Regal Scaffolding Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05733763 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

FOR

REGAL SCAFFOLDING LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

L J Chandler

L Mayhew

REGISTERED OFFICE:

Fort Bridgewood

Maidstone Road

Rochester

Kent

ME1 3DQ

REGISTERED NUMBER:

05733763 (England and Wales)

ACCOUNTANTS:

Friend & Grant Ltd

Bryant House

Bryant Road

Strood

Rochester

Kent

ME2 3EW

FIXED ASSETS

Tangible assets

5

2,091,478

1,741,249

CURRENT ASSETS

Debtors

6

1,918,007

2,278,626

Cash at bank and in hand

489,570

96

2,407,577

2,278,722

CREDITORS

Amounts falling due within one year

7

1,302,698

2,174,018

NET CURRENT ASSETS

1,104,879

104,704

TOTAL ASSETS LESS CURRENT LIABILITIES

3,196,357

1,845,953

CREDITORS

Amounts falling due after more than one year

8

(2,130,368

)

(541,594

)

PROVISIONS FOR LIABILITIES

(323,594

)

(246,766

)

NET ASSETS

742,395

1,057,593

CAPITAL AND RESERVES

Called up share capital

300

300

Capital redemption reserve

51

51

Retained earnings

742,044

1,057,242

SHAREHOLDERS' FUNDS

742,395

1,057,593

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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 22 December 2021 and were signed on its behalf by:

L J Chandler - Director

1.	STATUTORY INFORMATION

Regal Scaffolding Ltd 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 presentation and disclosure requirements of Section 1A applicable to small companies, 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.

Turnover

Revenue is measured as the fair value of the consideration received or receivable from the sale of goods or exchange of services, excluding discounts, rebates, value added tax and other sales taxes.

Rendering of services

The percentage of completion method is used to calculate the revenue recognised at the period end.

Revenue from the rendering of services is recognised when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;

- it is probable that the economic benefits associated with the transaction will flow to the entity;

- the stage of completion of the transaction at the end of the reporting period can be measured reliably; and

- the costs incurred for the transaction and the costs to complete the transaction can be measured reliably.

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

-

10% on cost

Plant and machinery

-

25% on reducing balance and 10% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

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 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 held under finance lease and hire purchase contracts are capitalised in the balance sheet and depreciated over their expected useful lives. The interest element of the leasing payments represents a constant proportion of the capital balance outstanding and is charged to the profit and loss account over the period of the lease.

All other leases are regarded as operating leases and the payments made under them are charged to the profit and loss account on a straight line basis over the lease term.

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.

Employee benefits

The company recognises a provision for annual leave accrued by employees as a result of services rendered in current period, and which employees are entitled to carry forward and use within the next 12 months. The provision is measured at the salary cost payable for the period of absence.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2020 - 13 ) .

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 April 2020

511,016

3,199,497

62,038

Additions

-

401,946

4,112

Disposals

-

(45,775

)

(14,177

)

At 31 March 2021

511,016

3,555,668

51,973

DEPRECIATION

At 1 April 2020

80,707

1,974,747

33,834

Charge for year

7,603

250,650

6,523

Eliminated on disposal

-

(38,933

)

(7,953

)

At 31 March 2021

88,310

2,186,464

32,404

NET BOOK VALUE

At 31 March 2021

422,706

1,369,204

19,569

At 31 March 2020

430,309

1,224,750

28,204

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 April 2020

83,174

55,966

3,911,691

Additions

290,542

26,478

723,078

Disposals

-

(6,979

)

(66,931

)

At 31 March 2021

373,716

75,465

4,567,838

DEPRECIATION

At 1 April 2020

47,823

33,331

2,170,442

Charge for year

81,473

11,860

358,109

Eliminated on disposal

-

(5,305

)

(52,191

)

At 31 March 2021

129,296

39,886

2,476,360

NET BOOK VALUE

At 31 March 2021

244,420

35,579

2,091,478

At 31 March 2020

35,351

22,635

1,741,249

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

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 April 2020

592,435

82,374

-

674,809

Additions

331,848

277,879

17,021

626,748

Transfer to ownership

(104,111

)

(82,374

)

-

(186,485

)

At 31 March 2021

820,172

277,879

17,021

1,115,072

DEPRECIATION

At 1 April 2020

161,940

47,623

-

209,563

Charge for year

123,158

69,470

4,255

196,883

Transfer to ownership

(57,659

)

(47,623

)

-

(105,282

)

At 31 March 2021

227,439

69,470

4,255

301,164

NET BOOK VALUE

At 31 March 2021

592,733

208,409

12,766

813,908

At 31 March 2020

430,495

34,751

-

465,246

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

1,380,924

1,736,181

Other debtors

537,083

542,445

1,918,007

2,278,626

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

232,575

309,408

Hire purchase contracts

312,102

156,133

Trade creditors

179,884

617,462

Amounts owed to group undertakings

35,614

19,614

Taxation and social security

327,797

661,180

Other creditors

214,726

410,221

1,302,698

2,174,018

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

1,598,280

388,490

Hire purchase contracts

532,088

153,104

2,130,368

541,594

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

75,162

66,745

9.	OTHER FINANCIAL COMMITMENTS

Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £2,700 (2020 - £3,600).

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2021 and 31 March 2020:

2021

2020

£

£

L Mayhew

Balance outstanding at start of year

2,182

(9,735

)

Amounts advanced

88,683

86,917

Amounts repaid

(91,000

)

(75,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(135

)

2,182

L J Chandler

Balance outstanding at start of year

408,599

640,594

Amounts advanced

1,078,053

811,707

Amounts repaid

(1,193,030

)

(1,043,702

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

293,622

408,599

The loan to the director, L J Chandler, from the company is unsecured, repayable on demand and interest has been charged at the official rate of interest as per HMRC.

Within bank loans shown in note 7 & 8 is a mortgage on the property of £168,721 (2020: £191,495) and a bank overdraft of £Nil (2020: £181,789) which are both secured by way of personal guarantee by the director, L J Chandler.

There is a CBILS loan included within bank loans of £500,000 (2020: £Nil) which is guaranteed by the director, L J Chandler up to £50,000. There is a second CBILS loan included within bank loans of £750,000 (2020: £Nil) which is guaranteed by the director, L J Chandler up to £150,000.

The loan from the director, L Mayhew, to the company is unsecured, interest free and repayable on demand.