King Scaffolding Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: 02686890 (England and Wales)

Abbreviated Unaudited Accounts

for the Year Ended 31 August 2016

for

King Scaffolding Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

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

2

6,897

8,047

Tangible assets

3

833,926

733,853

840,823

741,900

CURRENT ASSETS

Stocks

16,000

Debtors

1,886,407

1,263,965

Cash at bank and in hand

462,807

392,670

2,365,214

1,672,635

CREDITORS

Amounts falling due within one year

4

631,295

488,862

NET CURRENT ASSETS

1,733,919

1,183,773

TOTAL ASSETS LESS CURRENT
LIABILITIES

2,574,742

1,925,673

CREDITORS

Amounts falling due after more than one
year

4

(222,648

)

(48,927

)

PROVISIONS FOR LIABILITIES

(128,510

)

(114,229

)

NET ASSETS

2,223,584

1,762,517

CAPITAL AND RESERVES

Called up share capital

5

5,000

Profit and loss account

2,218,584

1,757,517

SHAREHOLDERS' FUNDS

2,223,584

1,762,517

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2016 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 19 May 2017 and were signed on its behalf by:

P J King - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

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

Stocks

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

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account 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 the profit and loss account in the period to which they relate.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 September 2015

and 31 August 2016

11,495

AMORTISATION

At 1 September 2015

3,448

Amortisation for year

1,150

At 31 August 2016

4,598

NET BOOK VALUE

At 31 August 2016

6,897

At 31 August 2015

8,047

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 September 2015

2,189,295

Additions

270,768

Disposals

(2,000

)

At 31 August 2016

2,458,063

DEPRECIATION

At 1 September 2015

1,455,442

Charge for year

169,705

Eliminated on disposal

(1,010

)

At 31 August 2016

1,624,137

NET BOOK VALUE

At 31 August 2016

833,926

At 31 August 2015

733,853

4.

CREDITORS

Creditors include an amount of £ 288,497 (31.8.15 - £ 73,179 ) for which security has been given.

They also include the following debts falling due in more than five years:

31.8.16

31.8.15

£

Repayable by instalments

31,360

-

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.8.16

31.8.15

value:

£

5,000

Ordinary

£1

5,000

6.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year dividends of £30,956 were paid to the directors.

At 31 August 2016 R P King owed the company £3,429 (2015 - the company owed R P King £12,798) there was

no interest charged on the loan.

At 31 August 2016 P J King owed the company £15,749 (2015 - £1,655).