2 false false false false false false false false false false true false false false false false false No description of principal activity 2022-03-01 Sage Accounts Production Advanced 2023 - FRS102_2023 4,150 245 4,395 xbrli:pure xbrli:shares iso4217:GBP 07804193 2022-03-01 2023-02-28 07804193 2023-02-28 07804193 2022-02-28 07804193 2021-03-01 2022-02-28 07804193 2022-02-28 07804193 2021-02-28 07804193 core:PlantMachinery 2022-03-01 2023-02-28 07804193 bus:Director1 2022-03-01 2023-02-28 07804193 core:PlantMachinery 2022-02-28 07804193 core:PlantMachinery 2023-02-28 07804193 core:DeferredTaxation 2022-03-01 2023-02-28 07804193 core:WithinOneYear 2023-02-28 07804193 core:WithinOneYear 2022-02-28 07804193 core:AfterOneYear 2023-02-28 07804193 core:AfterOneYear 2022-02-28 07804193 core:ShareCapital 2023-02-28 07804193 core:ShareCapital 2022-02-28 07804193 core:RetainedEarningsAccumulatedLosses 2023-02-28 07804193 core:RetainedEarningsAccumulatedLosses 2022-02-28 07804193 core:AcceleratedTaxDepreciationDeferredTax 2023-02-28 07804193 core:AcceleratedTaxDepreciationDeferredTax 2022-02-28 07804193 core:PlantMachinery 2022-02-28 07804193 core:LeasedAssetsHeldAsLessee core:PlantMachinery 2022-02-28 07804193 core:DeferredTaxation 2022-02-28 07804193 core:DeferredTaxation 2023-02-28 07804193 bus:SmallEntities 2022-03-01 2023-02-28 07804193 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 07804193 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 07804193 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 07804193 bus:FullAccounts 2022-03-01 2023-02-28 07804193 core:FurnitureFittingsToolsEquipment 2023-02-28 07804193 core:FurnitureFittingsToolsEquipment 2022-02-28 07804193 core:FurnitureFittingsToolsEquipment 2022-03-01 2023-02-28
COMPANY REGISTRATION NUMBER: 07804193
MODERN SIGNS DIGITAL LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
28 February 2023
MODERN SIGNS DIGITAL LIMITED
STATEMENT OF FINANCIAL POSITION
28 February 2023
2023
2022
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
23,121
27,273
CURRENT ASSETS
Stocks
5,320
4,765
Debtors
6
14,414
28,647
Cash at bank and in hand
142,160
97,381
----------
----------
161,894
130,793
CREDITORS: amounts falling due within one year
7
30,325
33,226
----------
----------
NET CURRENT ASSETS
131,569
97,567
----------
----------
TOTAL ASSETS LESS CURRENT LIABILITIES
154,690
124,840
CREDITORS: amounts falling due after more than one year
8
11,210
16,250
PROVISIONS
Taxation including deferred tax
9
4,395
4,150
----------
----------
NET ASSETS
139,085
104,440
----------
----------
MODERN SIGNS DIGITAL LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
28 February 2023
2023
2022
Note
£
£
£
£
CAPITAL AND RESERVES
Called up share capital
150
150
Profit and loss account
138,935
104,290
----------
----------
SHAREHOLDERS FUNDS
139,085
104,440
----------
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 23 November 2023 , and are signed on behalf of the board by:
Mr A Wheeler
Director
Company registration number: 07804193
MODERN SIGNS DIGITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 28 FEBRUARY 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Equitable House, 55 Pellon Lane, Halifax, West Yorkshire, HX1 5SP.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are not considered to be any judgements or accounting estimates or assumptions that have a significant impact on the financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Current and deferred tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & Machinery
-
15% reducing balance
Office equipment
-
33.33% Reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. TANGIBLE ASSETS
Plant and machinery
Office equipment
Total
£
£
£
Cost
At 1 March 2022 and 28 February 2023
61,412
2,611
64,023
---------
-------
---------
Depreciation
At 1 March 2022
34,475
2,275
36,750
Charge for the year
4,040
112
4,152
---------
-------
---------
At 28 February 2023
38,515
2,387
40,902
---------
-------
---------
Carrying amount
At 28 February 2023
22,897
224
23,121
---------
-------
---------
At 28 February 2022
26,937
336
27,273
---------
-------
---------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Plant and machinery
£
At 28 February 2023
----
At 28 February 2022
14,877
---------
6. DEBTORS
2023
2022
£
£
Trade debtors
13,893
28,239
Other debtors
521
408
---------
---------
14,414
28,647
---------
---------
7. CREDITORS: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
5,000
5,000
Trade creditors
3,970
6,433
Corporation tax
13,380
11,301
Social security and other taxes
5,877
5,445
Other creditors
2,098
5,047
---------
---------
30,325
33,226
---------
---------
8. CREDITORS: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
11,210
16,250
---------
---------
9. PROVISIONS
Deferred tax (note 10)
£
At 1 March 2022
4,150
Additions
245
-------
At 28 February 2023
4,395
-------
10. DEFERRED TAX
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions (note 9)
4,395
4,150
-------
-------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
4,395
4,150
-------
-------
11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
The directors loan account was in credit throughout the year. The loan is repayable on demand and no interest is charged.