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COMPANY REGISTRATION NUMBER: 06831656
TLC Signs and Banners Limited
Filleted Unaudited Financial Statements
For the year ended
31 March 2023
TLC Signs and Banners Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
142,271
160,213
Current assets
Stocks
17,878
24,855
Debtors
6
120,015
107,572
Cash at bank and in hand
7,820
10,914
---------
---------
145,713
143,341
Creditors: amounts falling due within one year
7
357,931
322,127
---------
---------
Net current liabilities
212,218
178,786
---------
---------
Total assets less current liabilities
( 69,947)
( 18,573)
Creditors: amounts falling due after more than one year
8
42,900
55,956
Provisions
Taxation including deferred tax
( 1,442)
( 7,334)
---------
--------
Net liabilities
( 111,405)
( 67,195)
---------
--------
TLC Signs and Banners Limited
Statement of Financial Position (continued)
31 March 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 111,505)
( 67,295)
---------
--------
Shareholders deficit
( 111,405)
( 67,195)
---------
--------
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 income and retained earnings has not been delivered.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his 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 7 February 2024 , and are signed on behalf of the board by:
M Fisher
Director
Company registration number: 06831656
TLC Signs and Banners Limited
Notes to the Financial Statements
Year ended 31 March 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 c/o Fisherprint Limited, Padholme Road, Peterborough, Cambridgeshire, PE1 5UL.
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.
Going concern
The company continues to be loss making and has an overdrawn Balance Sheet but retains the support of the director and the parent company and for this reason the accounts have been prepared on a going concern basis.
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. The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:- Depreciation The annual depreciation charge for each class of tangible fixed asset is based on an estimate of the useful economic life of the respective assets. This is reviewed periodically by the directors to ensure that they reflect both the external and internal factors.
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.
Income 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 material 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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and 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 and machinery
-
10% reducing balance
Motor vehicles
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist.
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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
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.
Financial instruments
The company holds basic financial instruments as defined in FRS102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2022: 5 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 April 2022 and 31 March 2023
286,572
49,268
335,840
---------
--------
---------
Depreciation
At 1 April 2022
135,796
39,831
175,627
Charge for the year
15,582
2,360
17,942
---------
--------
---------
At 31 March 2023
151,378
42,191
193,569
---------
--------
---------
Carrying amount
At 31 March 2023
135,194
7,077
142,271
---------
--------
---------
At 31 March 2022
150,776
9,437
160,213
---------
--------
---------
6. Debtors
2023
2022
£
£
Trade debtors
119,347
79,752
Amounts owed by group undertakings and undertakings in which the company has a participating interest
27,626
Other debtors
668
194
---------
---------
120,015
107,572
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
144,764
214,179
Amounts owed to group undertakings and undertakings in which the company has a participating interest
160,709
Social security and other taxes
32,831
46,753
Other creditors
19,627
61,195
---------
---------
357,931
322,127
---------
---------
Other creditors includes hire purchase creditors of £12,905 (2022 - £46,523) which are secured on the assets to which they relate.
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
42,900
55,956
--------
--------
Other creditors includes hire purchase creditors of £42,900 (2022 - £55,956) which are secured on the assets to which they relate.
9. Government grants
The amounts recognised in the financial statements for government grants are as follows:
2023
2022
£
£
Recognised in other operating income:
Government grants recognised directly in income
3,172
----
-------
10. Controlling party
During the year the company was a 100% owned subsidiary of Fisherprint Limited . After the year end it became a 100% owned subsidiary of G.H. Fisher & Sons (Printers) Limited. Both are company's incorporated in England and Wales.