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Registration number: NI612274

Mid Antrim Signs Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2022

 

Mid Antrim Signs Ltd

(Registration number: NI612274)
Balance Sheet as at 28 February 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

6

97,746

72,742

Current assets

 

Stocks

7

36,787

44,490

Debtors

8

375,876

110,582

Cash at bank and in hand

 

272,600

241,730

 

685,263

396,802

Creditors: Amounts falling due within one year

9

(231,436)

(123,422)

Net current assets

 

453,827

273,380

Total assets less current liabilities

 

551,573

346,122

Creditors: Amounts falling due after more than one year

9

(139,400)

-

Provisions for liabilities

(20,709)

(13,821)

Net assets

 

391,464

332,301

Capital and reserves

 

Called up share capital

10

200

200

Retained earnings

391,264

332,101

Shareholders' funds

 

391,464

332,301

For the financial year ending 28 February 2022 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

Mid Antrim Signs Ltd

(Registration number: NI612274)
Balance Sheet as at 28 February 2022

Approved and authorised by the Board on 6 May 2022 and signed on its behalf by:
 

.........................................

Mr Mark Brown

Director

 

Mid Antrim Signs Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is: 25A-25B Woodside Road Industrial Estate, Ballymena, BT42 4QJ.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts. Revenue from the sale of goods is recognised at the point of delivery and customer acceptance. Revenue from the rendering of services is recognised on completion on the service provision, at which point the Company has generated a right to consideration.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 

Mid Antrim Signs Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20%, 50% straight line basis

Motor vehicles

15% reducing balance basis

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

50% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Short-term debtors and creditors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised in the profit and loss account.

 

Mid Antrim Signs Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the the useful life of the asset. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation. Lease payments are apportioned between finance costs in the profit and loss account and a reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2021 - 11).

4

Other income

Other income received during the year relates to government assistance received by the Company during the Covid 19 pandemic.

 

Mid Antrim Signs Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 March 2021

20,000

20,000

At 28 February 2022

20,000

20,000

Amortisation

At 1 March 2021

20,000

20,000

At 28 February 2022

20,000

20,000

Carrying amount

At 28 February 2022

-

-

6

Tangible assets

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 March 2021

61,833

77,268

139,101

Additions

4,200

37,500

41,700

At 28 February 2022

66,033

114,768

180,801

Depreciation

At 1 March 2021

24,264

42,095

66,359

Charge for the year

5,793

10,903

16,696

At 28 February 2022

30,057

52,998

83,055

Carrying amount

At 28 February 2022

35,976

61,770

97,746

At 28 February 2021

37,568

35,174

72,742

7

Stocks

2022
£

2021
£

Raw materials and consumables

36,787

44,490

 

Mid Antrim Signs Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022

8

Debtors

Current

2022
£

2021
£

Trade debtors

131,085

91,226

Prepayments

3,940

4,639

Other debtors

240,851

14,717

 

375,876

110,582

9

Creditors

2022
£

2021
£

Due within one year

Trade creditors

149,032

62,223

Taxation and social security

48,678

50,032

Other creditors

9,126

11,167

Bank borrowings

24,600

-

231,436

123,422

Due after one year

Bank borrowings

139,400

-

10

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary shares of £1 each

200

200

200

200

         
 

Mid Antrim Signs Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2022

11

Related party transactions

At the year end the Company was owed £203,351 (2021: £nil) by the Company Straid Holdings Limited which owns 100% of the share capital. No interest was charged on the amounts outstanding.
At February 2021 the Company was owed £14,000 by the Company Two or Four Limited which owned 33% of the share capital at that time.