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Registered number: 06273193










LECKFORD SIGNS (NORTHAMPTON) LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 DECEMBER 2021

 
LECKFORD SIGNS (NORTHAMPTON) LTD
REGISTERED NUMBER: 06273193

BALANCE SHEET
AS AT 31 DECEMBER 2021

2021
2020
                                                                     Note
£
£

Fixed assets
  

Tangible assets
 4 
14,944
20,412

  
14,944
20,412

Current assets
  

Stocks
 5 
2,500
2,500

Debtors: amounts falling due within one year
 6 
45,346
62,508

Cash at bank and in hand
  
1,019
1,509

  
48,865
66,517

Creditors: amounts falling due within one year
 7 
(420,882)
(410,772)

Net current liabilities
  
 
 
(372,017)
 
 
(344,255)

Total assets less current liabilities
  
(357,073)
(323,843)

Creditors: amounts falling due after more than one year
 8 
(50,000)
(50,000)

  

Net liabilities
  
(407,073)
(373,843)


Capital and reserves
  

Called up share capital 
 10 
100
100

Profit and loss account
  
(407,173)
(373,943)

  
(407,073)
(373,843)


Page 1

 
LECKFORD SIGNS (NORTHAMPTON) LTD
REGISTERED NUMBER: 06273193

BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2021

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




M J Meadowcroft
Director

Date: 12 September 2022

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
LECKFORD SIGNS (NORTHAMPTON) LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021

1.


General information

Leckford Signs (Northampton) Ltd is a limited liability company incorporated in England and Wales. The address of its registered office is Reading Bridge House, George Street, Reading, Berkshire, RG1 8LS. 
The principal activity of the company in the year under review was that of sign makers. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

As shown by the financial statements the liabilities of the company exceed its assets and the company meets its day to day working capital requirements through financial support from its directors and their related companies. The loans to the company will not be called in by the directors until the company has sufficient funds to repay them.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable for services during the year, excluding discounts, rebates, value added tax and other sales taxes. 

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 3

 
LECKFORD SIGNS (NORTHAMPTON) LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

 
2.8

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant & machinery
-
25%
reducing balance
Motor vehicles
-
25%
reducing balance
Fixtures & fittings
-
20%
reducing balance
Computer equipment
-
25%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 4

 
LECKFORD SIGNS (NORTHAMPTON) LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the period was 5 (2020 - 5).

Page 5

 
LECKFORD SIGNS (NORTHAMPTON) LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021

4.


Tangible fixed assets





Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2021
43,840
11,400
43,767
37,946
136,953


Additions
-
-
-
1,708
1,708



At 31 December 2021

43,840
11,400
43,767
39,654
138,661



Depreciation


At 1 January 2021
40,628
10,215
40,497
25,201
116,541


Charge for the period on owned assets
642
296
803
5,435
7,176



At 31 December 2021

41,270
10,511
41,300
30,636
123,717



Net book value



At 31 December 2021
2,570
889
2,467
9,018
14,944



At 31 December 2020
3,212
1,185
3,270
12,745
20,412


5.


Stocks

2021
2020
£
£

Finished goods and goods for resale
2,500
2,500

2,500
2,500



6.


Debtors

2021
2020
£
£


Trade debtors
44,591
61,780

Other debtors
249
222

Prepayments and accrued income
506
506

45,346
62,508


Page 6

 
LECKFORD SIGNS (NORTHAMPTON) LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021

7.


Creditors: amounts falling due within one year

2021
2020
£
£

Bank overdrafts
26,201
22,762

Trade creditors
102,666
87,241

Other taxation and social security
19,439
11,455

Other creditors
269,676
286,414

Accruals and deferred income
2,900
2,900

420,882
410,772


The bank overdraft is secured by a fixed and floating charge over all assets of the company.


8.


Creditors: amounts falling due after more than one year

2021
2020
£
£

Bank loans
50,000
50,000

50,000
50,000



9.


Loans


Analysis of the maturity of loans is given below:


2021
2020
£
£


Amounts falling due 1-2 years

Bank loans
5,833
5,833


5,833
5,833

Amounts falling due 2-5 years

Bank loans
34,167
34,167


34,167
34,167

Amounts falling due after more than 5 years

Bank loans
10,000
10,000

10,000
10,000

50,000
50,000


Page 7

 
LECKFORD SIGNS (NORTHAMPTON) LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2021

10.


Share capital

2021
2020
£
£
Allotted, called up and fully paid



100 (2020 - 100) Ordinary shares of £1.00 each
100
100



11.


Commitments under operating leases

At 31 December 2021 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2021
2020
£
£


Not later than 1 year
20,000
20,000

Later than 1 year and not later than 5 years
80,000
80,000

Later than 5 years
40,000
60,000

140,000
160,000


12.


Related party transactions

During the period the Company was charged £13,507 (2020: £9,691) in respect of management fees from  Brandmasters Limited, a company in which M J Meadowcroft is a director. The amount owing to Brandmasters Limited at the period end was £32,035 (2020: £39,387) and is disclosed within other creditors.  
At 31 December 2021 directors loans repayable by the Company were £223,052 (2020: £239,182) and disclosed within other creditors. No interest is being charged on the amount owing and there are no set repayment dates or amounts.
During the period the Company paid £16,667 (2020: £16,667) relating to rent of the premises to the company pension scheme.


13.


Controlling party

The ultimate controlling parties are M J Meadowcroft and E M Meadowcroft by virtue of a joint shareholding.


Page 8