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Registration number: 06566991

Model Signage Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2021

 

Model Signage Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 10

 

Model Signage Limited

Company Information

Director

Mr William Charles Paske Farr

Company secretary

Mr Nik Boseley

Registered office

17 Epsilon House
West Road
Ipswich
Suffolk
IP3 9FJ

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Model Signage Limited
for the 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 accounts of Model Signage Limited for the year ended 31 December 2021 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Model Signage Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Model Signage Limited and state those matters that we have agreed to state to the Board of Directors of Model Signage Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Model Signage Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Model Signage Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Model Signage Limited. You consider that Model Signage 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 accounts of Model Signage 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 accounts.

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

Anthony Russel Limited
Winghams House
9 Freeport Office Village
Century Drive
Braintree
Essex
CM77 8YG

13 April 2022

 

Model Signage Limited

(Registration number: 06566991)
Balance Sheet as at 31 December 2021

Note

2021
£

2020
£

Fixed assets

 

Intangible assets

4

19,249

39,249

Tangible assets

5

17,508

27,019

 

36,757

66,268

Current assets

 

Stocks

380,464

368,808

Debtors

6

988,175

1,100,556

Cash at bank and in hand

 

13

66,697

 

1,368,652

1,536,061

Creditors: Amounts falling due within one year

7

(889,622)

(1,040,812)

Net current assets

 

479,030

495,249

Total assets less current liabilities

 

515,787

561,517

Creditors: Amounts falling due after more than one year

7

(46,223)

(174,640)

Provisions for liabilities

(2,940)

-

Net assets

 

466,624

386,877

Capital and reserves

 

Called up share capital

8

100,100

100,100

Profit and loss account

366,524

286,777

Shareholders' funds

 

466,624

386,877

For the financial 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.

Director's 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 director acknowledges his 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.

 

Model Signage Limited

(Registration number: 06566991)
Balance Sheet as at 31 December 2021

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.

Approved and authorised by the director on 13 April 2022
 

.........................................
Mr William Charles Paske Farr
Director

 

Model Signage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

1

General information

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

The address of its registered office is:
17 Epsilon House
West Road
Ipswich
Suffolk
IP3 9FJ

These financial statements were authorised for issue by the director on 13 April 2022.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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 represents revenue earned under a wide variety of contracts to provide goods and services. Revenue is recognised as earned when, and to the extent that, the company obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to customers, including expenses and disbursements but excluding value added tax.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Model Signage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Tangible assets

Tangible assets are stated in the balance sheet 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

25% on cost

Office equipment

25% on cost

Computer equipment

25% on cost

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being
amortised evenly over its estimated useful life of ten years.

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Borrowings

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of future payments is treated as a liability.
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

 

Model Signage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 9 (2020 - 10).

 

Model Signage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2021

200,000

200,000

At 31 December 2021

200,000

200,000

Amortisation

At 1 January 2021

160,751

160,751

Amortisation charge

20,000

20,000

At 31 December 2021

180,751

180,751

Carrying amount

At 31 December 2021

19,249

19,249

At 31 December 2020

39,249

39,249

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2021

73,035

73,035

Additions

1,552

1,552

At 31 December 2021

74,587

74,587

Depreciation

At 1 January 2021

46,016

46,016

Charge for the year

11,063

11,063

At 31 December 2021

57,079

57,079

Carrying amount

At 31 December 2021

17,508

17,508

At 31 December 2020

27,019

27,019

 

Model Signage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

6

Debtors

2021
 £

2020
 £

Trade debtors

274,175

474,144

Other debtors

711,668

622,627

Prepayments

2,332

3,785

Total current trade and other debtors

988,175

1,100,556

7

Creditors

Creditors: amounts falling due within one year

Note

2021
 £

2020
 £

Due within one year

 

Bank loans and overdrafts

122,952

173,487

Trade creditors

 

309,639

316,817

Other creditors

 

16,501

-

Accrued expenses

 

553

-

Pension contributions unpaid

 

2,119

-

PAYE and NIC

 

33,195

63,595

VAT

 

81,478

158,527

Corporation tax

 

69,316

54,435

Factored debts

 

208,952

244,282

Director current account

 

44,917

29,669

 

889,622

1,040,812

Creditors include factored debts which are secured of £208,952 (2020 £244,282). Bibby Factors Manchester Limited hold a fixed and floating charge, dated 13 August 2012, over the undertaking and all property and assets present and future, including goodwill, book debts, uncalled capital, buildings, fixtures and plant and machinery.

Creditors: amounts falling due after more than one year

Note

2021
£

2020
£

Due after one year

 

Loans and borrowings

46,223

174,640

 

Model Signage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

8

Share capital

Allotted, called up and fully paid shares

 

2021

2020

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

Preference of £1 each

100,000

100,000

100,000

100,000

 

100,100

100,100

100,100

100,100

9

Related party transactions

Transactions with directors

The following advances and credits to a director subsisted during the years ended 31 December 2021 and 31 December 2020:
 

Transactions with the director

2021

At 1 January 2021
£

Advances to directors
£

At 31 December 2021
£

No interest is charged

(49,297)

4,381

(44,917)

       
     

 

2020

At 1 January 2020
£

Repayments by director
£

At 31 December 2020
£

No interest is charged

21,518

(70,815)

(49,297)