Company registration number 09970655 (England and Wales)
PRICE SIGNS SERVICES LIMITED
CESSATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2022
PAGES FOR FILING WITH REGISTRAR
PRICE SIGNS SERVICES LIMITED
BALANCE SHEET
1
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
4,015
Current assets
Debtors
4
9,561
50,149
Creditors: amounts falling due within one year
5
(67,930)
(31,215)
Net current (liabilities)/assets
(58,369)
18,934
Total assets less current liabilities
(58,369)
22,949
Creditors: amounts falling due after more than one year
6
(18,721)
(22,232)
Net (liabilities)/assets
(77,090)
717
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(77,091)
716
Total equity
(77,090)
717
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 31 July 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
PRICE SIGNS SERVICES LIMITED
BALANCE SHEET (CONTINUED)
2
The financial statements were approved and signed by the director and authorised for issue on 31 July 2023
Mr G Morgan
Director
Company Registration No. 09970655
PRICE SIGNS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2022
3
1
Accounting policies
Company information
Price Signs Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is 25 Hursley Road, Chandler's Ford, Eastleigh, Hampshire, SO53 2FS.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Reporting period
The company has extended the accounting period to the 18 month period ended 31 July 2022. This is to cover the company's last period of trading, the company ceased trading on 31 July 2022. The comparative amounts presented in the financial statements are for a 12 month period and are not entirely comparable.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computers
25% Straight Line
Motor vehicles
25% Reducing Balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
PRICE SIGNS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2022
1
Accounting policies (Continued)
4
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
PRICE SIGNS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2022
1
Accounting policies (Continued)
5
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
1
1
PRICE SIGNS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2022
6
3
Tangible fixed assets
Computers
Motor vehicles
Total
£
£
£
Cost
At 1 February 2021
572
4,946
5,518
Disposals
(572)
(4,946)
(5,518)
At 31 July 2022
Depreciation and impairment
At 1 February 2021
267
1,236
1,503
Eliminated in respect of disposals
(267)
(1,236)
(1,503)
At 31 July 2022
Carrying amount
At 31 July 2022
At 31 January 2021
305
3,710
4,015
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
765
10,352
Other debtors
8,796
39,797
9,561
50,149
5
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
7,297
Trade creditors
3,396
1,564
Corporation tax
(1,799)
8,872
Other taxation and social security
65,473
12,622
Other creditors
860
860
67,930
31,215
PRICE SIGNS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2022
7
6
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
18,721
22,232
7
Controlling Party
The ultimate controlling party is the director, G Morgan by virtue of his shareholding.