Regal Scaffolding Ltd - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 05733763 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

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

1,079,752

981,403

CURRENT ASSETS

Debtors

6

1,692,299

1,448,646

Cash at bank and in hand

226,910

11

1,919,209

1,448,657

CREDITORS

Amounts falling due within one year

7

1,656,526

1,636,661

NET CURRENT ASSETS/(LIABILITIES)

262,683

(188,004

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,342,435

793,399

CREDITORS

Amounts falling due after more than one year

8

(208,462

)

(267,988

)

PROVISIONS FOR LIABILITIES

(125,980

)

(110,435

)

NET ASSETS

1,007,993

414,976

CAPITAL AND RESERVES

Called up share capital

300

300

Capital redemption reserve

51

51

Retained earnings

1,007,642

414,625

SHAREHOLDERS' FUNDS

1,007,993

414,976

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 29 December 2017 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The company has transferred from previously extant UK GAAP to FRS 102 as at 1 April 2015. The

transition has not resulted in any presentational changes and there has been no impact on the reported

financial position and financial performance.

Transition to FRS 102

This is the first year that the company has presented its financial statements under FRS 102. There

were no changes to the previously stated equity at 1 April 2015 or 1 April 2016 as a result of the

transition and no changes to the profit previously reported for the year ended 31 March 2016.

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 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.

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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2016 - 14 ) .

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 April 2016

78,759

2,123,024

35,134

Additions

-

323,606

3,859

Disposals

-

(55,540

)

(2,425

)

At 31 March 2017

78,759

2,391,090

36,568

DEPRECIATION

At 1 April 2016

49,942

1,207,347

15,969

Charge for year

7,876

196,533

4,931

Eliminated on disposal

-

(38,792

)

(978

)

At 31 March 2017

57,818

1,365,088

19,922

NET BOOK VALUE

At 31 March 2017

20,941

1,026,002

16,646

At 31 March 2016

28,817

915,677

19,165

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 April 2016

750

31,970

2,269,637

Additions

900

7,468

335,833

Disposals

(750

)

(7,788

)

(66,503

)

At 31 March 2017

900

31,650

2,538,967

DEPRECIATION

At 1 April 2016

188

14,788

1,288,234

Charge for year

225

4,585

214,150

Eliminated on disposal

(188

)

(3,211

)

(43,169

)

At 31 March 2017

225

16,162

1,459,215

NET BOOK VALUE

At 31 March 2017

675

15,488

1,079,752

At 31 March 2016

562

17,182

981,403

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

are as follows:

Plant and

machinery

£

COST

At 1 April 2016

628,755

Additions

264,534

Transfer to ownership

(50,780

)

Reclassification/transfer

91,770

At 31 March 2017

934,279

DEPRECIATION

At 1 April 2016

172,162

Charge for year

130,049

Transfer to ownership

(25,730

)

Reclassification/transfer

12,079

At 31 March 2017

288,560

NET BOOK VALUE

At 31 March 2017

645,719

At 31 March 2016

456,593

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

1,240,986

1,247,612

Other debtors

451,313

201,034

1,692,299

1,448,646

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

33,333

406,733

Hire purchase contracts and finance leases

247,214

229,111

Trade creditors

326,283

328,597

Amounts owed to group undertakings

19,614

180,322

Taxation and social security

467,832

417,202

Other creditors

562,250

74,696

1,656,526

1,636,661

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Hire purchase contracts and finance leases

208,462

267,988

9.	OTHER FINANCIAL COMMITMENTS

Total financial commitments, guarantees and contingencies which are not included in the balance

sheet amount to £13,289 (2016 - £49,736).

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2017 and

31 March 2016:

2017

2016

£

£

L Mayhew

Balance outstanding at start of year

-

(18,192

)

Amounts advanced

24,193

18,192

Amounts repaid

(26,325

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(2,132

)

-

L J Chandler

Balance outstanding at start of year

-

13

Amounts advanced

565,124

-

Amounts repaid

(328,728

)

(13

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

236,396

-

The loan from the director to the company is unsecured and repayable on demand. Interest is charged

on the overdrawn balance at the official rate of interest.