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Company registration number: 11604885
Prime Scaffold And Structural Designs Limited
Unaudited filleted financial statements
31 October 2024
Prime Scaffold And Structural Designs Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Prime Scaffold And Structural Designs Limited
Directors and other information
Director Terence Shiel
Company number 11604885
Registered office 124-126 Church Hill
Loughton
Essex
IG10 1LH
Accountants Pollock Taylor Ltd
Chartered Certified Accountants
124-126 Church Hill
Loughton
Essex
IG10 1LH
Prime Scaffold And Structural Designs Limited
Statement of financial position
31 October 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 106,793 114,032
_________ _________
106,793 114,032
Current assets
Stocks - 80,000
Debtors 6 688,400 600,000
Cash at bank and in hand 3,462 8,246
_________ _________
691,862 688,246
Creditors: amounts falling due
within one year 7 ( 655,755) ( 684,916)
_________ _________
Net current assets 36,107 3,330
_________ _________
Total assets less current liabilities 142,900 117,362
Creditors: amounts falling due
after more than one year 8 ( 64,140) ( 76,543)
Provisions for liabilities ( 5,709) -
_________ _________
Net assets 73,051 40,819
_________ _________
Capital and reserves
Called up share capital 1 1
Profit and loss account 73,050 40,818
_________ _________
Shareholders funds 73,051 40,819
_________ _________
For the year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 10 June 2025 , and are signed on behalf of the board by:
Terence Shiel
Director
Company registration number: 11604885
Prime Scaffold And Structural Designs Limited
Notes to the financial statements
Year ended 31 October 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 124-126 Church Hill, Loughton, Essex, IG10 1LH.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 15 % reducing balance
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 15 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 41 (2023: 37 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 November 2023 10,050 243,195 78,612 331,857
Additions - 16,630 - 16,630
Disposals ( 10,050) - - ( 10,050)
_________ _________ _________ _________
At 31 October 2024 - 259,825 78,612 338,437
_________ _________ _________ _________
Depreciation
At 1 November 2023 5,026 193,146 19,653 217,825
Charge for the year - 10,001 8,844 18,845
Disposals ( 5,026) - - ( 5,026)
_________ _________ _________ _________
At 31 October 2024 - 203,147 28,497 231,644
_________ _________ _________ _________
Carrying amount
At 31 October 2024 - 56,678 50,115 106,793
_________ _________ _________ _________
At 31 October 2023 5,024 50,049 58,959 114,032
_________ _________ _________ _________
6. Debtors
2024 2023
£ £
Trade debtors 688,400 600,000
_________ _________
7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 10,000 10,075
Trade creditors 31,833 324,711
Corporation tax 31,479 21,539
Social security and other taxes 450,518 314,561
Other creditors 131,925 14,030
_________ _________
655,755 684,916
_________ _________
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 10,833 20,833
Other creditors 53,307 55,710
_________ _________
64,140 76,543
_________ _________