Company registration number 10950621 (England and Wales)
PALMERS SCAFFOLDING (NORTH WEST) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
PALMERS SCAFFOLDING (NORTH WEST) LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
PALMERS SCAFFOLDING (NORTH WEST) LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
5
696,999
Current assets
Debtors
6
677,871
77,365
Cash at bank and in hand
11,326
12
689,197
77,377
Creditors: amounts falling due within one year
7
(191,988)
(305,183)
Net current assets/(liabilities)
497,209
(227,806)
Net assets
497,209
469,193
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
497,109
469,093
Total equity
497,209
469,193
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 18 August 2023 and are signed on its behalf by:
Mr M T Carr
Director
Company Registration No. 10950621
PALMERS SCAFFOLDING (NORTH WEST) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2021
100
255,530
255,630
Year ended 31 December 2021:
Profit and total comprehensive income for the year
-
213,563
213,563
Balance at 31 December 2021
100
469,093
469,193
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
28,016
28,016
Balance at 31 December 2022
100
497,109
497,209
PALMERS SCAFFOLDING (NORTH WEST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -
1
Accounting policies
Company information
Palmers Scaffolding (North West) Limited is a private company limited by shares incorporated in England and Wales. The registered office is International House, Aviation Park, Saltney Ferry, Chester, CH4 0GZ.
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 company reported a trueprofit for the year of £28,016. As at 31 December 2022 the company had net current assets of £497,209 and net assets of £497,209. The company owed £173,650 to group undertakings and has received confirmation that those debts will not be called which would prevent the company being able to meet its other liabilities as they fall due.
The directors have reviewed group forecasts prepared by management and are confident that the company will be able to continue to meet its liabilities as they fall due. On this basis the directors have prepared the financial statements on a going concern basis.
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 generated from the hire of scaffolding equipment takes into account trade discounts, settlement discounts and volume rebates.
Revenue from contracts for the provision of services is recognised in the period that the services are delivered in accordance with the stage of completion of the contract when, costs incurred and costs to complete can be estimated reliably.
PALMERS SCAFFOLDING (NORTH WEST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
1.4
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:
Plant and machinery
1 - 5 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 profit or loss.
1.5
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.
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 only enters into basic financial instruments that result in the recognition of financial assets and liabilities.
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.
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 loans from fellow group companies 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.
PALMERS SCAFFOLDING (NORTH WEST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 5 -
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
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.
In preparing these financial statements the directors have had to make the following judgements.
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending upon a number of factors such as technological innovation, product lifecycles and maintenance programmes. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
3
Turnover
All turnover arose within the United Kingdom.
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2021: 1).
PALMERS SCAFFOLDING (NORTH WEST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 6 -
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2022
1,573,698
Additions
105,720
Disposals
(1,323)
Transfers
(1,678,095)
At 31 December 2022
Depreciation and impairment
At 1 January 2022
876,699
Depreciation charged in the year
259,118
Transfers
(1,135,817)
At 31 December 2022
Carrying amount
At 31 December 2022
At 31 December 2021
696,999
6
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
40,090
Amounts owed by group undertakings
670,631
37,275
Other debtors
7,240
677,871
77,365
7
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
79,905
197,314
Amounts owed to group undertakings
79,319
Taxation and social security
112,083
15,388
Other creditors
13,162
191,988
305,183
PALMERS SCAFFOLDING (NORTH WEST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 7 -
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
The audit report was dated 18 August 2023.
Senior Statutory Auditor:
Angela Harrison BA FCA
Statutory Auditor:
DSG
9
Related party transactions
The company has taken advantage of the exemption under the terms of Financial Reporting Standards 102 'The Financial Reporting Standards applicable in the UK and Republic of Ireland' not to disclose related party transactions with wholly owned subsidiaries within the group.true
During the period the company incurred rental charges totalling £79,376 (2021: £91,232) from related parties with common director / member. The amount due to related parties as at 31 December 2022 was £28,091 due from (2021: £32,674).
10
Parent company and ultimate controlling party
The ultimate controlling party is Mr C C Butt.
The company is a wholly owned subsidiary of Innovative Scaffold Services Limited, a company incorporated in England and Wales with a registered office of International House, Flint Road, Saltney Ferry, Chester, CH4 OGZ.
Innovative Scaffold Services Limited prepares consolidated financial statements which incorporate the results of the company. This is both the smallest and largest group for which consolidated financial statements are drawn up of which the company is a member.