|
Registered number:
FOR THE YEAR ENDED 30 APRIL 2025
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
CONNOLLY SCAFFOLDING LIMITED
COMPANY INFORMATION
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
CONNOLLY SCAFFOLDING LIMITED
CONTENTS
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
CONNOLLY SCAFFOLDING LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2025
The principal activity of the company remains to be the erect and hire of scaffolding to main contractors and owner developers.
Connolly Scaffolding Limited’s commitment to strategic focus has translated into a period of sustained business performance, marked by tangible and solid results. Over the review period, the company has maintained its competitive edge through thoughtful consolidation, prudent financial management, and operational efficiency. This disciplined approach has ensured that overheads remain stable, even in the face of inflationary pressures, while allowing for the successful reduction of borrowings and the streamlining of business operations. As a direct result of these efforts, the company has not only preserved its financial health but also reinforced its market reputation through reliable project delivery and a proactive stance on environmental, social, and governance (ESG) matters. The integration of innovative practices, such as achieving full digitisation of management systems, underscores the company’s adaptability and readiness to embrace best-in-class solutions. Collectively, these elements underpin a robust foundation for continued growth, enabling Connolly Scaffolding Limited to thrive amid industry challenges and set a benchmark for excellence within its sector.
Page 1
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
CONNOLLY SCAFFOLDING LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
At the heart of Connolly Scaffolding Limited’s operations lies a disciplined focus on three interlinked pillars: people, clients, and innovation. The company’s core purpose is to deliver reliable scaffolding solutions while maintaining the highest standards in workforce training, client engagement, and technological advancement. By investing significantly in apprenticeship programmes and continuous professional development, as a company not only nurtures its internal talent but also ensures that a highly skilled workforce is available to meet industry demands. This emphasis on learning and adaptability distinguishes Connolly Scaffolding Limited as an employer of choice within the sector and equips the company to respond swiftly and effectively to evolving project requirements.
On the commercial front, the company’s strategic withdrawal from less profitable markets is a testament to its commitment to sustainability and long-term value creation. The business now channels its efforts towards larger projects to include infrastructure and rail contracts—areas where its expertise in complex, large-scale projects sets it apart. This targeted sector focus has yielded a robust forward order book and cemented the company’s reputation for dependable delivery and technical competence. Innovation underpins all aspects of Connolly Scaffolding Limited’s approach, from the adoption of modern system scaffolding to the digitisation of management systems. By integrating new technologies and maintaining close ties with finance providers, strengthens both operational resilience and financial stability. This blend of investment, targeted sector engagement, and continuous staff development defines Connolly Scaffolding Limited’s core focus—enabling the company to deliver safe, efficient, and innovative solutions while safeguarding its future in a dynamic marketplace. Looking ahead, Connolly Scaffolding Limited is well-positioned to build on its current strengths through a deliberate focus on three areas: staffing, client engagement, and supply chain resilience. The company's robust apprenticeship and training programmes ensure a pipeline of highly skilled workers, supporting both operational excellence and the capacity to respond to market opportunities. With all employees engaged in continuous professional development, Connolly fosters a culture of learning and adaptability, crucial for navigating sector shifts and driving innovation. On the client front, strategic withdrawal from certain market segments—such as new build residential and social housing—has enabled a concentration on more profitable and sustainable areas like infrastructure and rail. This targeted approach not only secures a strong forward order book but also enhances the company’s reputation among key clients seeking reliability and expertise in complex projects. Supply chain strategy remains integral to Connolly Scaffolding Limited’s growth. Continued investment in modern system scaffolding has reduced dependency on labour while enhancing project delivery and safety. By maintaining strong relationships with finance providers and monitoring cashflow closely, the business is well-equipped to weather fluctuations in the wider market. This prudent, risk-aware stance—coupled with a commitment to innovation and staff development—creates a resilient foundation, allowing Connolly Scaffolding Limited to pursue sustainable expansion while meeting the evolving needs of its clients and safeguarding supply chain stability. Connolly Scaffolding Limited has shown resilience and strategic focus. With strong financials, a robust order book, and ongoing investment in people and systems, the company is well-positioned for sustainable growth. Continued attention to risk management, sector expansion, and operational efficiency will be key to future success.
Page 2
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
CONNOLLY SCAFFOLDING LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
Liquidity risk:
The Company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business. The Company manages the risk by maintaining regular contact with existing finance providers to evaluate options in future funding decisions. Interest rate risk: The Company is exposed to interest rate risk on Current Account. The Company manages the risk by constantly monitoring their policies to ensure that they are not exposed to short term interest rate movements. Credit risk: The Company is not exposed to a high degree of credit risk as surplus funds are minimised due to working capital requirements. These are then retained in either a short term current account or call deposit account as agreed by the Board of Directors. The Company manages this risk by continuously considering the credit ratings of financial institutes that they have relationships with.
The directors have prepared detailed cashflow forecasts, budgets and with a strong pipeline of projects (including forward order book) for the next 12 months, all demonstrate that the business will remain profitable, and will continue to reduce borrowings leaving a positive cash position at the year-end 2025-26.
The business monitors the cashflow, as part of its daily control procedures, and the directors consider the cash and future requirements of the business on a regular basis to ensure that appropriate funds are available. The business has assumed the current available support will continue and accordingly consider it appropriate that the accounts are prepared on an ongoing concern basis. Financially, Connolly Scaffolding Limited has demonstrated solid progress. The company reported a turnover increase of £895,751 (12.7% increase) although, the gross profit margin dipped to 34.2% from 38.3%. Operating profit decreased by £145,753 ( 3.8% decrease). However the company continually review costs to make efficiency improvements. The company’s EBITDA is £1,393,905 compared with £1,546,884 in the previous accounting period. These results signal prudent management and lay the groundwork for continued sustainable growth.
Page 3
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
CONNOLLY SCAFFOLDING LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
This report was approved by the board and signed on its behalf.
Page 4
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
CONNOLLY SCAFFOLDING LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2025
The directors present their report and the financial statements for the year ended 30 April 2025.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £503,437 (2024 - £923,207).
Dividends for the year amounted to £300,000 ( 2024- £300,000).
The directors who served during the year were:
The company does not intend to decrease its trade.
Page 5
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
CONNOLLY SCAFFOLDING LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
There have been no significant events affecting the Company since the year end.
The auditors, Hardy & Company (Hyde) Ltd, will be proposed for reappointment at the forthcoming Annual General Meeting. This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.
This report was approved by the board on
Page 6
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
CONNOLLY SCAFFOLDING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CONNOLLY SCAFFOLDING LIMITED
We have audited the financial statements of Connolly Scaffolding Limited (the 'Company') for the year ended 30 April 2025, which comprise the Statement of income and retained earnings, the Statement of financial position, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Page 7
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
CONNOLLY SCAFFOLDING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CONNOLLY SCAFFOLDING LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
Page 8
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
CONNOLLY SCAFFOLDING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CONNOLLY SCAFFOLDING LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
With our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Based on our understanding of the Company we considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate journal entries to increase revenue or reduce expenditures, and management bias in accounting estimates and judgemental areas of the financial statements such as revenue recognition. Audit procedures performed by the engagement team included: - discussions with management, including consideration of known or suspected instances of non-compliance with - laws and regulations and fraud. - understanding of management's internal controls designed to prevent and detect irregularities. - reviewing the litigation records in so far as it related to non-compliance with laws and regulations and fraud. - reviewing relevant meeting minutes. - designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing. - testing transactions entered into outside of the normal course of the Company's business; and - identifying and testing journal entries, in particular any journal entries posted with unusual account combinations. There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
Page 9
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
CONNOLLY SCAFFOLDING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CONNOLLY SCAFFOLDING LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Certified Accountants & Statutory Auditors
Onward Chambers
34 Market Street
Cheshire
SK14 1AH
Page 10
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
CONNOLLY SCAFFOLDING LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 APRIL 2025
Page 11
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
CONNOLLY SCAFFOLDING LIMITED
REGISTERED NUMBER: 04426746
STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 16 to 28 form part of these financial statements.
Page 12
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
CONNOLLY SCAFFOLDING LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2025
Page 13
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
CONNOLLY SCAFFOLDING LIMITED
Page 14
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
CONNOLLY SCAFFOLDING LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 APRIL 2025
Page 15
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
CONNOLLY SCAFFOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
Connolly Scaffolding Limited is a private company limited by shares, registered in the United Kingdom number 04426746. Its registered office is E1-E2 Lyntown Trading Estate, Eccles, Manchester, M30 9QG.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:
Page 16
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
CONNOLLY SCAFFOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
2.Accounting policies (continued)
Page 17
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
CONNOLLY SCAFFOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Page 18
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
CONNOLLY SCAFFOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Financial instruments are recognised in the Company's Statement of financial position 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of
Page 19
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
CONNOLLY SCAFFOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
2.Accounting policies (continued)
the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Page 20
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
CONNOLLY SCAFFOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
2.Accounting policies (continued)
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
The preparation of the financial statements requires management to make estimates, judgements and assumptions that affect the amounts reported. These judgements and estimates are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
There are no significant judgements or estimates.
Analysis of turnover by country of destination:
Page 21
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
CONNOLLY SCAFFOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
Page 22
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
CONNOLLY SCAFFOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
There were no factors that may affect future tax charges.
Page 23
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
CONNOLLY SCAFFOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
Page 24
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
CONNOLLY SCAFFOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
11.Tangible fixed assets (continued)
The net book value of assets held under finance lease agreements total £73,483 (2024: £Nil).
Page 25
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
CONNOLLY SCAFFOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
12.Debtors (continued)
The assets are secured over a fixed and floating charge across the business and against specific fixed assets.
Page 26
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
CONNOLLY SCAFFOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
The assets are secured over a fixed and floating charge across the business and against specfic fixed assets.
Page 27
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
CONNOLLY SCAFFOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £144,070 (2024 - £140,923). Contributions totalling £5,705 (2024 - £10,744) were payable to the fund at the balance sheet date and are included in creditors.
The company is a wholly owned subsidiary of Wayne Connolly Holdings Ltd, a company registered in
England and Wales. There is no ultimate controlling party during the current or preceding year.
Page 28
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||