Company registration number 06542218 (England and Wales)
CONSTRUCTION INDUSTRY SCAFFOLDERS RECORD SCHEME LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
CONSTRUCTION INDUSTRY SCAFFOLDERS RECORD SCHEME LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
CONSTRUCTION INDUSTRY SCAFFOLDERS RECORD SCHEME LTD
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
4
4,964
Tangible assets
5
1,289
1,325
6,253
1,325
Current assets
Stocks
45,432
36,974
Debtors
6
100,018
132,423
Cash at bank and in hand
820,593
774,953
966,043
944,350
Creditors: amounts falling due within one year
7
(105,922)
(94,649)
Net current assets
860,121
849,701
Total assets less current liabilities
866,374
851,026
Creditors: amounts falling due after more than one year
8
(17,123)
Net assets
866,374
833,903
Reserves
Income and expenditure account
866,374
833,903
Members' funds
866,374
833,903
The notes on pages 3 to 8 form part of these financial statements.
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true
For the financial year ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
CONSTRUCTION INDUSTRY SCAFFOLDERS RECORD SCHEME LTD
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2022
31 December 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 25 September 2023 and are signed on its behalf by:
D Mosley
Director
Company registration number 06542218 (England and Wales)
CONSTRUCTION INDUSTRY SCAFFOLDERS RECORD SCHEME LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -
1
Accounting policies
Company information
Construction Industry Scaffolders Record Scheme Ltd is a private company limited by guarantee incorporated in England and Wales. The registered office is 4th Floor, 12 Bridewell Place, London, EC4V 6AP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. In making this assessment the directors have considered the use of the going concern assumption on the company, its stakeholders and third-parties associated with the entity.true
While there remains a level of uncertainty concerning the consequences of the conflict in Ukraine, higher interest rates and inflation on the economy, the directors do not believe it will impact the use of the going concern basis of preparation nor does it cast significant doubt on the company's ability to continue as a going concern for a period of twelve months from the date of the financial statements being authorised for issue.
The directors consider the company to be sufficiently robust that its operations will not be significantly affected and that the company will be able to generate and maintain sufficient levels of cash in order to meet its overhead commitments for at least the period under review. The company therefore continue to adopt the going concern basis in preparing their financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Website
Straight line over 3 years
CONSTRUCTION INDUSTRY SCAFFOLDERS RECORD SCHEME LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computers
Straight line over 3 years
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to surplus or deficit.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost 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, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
CONSTRUCTION INDUSTRY SCAFFOLDERS RECORD SCHEME LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 5 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
CONSTRUCTION INDUSTRY SCAFFOLDERS RECORD SCHEME LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 6 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements have had the most significant effect on amounts recognised in the financial statements.
Trade and other debtors
The company makes estimates of the recoverable value of trade and other debtors. When assessing the impairment of trade and other debtors management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
8
7
4
Intangible fixed assets
Website
£
Cost
At 1 January 2022
Additions
7,446
At 31 December 2022
7,446
Amortisation and impairment
At 1 January 2022
Amortisation charged for the year
2,482
At 31 December 2022
2,482
Carrying amount
At 31 December 2022
4,964
At 31 December 2021
CONSTRUCTION INDUSTRY SCAFFOLDERS RECORD SCHEME LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 7 -
5
Tangible fixed assets
Computers
£
Cost
At 1 January 2022
2,954
Additions
939
Disposals
(967)
At 31 December 2022
2,926
Depreciation and impairment
At 1 January 2022
1,629
Depreciation charged in the year
975
Eliminated in respect of disposals
(967)
At 31 December 2022
1,637
Carrying amount
At 31 December 2022
1,289
At 31 December 2021
1,325
6
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
81,471
102,146
Prepayments and accrued income
18,547
30,277
100,018
132,423
7
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
76,243
84,069
Corporation tax
6,397
Other taxation and social security
14,697
9,584
Accruals and deferred income
8,585
996
105,922
94,649
8
Creditors: amounts falling due after more than one year
2022
2021
£
£
Accruals and deferred income
17,123
CONSTRUCTION INDUSTRY SCAFFOLDERS RECORD SCHEME LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 8 -
9
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.
10
Ultimate controlling party
There was no ultimate controlling party during the current or the previous year.