Unique Scaffolding Limited - Full Accounts
Unique Scaffolding Limited - Full Accounts
for the year ended 31st July 2018
CONTENTS
for the year ended 31st July 2018
The Accounts are comprised of the following:
Statement of Financial Position
Please note that the Accounts comprise of HTML and iXBRL source code and that this is a printed or visual representation of that source code some of which will not be displayed or printed.
Company No.
STATEMENT OF FINANCIAL POSITION
as at 31st July 2018
2018 | 2017 | |||||
Note | £ | £ | £ | |||
FIXED ASSETS | ||||||
Property, plant and equipment | 4 | |||||
CURRENT ASSETS | ||||||
Debtors | 5 | |||||
Cash at bank and in hand | ||||||
CURRENT LIABILITIES | ||||||
Creditors: amounts falling due | ||||||
within one year | 6 | |||||
NET CURRENT LIABILITIES | ( | ( | ||||
TOTAL ASSETS LESS CURRENT LIABILITIES | ||||||
Creditors: amounts falling due | ||||||
after more than one year | 7 | |||||
Provisions for liabilities and charges | ||||||
Deferred taxation | ||||||
NET ASSETS | ||||||
CAPITAL AND RESERVES | ||||||
Called up share capital | ||||||
Revaluation reserve | ||||||
Retained earnings | ||||||
SHAREHOLDERS FUNDS |
Approved by the Board on
Director
Company Number
NOTES TO THE ACCOUNTS
for the year ended 31st July 2018
1 Statutory information
These financial statements are presented in Sterling, which is the functional currency of the company.
2 Accounting policies
Basis of preparation of financial statements
Income Recognition
Revenue is measured at the fair value of the consideration received or receivable. Turnover is shown net of value added tax, returns, rebates and discounts. Revenue is recognised for the sale of goods when the vendor has transferred the significant risks and rewards of ownership, it is possible that the economic benefit will flow to the entity and the revenue and associated costs can be reliably measured.
Depreciation
Depreciation is provided on all property, plant and equipment, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings | |
Plant, machinery and vehicles |
Leasing
Assets, obtained under hire purchase contracts and finance leases, are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account on a straight line basis.
Taxation
Taxation represents the sum of tax currently payable and deferred tax.
The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.
Pensions
The Company operates a defined contribution pension scheme. Contributions are charged to the Income Statement as they become payable in accordance with the rules of the scheme.
3 Employee information
The average number of employees during the accounting period was
4 Property, plant and equipment | |||||||||||
Plant | Fixtures | ||||||||||
Land and | Motor | and | and | ||||||||
Buildings | Vehicles | Machinery | Fittings | Total | |||||||
£ | £ | £ | £ | £ | |||||||
Cost | |||||||||||
At 1st August 2017 | |||||||||||
Additions | - | - | - | ||||||||
At 31st July 2018 | |||||||||||
Depreciation | |||||||||||
At 1st August 2017 | |||||||||||
Charge for year | |||||||||||
At 31st July 2018 | |||||||||||
Net Book Value | |||||||||||
At 31st July 2018 | |||||||||||
At 31st July 2017 |
If the freehold land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:
Freehold and Long leasehold land and buildings: | 2018 | 2017 | |
£ | £ | ||
Historical cost | 139001 | 139001 | |
Cumulative depreciation based on historical cost | 80369 | 73769 | |
Net Book Value | 58632 | 65232 |
The freehold land and buildings were revalued to £530000 by the Directors on 31st July 2018, on an open market basis. The directors are not aware of any material change in value since the date of the valuation.
5 Debtors | 2018 | 2017 | |
£ | £ | ||
Trade Debtors | |||
6 Creditors: amounts falling due within one year | 2018 | 2017 | |
£ | £ | ||
Loans and Overdrafts | |||
Trade Creditors | |||
Corporation tax | |||
Taxes and social security costs | |||
Other creditors | |||
Accruals and deferred income | |||
7 Creditors: amounts falling due after one year | 2018 | 2017 | |
£ | £ | ||
Other creditors | |||
8 Transactions with Directors
There were no transactions with Directors except as reflected in the Director's loan account for each Director. The closing balances of each account are as detailed below. Credit balances are shown without brackets. These balances are included in the figure for "Creditors and Accruals" in the accounts. Overdrawn balances are included in the figure for "Other Debtors".
2018 | 2017 | ||
£ | £ | ||
4916 | 943 |