20 false false false false false false false false false true false false false false false false No description of principal activity 2022-04-01 Sage Accounts Production Advanced 2021 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 03441650 2022-04-01 2023-03-31 03441650 2023-03-31 03441650 2022-03-31 03441650 2021-04-01 2022-03-31 03441650 2022-03-31 03441650 core:PlantMachinery 2022-04-01 2023-03-31 03441650 core:FurnitureFittings 2022-04-01 2023-03-31 03441650 core:MotorVehicles 2022-04-01 2023-03-31 03441650 bus:LeadAgentIfApplicable 2022-04-01 2023-03-31 03441650 bus:Director1 2022-04-01 2023-03-31 03441650 bus:Director2 2022-04-01 2023-03-31 03441650 core:PlantMachinery 2022-03-31 03441650 core:FurnitureFittings 2022-03-31 03441650 core:MotorVehicles 2022-03-31 03441650 core:PlantMachinery 2023-03-31 03441650 core:FurnitureFittings 2023-03-31 03441650 core:MotorVehicles 2023-03-31 03441650 core:WithinOneYear 2023-03-31 03441650 core:WithinOneYear 2022-03-31 03441650 core:AfterOneYear 2023-03-31 03441650 core:AfterOneYear 2022-03-31 03441650 core:ShareCapital 2023-03-31 03441650 core:ShareCapital 2022-03-31 03441650 core:RetainedEarningsAccumulatedLosses 2023-03-31 03441650 core:RetainedEarningsAccumulatedLosses 2022-03-31 03441650 core:BetweenOneFiveYears 2023-03-31 03441650 core:BetweenOneFiveYears 2022-03-31 03441650 core:PlantMachinery 2022-03-31 03441650 core:MotorVehicles 2022-03-31 03441650 bus:Director1 2023-03-31 03441650 bus:SmallEntities 2022-04-01 2023-03-31 03441650 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 03441650 bus:FullAccounts 2022-04-01 2023-03-31 03441650 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 03441650 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31
COMPANY REGISTRATION NUMBER: 03441650
Xpress Signs Limited
Filleted Unaudited Financial Statements
31 March 2023
Xpress Signs Limited
Financial Statements
Year ended 31 March 2023
Contents
Pages
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements
1
Balance sheet
2 to 3
Notes to the financial statements
4 to 8
Xpress Signs Limited
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Xpress Signs Limited
Year ended 31 March 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 Xpress Signs Limited for the year ended 31 March 2023, which comprise the balance sheet 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 Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Xpress Signs Limited, as a body, in accordance with the terms of our engagement letter dated 2 September 2019. Our work has been undertaken solely to prepare for your approval the financial statements of Xpress Signs Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Xpress Signs Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Xpress Signs 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 Xpress Signs Limited. You consider that Xpress Signs 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 Xpress Signs 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.
MILLER DAVIES LLP Chartered accountants
A3 Broomsleigh Business Park Worsley Bridge Road London SE26 5BN
8 February 2024
Xpress Signs Limited
Balance Sheet
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
208,201
236,466
Current assets
Stocks
4,522
5,508
Debtors
6
175,225
237,571
Cash at bank and in hand
84,625
89,590
---------
---------
264,372
332,669
Creditors: amounts falling due within one year
7
168,871
259,897
---------
---------
Net current assets
95,501
72,772
---------
---------
Total assets less current liabilities
303,702
309,238
Creditors: amounts falling due after more than one year
8
48,963
58,305
---------
---------
Net assets
254,739
250,933
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
254,639
250,833
---------
---------
Shareholders funds
254,739
250,933
---------
---------
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 profit and loss account 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.
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 .
Xpress Signs Limited
Balance Sheet (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 8 February 2024 , and are signed on behalf of the board by:
Mr A Cleaver
Mr P Cleaver
Director
Director
Company registration number: 03441650
Xpress Signs 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 Unit 3 Kangley Business Centre, Kangley Bridge Road, London, SE26 5AQ.
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.
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.
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.
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.
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
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.
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 balance sheet 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.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 20 (2022: 19 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2022
488,168
8,606
234,202
730,976
Additions
25,781
25,781
Disposals
( 5,250)
( 5,250)
---------
-------
---------
---------
At 31 March 2023
488,168
8,606
254,733
751,507
---------
-------
---------
---------
Depreciation
At 1 April 2022
350,857
8,606
135,047
494,510
Charge for the year
20,597
30,496
51,093
Disposals
( 2,297)
( 2,297)
---------
-------
---------
---------
At 31 March 2023
371,454
8,606
163,246
543,306
---------
-------
---------
---------
Carrying amount
At 31 March 2023
116,714
91,487
208,201
---------
-------
---------
---------
At 31 March 2022
137,311
99,155
236,466
---------
-------
---------
---------
6. Debtors
2023
2022
£
£
Trade debtors
159,175
178,837
Other debtors
16,050
58,734
---------
---------
175,225
237,571
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,800
9,606
Trade creditors
32,776
93,041
Corporation tax
28,219
36,853
Social security and other taxes
74,550
71,786
Other creditors
22,526
48,611
---------
---------
168,871
259,897
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
25,661
36,426
Other creditors
23,302
21,879
--------
--------
48,963
58,305
--------
--------
9. Financial instruments
The carrying amount for each category of financial instrument is as follows:
2023
2022
£
£
Financial assets measured at fair value through profit or loss
Financial assets measured at fair value through profit or loss
248,601
273,234
---------
---------
Financial liabilities measured at fair value through profit or loss
Financial liabilities measured at fair value through profit or loss
115,165
209,661
---------
---------
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
50,665
53,988
Later than 1 year and not later than 5 years
100,000
150,665
---------
---------
150,665
204,653
---------
---------
11. 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
Balance outstanding
£
£
£
Mr A Cleaver
1,000
1,000
----
-------
-------
2022
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr A Cleaver
----
----
----