Registered number
10003212
Mid City Signage Ltd
Filleted Accounts
31 January 2023
Mid City Signage Ltd
Registered number: 10003212
Balance Sheet
as at 31 January 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 15,109 19,180
Current assets
Debtors 4 40,702 39,580
Cash at bank and in hand 4,004 3,824
44,706 43,404
Creditors: amounts falling due within one year 5 (29,912) (38,358)
Net current assets 14,794 5,046
Total assets less current liabilities 29,903 24,226
Creditors: amounts falling due after more than one year 6 (26,653) (25,000)
Net assets/(liabilities) 3,250 (774)
Capital and reserves
Share premium 100 100
Profit and loss account 3,150 (874)
Shareholders' funds 3,250 (774)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Daniel Smith
Director
Approved by the board on 13 October 2023
Mid City Signage Ltd
Notes to the Accounts
for the year ended 31 January 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 6 6
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 February 2022 14,184 22,745 36,929
At 31 January 2023 14,184 22,745 36,929
Depreciation
At 1 February 2022 6,945 10,804 17,749
Charge for the year 1,086 2,985 4,071
At 31 January 2023 8,031 13,789 21,820
Net book value
At 31 January 2023 6,153 8,956 15,109
At 31 January 2022 7,239 11,941 19,180
4 Debtors 2023 2022
£ £
Other debtors 40,702 39,580
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts - 17,498
Obligations under finance lease and hire purchase contracts - 4,844
Corporation tax 28,208 11,398
Other taxes and social security costs (2,996) 3,443
Other creditors 4,700 1,175
29,912 38,358
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 26,653 25,000
7 Other information
Mid City Signage Ltd is a private company limited by shares and incorporated in England. Its registered office is:
75 Broomhill Road
Hucknall
Nottingham
NG15 6AF
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