2022-04-012023-03-312023-03-31false05247311ELITE SIGNS & GRAPHICS 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ELITE SIGNS & GRAPHICS LIMITED

Registered Number
05247311
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2023

ELITE SIGNS & GRAPHICS LIMITED
Company Information
for the year from 1 April 2022 to 31 March 2023

Director

JAMES, Simon Clive

Registered Address

Unit 2320 Central Park Western Avenue
Bridgend Industrial Estate
Bridgend
CF31 3RH

Registered Number

05247311 (England and Wales)
ELITE SIGNS & GRAPHICS LIMITED
Statement of Financial Position
31 March 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets841,62635,462
41,62635,462
Current assets
Stocks912,58316,833
Debtors1064,54436,078
Cash at bank and on hand69,10991,111
146,236144,022
Creditors amounts falling due within one year11(90,864)(104,119)
Net current assets (liabilities)55,37239,903
Total assets less current liabilities96,99875,365
Net assets96,99875,365
Capital and reserves
Called up share capital1,0011,001
Profit and loss account95,99774,364
Shareholders' funds96,99875,365
The financial statements were approved and authorised for issue by the Director on 19 November 2023, and are signed on its behalf by:
JAMES, Simon Clive
Director
Registered Company No. 05247311
ELITE SIGNS & GRAPHICS LIMITED
Notes to the Financial Statements
for the year ended 31 March 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Principal activities
The Principal activity of the company for the year under review was that of production and installation of signage and graphics.
4.Basis of measurement used in financial statements
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).
5.Accounting policies
Functional and presentation currency policy
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
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.
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Land and buildings-20
Plant and machinery-4
Fixtures and fittings15-
Vehicles-4
Office Equipment-4
Intangible assets policy
Intangible assets are initially measure at cost. After initial recognition, Intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Stocks policy
Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
Revenue recognition policy
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.
Taxation policy
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 policy
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.
Foreign currency translation and operations policy
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Employee benefits policy
Contributions to defined contribution plans are expensed in the period to which they relate.
6.Employee information

20232022
Average number of employees during the year55
7.Intangible assets

Goodwill

Total

££
Cost or valuation
At 01 April 2260,00060,000
At 31 March 2360,00060,000
Amortisation and impairment
At 01 April 2260,00060,000
At 31 March 2360,00060,000
Net book value
At 31 March 23--
At 31 March 22--
8.Property, plant and equipment

Land & buildings

Plant & machinery

Vehicles

Fixtures & fittings

Office Equipment

Total

££££££
Cost or valuation
At 01 April 2232,03529,93814,14321,295-97,411
Additions-17,249-2,3201,97221,541
At 31 March 2332,03547,18714,14323,6151,972118,952
Depreciation and impairment
At 01 April 2210,86317,82114,14319,122-61,949
Charge for year1,62512,333-1,27014915,377
At 31 March 2312,48830,15414,14320,39214977,326
Net book value
At 31 March 2319,54717,033-3,2231,82341,626
At 31 March 2221,17212,117-2,173-35,462
9.Stocks

2023

2022

££
Raw materials and consumables12,58316,833
Total12,58316,833
10.Debtors

2023

2022

££
Trade debtors / trade receivables61,79429,724
Other debtors2,7503,452
Prepayments and accrued income-2,902
Total64,54436,078
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.
11.Creditors within one year

2023

2022

££
Trade creditors / trade payables24,76617,181
Taxation and social security28,60823,158
Other creditors10,48912,780
Accrued liabilities and deferred income27,00151,000
Total90,864104,119
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.