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Filleted
Registration number: 08793253

Signspeed Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

Signspeed Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Signspeed Ltd

Company Information

Directors

Donna James

Sam Morgan

Registered office

Unit 5 Carew Airfield Business Park
Carew
Sageston
Tenby
Pembrokeshire
SA70 8SX

Accountants

LHP Tenby
Chartered Certified Accountants
Barclays Bank Chambers
18 High Street
High Street
Tenby
Pembrokeshire
SA70 7HD

 

Signspeed Ltd

(Registration number: 08793253)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

5

127,657

139,727

Tangible assets

6

26,696

33,618

 

154,353

173,345

Current assets

 

Stocks

7

10,469

7,499

Debtors

8

79,728

86,733

Cash at bank and in hand

 

24,957

11,531

 

115,154

105,763

Creditors: Amounts falling due within one year

9

(76,614)

(86,081)

Net current assets

 

38,540

19,682

Total assets less current liabilities

 

192,893

193,027

Creditors: Amounts falling due after more than one year

9

(62,903)

(89,465)

Provisions for liabilities

(5,073)

(2,746)

Net assets

 

124,917

100,816

Capital and reserves

 

Called up share capital

10

100

100

Retained earnings

124,817

100,716

Shareholders' funds

 

124,917

100,816

For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

 

Signspeed Ltd

(Registration number: 08793253)
Balance Sheet as at 30 November 2023

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 25 January 2024 and signed on its behalf by:
 

.........................................
Donna James
Director

.........................................
Sam Morgan
Director

 
     
 

Signspeed Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 5 Carew Airfield Business Park
Carew
Sageston
Tenby
Pembrokeshire
SA70 8SX

These financial statements were authorised for issue by the Board on 25 January 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Signspeed Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% reducing balance

Fixtures and fittings

20% reducing balance

Computer equipment

25% reducing balance

Motor vehicles

20% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5% Straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Signspeed Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Signspeed Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2022 - 5).

4

Prior period adjustment

A number of misstatements were made in the previous years accounts, adjustments have been made as restatements of retained earnings in this years accounts to reflect this.

 

Signspeed Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 December 2022

241,414

241,414

At 30 November 2023

241,414

241,414

Amortisation

At 1 December 2022

101,687

101,687

Amortisation charge

12,070

12,070

At 30 November 2023

113,757

113,757

Carrying amount

At 30 November 2023

127,657

127,657

At 30 November 2022

139,727

139,727

6

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 December 2022

5,400

40,430

21,487

19,894

At 30 November 2023

5,400

40,430

21,487

19,894

Depreciation

At 1 December 2022

1,572

31,834

17,534

2,653

Charge for the year

766

1,719

989

3,448

At 30 November 2023

2,338

33,553

18,523

6,101

Carrying amount

At 30 November 2023

3,062

6,877

2,964

13,793

At 30 November 2022

3,828

8,596

3,953

17,241

 

Signspeed Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Total
£

Cost or valuation

At 1 December 2022

87,211

At 30 November 2023

87,211

Depreciation

At 1 December 2022

53,593

Charge for the year

6,922

At 30 November 2023

60,515

Carrying amount

At 30 November 2023

26,696

At 30 November 2022

33,618

 

Signspeed Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

7

Stocks

2023
£

2022
£

Other inventories

10,469

7,499

8

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

26,359

22,605

Amounts owed by related parties

11

53,369

64,127

Other debtors

 

-

1

   

79,728

86,733

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

10,248

14,256

Trade creditors

 

17,250

12,116

Taxation and social security

 

12,080

22,751

Other related parties

 

32,026

33,512

Other creditors

 

2,000

3,446

Corporation tax liability

 

3,010

-

 

76,614

86,081

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

42,903

89,465

Other non-current financial liabilities

 

20,000

-

 

62,903

89,465

 

Signspeed Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Class A of £50 each

1

50

1

50

Ordinary Class B of £50 each

1

50

1

50

 

2

100

2

100

11

Related party transactions

Transactions with directors

2023

At 1 December 2022
£

Advances to director
£

Repayments by director
£

At 30 November 2023
£

Donna James

(22,647)

8,985

(6,338)

(20,000)

         
       

Sam Morgan

(10,864)

2,515

(3,676)

(12,026)

         
       

 

Summary of transactions with other related parties

At the end of the accounting period, the company was owed £53,369 (2022 : £64,127) by Signspeed Holdings Limited, a related party. This loan is interest free and repayable on demand.

12

Parent and ultimate parent undertaking

The ultimate controlling party is Signspeed Holdings Limited.