false false false false false false false false false true false false false false false false false No description of principal activity 2017-04-01 Sage Accounts Production Advanced 2017 Update 4 - FRS 52,500 23,406 2,625 26,031 26,469 29,094 xbrli:pure xbrli:shares iso4217:GBP 06540948 2017-04-01 2018-03-31 06540948 2018-03-31 06540948 2017-03-31 06540948 2016-04-01 2017-03-31 06540948 2017-03-31 06540948 core:NetGoodwill 2017-04-01 2018-03-31 06540948 core:PlantMachinery 2017-04-01 2018-03-31 06540948 core:FurnitureFittings 2017-04-01 2018-03-31 06540948 core:MotorVehicles 2017-04-01 2018-03-31 06540948 bus:Director1 2017-04-01 2018-03-31 06540948 bus:Director2 2017-04-01 2018-03-31 06540948 core:WithinOneYear 2018-03-31 06540948 core:WithinOneYear 2017-03-31 06540948 core:NetGoodwill 2017-03-31 06540948 core:NetGoodwill 2018-03-31 06540948 core:PlantMachinery 2017-03-31 06540948 core:FurnitureFittings 2017-03-31 06540948 core:MotorVehicles 2017-03-31 06540948 core:PlantMachinery 2018-03-31 06540948 core:FurnitureFittings 2018-03-31 06540948 core:MotorVehicles 2018-03-31 06540948 core:AfterOneYear 2018-03-31 06540948 core:AfterOneYear 2017-03-31 06540948 core:ShareCapital 2018-03-31 06540948 core:ShareCapital 2017-03-31 06540948 core:RetainedEarningsAccumulatedLosses 2018-03-31 06540948 core:RetainedEarningsAccumulatedLosses 2017-03-31 06540948 core:BetweenOneFiveYears 2018-03-31 06540948 core:BetweenOneFiveYears 2017-03-31 06540948 core:NetGoodwill 2017-03-31 06540948 core:PlantMachinery 2017-03-31 06540948 core:FurnitureFittings 2017-03-31 06540948 core:MotorVehicles 2017-03-31 06540948 core:LeasedAssetsHeldAsLessee core:MotorVehicles 2018-03-31 06540948 core:LeasedAssetsHeldAsLessee core:MotorVehicles 2017-03-31 06540948 bus:Director1 2017-03-31 06540948 bus:Director1 2018-03-31 06540948 bus:Director1 2016-03-31 06540948 bus:Director1 2017-03-31 06540948 bus:Director1 2016-04-01 2017-03-31 06540948 bus:FRS102 2017-04-01 2018-03-31 06540948 bus:AuditExempt-NoAccountantsReport 2017-04-01 2018-03-31 06540948 bus:FullAccounts 2017-04-01 2018-03-31 06540948 bus:SmallCompaniesRegimeForAccounts 2017-04-01 2018-03-31 06540948 bus:PrivateLimitedCompanyLtd 2017-04-01 2018-03-31 06540948 core:AfterOneYear 2017-04-01 2018-03-31
COMPANY REGISTRATION NUMBER: 06540948
O'Neill Signs Limited
Filleted Unaudited Financial Statements
31 March 2018
O'Neill Signs Limited
Financial Statements
Year ended 31 March 2018
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
O'Neill Signs Limited
Statement of Financial Position
31 March 2018
2018
2017
Note
£
£
£
Fixed assets
Intangible assets
5
26,469
29,094
Tangible assets
6
14,653
14,419
--------
--------
41,122
43,513
Current assets
Stocks
2,000
2,000
Debtors
7
35,615
35,402
Cash at bank and in hand
11,984
6,521
--------
--------
49,599
43,923
Creditors: amounts falling due within one year
8
31,034
30,721
--------
--------
Net current assets
18,565
13,202
--------
--------
Total assets less current liabilities
59,687
56,715
Creditors: amounts falling due after more than one year
9
9,095
4,724
Provisions
Taxation including deferred tax
2,763
2,575
--------
--------
Net assets
47,829
49,416
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
47,729
49,316
--------
--------
Shareholders funds
47,829
49,416
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
O'Neill Signs Limited
Statement of Financial Position (continued)
31 March 2018
These financial statements were approved by the board of directors and authorised for issue on 13 November 2018 , and are signed on behalf of the board by:
Mr S Goodfellow
Mrs T Goodfellow
Director
Director
Company registration number: 06540948
O'Neill Signs Limited
Notes to the Financial Statements
Year ended 31 March 2018
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Sycamore House, Sutton Quays Business Park, Sutton Weaver, Runcorn, Cheshire, WA7 3EH.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements require management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
5% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & Machinery
-
25% reducing balance
Fixtures & Fittings
-
25% reducing balance
Motor Vehicles
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units .
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised ar transaction value and subsequently measured ar their settlement value with exception of bank loans which are subsequently measured ar amortised cost using the effective interest method.
Debtors
Short term debtors are measured at the transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Creditors
Short term trade creditors are measured at transaction price. Other financial liabilities, including bank loans are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2017: 2 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2017 and 31 March 2018
52,500
--------
Amortisation
At 1 April 2017
23,406
Charge for the year
2,625
--------
At 31 March 2018
26,031
--------
Carrying amount
At 31 March 2018
26,469
--------
At 31 March 2017
29,094
--------
6. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2017
10,628
10,377
22,237
43,242
Additions
12,500
12,500
Disposals
( 17,495)
( 17,495)
--------
--------
--------
--------
At 31 March 2018
10,628
10,377
17,242
38,247
--------
--------
--------
--------
Depreciation
At 1 April 2017
7,548
7,038
14,237
28,823
Charge for the year
770
835
3,280
4,885
Disposals
( 10,114)
( 10,114)
--------
--------
--------
--------
At 31 March 2018
8,318
7,873
7,403
23,594
--------
--------
--------
--------
Carrying amount
At 31 March 2018
2,310
2,504
9,839
14,653
--------
--------
--------
--------
At 31 March 2017
3,080
3,339
8,000
14,419
--------
--------
--------
--------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 31 March 2018
9,375
-------
At 31 March 2017
7,381
-------
7. Debtors
2018
2017
£
£
Trade debtors
35,615
35,330
Prepayments and accrued income
72
--------
--------
35,615
35,402
--------
--------
8. Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
10,193
8,800
Accruals and deferred income
1,281
1,153
Corporation tax
6,483
7,057
Social security and other taxes
9,185
8,123
Obligations under finance leases and hire purchase contracts
3,210
3,483
Director loan accounts
673
2,105
Other creditors
9
--------
--------
31,034
30,721
--------
--------
9. Creditors: amounts falling due after more than one year
2018
2017
£
£
Obligations under finance leases and hire purchase contracts
9,095
4,724
-------
-------
The liabilities disclosed under finance leases and hire purchase arrangements are secured on the assets concerned.
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2018
2017
£
£
Not later than 1 year
9,851
10,396
Later than 1 year and not later than 5 years
19,294
29,145
--------
--------
29,145
39,541
--------
--------
11. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2018
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr S Goodfellow
( 2,105)
( 49,440)
50,872
( 673)
-------
--------
--------
----
2017
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr S Goodfellow
( 166)
( 59,936)
57,997
( 2,105)
----
--------
--------
-------