Company Registration No. 06784096 (England and Wales)
EAST ANGLIA SCAFFOLDING LTD
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2017
PAGES FOR FILING WITH REGISTRAR
LB GROUP
Suite E2, 2nd Floor
The Octagon
Middleborough
Colchester
Essex
CO1 1TG
EAST ANGLIA SCAFFOLDING LTD
COMPANY INFORMATION
Directors
Mr A S Marjara
Dr R K Puri
Secretary
Dr R K Puri
Company number
06784096
Registered office
12 Holt Drive
Wickham Bishops
Witham
Essex
UK
CM8 3JR
Accountants
LB Group (Colchester)
Suite E2, 2nd Floor
The Octagon
Middleborough
Colchester
Essex
CO1 1TG
EAST ANGLIA SCAFFOLDING LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
EAST ANGLIA SCAFFOLDING LTD
BALANCE SHEET
AS AT
31 JANUARY 2017
31 January 2017
- 1 -
2017
2016
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,881,965
1,643,297
Current assets
Stocks
49,000
88,647
Debtors
4
2,481,383
1,442,308
Cash at bank and in hand
170,725
92,498
2,701,108
1,623,453
Creditors: amounts falling due within one year
5
(1,187,410)
(688,520)
Net current assets
1,513,698
934,933
Total assets less current liabilities
3,395,663
2,578,230
Creditors: amounts falling due after more than one year
6
(114,262)
(175,306)
Provisions for liabilities
(221,423)
(221,738)
Net assets
3,059,978
2,181,186
Capital and reserves
Called up share capital
100
100
Share premium account
23,400
23,400
Profit and loss reserves
3,036,478
2,157,686
Total equity
3,059,978
2,181,186
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 January 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he 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.
EAST ANGLIA SCAFFOLDING LTD
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2017
31 January 2017
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 5 October 2017 and are signed on its behalf by:
Mr A S Marjara
Dr R K Puri
Director
Director
Company Registration No. 06784096
EAST ANGLIA SCAFFOLDING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2017
- 3 -
1
Accounting policies
Company information
East Anglia Scaffolding Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
12 Holt Drive, Wickham Bishops, Witham, Essex, UK, CM8 3JR.
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 a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
These financial statements for the year ended 31 January 2017
are the
first
financial statements of East Anglia Scaffolding Ltd prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 February 2015. An explanation of how transition to FRS 102 has affected the reported financial position and financial performance is given in note 9.
1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.3
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:
Land and buildings Freehold
50 years straight line
Plant and machinery
3/5/15 years straight line
Fixtures, fittings & equipment
25% reducing balance
Motor vehicles
25% reducing balance
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 profit or loss
.
1.4
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
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.
EAST ANGLIA SCAFFOLDING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2017
1
Accounting policies
(Continued)
- 4 -
1.5
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.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
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.
1.6
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.
1.7
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.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
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.
EAST ANGLIA SCAFFOLDING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2017
1
Accounting policies
(Continued)
- 5 -
1.10
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.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 6 (2016 - 6).
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 February 2016
159,844
2,273,034
2,432,878
Additions
16,936
524,069
541,005
Disposals
-
(4,500)
(4,500)
At 31 January 2017
176,780
2,792,603
2,969,383
Depreciation and impairment
At 1 February 2016
6,208
783,373
789,581
Depreciation charged in the year
226
300,213
300,439
Eliminated in respect of disposals
-
(2,602)
(2,602)
At 31 January 2017
6,434
1,080,984
1,087,418
Carrying amount
At 31 January 2017
170,346
1,711,619
1,881,965
At 31 January 2016
153,636
1,489,661
1,643,297
EAST ANGLIA SCAFFOLDING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2017
3
Tangible fixed assets
(Continued)
- 6 -
The net book value of other tangible fixed assets includes £191,755 (2016: £216,573) in respect of assets under finance leases and hire purchase contracts. The depreciation charge in respect of such assets amounted to £22,920 (2016: £23,922)
4
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
1,099,874
556,171
Other debtors
1,381,509
886,137
2,481,383
1,442,308
5
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
3,110
3,073
Trade creditors
119,123
22,808
Corporation tax
320,581
64,278
Other taxation and social security
408,804
296,115
Other creditors
335,792
302,246
1,187,410
688,520
Bank loans and overdrafts are secured by a Mortgage Deed dated 28 March 2013 and a Debenture dated 29 February 2012 both incorporating a fixed and floating charge over all current and future assets of the company.
6
Creditors: amounts falling due after more than one year
2017
2016
£
£
Bank loans and overdrafts
97,683
100,793
Other creditors
16,579
74,513
114,262
175,306
Bank loans and overdrafts are secured by a Mortgage Deed dated 28 March 2013 and a Debenture dated 29 February 2012 both incorporating a fixed and floating charge over all current and future assets of the company.
EAST ANGLIA SCAFFOLDING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2017
- 7 -
7
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2017
2016
£
£
18,721
30,545
8
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Advances
-
454,584
390,500
(260,492)
584,592
454,584
390,500
(260,492)
584,592
9
Reconciliations on adoption of FRS 102
Reconciliation of equity
1 February
31 January
2015
2016
Notes
£
£
Equity as reported under previous UK GAAP
1,702,936
2,227,369
Adjustments to prior year (note 10)
-
(35,218)
As restated
1,702,936
2,192,151
Adjustments arising from transition to FRS 102:
Finance lease interest
(5,351)
(15,827)
Bank loan interest
1,747
1,895
Depreciation
(63)
(183)
Deferred tax
(38)
(72)
Corporation tax
671
2,677
Bank charges
250
545
Equity reported under FRS 102
1,700,152
2,181,186
EAST ANGLIA SCAFFOLDING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2017
9
Reconciliations on adoption of FRS 102
(Continued)
- 8 -
Reconciliation of profit for the financial period
2016
Notes
£
Profit as reported under previous UK GAAP
524,433
Adjustments to prior year (note 10)
(35,218)
As restated
489,215
Adjustments arising from transition to FRS 102:
Finance lease interest
(10,476)
Bank loan interest
148
Depreciation
(120)
Deferred tax
(34)
Corporation tax
2,006
Bank charges
295
Profit reported under FRS 102
481,034
Notes to reconciliations on adoption of FRS 102
10
Prior period adjustment
Changes to the balance sheet
At 31 January 2016
Balances as restated before FRS 102 transition adjustments:
As previously reported
Adjustment
As restated
£
£
£
Creditors due within one year
Finance leases
(114,835)
(18,316)
(133,151)
Taxation
(346,168)
(16,902)
(363,070)
Net assets
2,227,369
(35,218)
2,192,151
Capital and reserves
Profit and loss
2,203,869
(35,218)
2,168,651
EAST ANGLIA SCAFFOLDING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2017
10
Prior period adjustment
(Continued)
- 9 -
Changes to the profit and loss account
Period ended 31 January 2016
Balances as restated before FRS 102 transition adjustments:
As previously reported
Adjustment
As restated
£
£
£
Interest payable and similar expenses
(9,997)
(35,218)
(45,215)
Profit for the financial period
524,433
(35,218)
489,215
2017-01-31
2016-02-01
false
CCH Software
CCH Accounts Production 2017.200
No description of principal activity
06784096
2016-02-01
2017-01-31
06784096
bus:Director1
2016-02-01
2017-01-31
06784096
bus:Director2
2016-02-01
2017-01-31
06784096
bus:CompanySecretary1
2016-02-01
2017-01-31
06784096
bus:RegisteredOffice
2016-02-01
2017-01-31
06784096
2017-01-31
06784096
2016-01-31
06784096
core:LandBuildings
2017-01-31
06784096
core:OtherPropertyPlantEquipment
2017-01-31
06784096
core:LandBuildings
2016-01-31
06784096
core:OtherPropertyPlantEquipment
2016-01-31
06784096
core:CurrentFinancialInstruments
2017-01-31
06784096
core:CurrentFinancialInstruments
2016-01-31
06784096
core:ShareCapital
2017-01-31
06784096
core:ShareCapital
2016-01-31
06784096
core:SharePremium
2017-01-31
06784096
core:SharePremium
2016-01-31
06784096
core:RetainedEarningsAccumulatedLosses
2017-01-31
06784096
core:RetainedEarningsAccumulatedLosses
2016-01-31
06784096
core:LandBuildings
core:OwnedOrFreeholdAssets
2016-02-01
2017-01-31
06784096
core:PlantMachinery
2016-02-01
2017-01-31
06784096
core:FurnitureFittings
2016-02-01
2017-01-31
06784096
core:MotorVehicles
2016-02-01
2017-01-31
06784096
core:LandBuildings
2016-01-31
06784096
core:OtherPropertyPlantEquipment
2016-01-31
06784096
2016-01-31
06784096
core:LandBuildings
2016-02-01
2017-01-31
06784096
core:OtherPropertyPlantEquipment
2016-02-01
2017-01-31
06784096
core:Non-currentFinancialInstruments
2017-01-31
06784096
core:Non-currentFinancialInstruments
2016-01-31
06784096
bus:PrivateLimitedCompanyLtd
2016-02-01
2017-01-31
06784096
bus:FRS102
2016-02-01
2017-01-31
06784096
bus:AuditExemptWithAccountantsReport
2016-02-01
2017-01-31
06784096
bus:FullAccounts
2016-02-01
2017-01-31
xbrli:pure
xbrli:shares
iso4217:GBP