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

REGISTERED NUMBER: 03385123 (England and Wales)

Financial Statements

for the Year Ended 30 June 2020

for

PDL Scaffolding Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M S Wightman

S D Whalley

REGISTERED OFFICE:

Forum House

Gorsey Lane

Widnes

Cheshire

WA8 0RH

REGISTERED NUMBER:

03385123 (England and Wales)

FIXED ASSETS

Tangible assets

4

1,549,424

1,758,748

CURRENT ASSETS

Stocks

91,591

31,464

Debtors

389,772

726,391

Cash at bank and in hand

88,099

50,930

569,462

808,785

CREDITORS

Amounts falling due within one year

998,570

1,300,006

NET CURRENT LIABILITIES

(429,108

)

(491,221

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,120,316

1,267,527

CREDITORS

Amounts falling due after more than one year

(780,845

)

(750,475

)

PROVISIONS FOR LIABILITIES

(111,258

)

(135,123

)

NET ASSETS

228,213

381,929

CAPITAL AND RESERVES

Called up share capital

40,000

40,000

Retained earnings

188,213

341,929

SHAREHOLDERS' FUNDS

228,213

381,929

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 30 June 2020 in accordance with Section 444(2A) of the Companies Act 2006.

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 24 June 2021 and were signed on its behalf by:

M S Wightman - Director

1.	STATUTORY INFORMATION

PDL 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.

Going concern

After making the appropriate enquiries, the director`s have concluded that the company will be able to meet its financial obligations and will continue to generate positive free cash flow for the foreseeable future and therefore have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and accordingly they consider it appropriate to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover represents net invoice value of goods,excluding value added tax.

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.

Plant and machinery

-

10% on cost

Fixtures and fittings

-

20% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 45 (2019 - 52 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 July 2019

2,785,104

Additions

44,455

Disposals

(268,626

)

At 30 June 2020

2,560,933

DEPRECIATION

At 1 July 2019

1,026,356

Charge for year

253,675

Eliminated on disposal

(268,522

)

At 30 June 2020

1,011,509

NET BOOK VALUE

At 30 June 2020

1,549,424

At 30 June 2019

1,758,748

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

Totals

£

COST

At 1 July 2019

443,866

Transfer to ownership

(172,178

)

At 30 June 2020

271,688

DEPRECIATION

At 1 July 2019

75,852

Charge for year

44,387

Transfer to ownership

(38,191

)

At 30 June 2020

82,048

NET BOOK VALUE

At 30 June 2020

189,640

At 30 June 2019

368,014

5.	LEASING AGREEMENTS

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases,which fall due as follows:

Non-cancellable operating

leases

2020

2019

£

£

Within one year

36,042

17,216

Between one and five years

110,551

120,846

146,593

138,062

6.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

H P Contracts and other loans

863,906

1,096,341

The secured debts are secured over all of the fixed assets of the company, together with personal guarantee`s from the director`s over all of the above loans.