Regal Scaffolding Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05733763 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2018

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

1,607,928

1,079,748

CURRENT ASSETS

Debtors

6

1,738,988

1,692,299

Cash at bank and in hand

63,137

226,910

1,802,125

1,919,209

CREDITORS

Amounts falling due within one year

7

1,559,702

1,656,526

NET CURRENT ASSETS

242,423

262,683

TOTAL ASSETS LESS CURRENT LIABILITIES

1,850,351

1,342,431

CREDITORS

Amounts falling due after more than one year

8

(442,750

)

(208,462

)

PROVISIONS FOR LIABILITIES

(131,358

)

(125,980

)

NET ASSETS

1,276,243

1,007,989

CAPITAL AND RESERVES

Called up share capital

300

300

Capital redemption reserve

51

51

Retained earnings

1,275,892

1,007,638

SHAREHOLDERS' FUNDS

1,276,243

1,007,989

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

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

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 17 December 2018 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 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.

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 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 16 (2017 - 12 ) .

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 April 2017

78,759

2,391,090

36,585

Additions

421,721

251,541

15,220

Disposals

-

-

(7,450

)

At 31 March 2018

500,480

2,642,631

44,355

DEPRECIATION

At 1 April 2017

57,818

1,365,088

19,943

Charge for year

9,181

206,460

7,040

Eliminated on disposal

-

-

(3,747

)

At 31 March 2018

66,999

1,571,548

23,236

NET BOOK VALUE

At 31 March 2018

433,481

1,071,083

21,119

At 31 March 2017

20,941

1,026,002

16,642

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 April 2017

900

31,677

2,539,011

Additions

82,374

11,799

782,655

Disposals

(900

)

-

(8,350

)

At 31 March 2018

82,374

43,476

3,313,316

DEPRECIATION

At 1 April 2017

225

16,189

1,459,263

Charge for year

20,594

6,822

250,097

Eliminated on disposal

(225

)

-

(3,972

)

At 31 March 2018

20,594

23,011

1,705,388

NET BOOK VALUE

At 31 March 2018

61,780

20,465

1,607,928

At 31 March 2017

675

15,488

1,079,748

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

are as follows:

Improvements

to

Plant and

Motor

property

machinery

vehicles

Totals

£

£

£

£

COST

At 1 April 2017

-

918,284

-

918,284

Additions

41,534

191,045

82,374

314,953

Transfer to ownership

-

(163,645

)

-

(163,645

)

At 31 March 2018

41,534

945,684

82,374

1,069,592

DEPRECIATION

At 1 April 2017

-

279,313

-

279,313

Charge for year

4,153

125,410

20,594

150,157

Transfer to ownership

-

(54,818

)

-

(54,818

)

At 31 March 2018

4,153

349,905

20,594

374,652

NET BOOK VALUE

At 31 March 2018

37,381

595,779

61,780

694,940

At 31 March 2017

-

638,971

-

638,971

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

1,307,537

1,240,986

Other debtors

431,451

451,313

1,738,988

1,692,299

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

439,099

33,333

Hire purchase contracts and finance leases

343,502

247,214

Trade creditors

329,754

326,283

Amounts owed to group undertakings

19,614

19,614

Taxation and social security

370,241

467,832

Other creditors

57,492

562,250

1,559,702

1,656,526

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans

213,246

-

Hire purchase contracts and finance leases

229,504

208,462

442,750

208,462

9.	OTHER FINANCIAL COMMITMENTS

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

sheet amount to £12,995 (2017 - £13,289).

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2018 and

31 March 2017:

2018

2017

£

£

L Mayhew

Balance outstanding at start of year

(2,132

)

-

Amounts advanced

23,615

24,193

Amounts repaid

(32,710

)

(26,325

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(11,227

)

(2,132

)

L J Chandler

Balance outstanding at start of year

236,396

-

Amounts advanced

603,123

565,124

Amounts repaid

(581,139

)

(328,728

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

258,380

236,396

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 of 2.5%.

Within bank loans shown in note 8 & 9 is a mortgage on the property (£233,461 2017: £Nil) and a

bank overdraft (£185,991 2017: Nil) which is secured by way of personal guarantee by the director, L

J Chandler.

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

demand.

11.	RELATED PARTY DISCLOSURES

Milk & Honey - A Vintage Life Ltd

Included within other debtors is a loan to Milk & Honey - A Vintage Life Ltd, a company in which the

director L J Chandler and his wife L Chandler are directors and joint shareholders. The balance at the

year end is £10,013 (2017: £Nil). This loan is interest free and repayable on demand.