Registered number
05853637
DISPLAY PRODUCTS LIMITED
Filleted Accounts
31 August 2021
DISPLAY PRODUCTS LIMITED
Registered number: 05853637
Balance Sheet
as at 31 August 2021
Notes 2021 2020
£ £
Fixed assets
Intangible assets 3 28,000 28,000
Tangible assets 4 764,296 747,409
792,296 775,409
Current assets
Stocks 308,892 455,519
Debtors 5 591,651 591,651
Cash at bank and in hand 59,521 59,521
960,064 1,106,691
Creditors: amounts falling due within one year 6 (910,670) (910,666)
Net current assets 49,394 196,025
Total assets less current liabilities 841,690 971,434
Creditors: amounts falling due after more than one year 7 (628,095) (529,932)
Provisions for liabilities (101,783) (101,783)
Net assets 111,815 339,719
Capital and reserves
Called up share capital 2 2
Revaluation reserve 8 162,000 162,000
Profit and loss account (50,187) 177,717
Shareholders' funds 111,815 339,719
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Gemma Louise Bowles
Director
Approved by the board on 29 August 2022
DISPLAY PRODUCTS LIMITED
Notes to the Accounts
for the year ended 31 August 2021
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings 3% RB
Leasehold land and buildings over the lease term
Plant and machinery 15% RB
Fixtures, fittings, tools and equipment 15% RB
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2021 2020
Number Number
Average number of persons employed by the company 22 22
3 Intangible fixed assets £
Goodwill:
Cost
At 1 September 2020 49,000
At 31 August 2021 49,000
Amortisation
At 1 September 2020 21,000
At 31 August 2021 21,000
Net book value
At 31 August 2021 28,000
At 31 August 2020 28,000
Goodwill is being written off at 10% p.a
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 September 2020 521,025 660,196 5,995 1,187,216
Additions - 16,887 - 16,887
At 31 August 2021 521,025 677,083 5,995 1,204,103
Depreciation
At 1 September 2020 41,718 392,094 5,995 439,807
At 31 August 2021 41,718 392,094 5,995 439,807
Net book value
At 31 August 2021 479,307 284,989 - 764,296
At 31 August 2020 479,307 268,102 - 747,409
5 Debtors 2021 2020
£ £
Trade debtors 188,018 188,018
Amounts owed by group undertakings and undertakings in which the company has a participating interest 403,633 403,633
591,651 591,651
6 Creditors: amounts falling due within one year 2021 2020
£ £
Obligations under finance lease and hire purchase contracts 21,660 21,660
Trade creditors 76,301 76,301
Corporation tax 8,000 8,000
Other taxes and social security costs 20,313 20,313
Other creditors 784,392 784,392
910,666 910,666
7 Creditors: amounts falling due after one year 2021 2020
£ £
Other creditors 628,095 529,932
8 Revaluation reserve 2021 2020
£ £
At 1 September 2020 162,000 162,000
At 31 August 2021 162,000 162,000
9 Other information
DISPLAY PRODUCTS LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Display House
Main Cross Road
Great Yarmouth
Norfolk
NR30 3NZ
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