14 false false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 191,820 191,820 xbrli:pure xbrli:shares iso4217:GBP 05997475 2023-01-01 2023-12-31 05997475 2023-12-31 05997475 2022-12-31 05997475 2022-01-01 2022-12-31 05997475 2022-12-31 05997475 2021-12-31 05997475 core:NetGoodwill 2023-01-01 2023-12-31 05997475 core:PlantMachinery 2023-01-01 2023-12-31 05997475 core:FurnitureFittings 2023-01-01 2023-12-31 05997475 core:MotorVehicles 2023-01-01 2023-12-31 05997475 bus:Director1 2023-01-01 2023-12-31 05997475 bus:Director2 2023-01-01 2023-12-31 05997475 core:NetGoodwill 2023-12-31 05997475 core:PlantMachinery 2022-12-31 05997475 core:FurnitureFittings 2022-12-31 05997475 core:MotorVehicles 2022-12-31 05997475 core:PlantMachinery 2023-12-31 05997475 core:FurnitureFittings 2023-12-31 05997475 core:MotorVehicles 2023-12-31 05997475 core:WithinOneYear 2023-12-31 05997475 core:WithinOneYear 2022-12-31 05997475 core:AfterOneYear 2023-12-31 05997475 core:AfterOneYear 2022-12-31 05997475 core:ShareCapital 2023-12-31 05997475 core:ShareCapital 2022-12-31 05997475 core:CapitalRedemptionReserve 2023-12-31 05997475 core:CapitalRedemptionReserve 2022-12-31 05997475 core:RetainedEarningsAccumulatedLosses 2023-12-31 05997475 core:RetainedEarningsAccumulatedLosses 2022-12-31 05997475 core:BetweenOneFiveYears 2023-12-31 05997475 core:BetweenOneFiveYears 2022-12-31 05997475 core:PlantMachinery 2022-12-31 05997475 core:FurnitureFittings 2022-12-31 05997475 core:MotorVehicles 2022-12-31 05997475 bus:SmallEntities 2023-01-01 2023-12-31 05997475 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 05997475 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 05997475 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 05997475 bus:FullAccounts 2023-01-01 2023-12-31
COMPANY REGISTRATION NUMBER: 05997475
Sign Systems (UK) Limited
Filleted Unaudited Financial Statements
31 December 2023
Sign Systems (UK) Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
6
74,978
78,774
Current assets
Stocks
24,759
17,034
Debtors
7
502,665
779,617
Cash at bank and in hand
168,179
198,979
---------
---------
695,603
995,630
Creditors: amounts falling due within one year
8
157,105
195,849
---------
---------
Net current assets
538,498
799,781
---------
---------
Total assets less current liabilities
613,476
878,555
Creditors: amounts falling due after more than one year
9
70,106
113,171
Provisions
14,044
19,693
---------
---------
Net assets
529,326
745,691
---------
---------
Capital and reserves
Called up share capital
160
160
Capital redemption reserve
150
150
Profit and loss account
529,016
745,381
---------
---------
Shareholders funds
529,326
745,691
---------
---------
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 December 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 .
Sign Systems (UK) Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 13 March 2024 , and are signed on behalf of the board by:
Miss K Bosworth
Mr J Wood
Director
Director
Company registration number: 05997475
Sign Systems (UK) Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Shipley Court, Manners Avenue Industrial Estate, Ilkeston, Derbyshire, DE7 8EF.
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 measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
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 payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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
-
15% reducing balance
Fixtures and fittings
-
33% straight line
Motor vehicles
-
25% 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.
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.
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
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
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 14 (2022: 14 ).
5. Intangible assets
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
191,820
---------
Amortisation
At 1 January 2023 and 31 December 2023
191,820
---------
Carrying amount
At 31 December 2023
---------
At 31 December 2022
---------
6. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023
82,571
61,200
74,758
218,529
Additions
1,795
19,999
21,794
Disposals
( 14,578)
( 14,578)
--------
--------
--------
---------
At 31 December 2023
84,366
61,200
80,179
225,745
--------
--------
--------
---------
Depreciation
At 1 January 2023
47,207
51,755
40,793
139,755
Charge for the year
5,484
6,862
11,990
24,336
Disposals
( 13,324)
( 13,324)
--------
--------
--------
---------
At 31 December 2023
52,691
58,617
39,459
150,767
--------
--------
--------
---------
Carrying amount
At 31 December 2023
31,675
2,583
40,720
74,978
--------
--------
--------
---------
At 31 December 2022
35,364
9,445
33,965
78,774
--------
--------
--------
---------
7. Debtors
2023
2022
£
£
Trade debtors
70,693
137,246
Amounts owed by group undertakings and undertakings in which the company has a participating interest
425,043
635,640
Other debtors
6,929
6,731
---------
---------
502,665
779,617
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
31,121
28,995
Trade creditors
32,064
49,925
Corporation tax
37,818
59,620
Social security and other taxes
36,551
38,133
Other creditors
19,551
19,176
---------
---------
157,105
195,849
---------
---------
Other creditors includes £11,944 (2022-£10,938) due under HP contracts, these amounts are secured on the assets to which they relate. Bank loans of £10,140 (2022-£9,890) are secured by a partial guarantee from the UK government, which would only apply in the event that the company becomes unable to meet the repayments.
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
60,946
92,066
Other creditors
9,160
21,105
--------
---------
70,106
113,171
--------
---------
Other creditors includes £9,160 (2022-£21,105) due under HP contracts, these amounts are secured on the assets to which they relate. Bank loans of £14,806 (2022-£24,946) are secured by a partial guarantee from the UK government, which would only apply in the event that the company becomes unable to meet the repayments.
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
27,500
27,500
Later than 1 year and not later than 5 years
27,500
55,000
--------
--------
55,000
82,500
--------
--------
11. Directors' advances, credits and guarantees
At 31st December 2023 £288 (2022-£288) was owed to the directors. The loans are interest free and are repayable on demand.