Registration number:
Model Signage Limited
for the Year Ended 31 December 2021
Model Signage Limited
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Model Signage Limited
Company Information
Director |
Mr William Charles Paske Farr |
Company secretary |
Mr Nik Boseley |
Registered office |
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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.
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9 Freeport Office Village
Century Drive
Braintree
Essex
CM77 8YG
Model Signage Limited
(Registration number: 06566991)
Balance Sheet as at 31 December 2021
Note |
2021 |
2020 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
- |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Shareholders' funds |
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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:
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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
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Model Signage Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
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
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.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Model Signage Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 January 2021 |
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At 31 December 2021 |
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Amortisation |
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At 1 January 2021 |
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Amortisation charge |
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At 31 December 2021 |
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Carrying amount |
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At 31 December 2021 |
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At 31 December 2020 |
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Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 January 2021 |
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Additions |
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At 31 December 2021 |
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Depreciation |
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At 1 January 2021 |
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Charge for the year |
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At 31 December 2021 |
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Carrying amount |
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At 31 December 2021 |
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At 31 December 2020 |
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Model Signage Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021
Debtors |
2021 |
2020 |
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Trade debtors |
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Other debtors |
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Prepayments |
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Total current trade and other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2021 |
2020 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Other creditors |
16,501 |
- |
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Accrued expenses |
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- |
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Pension contributions unpaid |
2,119 |
- |
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PAYE and NIC |
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VAT |
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Corporation tax |
69,316 |
54,435 |
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Factored debts |
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Director current account |
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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 |
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Due after one year |
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Loans and borrowings |
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Model Signage Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021
Share capital |
Allotted, called up and fully paid shares
2021 |
2020 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
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100,000 |
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100,000 |
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Related party transactions |
Transactions with directors |
Transactions with the director |
2021 |
At 1 January 2021 |
Advances to directors |
At 31 December 2021 |
No interest is charged |
( |
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( |
2020 |
At 1 January 2020 |
Repayments by director |
At 31 December 2020 |
No interest is charged |
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( |
( |