Company Registration No. 08225275 (England and Wales)
SCAFFTEQ WEST LTD
Unaudited accounts
for the year ended 30 September 2021
SCAFFTEQ WEST LTD
Unaudited accounts
Contents
SCAFFTEQ WEST LTD
Company Information
for the year ended 30 September 2021
Directors
A M McLay
D Hayde
Company Number
08225275 (England and Wales)
Registered Office
11 WALKER WAY
THORNBURY
BRISTOL
BS35 3US
Accountants
FARQUHAR PARTNERSHIP LIMITED
151 WHITELADIES ROAD
CLIFTON
BRISTOL
BS8 2RA
SCAFFTEQ WEST LTD
Statement of financial position
as at
30 September 2021
Tangible assets
3,415,404
2,216,294
Inventories
81,220
58,281
Debtors
1,113,007
3,003,968
Cash at bank and in hand
311,075
429,065
Creditors: amounts falling due within one year
(2,428,579)
(2,076,412)
Net current (liabilities)/assets
(923,277)
1,414,902
Total assets less current liabilities
2,492,127
3,631,196
Creditors: amounts falling due after more than one year
(260,191)
(2,463,252)
Provisions for liabilities
Deferred tax
(216,145)
(222,236)
Net assets
2,015,791
945,708
Called up share capital
100
100
Profit and loss account
2,015,691
945,608
Shareholders' funds
2,015,791
945,708
For the year ending 30 September 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 20 May 2022 and were signed on its behalf by
A M McLay
Director
Company Registration No. 08225275
SCAFFTEQ WEST LTD
Notes to the Accounts
for the year ended 30 September 2021
SCAFFTEQ WEST LTD is a private company, limited by shares, registered in England and Wales, registration number 08225275. The registered office is 11 WALKER WAY, THORNBURY, BRISTOL, BS35 3US.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, and value added tax. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Scaffolding fitting equipment is based on a revaluation model and recognised in the accounts at fair value. Gains are recognised in the income statement.
Remaining tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
10% straight line
Plant & machinery
15% reducing balance basis
Motor vehicles
25% reducing balance basis
Fixtures & fittings
15% reducing balance basis
Computer equipment
15% reducing balance basis
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
SCAFFTEQ WEST LTD
Notes to the Accounts
for the year ended 30 September 2021
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Expenditure on research and development is written off in the year in which it is incurred.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Government grants in relation to covid assistance are credited to profit and loss using the accrual model and are included in Other operating income.
4
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At cost
At 1 October 2020
3,120
3,952,016
407,974
7,840
8,382
4,379,332
Additions
-
571,736
10,994
-
2,367
585,097
Revaluations
-
(715,384)
-
-
-
(715,384)
Disposals
-
(134,682)
(17,090)
(1,922)
-
(153,694)
At 30 September 2021
3,120
3,673,686
401,878
5,918
10,749
4,095,351
At 1 October 2020
215
1,837,873
319,739
4,774
437
2,163,038
Charge for the year
323
349,705
23,050
460
1,368
374,906
Surplus on revaluation
-
(1,764,167)
-
-
-
(1,764,167)
On disposals
-
(79,277)
(13,175)
(1,378)
-
(93,830)
At 30 September 2021
538
344,134
329,614
3,856
1,805
679,947
At 30 September 2021
2,582
3,329,552
72,264
2,062
8,944
3,415,404
At 30 September 2020
2,905
2,114,143
88,235
3,066
7,945
2,216,294
Carrying amount of plant & machinery on cost basis
2,280,770
2,114,143
Scaffold fittings included within plant & machinery were revalued by the directors on 30th September 2021 at £2,750,000 and are recognised in the accounts at fair value using the revaluation model. The historic cost net book value of these fittings was £1,701,217 at the year end.
SCAFFTEQ WEST LTD
Notes to the Accounts
for the year ended 30 September 2021
Carrying values included above held under finance leases and hire purchase contracts:
£
£
- Plant & machinery
77,183
477,155
- Motor vehicles
18,918
50,327
Work in progress
81,220
58,281
6
Debtors: amounts falling due within one year
2021
2020
Trade debtors
1,060,483
840,858
Amounts due from group undertakings etc.
-
2,000,000
Accrued income and prepayments
52,524
54,511
Amounts due after more than one year
-
2,000,000
7
Creditors: amounts falling due within one year
2021
2020
Bank loans and overdrafts
99,265
134,016
Obligations under finance leases and hire purchase contracts
46,085
44,244
Trade creditors
318,137
388,769
Amounts owed to group undertakings and other participating interests
-
12,766
Taxes and social security
1,769,643
1,222,256
Other creditors
17,927
47,074
8
Creditors: amounts falling due after more than one year
2021
2020
Bank loans
203,746
2,375,667
Obligations under finance leases and hire purchase contracts
56,445
87,585
Aggregate of amounts that fall due for payment after five years
-
769,417
The company has guaranteed borrowings of its parent undertaking secured by fixed and floating charge over all property or undertaking of the company. At the balance sheet date such borrowings totalled £2,459,000 (2020 - £2,125,667).
SCAFFTEQ WEST LTD
Notes to the Accounts
for the year ended 30 September 2021
9
Deferred taxation
2021
2020
Accelerated capital allowances
315,800
255,019
Tax losses carried forward
(98,383)
(18,224)
Other deferred taxation
(1,272)
(14,559)
Provision at start of year
222,236
198,869
(Credited)/charged to the profit and loss account
(6,091)
23,367
Provision at end of year
216,145
222,236
10
Share capital
2021
2020
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
11
Operating lease commitments
2021
2020
At 30 September 2021 the company has total minimum future payment commitments under non-cancellable operating leases as follows:
Operating leases expiring:
Within two to five years
22,024
-
More than five years
451,860
508,343
The parent undertaking is SRS 2 Limited whose registered office is 33 Kidbrooke Grove, London, England, SE3 0LE.
13
Average number of employees
During the year the average number of employees was 74 (2020: 90).