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COMPANY REGISTRATION NUMBER: 10796369
Signature Capital (Midlands) Limited
Filleted Unaudited Financial Statements
31 May 2023
Signature Capital (Midlands) Limited
Financial Statements
Year ended 31st May 2023
Contents
Page
Chartered certified accountants report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
4
Signature Capital (Midlands) Limited
Chartered Certified Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Signature Capital (Midlands) Limited
Year ended 31st May 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Signature Capital (Midlands) Limited for the year ended 31st May 2023, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. This report is made solely to the Board of Directors of Signature Capital (Midlands) Limited, as a body, in accordance with the terms of our engagement letter dated 31st May 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Signature Capital (Midlands) Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Signature Capital (Midlands) Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Signature Capital (Midlands) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Signature Capital (Midlands) Limited. You consider that Signature Capital (Midlands) Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Signature Capital (Midlands) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
MJ GREEN ACCOUNTANCY SERVICES LTD Chartered Certified Accountants
Unit 10 Silver End Business Park Brettell Lane Brierley Hill West Midlands DY5 3LG
22 February 2024
Signature Capital (Midlands) Limited
Statement of Financial Position
31 May 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
4,198,041
2,919,872
Current assets
Debtors
6
3,398
2,124
Cash at bank and in hand
48,160
90,306
--------
--------
51,558
92,430
Creditors: amounts falling due within one year
7
505,825
470,640
---------
---------
Net current liabilities
454,267
378,210
------------
------------
Total assets less current liabilities
3,743,774
2,541,662
Creditors: amounts falling due after more than one year
8
2,673,892
1,759,380
Provisions
200,646
148,617
------------
------------
Net assets
869,236
633,665
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
869,136
633,565
---------
---------
Shareholders funds
869,236
633,665
---------
---------
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 31st May 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 .
Signature Capital (Midlands) Limited
Statement of Financial Position (continued)
31 May 2023
These financial statements were approved by the board of directors and authorised for issue on 22 February 2024 , and are signed on behalf of the board by:
A Marshall
P Humpage
Director
Director
Company registration number: 10796369
Signature Capital (Midlands) Limited
Notes to the Financial Statements
Year ended 31st May 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 Unit 10, Silver End Business Park, Brettell Lane, Brierley Hill, DY5 3LG, West Midlands.
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.
Taxation
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.
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Computer equipment
-
33% straight line
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
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. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2022: 4 ).
5. Tangible assets
Land and buildings
Plant and machinery
Motor vehicles
Computer equipment
Total
£
£
£
£
£
Cost or valuation
At 1st June 2022
2,919,000
981
2,395
2,922,376
Additions
1,004,333
250
3,450
137
1,008,170
Disposals
( 2,395)
( 2,395)
Revaluations
271,667
271,667
------------
-------
-------
----
------------
At 31st May 2023
4,195,000
1,231
3,450
137
4,199,818
------------
-------
-------
----
------------
Depreciation
At 1st June 2022
748
1,756
2,504
Charge for the year
121
863
46
1,030
Disposals
( 1,757)
( 1,757)
------------
-------
-------
----
------------
At 31st May 2023
869
862
46
1,777
------------
-------
-------
----
------------
Carrying amount
At 31st May 2023
4,195,000
362
2,588
91
4,198,041
------------
-------
-------
----
------------
At 31st May 2022
2,919,000
233
639
2,919,872
------------
-------
-------
----
------------
The revaluation of investment property was undertaken by Andrew Marshall and Paul Humpage, directors of the company on 31st May 2023 using their extensive knowledge of the local property market.
6. Debtors
2023
2022
£
£
Other debtors
3,398
2,124
-------
-------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
3,192
3,180
Corporation tax
4,133
7,364
Other creditors
498,500
460,096
---------
---------
505,825
470,640
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
2,673,892
1,759,380
------------
------------
Creditors include bank loans and overdrafts which are secured of £2,666,925 (2022 - £1,749,201). The bank loan is provided by Paragon Bank plc and is secured on the asset concerned.
9. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions
200,646
148,617
---------
---------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
577
165
Fair value adjustment of investment property
200,069
148,452
---------
---------
200,646
148,617
---------
---------
10. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
A Marshall
( 114,025)
( 27,592)
18,322
( 123,295)
L Humpage
( 114,025)
( 27,592)
18,322
( 123,295)
P Humpage
( 114,025)
( 27,592)
18,322
( 123,295)
V Marshall
( 114,024)
( 27,593)
18,322
( 123,295)
---------
---------
--------
---------
( 456,099)
( 110,369)
73,288
( 493,180)
---------
---------
--------
---------
2022
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
A Marshall
( 31,252)
( 103,916)
21,143
( 114,025)
L Humpage
( 31,252)
( 103,916)
21,143
( 114,025)
P Humpage
( 31,252)
( 103,916)
21,143
( 114,025)
V Marshall
( 31,252)
( 103,916)
21,144
( 114,024)
---------
---------
--------
---------
( 125,008)
( 415,664)
84,573
( 456,099)
---------
---------
--------
---------
The credits to the directors were made on an interest free basis and are repayable on demand.