Company No:
Contents
| Note | 2024 | 2023 | ||
| £ | £ | |||
| Restated | ||||
| Fixed assets | ||||
| Tangible assets | 4 |
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| 239,163 | 241,516 | |||
| Current assets | ||||
| Debtors | 5 |
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| Cash at bank and in hand |
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| 104,634 | 157,386 | |||
| Creditors: amounts falling due within one year | 6 | (
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| Net current assets | 10,262 | 68,098 | ||
| Total assets less current liabilities | 249,425 | 309,614 | ||
| Creditors: amounts falling due after more than one year | 7 | (
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| Provision for liabilities | (
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| Net assets |
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| Capital and reserves | ||||
| Called-up share capital |
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| Profit and loss account |
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| Total shareholders' funds |
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Director's responsibilities:
The financial statements of JFM Scaffolding Limited (registered number:
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M Main
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
JFM Scaffolding Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Goodwood House, Blackbrook Park Avenue, Taunton, TA1 2PX, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
This is the first year that the financial statements have been prepared under Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies' regime.
As a result of the company's adoption of FRS 102 Section 1A, a restatement was necessary to account for the material provision of Deferred Tax in 2023. This adjustment has affected both the profit and loss account and the balance sheet for 2023, leading to a reduction in net profit and reserves by £58,283.
Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either other creditors or other debtors in the Balance Sheet.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.
| Plant and machinery |
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| Vehicles |
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| Office equipment |
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The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Loans and 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.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
The Company has adopted FRS 102 Section 1A for the year ended 30 November 2024 and has restated the comparative year amounts.
Reconciliation of equity
| 01.12.2022 | 30.11.2023 | |||
| £ | £ | |||
| Capital and reserves (as previously stated) | 205,556 | 293,864 | ||
| Provision for liabilities | (40,715) | (58,283) | ||
| Capital and reserves (as restated) | 164,841 | 235,581 |
Reconciliation of profit or loss
| 30.11.2023 | ||||
| £ | ||||
| Profit for the year (as previously stated) | 101,438 | |||
| Deferred tax movement | (17,568) | |||
| Profit for the year (as restated) | 83,870 |
| 2024 | 2023 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including the director |
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| Plant and machinery | Vehicles | Office equipment | Total | ||||
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| Cost | |||||||
| At 01 December 2023 |
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| Additions |
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| Disposals |
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| At 30 November 2024 |
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| Accumulated depreciation | |||||||
| At 01 December 2023 |
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| Charge for the financial year |
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| Disposals |
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| At 30 November 2024 |
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| Net book value | |||||||
| At 30 November 2024 | 215,105 | 19,149 | 4,909 | 239,163 | |||
| At 30 November 2023 | 208,830 | 28,928 | 3,758 | 241,516 |
| 2024 | 2023 | ||
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| Trade debtors |
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| Other debtors |
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| 2024 | 2023 | ||
| £ | £ | ||
| Bank loans |
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| Trade creditors |
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| Taxation and social security |
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| Other creditors |
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| 2024 | 2023 | ||
| £ | £ | ||
| Bank loans |
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Commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
| 2024 | 2023 | ||
| £ | £ | ||
| within one year |
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| between one and five years |
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The company rents commercial premises under an operating lease agreement, with the rent term being for a period of 2 years.
Transactions with the entity's director
Advances
At 1 December 2023, the balance owed by the director was £97,619. During the year, £98,406 was advanced to the director and £129,295 was repaid by the director. At 30 November 2024, the balance owed by the director was £66,730.
At 1 December 2022, the balance owed by the director was £28,172. During the year, £102,493 was advanced to the director and £33,046 was repaid by the director. At 30 November 2023, the balance owed by the director was £97,619.