Regal Scaffolding Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 05733763 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

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

2,111,271

2,180,253

CURRENT ASSETS

Stocks

34,149

35,889

Debtors

6

1,714,504

2,022,220

Cash at bank and in hand

108

3,994

1,748,761

2,062,103

CREDITORS

Amounts falling due within one year

7

1,540,841

1,519,407

NET CURRENT ASSETS

207,920

542,696

TOTAL ASSETS LESS CURRENT LIABILITIES

2,319,191

2,722,949

CREDITORS

Amounts falling due after more than one year

8

(1,306,468

)

(1,815,472

)

PROVISIONS FOR LIABILITIES

(478,909

)

(353,416

)

NET ASSETS

533,814

554,061

CAPITAL AND RESERVES

Called up share capital

300

300

Capital redemption reserve

51

51

Retained earnings

533,463

553,710

SHAREHOLDERS' FUNDS

533,814

554,061

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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 20 December 2023 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.

Coffee shop

-

20% on cost

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

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 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 17 (2022 - 15 ) .

5.	TANGIBLE FIXED ASSETS

Improvements

Coffee

to

Plant and

shop

property

machinery

£

£

£

COST

At 1 April 2022

21,337

519,964

3,790,714

Additions

538

-

371,171

Disposals

-

(3,440

)

(155,799

)

At 31 March 2023

21,875

516,524

4,006,086

DEPRECIATION

At 1 April 2022

4,267

96,811

2,383,939

Charge for year

4,375

8,157

282,432

Eliminated on disposal

-

(344

)

(130,149

)

At 31 March 2023

8,642

104,624

2,536,222

NET BOOK VALUE

At 31 March 2023

13,233

411,900

1,469,864

At 31 March 2022

17,070

423,153

1,406,775

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 April 2022

63,259

465,277

103,203

4,963,754

Additions

3,019

-

6,097

380,825

Disposals

(2,557

)

(93,300

)

(10,886

)

(265,982

)

At 31 March 2023

63,721

371,977

98,414

5,078,597

DEPRECIATION

At 1 April 2022

31,429

211,904

55,151

2,783,501

Charge for year

8,590

50,223

13,279

367,056

Eliminated on disposal

(2,067

)

(40,819

)

(9,852

)

(183,231

)

At 31 March 2023

37,952

221,308

58,578

2,967,326

NET BOOK VALUE

At 31 March 2023

25,769

150,669

39,836

2,111,271

At 31 March 2022

31,830

253,373

48,052

2,180,253

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

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 April 2022

998,125

376,240

36,487

1,410,852

Additions

333,780

-

-

333,780

Disposals

-

(93,300

)

-

(93,300

)

Transfer to ownership

(255,910

)

-

-

(255,910

)

At 31 March 2023

1,075,995

282,940

36,487

1,395,422

DEPRECIATION

At 1 April 2022

344,983

146,163

12,313

503,459

Charge for year

186,005

44,399

6,044

236,448

Eliminated on disposal

-

(40,819

)

-

(40,819

)

Transfer to ownership

(120,028

)

-

-

(120,028

)

At 31 March 2023

410,960

149,743

18,357

579,060

NET BOOK VALUE

At 31 March 2023

665,035

133,197

18,130

816,362

At 31 March 2022

653,142

230,077

24,174

907,393

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

1,334,679

1,307,128

Other debtors

379,825

715,092

1,714,504

2,022,220

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

525,018

536,797

Hire purchase contracts and finance leases

366,089

288,514

Trade creditors

312,998

399,354

Amounts owed to group undertakings

35,614

35,614

Taxation and social security

206,821

105,286

Other creditors

94,301

153,842

1,540,841

1,519,407

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans

788,159

1,201,568

Hire purchase contracts and finance leases

518,309

613,904

1,306,468

1,815,472

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

4,241

9.	OTHER FINANCIAL COMMITMENTS

Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £135,691 (2022 - £117,000).

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2023 and 31 March 2022:

2023

2022

£

£

L Mayhew

Balance outstanding at start of year

(10,548

)

(135

)

Amounts advanced

81,286

80,879

Amounts repaid

(90,000

)

(91,292

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(19,262

)

(10,548

)

L J Chandler

Balance outstanding at start of year

119,963

293,622

Amounts advanced

280,055

480,074

Amounts repaid

(343,725

)

(653,733

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

56,293

119,963

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.

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

Within bank loans shown in note 7 & 8 is a mortgage on the property of £119,909 (2022: £144,859) and a bank overdraft of £88,599 (2022: £110,691) 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 £333,333 (2022: £441,667) which is guaranteed by the director, L J Chandler up to £50,000. There is a second CBILS loan included within bank loans of £578,422 (2022: £726,701) which is guaranteed by the director, L J Chandler up to £150,000.

Within hire purchase contracts in note 7 & 8, is a hire purchase of £13,832 (2022: £23,677) which is secured by way of personal guarantee by the director, L J Chandler. There is a second hire purchase of £28,491 (2022: £42,690) included within hire purchase contracts, that is secured by way of a personal guarantee by the directors, L J Chandler & L Mayhew.

Within finance leases in note 7 & 8, is 2 finance leases of £107,535 (2022: £Nil) which are secured by way of personal guarantee by the director, L J Chandler. There are also 2 finance leases of £77,962 (2022: £Nil), included within finance leases, that are secured by way of a personal guarantee by the director, L Mayhew.