)

(20,000)

Provisions for liabilities

3,260

(3,733)

Net assets

 

50,703

71,683

Capital and reserves

 

Called up share capital

100

100

Retained earnings

50,603

71,583

Shareholders' funds

 

50,703

71,683

For the financial year ending 31 August 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 22 May 2025 and signed on its behalf by:
 

J M Wring
Director

   
     
 

WG Scaffold Ltd

Notes to the Unaudited 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:
Freshford House
Redcliffe Way
Bristol
BS1 6NL
England

These financial statements were authorised for issue by the Board on 22 May 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.

The annual statements are prepared in Sterling, which is the functional currency of the company and rounded to the nearest £.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the forseeable future. The directors have been mindful of any potential future impact from events such as the current cost of living crisis, energy crisis and interest rate rises and have reviewed budgets and projections for the next twelve months. From this review, the directors consider that the company is unlikely to be significantly affected and thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

 

WG Scaffold Ltd

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

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the 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;
- the entity retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the services provided;
- the cost incurred or to be incurred in respect of the transaction can be reliably measured;
- all of the significant risks and rewards of ownership have been transferred to the customer; and
- specific criteria have been met for each of the company's activities.

Finance income and costs policy

Finance income and costs are recognised using the effective interest rate method.

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 consolidated 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.

Deferred and current taxation assets or liabilities are not discounted.

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

Furniture, fittings and equipment

Straight-line at 15%

Plant and machinery

Straight-line at 10%

 

WG Scaffold Ltd

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

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.

Debtors

Trade debtors are amounts due from customers for 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.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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

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.

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.

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.

 

WG Scaffold Ltd

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 15 (2023 - 18).

4

Tangible assets

Furniture, fittings and equipment
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 September 2023

1,169

157,000

158,169

At 31 August 2024

1,169

157,000

158,169

Depreciation

At 1 September 2023

875

94,200

95,075

Charge for the year

175

15,700

15,875

At 31 August 2024

1,050

109,900

110,950

Carrying amount

At 31 August 2024

119

47,100

47,219

At 31 August 2023

294

62,800

63,094

5

Debtors

2024
£

2023
£

Trade debtors

170,927

177,624

Other debtors

60

60

Prepayments

1,123

799

Accrued income

4,085

966

176,195

179,449

 

WG Scaffold Ltd

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

6

Creditors

Due within one year

Note

2024
£

2023
£

 

Loans and borrowings

7

10,000

10,000

Trade creditors

 

2,044

6,094

Amounts due to related parties

8

478,122

402,769

Social security and other taxes

 

15,528

16,812

Other creditors

 

300

8,683

Accruals

 

27,003

5,112

Corporation tax liability

-

15,578

 

532,997

465,048

Due after one year

 

Loans and borrowings

7

10,000

20,000

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

10,000

20,000

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,000

10,000

Bounce Back Loan is denominated in GBP with a nominal interest rate of 2.5%, and the final instalment is due on 27 June 2027. The carrying amount at year end is £20,000 (2023 - £30,000).

 

WG Scaffold Ltd

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

8

Related party transactions

Summary of transactions with other related parties

During the year the company was recharged overheads of £75,000 (2023 - £Nil) from Wring Group Limited.

During the year the company received management charges of £Nil (2023 - £98,000) from Wring Group Limited.

Wring Group Limited is related by virtue of the directors shareholdings.

 

Loans from related parties

2024

Other related parties
£

Total
£

At start of period

402,769

402,769

Advanced

75,733

75,733

Repaid

(380)

(380)

At end of period

478,122

478,122

2023

Other related parties
£

Total
£

At start of period

500,332

500,332

Advanced

437

437

Repaid

(98,000)

(98,000)

At end of period

402,769

402,769

Terms of loans from related parties

Loans from other related parties are interest free and repayable on demand.

9

Parent and ultimate parent undertaking

The ultimate controlling party are J M Wring and D S Wring, by virtue of their majority shareholding.