Formark Scaffolding (Holdings) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02776196 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 April 2020

for

Formark Scaffolding (Holdings) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M P Coote

D M Coote

REGISTERED OFFICE:

The Old Gas Works

1 Godstone Road

Whyteleafe

Surrey

CR3 0EG

REGISTERED NUMBER:

02776196 (England and Wales)

ACCOUNTANTS:

Fitzgerald Mithia Springer Limited

Chartered Accountants

67 Westow Street

Upper Norwood

London

SE19 3RW

FIXED ASSETS

Tangible assets

5

119,677

170,498

CURRENT ASSETS

Debtors

6

1,917,171

1,827,226

Cash at bank

70,792

10,229

1,987,963

1,837,455

CREDITORS

Amounts falling due within one year

7

1,494,424

1,328,055

NET CURRENT ASSETS

493,539

509,400

TOTAL ASSETS LESS CURRENT LIABILITIES

613,216

679,898

CREDITORS

Amounts falling due after more than one year

8

(131,650

)

(241,814

)

PROVISIONS FOR LIABILITIES

(24,296

)

(32,395

)

NET ASSETS

457,270

405,689

CAPITAL AND RESERVES

Called up share capital

300,060

300,060

Share premium

95,511

95,511

Retained earnings

61,699

10,118

SHAREHOLDERS' FUNDS

457,270

405,689

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 January 2021 and were signed on its behalf by:

M P Coote - Director

1.	STATUTORY INFORMATION

Formark Scaffolding (Holdings) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Income is recognised when the companny provides good and services.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Motor vehicles

-

25% on reducing balance

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 70 (2019 - 71 ) .

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 May 2019

308,957

Disposals

(47,035

)

At 30 April 2020

261,922

DEPRECIATION

At 1 May 2019

138,459

Charge for year

39,892

Eliminated on disposal

(36,106

)

At 30 April 2020

142,245

NET BOOK VALUE

At 30 April 2020

119,677

At 30 April 2019

170,498

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 May 2019

and 30 April 2020

144,396

DEPRECIATION

At 1 May 2019

24,480

Charge for year

29,979

At 30 April 2020

54,459

NET BOOK VALUE

At 30 April 2020

89,937

At 30 April 2019

119,916

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

1,371,244

1,381,978

Amounts owed by group undertakings

317,113

112,113

Other debtors

228,814

333,135

1,917,171

1,827,226

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

-

21,120

Hire purchase contracts

30,834

29,089

Trade creditors and accruals

508,008

488,541

Taxation and social security

602,180

245,713

Other creditors

353,402

543,592

1,494,424

1,328,055

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Hire purchase contracts

58,418

87,629

Other creditors

73,232

154,185

131,650

241,814

9.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Other loans

154,185

228,195

Hire purchase contracts

89,252

116,718

Invoice financing

188,835

400,889

432,272

745,802

Other loans are secured by a guarantee given by Formark SGB Limited.

10.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Formark SGB Limited, whose registered office address is The Old Gas Works, 1 Godstone Road, Whyteleafe, Surrey, CR3 0EG.