King Scaffolding Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02686890 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 August 2021

for

King Scaffolding Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

R P King

P J King

SECRETARY:

P J King

REGISTERED OFFICE:

Woodlands Grange

Woodlands Lane

Bradley Stoke

Bristol

BS32 4JY

REGISTERED NUMBER:

02686890 (England and Wales)

ACCOUNTANTS:

Dunkley's

Woodlands Grange

Woodlands Lane

Bradley Stoke

Bristol

BS32 4JY

FIXED ASSETS

Intangible assets

4

1,150

2,300

Tangible assets

5

1,008,972

745,240

Investments

6

-

7,083

Investment property

7

1,143,863

1,149,841

2,153,985

1,904,464

CURRENT ASSETS

Stocks

16,000

16,000

Debtors

8

1,514,045

1,453,655

Cash at bank

990,972

857,209

2,521,017

2,326,864

CREDITORS

Amounts falling due within one year

9

1,556,082

1,233,141

NET CURRENT ASSETS

964,935

1,093,723

TOTAL ASSETS LESS CURRENT LIABILITIES

3,118,920

2,998,187

CREDITORS

Amounts falling due after more than one year

10

(784,341

)

(909,923

)

PROVISIONS FOR LIABILITIES

(159,639

)

(118,714

)

NET ASSETS

2,174,940

1,969,550

CAPITAL AND RESERVES

Called up share capital

12

5,000

5,000

Retained earnings

2,169,940

1,964,550

SHAREHOLDERS' FUNDS

2,174,940

1,969,550

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2021 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 27 May 2022 and were signed on its behalf by:

P J King - Director

1.	STATUTORY INFORMATION

King Scaffolding 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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.

Improvements to property

-

15% on cost

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33.33% on cost

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 46 (2020 - 54 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 September 2020

and 31 August 2021

11,495

AMORTISATION

At 1 September 2020

9,195

Amortisation for year

1,150

At 31 August 2021

10,345

NET BOOK VALUE

At 31 August 2021

1,150

At 31 August 2020

2,300

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 September 2020

33,873

2,232,901

55,059

Additions

-

152,648

735

Disposals

-

-

-

At 31 August 2021

33,873

2,385,549

55,794

DEPRECIATION

At 1 September 2020

31,929

1,693,331

44,349

Charge for year

1,111

94,286

1,666

Eliminated on disposal

-

-

-

At 31 August 2021

33,040

1,787,617

46,015

NET BOOK VALUE

At 31 August 2021

833

597,932

9,779

At 31 August 2020

1,944

539,570

10,710

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 September 2020

435,309

19,850

2,776,992

Additions

280,673

5,984

440,040

Disposals

(6,800

)

-

(6,800

)

At 31 August 2021

709,182

25,834

3,210,232

DEPRECIATION

At 1 September 2020

243,261

18,882

2,031,752

Charge for year

77,755

700

175,518

Eliminated on disposal

(6,010

)

-

(6,010

)

At 31 August 2021

315,006

19,582

2,201,260

NET BOOK VALUE

At 31 August 2021

394,176

6,252

1,008,972

At 31 August 2020

192,048

968

745,240

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

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 September 2020

30,650

112,124

142,774

Additions

-

115,597

115,597

Transfer to ownership

(14,700

)

(50,881

)

(65,581

)

At 31 August 2021

15,950

176,840

192,790

DEPRECIATION

At 1 September 2020

9,532

39,863

49,395

Charge for year

3,167

25,058

28,225

Transfer to ownership

(7,265

)

(27,421

)

(34,686

)

At 31 August 2021

5,434

37,500

42,934

NET BOOK VALUE

At 31 August 2021

10,516

139,340

149,856

At 31 August 2020

21,118

72,261

93,379

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 September 2020

7,083

Disposals

(7,083

)

At 31 August 2021

-

NET BOOK VALUE

At 31 August 2021

-

At 31 August 2020

7,083

7.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 September 2020

1,149,841

Revaluations

(5,978

)

At 31 August 2021

1,143,863

NET BOOK VALUE

At 31 August 2021

1,143,863

At 31 August 2020

1,149,841

Fair value at 31 August 2021 is represented by:

£

Valuation in 2019

(145,000

)

Valuation in 2020

49,814

Valuation in 2021

(5,977

)

Cost

1,245,026

1,143,863

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.21

31.8.20

£

£

Trade debtors

605,633

694,263

Other debtors

736,341

601,726

Directors' current accounts

75,684

75,684

Tax

24,597

24,597

VAT

12,694

-

Prepayments and accrued income

50,179

45,071

Prepayments

8,917

12,314

1,514,045

1,453,655

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.21

31.8.20

£

£

Bank loans and overdrafts

178,493

133,611

Hire purchase contracts

60,482

46,808

Trade creditors

1,161,565

774,396

Tax

46,812

42,750

Social security and other taxes

32,980

44,533

VAT

-

116,427

Other creditors

28,284

24,485

Directors' current accounts

47,136

47,135

Accrued expenses

330

2,996

1,556,082

1,233,141

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.8.21

31.8.20

£

£

Bank loans - 1-2 years

146,401

183,137

Bank loans - 2-5 years

439,202

452,710

Bank loans more 5 yr by instal

131,367

248,291

Hire purchase contracts

67,371

25,785

784,341

909,923

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

131,367

248,291

11.	SECURED DEBTS

The following secured debts are included within creditors:

31.8.21

31.8.20

£

£

Bank loans

895,463

1,017,749

Hire purchase contracts

127,853

72,593

1,023,316

1,090,342

R P King and P J King provide the bank with personal guarantees.

Banks loans include a £500,000 CBILS loan which is guaranteed by the government.

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.8.21

31.8.20

value:

£

£

5,000

Ordinary

£1

5,000

5,000

13.	RELATED PARTY DISCLOSURES

During the year the company wrote off loans of £nil (2020 - £10,000) with other related parties. The other parties involved were in agreement of this treatment.

14.	ULTIMATE CONTROLLING PARTY

The directors Mr R P King and Mr P J King own 87.5% of the issued share capital and are the ulitmate controlling parties of King Scaffolding Ltd.