PDL Scaffolding Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03385123 (England and Wales)

Financial Statements

for the Year Ended 30 June 2018

for

PDL Scaffolding Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M S Wightman

S D Whalley

REGISTERED OFFICE:

Granite Building

6 Stanley Street

Liverpool

L1 6AF

REGISTERED NUMBER:

03385123 (England and Wales)

ACCOUNTANTS:

Sloan & Co.

Chartered Certified Accountants

Granite Buildings

6 Stanley Street

Liverpool

Merseyside

L1 6AF

FIXED ASSETS

Tangible assets

4

1,793,442

1,698,571

CURRENT ASSETS

Stocks

36,561

44,275

Debtors

612,539

520,834

Cash at bank and in hand

28,219

5,703

677,319

570,812

CREDITORS

Amounts falling due within one year

1,206,179

1,285,114

NET CURRENT LIABILITIES

(528,860

)

(714,302

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,264,582

984,269

CREDITORS

Amounts falling due after more than one year

(770,734

)

(567,873

)

PROVISIONS FOR LIABILITIES

(124,913

)

(109,173

)

NET ASSETS

368,935

307,223

CAPITAL AND RESERVES

Called up share capital

40,000

40,000

Retained earnings

328,935

267,223

SHAREHOLDERS' FUNDS

368,935

307,223

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2018 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 30 June 2018 in accordance with Section 444(2A) of the Companies Act 2006.

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 28 September 2018 and were signed on its behalf by:

M S Wightman - Director

1.	STATUTORY INFORMATION

PDL Scaffolding Limited 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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. The financial statements have been prepared under the historical cost convention.

Going concern

After making the appropriate enquiries, the director`s have concluded that the company will be able to meet its

financial obligations and will continue to generate positive free cash flow for the foreseeable future and therefore

have a reasonable expectation that the company has adequate resources to continue in operational existence for

the foreseeable future and accordingly they consider it appropriate to adopt the going concern basis in preparing

the accounts.

Turnover

Turnover represents net invoice value of goods,excluding value added tax.

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.

Plant and machinery

-

10% on cost

Fixtures and fittings

-

20% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

33% on cost

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

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.

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

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 52 (2017 - 52 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 July 2017

2,234,664

Additions

329,684

Disposals

(7,495

)

At 30 June 2018

2,556,853

DEPRECIATION

At 1 July 2017

536,093

Charge for year

233,559

Eliminated on disposal

(6,241

)

At 30 June 2018

763,411

NET BOOK VALUE

At 30 June 2018

1,793,442

At 30 June 2017

1,698,571

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

Totals

£

COST

At 1 July 2017

1,067,755

Additions

36,483

Transfer to ownership

(158,747

)

At 30 June 2018

945,491

DEPRECIATION

At 1 July 2017

131,743

Charge for year

107,186

Transfer to ownership

(50,092

)

At 30 June 2018

188,837

NET BOOK VALUE

At 30 June 2018

756,654

At 30 June 2017

936,012

5.	LEASING AGREEMENTS

At the reporting end date the company had total outstanding commitments for future minimum lease payments

under non-cancellable operating leases,which fall due as follows:

Non-cancellable operating

leases

2018

2017

£

£

Within one year

97,388

90,362

Between one and five years

91,206

110,749

188,594

201,111

6.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

H P Contracts and other loans

1,153,537

1,351,916

The secured debts are secured over all of the fixed assets of the company, together with a director`s

personal guarantee over all of the above loans.