KENT_SCAFFOLDING_CO._LIMI - Accounts

KENT SCAFFOLDING CO. LIMITED - Company Information

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Company Registration No. 01031235 (England and Wales)

KENT SCAFFOLDING CO. LIMITED

DIRECTORS' REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2014

KENT SCAFFOLDING CO. LIMITED

COMPANY INFORMATION

Directors

Mr S R Clark

Mr A J A Orr

Secretary

Miss K O Orr

Company number

01031235

Registered office

Kings Parade

Lower Coombe Street

Croydon

CR0 1AA

Accountants

Bryden Johnson

Kings Parade

Lower Coombe Street

Croydon

CR0 1AA

Business address

60/74 Creekside

London

SE8 4SA

KENT SCAFFOLDING CO. LIMITED

CONTENTS

Page

Directors' report

Accountants' report

Profit and loss account

Balance sheet

Notes to the financial statements

5 - 9

KENT SCAFFOLDING CO. LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 28 FEBRUARY 2014

- 1 -

The directors present their report and financial statements for the year ended 28 February 2014.

Principal activities

The principal activity of the company continued to be that of contract scaffolding.

Directors

The following directors have held office since 1 March 2013:

Mr S R Clark

Mr A J A Orr

This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.

On behalf of the board

Mr S R Clark

Director

24 November 2014

KENT SCAFFOLDING CO. LIMITED

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF KENT SCAFFOLDING CO. LIMITED FOR THE YEAR ENDED 28 FEBRUARY 2014

- 2 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Kent Scaffolding Co. Limited for the year ended 28 February 2014 set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of Kent Scaffolding Co. Limited, as a body, in accordance with the terms of our engagement letter dated 25 July 2013. Our work has been undertaken solely to prepare for your approval the financial statements of Kent Scaffolding Co. Limited and state those matters that we have agreed to state to the Board of Directors of Kent Scaffolding Co. Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Kent Scaffolding Co. Limited and it's Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Kent Scaffolding Co. Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Kent Scaffolding Co. Limited. You consider that Kent Scaffolding Co. Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Kent Scaffolding Co. Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Bryden Johnson

27 November 2014

Chartered Accountants

Kings Parade

Lower Coombe Street

Croydon

CR0 1AA

KENT SCAFFOLDING CO. LIMITED

PROFIT AND LOSS ACCOUNT

FOR THE YEAR ENDED 28 FEBRUARY 2014

- 3 -

2014

2013

Notes

Turnover

570,744

676,814

Cost of sales

(452,613)

(412,378)

Gross profit

118,131

264,436

Administrative expenses

(294,897)

(229,699)

Operating (loss)/profit

(176,766)

34,737

Interest payable and similar charges

(10,385)

(1,011)

(Loss)/profit on ordinary activities before taxation

(187,151)

33,726

Tax on (loss)/profit on ordinary activities

35,550

(9,072)

(Loss)/profit for the year

(151,601)

24,654

KENT SCAFFOLDING CO. LIMITED

BALANCE SHEET

AS AT

28 FEBRUARY 2014

- 4 -

2014

2013

Notes

Fixed assets

Tangible assets

229,530

205,896

Current assets

Debtors

75,197

180,338

75,197

180,338

Creditors: amounts falling due within one year

(281,740)

(203,048)

Net current liabilities

(206,543)

(22,710)

Total assets less current liabilities

22,987

183,186

Creditors: amounts falling due after more than one year

(15,258)

(8,658)

Provisions for liabilities

(15,198)

7,729

159,330

Capital and reserves

Called up share capital

6,000

Profit and loss account

1,729

153,330

Shareholders' funds

7,729

159,330

For the financial year ended 28 February 2014 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 year 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.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and the Financial Reporting Standard for Smaller Entities (effective April 2008).

Approved by the Board for issue on 24 November 2014

Mr S R Clark

Mr A J A Orr

Director

Company Registration No. 01031235

KENT SCAFFOLDING CO. LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2014

- 5 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

The company meets its day to day working capital requirements through an overdraft facility and the support of the directors and their related company.

The directors consider that the company will continue to operate within the facility currently agreed and with the support of the related company and directors. On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result from a withdrawal of the overdraft facility by the company's bankers.

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Plant and machinery

25% Reducing Balance

Fixtures, fittings & equipment

25% Reducing Balance

Motor vehicles

25% Reducing Balance

1.5

Leasing and hire purchase commitments

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

1.6

Deferred taxation

Deferred taxation is provided at appropriate rates on all timing differences using the liability method only to the extent that, in the opinion of the directors, there is a reasonable probability that a liability or asset will crystallise in the foreseeable future.

Operating (loss)/profit

2014

2013

Operating (loss)/profit is stated after charging:

Depreciation of tangible assets

15,304

11,730

Directors' remuneration

26,000

1,667

KENT SCAFFOLDING CO. LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 28 FEBRUARY 2014

- 6 -

Taxation

2014

2013

Deferred tax

Deferred tax charge/credit current year

(35,550)

9,072

The company has estimated losses of £ 297,930 (2013 - £ 89,218) available for carry forward against future trading profits.

Tangible fixed assets

Plant and machinery etc

Cost

At 1 March 2013

342,278

Additions

38,938

At 28 February 2014

381,216

Depreciation

At 1 March 2013

136,382

Charge for the year

15,304

At 28 February 2014

151,686

Net book value

At 28 February 2014

229,530

At 28 February 2013

205,896

The net book value of tangible fixed assets includes £0 (2013 - £20,505) in respect of assets held under finance leases or hire purchase contracts. The depreciation charge in respect of such assets amounted to £0 (2013 - £6,835) for the year.

The directors consider that charging depreciation in the profit and loss account in the current year would reduce the plant and machinery below its net realisable value, therefore plant and machinery is stated at its current value.

KENT SCAFFOLDING CO. LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 28 FEBRUARY 2014

- 7 -

Debtors

2014

2013

Trade debtors

18,619

66,800

Other debtors

36,226

113,538

Deferred tax asset (see note 8)

20,352

75,197

180,338

Creditors: amounts falling due within one year

2014

2013

Bank loans and overdrafts

14,870

24,934

Net obligations under hire purchase contracts

14,377

12,987

Trade creditors

63,317

103,042

Taxation and social security

24,276

18,502

Other creditors

164,900

43,583

281,740

203,048

The bank overdraft and loan are secured by a fixed charge over the book debts, a floating charge over all other assets and a directors personal guarantee.

Creditors: amounts falling due after more than one year

2014

2013

Net obligations under hire purchase contracts

15,258

8,658

Net obligations under finance lease and hire purchase contracts are secured by fixed charges on the assets concerned.

KENT SCAFFOLDING CO. LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 28 FEBRUARY 2014

- 8 -

Provisions for liabilities

The deferred tax asset (included in debtors, note 5) is made up as follows:

2014

Balance at 1 March 2013

15,198

Profit and loss account

(35,550)

Balance at 28 February 2014

(20,352)

2014

2013

Accelerated capital allowances

39,234

33,042

Tax losses available

(59,586)

(17,844)

(20,352)

15,198

Share capital

2014

2013

Allotted, called up and fully paid

3,000 Ordinary shares of £1 each

3,000

3,000 Deferred shares of £1 each

3,000

6,000

Statement of movements on profit and loss account

Profit
and loss
account

Balance at 1 March 2013

153,330

Loss for the year

(151,601)

Balance at 28 February 2014

1,729

KENT SCAFFOLDING CO. LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 28 FEBRUARY 2014

- 9 -

Financial commitments

At 28 February 2014 the company was committed to making the following payments under non-cancellable operating leases in the year to 28 February 2015:

2014

2013

Operating leases which expire:

Between two and five years

26,014

Control

The ultimate controlling party is S Clark.

Related party relationships and transactions

Included within other debtors is £Nil (£4,143 - 2013) due from S Clark a director of the company and £4,753 (£4,753 - 2013) due from A Orr a director of the company.Included within other creditors is £13,112 (£Nil - 2013) due to S Clark.

During the year the company purchased subcontractor labour of £33,047 (£52,497 - 2013) from Aerial Scaffolding Limited, of which S Clark and A Orr are directors. Included within other creditors is £143,738 (£47,329 - 2013) due to Aerial Scaffolding Limited.

During the year the company sold subcontractor labour, hire of plant and recharged overheads of £62,906 (£53,089 - 2013) to Aerial Scaffolding Limited. Included within debtors is £Nil (£16,935 - 2013) due from Aerial Scaffolding Limited.