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Company registration number: 02895710
Specialised Canvas Services Limited
Unaudited filleted financial statements
31 December 2021
Specialised Canvas Services Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Specialised Canvas Services Limited
Directors and other information
Directors Mr. J.G. Bramah
Mr. P.R. Noble
Mr. S. Walker (Resigned 1 September 2021)
Mr. S. Bramah
Mr. R. Shelton
Company number 02895710
Registered office Adelphi Way
Ireland Industrial Estate
Staveley
Chesterfield
S43 3LS
Business address Adelphi Way
Ireland Industrial Estate
Staveley
Chesterfield
S43 3LS
Accountants Henry Bramall & Co. Limited
Unit 8, Acorn Business Park
Woodseats Close
Sheffield
South Yorkshire
S8 0TB
Specialised Canvas Services Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Specialised Canvas Services Limited
Year ended 31 December 2021
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Specialised Canvas Services Limited for the year ended 31 December 2021 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of Specialised Canvas Services Limited, as a body, in accordance with the terms of our engagement letter dated 16 December 2020. Our work has been undertaken solely to prepare for your approval the financial statements of Specialised Canvas Services Limited and state those matters that we have agreed to state to the board of directors of Specialised Canvas Services Limited as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Specialised Canvas Services Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Specialised Canvas Services Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Specialised Canvas Services Limited. You consider that Specialised Canvas Services Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Specialised Canvas Services Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Henry Bramall & Co. Limited
Chartered Certified Accountants
Unit 8, Acorn Business Park
Woodseats Close
Sheffield
South Yorkshire
S8 0TB
5 August 2022
Specialised Canvas Services Limited
Statement of financial position
31 December 2021
2021 2020
Note £ £ £ £
Fixed assets
Intangible assets 6 33,000 50,500
Tangible assets 7 872,766 859,285
Investments 8 17,562 118,458
_______ _______
923,328 1,028,243
Current assets
Stocks 315,208 257,836
Debtors 9 468,321 411,159
Cash at bank and in hand 610,774 674,762
_______ _______
1,394,303 1,343,757
Creditors: amounts falling due
within one year 10 ( 748,858) ( 700,799)
_______ _______
Net current assets 645,445 642,958
_______ _______
Total assets less current liabilities 1,568,773 1,671,201
Provisions for liabilities ( 147,460) ( 133,452)
_______ _______
Net assets 1,421,313 1,537,749
_______ _______
Capital and reserves
Called up share capital 250,000 250,000
Profit and loss account 1,171,313 1,287,749
_______ _______
Shareholders funds 1,421,313 1,537,749
_______ _______
For the year ending 31 December 2021 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.
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 Section 1A of 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 income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 05 August 2022 , and are signed on behalf of the board by:
Mr. P.R. Noble
Director
Company registration number: 02895710
Specialised Canvas Services Limited
Notes to the financial statements
Year ended 31 December 2021
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Adelphi Way, Ireland Industrial Estate, Staveley, Chesterfield, S43 3LS.
2. Statement of compliance
The financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A small entities.
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.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
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 - 25 %
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 are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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 and machinery - 20 % straight line
Fittings fixtures and equipment - 25 % straight line
Motor vehicles - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment
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. 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 are 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 stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a 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 in finance costs in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Turnover
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Employee numbers
The average number of persons employed by the company during the year amounted to 78 (2020: 68 ).
6. Intangible assets
Goodwill Other intangible assets Total
£ £ £
Cost
At 1 January 2021 448,840 24,500 473,340
Additions 6,000 - 6,000
_______ _______ _______
At 31 December 2021 454,840 24,500 479,340
_______ _______ _______
Amortisation
At 1 January 2021 418,840 4,000 422,840
Charge for the year 17,000 6,500 23,500
_______ _______ _______
At 31 December 2021 435,840 10,500 446,340
_______ _______ _______
Carrying amount
At 31 December 2021 19,000 14,000 33,000
_______ _______ _______
At 31 December 2020 30,000 20,500 50,500
_______ _______ _______
7. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 January 2021 1,889,600 161,031 2,050,631
Additions 204,232 - 204,232
_______ _______ _______
At 31 December 2021 2,093,832 161,031 2,254,863
_______ _______ _______
Depreciation
At 1 January 2021 1,124,662 66,683 1,191,345
Charge for the year 162,063 28,689 190,752
_______ _______ _______
At 31 December 2021 1,286,725 95,372 1,382,097
_______ _______ _______
Carrying amount
At 31 December 2021 807,107 65,659 872,766
_______ _______ _______
At 31 December 2020 764,938 94,348 859,286
_______ _______ _______
8. Investments
Shares in group undertakings and participating interests Other investments other than loans Total
£ £ £
Cost
At 1 January 2021 18,458 100,000 118,458
Additions 103 - 103
Disposals ( 10,999) ( 90,000) ( 100,999)
_______ _______ _______
At 31 December 2021 7,562 10,000 17,562
_______ _______ _______
Impairment
At 1 January 2021 and 31 December 2021 - - -
_______ _______ _______
Carrying amount
At 31 December 2021 7,562 10,000 17,562
_______ _______ _______
At 31 December 2020 18,458 100,000 118,458
_______ _______ _______
Investments in group undertakings
Registered office Class of share Percentage of shares held
Subsidiary undertakings
Flagmakers Limited (Dormant) England and Wales Ordinary 100
Banner Box Limited (Dormant) England and Wales Ordinary 100
George Tutill Limited (Dormant) England and Wales Ordinary 100
Other significant holdings
Eagle Flags s.r.o Czech Republic Ordinary 50
During the year, Turtle and Pearce Limited and Plymol (UK) Limited as held as investments at the commencement of the year, have both been removed from Companies House live register.
Investments in joint ventures
2021 2020
£ £
_______ _______
Carrying amount of investments in joint ventures 7,459 7,459
_______ _______
Summarised financial information of jointly controlled entities:
2021 2020
£ £
At the year end
Current assets 40,144 44,064
Current liabilities ( 39,387) ( 43,958)
During the year
Revenues 827,148 140,623
Profit from continuing operations 79,875 ( 76)
9. Debtors
2021 2020
£ £
Trade debtors 339,679 262,984
Amounts owed by group undertakings and undertakings in which the company has a participating interest 38,161 105,303
Other debtors 90,481 42,872
_______ _______
468,321 411,159
_______ _______
10. Creditors: amounts falling due within one year
2021 2020
£ £
Trade creditors 321,670 353,565
Amounts owed to group undertakings and undertakings in which the company has a participating interest 15,854 26,857
Social security and other taxes 151,842 86,051
Other creditors 259,492 234,326
_______ _______
748,858 700,799
_______ _______
11. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 108,900 108,900
_______ _______
The company has a re-occuring lease in respect of the building. The lessor is Adelphi Bramah Limited, being this company's parent.
12. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2021 2020 2021 2020
£ £ £ £
Eagle Flags - Turnover 3,301 16,826 - 4,690
Eagle Flags - Purchases ( 191,811) ( 144,187) ( 1,119) ( 174)
_______ _______ _______ _______
The company has entered into a joint venture equity partnership with Velebny & Fam sro, a Czech company, to form Eagle Flags sro, a company incorporated in the Czech Republic and is a 50% equity owner. All respective sales and purchases have been made at open market value
13. Controlling party
This company is a wholly owned subsidiary of Adelphi Bramah Limited a company incorporated in England & Wales and which is the ultimate parent. In the directors' opinion this company is controlled by Mr. J. G. Bramah, managing director and the majority beneficial shareholder.