Year Ended
Registration number:
Neal Stoneman Scaffolding Limited
Contents
Balance Sheet |
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Notes to the Financial Statements |
Neal Stoneman Scaffolding Limited
Balance Sheet
30 September 2017
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2017 |
2016 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
- |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Revaluation reserve |
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- |
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Profit and loss account |
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Total equity |
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Page 1 |
Neal Stoneman Scaffolding Limited
Balance Sheet
30 September 2017
For the financial year ending 30 September 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the director on
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Mr N Stoneman
Director
Company Registration Number: 03720131
Page 2 |
Neal Stoneman Scaffolding Limited
Notes to the Financial Statements
Year Ended 30 September 2017
General information |
The company is a private company limited by share capital incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Change in basis of accounting
The company's financial statements have been prepared in accordance with FRS102 - the Financial Reporting Standard applicable in the UK and Republic of Ireland. The company has transferred from previously extant UK GAAP to FRS102 as at 1 October 2015. There is no material impact on the reported financial position and financial performance.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Leasehold improvements |
20% reducing balance |
Scaffolding equipment |
15% reducing balance |
Motor vehicles |
33% reducing balance |
Page 3 |
Neal Stoneman Scaffolding Limited
Notes to the Financial Statements
Year Ended 30 September 2017
Other property, plant and equipment |
15% straight line |
Work in progress
Work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
Page 4 |
Neal Stoneman Scaffolding Limited
Notes to the Financial Statements
Year Ended 30 September 2017
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Tangible assets |
Leasehold improvements |
Scaffolding equipment |
Motor vehicles |
Other property, plant and equipment |
Total |
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Cost or valuation |
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At 1 October 2016 |
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Revaluations |
- |
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- |
- |
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Additions |
- |
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- |
- |
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Disposals |
- |
- |
- |
( |
( |
At 30 September 2017 |
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Depreciation |
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At 1 October 2016 |
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- |
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Charge for the year |
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- |
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Eliminated on disposal |
- |
- |
- |
( |
( |
At 30 September 2017 |
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- |
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Carrying amount |
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At 30 September 2017 |
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At 30 September 2016 |
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The scaffolding equipment was revalued by the director at 30 September 2017 to show the fair value. Depreciation will be charged from the date of revaluation.
Debtors |
2017 |
2016 |
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Trade debtors |
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Other debtors |
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Page 5 |
Neal Stoneman Scaffolding Limited
Notes to the Financial Statements
Year Ended 30 September 2017
Creditors |
Note |
2017 |
2016 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Social security and other taxes |
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Other creditors |
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Accrued expenses |
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Corporation tax |
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5,155 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
2017 |
2016 |
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Non-current loans and borrowings |
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Finance lease liabilities |
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Other borrowings |
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2017 |
2016 |
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Current loans and borrowings |
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Bank overdrafts |
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- |
Finance lease liabilities |
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Other borrowings |
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Finance lease liabilities
The finance lease liabilities are secured over the assets of the company.
Financial commitments, guarantees and contingencies |
The total amount of financial commitments not included in the balance sheet is £
Page 6 |
Neal Stoneman Scaffolding Limited
Notes to the Financial Statements
Year Ended 30 September 2017
Transition to FRS 102 |
There were no changes to the previously stated equity as at 1 October 2015 and 30 September 2016 or in the profit for the year ended 30 September 2016 as a result of the transition to FRS102.
Page 7 |