A & A Scaffolding (Pembs) Ltd Filleted accounts for Companies House (small and micro)

A & A SCAFFOLDING (PEMBS) LTD - Company Information

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COMPANY REGISTRATION NUMBER: 13943078

A & A Scaffolding (Pembs) Ltd

Filleted Unaudited Financial Statements

28 February 2023

A & A Scaffolding (Pembs) Ltd

Financial Statements

Period ended 28 February 2023

Contents	Pages

Statement of financial position	1 to 2

Notes to the financial statements	3 to 9

A & A Scaffolding (Pembs) Ltd

Statement of Financial Position

28 February 2023

	2023
Note	£

Fixed assets

Intangible assets	6	27,000
Tangible assets	7	120,359
		---------
		147,359

Current assets

Debtors	8	106,181
Cash at bank and in hand		36,096
		---------
		142,277

Creditors: amounts falling due within one year	9	( 92,880)
		---------
Net current assets		49,397
		---------
Total assets less current liabilities		196,756

Creditors: amounts falling due after more than one year	10	( 88,203)

Provisions	11	( 22,868)
		---------
Net assets		85,685
		---------

Capital and reserves

Called up share capital	13	2
Profit and loss account		85,683
		--------
Shareholders funds		85,685
		--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the period ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

A & A Scaffolding (Pembs) Ltd

Statement of Financial Position (continued)

28 February 2023

These financial statements were approved by the board of directors and authorised for issue on 15 June 2023 , and are signed on behalf of the board by:

Mr L A Finnegan	Mr J N Finnegan
Director	Director

Company registration number: 13943078

A & A Scaffolding (Pembs) Ltd

Notes to the Financial Statements

Period ended 28 February 2023

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 15 Springfield Road, Pembroke Dock, SA72 6PZ, United Kingdom.

2. Statement of compliance

These financial statements have been prepared in accordance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The directors have a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	Over 10 years

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	25% reducing balance
Motor vehicles	-	25% reducing balance
Equipment	-	25 % reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.

4. Employee numbers

The average number of persons employed by the company during the period amounted to 4 .

5. Tax on profit

Major components of tax expense


	Year to
	28 Feb 23
	£

Current tax:

UK current tax expense	13,364

Deferred tax:

Origination and reversal of timing differences	22,868
	--------
Tax on profit	36,232
	--------

6. Intangible assets

	Goodwill
	£
Cost
Additions	30,000
	--------
At 28 February 2023	30,000
	--------
Amortisation
Charge for the period	3,000
	--------
At 28 February 2023	3,000
	--------
Carrying amount
At 28 February 2023	27,000
	--------

7. Tangible assets

	Plant and machinery	Motor vehicles	Equipment	Total
	£	£	£	£
Cost
At 28 February 2022	–	–	–	–
Additions	81,723	77,750	1,006	160,479
	--------	--------	-------	---------
At 28 February 2023	81,723	77,750	1,006	160,479
	--------	--------	-------	---------
Depreciation
At 28 February 2022	–	–	–	–
Charge for the period	20,431	19,438	251	40,120
	--------	--------	-------	---------
At 28 February 2023	20,431	19,438	251	40,120
	--------	--------	-------	---------
Carrying amount
At 28 February 2023	61,292	58,312	755	120,359
	--------	--------	-------	---------

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Motor vehicles
	£
At 28 February 2023	39,563
	--------

8. Debtors

	2023
	£
Trade debtors	100,012
Other debtors	6,169
	---------
	106,181
	---------

Other debtors include an amount of £nil falling due after more than one year.

9. Creditors: amounts falling due within one year

	2023
	£
Bank loans and overdrafts	11,021
Trade creditors	41,984
Corporation tax	13,364
Social security and other taxes	2,420
Hire purchase	5,107
Other creditors	18,984
	--------
	92,880
	--------

10. Creditors: amounts falling due after more than one year

	2023
	£
Bank loans and overdrafts	33,302
Hire purchase	23,727
Other creditors	31,174
	--------
	88,203
	--------

11. Provisions

	Deferred tax (note 12)
	£
At 28 February 2022	–
Additions	22,868
	--------
At 28 February 2023	22,868
	--------

12. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2023
	£
Included in provisions (note 11)	22,868
	--------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2023
	£
Accelerated capital allowances	22,868
	--------

13. Called up share capital

Issued, called up and fully paid

	2023
	No.	£
Ordinary shares of £ 1 each	2	2
	----	----

Share movements

	No.	£

Ordinary

At 28 February 2022	–	–
Issue of shares	2	2
	----	----
At 28 February 2023	2	2
	----	----

14. Related party transactions

During the period up to 24 October 2022 the company was under the control of Mr L A Finnegan and Mr G C Hunt. From 24 October 2022 the company came under the control of Mr L A Finnegan up to 22 January 2023. After which the company was under the joint control of Mr L A Finnegan and Mr J N Finnegan by virtue of their combined interest in 100% of the issued ordinary share capital. No transactions with related parties were undertaken such as are required to be disclosed under FRS 102.