Company registration number 05151062 (England and Wales)
SIGNS & DESIGN (KENT) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
SIGNS & DESIGN (KENT) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
SIGNS & DESIGN (KENT) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
828,857
611,234
Current assets
Stocks
150,922
122,821
Debtors
5
1,143,008
977,860
Cash at bank and in hand
152,589
386,616
1,446,519
1,487,297
Creditors: amounts falling due within one year
6
(704,769)
(926,910)
Net current assets
741,750
560,387
Total assets less current liabilities
1,570,607
1,171,621
Creditors: amounts falling due after more than one year
7
(455,173)
(315,922)
Provisions for liabilities
(209,951)
(115,905)
Net assets
905,483
739,794
Capital and reserves
Called up share capital
900
900
Capital redemption reserve
300
300
Profit and loss reserves
904,283
738,594
Total equity
905,483
739,794

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year 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.

SIGNS & DESIGN (KENT) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 2 November 2023 and are signed on its behalf by:
Mr G Jackson
Mrs E L M Slavik-Smith
Director
Director
Company Registration No. 05151062
SIGNS & DESIGN (KENT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information

Signs & Design (Kent) Limited is a private company limited by shares incorporated in England and Wales. The registered office and principal place of business is Unit 7, Ballard Industrial Centre, Revenge Road, Lordswood, Chatham, Kent, ME5 8UD.

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.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents revenue earned under contracts for services provided to clients. 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 clients, excluding value added tax.

 

Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of the work performed. Revenue not billed to clients is included in other debtors.

1.3
Intangible fixed assets - goodwill

Acquired goodwill is written off in equal annual instalments over its estimated useful economic life.

1.4
Tangible fixed assets

Tangible fixed assets are measured at cost, net of depreciation.

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:

Land and buildings Leasehold
Over term of the lease
Plant and machinery
25% reducing balance basis and between 3 and 7 years straight line
Fixtures, fittings & equipment
25% reducing balance basis
Computer equipment
20% and 33% on cost
Motor vehicles
25% reducing balance basis
1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price.

SIGNS & DESIGN (KENT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments

The company has elected to apply the recognition and measurement provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and overdrafts, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.7
Taxation

The tax expense represents the sum of the tax currently payable or receivable and deferred tax.

Current tax

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet 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.

1.8
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Leases

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet and are depreciated over the shorter of the lease term and the asset's useful lives. A corresponding liability is recognised for the lower of the fair value of the leased asset and the present value of the minimum lease payments in the balance sheet. Lease payments are apportioned between the reduction of the lease liability and finance charges so as to achieve a constant rate of interest on the remaining balance of the liability.

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

SIGNS & DESIGN (KENT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
1.11
Government grants

Government grants are recognised as income at the amount received or receivable when there is reasonable assurance that the grant conditions will be met and the grant will be received. Grants under the Coronavirus Job Retention Scheme are recognised over the periods in which the related costs are incurred.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
38
39
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
350,000
Amortisation and impairment
At 1 April 2022 and 31 March 2023
350,000
Carrying amount
At 31 March 2023
-
0
At 31 March 2022
-
0
SIGNS & DESIGN (KENT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2022
118,334
2,191,249
2,309,583
Additions
-
0
497,648
497,648
Disposals
-
0
(706,706)
(706,706)
At 31 March 2023
118,334
1,982,191
2,100,525
Depreciation and impairment
At 1 April 2022
84,760
1,613,589
1,698,349
Depreciation charged in the year
8,469
271,556
280,025
Eliminated in respect of disposals
-
0
(706,706)
(706,706)
At 31 March 2023
93,229
1,178,439
1,271,668
Carrying amount
At 31 March 2023
25,105
803,752
828,857
At 31 March 2022
33,574
577,660
611,234
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
641,844
470,189
Other debtors
501,164
507,671
1,143,008
977,860

Other debtors includes amounts of £277,760 (2022 - £268,758), £955 (2022 - £11,631) and £68,937 (2022 - £69,967) due to the company from the directors.

6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
-
0
42,713
Trade creditors
429,431
490,903
Taxation and social security
79,116
160,973
Other creditors
196,222
232,321
704,769
926,910

The obligations under finance lease and hire purchase agreements included in other creditors, amounting to £155,868 (2022 - £199,784), are secured by charges over the associated assets.

SIGNS & DESIGN (KENT) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
-
0
147,600
Other creditors
455,173
168,322
455,173
315,922

The obligations under finance lease and hire purchase agreements included in other creditors, amounting to £455,173 (2022 - £168,322), are secured by charges over the associated assets.

8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
411,521
474,271

The lease commitment above includes an amount of £383,313 (2022 - £447,213) in respect of rent payable for properties occupied by the company to 2025 and 2031.

9
Directors' transactions

During the year, the company made advances totalling £136,869 (2022 - £136,289), £67,968 (2022 - £64,989) and £127,049 (2022 - £126,365) to directors. Repayments totalling £127,867 (2022 - £257,257), £78,644 (2022 - £78,079) and £128,079 (2022 - £126,887) respectively were made in respect of these advances and brought forward balances. The overdrawn balances incurred interest at HMRC approved rates.

2023-03-312022-04-01false02 November 2023CCH SoftwareCCH Accounts Production 2023.200No description of principal activityMr G JacksonMr A SpittlesMrs E L M Slavik-Smith051510622022-04-012023-03-31051510622023-03-31051510622022-03-3105151062core:LandBuildings2023-03-3105151062core:OtherPropertyPlantEquipment2023-03-3105151062core:LandBuildings2022-03-3105151062core:OtherPropertyPlantEquipment2022-03-3105151062core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3105151062core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-3105151062core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3105151062core:Non-currentFinancialInstrumentscore:AfterOneYear2022-03-3105151062core:CurrentFinancialInstruments2023-03-3105151062core:CurrentFinancialInstruments2022-03-3105151062core:Non-currentFinancialInstruments2023-03-3105151062core:Non-currentFinancialInstruments2022-03-3105151062core:ShareCapital2023-03-3105151062core:ShareCapital2022-03-3105151062core:CapitalRedemptionReserve2023-03-3105151062core:CapitalRedemptionReserve2022-03-3105151062core:RetainedEarningsAccumulatedLosses2023-03-3105151062core:RetainedEarningsAccumulatedLosses2022-03-3105151062bus:Director12022-04-012023-03-3105151062bus:Director32022-04-012023-03-3105151062core:Goodwill2022-04-012023-03-3105151062core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-04-012023-03-3105151062core:PlantMachinery2022-04-012023-03-3105151062core:FurnitureFittings2022-04-012023-03-3105151062core:ComputerEquipment2022-04-012023-03-3105151062core:MotorVehicles2022-04-012023-03-31051510622021-04-012022-03-3105151062core:NetGoodwill2022-03-3105151062core:NetGoodwill2023-03-3105151062core:NetGoodwill2022-03-3105151062core:LandBuildings2022-03-3105151062core:OtherPropertyPlantEquipment2022-03-31051510622022-03-3105151062core:LandBuildings2022-04-012023-03-3105151062core:OtherPropertyPlantEquipment2022-04-012023-03-3105151062core:WithinOneYear2023-03-3105151062core:WithinOneYear2022-03-3105151062bus:PrivateLimitedCompanyLtd2022-04-012023-03-3105151062bus:SmallCompaniesRegimeForAccounts2022-04-012023-03-3105151062bus:FRS1022022-04-012023-03-3105151062bus:AuditExemptWithAccountantsReport2022-04-012023-03-3105151062bus:Director22022-04-012023-03-3105151062bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP