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Registration number: 04267371

FSA Sign Installations Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2023

 

FSA Sign Installations Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 11

 

FSA Sign Installations Limited

Company Information

Directors

Mr P R Lucas

Ms K D Newman

Registered office

Capons Hill Farm House
Station Road
Cowfold
West Sussex
RH13 8DE

Accountants

Andrews & O'Shea Ltd
Accountants
Optima House
Mill Court
Spindle Way
Crawley
West Sussex
RH10 1TT

 

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
FSA Sign Installations Limited
for the Year Ended 31 August 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of FSA Sign Installations Limited for the year ended 31 August 2023 as set out on pages 3 to 11 from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of FSA Sign Installations Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of FSA Sign Installations Limited and state those matters that we have agreed to state to the Board of Directors of FSA Sign Installations Limited, as a body, in this report and for no other reason. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than FSA Sign Installations Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that FSA Sign Installations Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of FSA Sign Installations Limited. You consider that FSA Sign Installations 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 accounts of FSA Sign Installations 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 accounts.

......................................

Andrews & O'Shea Ltd
Accountants
Optima House
Mill Court
Spindle Way
Crawley
West Sussex
RH10 1TT

8 April 2024

 

FSA Sign Installations Limited

(Registration number: 04267371)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

15,074

14,163

Current assets

 

Debtors

6

10,433

9,439

Cash at bank and in hand

 

10,515

7,351

 

20,948

16,790

Creditors: Amounts falling due within one year

7

(18,649)

(20,074)

Net current assets/(liabilities)

 

2,299

(3,284)

Total assets less current liabilities

 

17,373

10,879

Provisions for liabilities

(2,864)

(2,691)

Net assets

 

14,509

8,188

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

14,409

8,088

Shareholders' funds

 

14,509

8,188

For the financial year ending 31 August 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 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.

Approved and authorised by the Board on 8 April 2024 and signed on its behalf by:
 

.........................................
Mr P R Lucas
Director

 

FSA Sign Installations Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

1

General information

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

The address of its registered office is:
Capons Hill Farm House
Station Road
Cowfold
West Sussex
RH13 8DE

These financial statements were authorised for issue by the Board on 8 April 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.

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.

 

FSA Sign Installations Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 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

25% per annum - reducing balance basis

Motor vehicles

25% per annum - reducing balance basis

Computer equipment

33% per annum - straight line basis

Freehold property

4% per annum - straight line basis

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.

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.

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.

 

FSA Sign Installations Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

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.

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.

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 2 (2022 - 2).

4

Profit/loss before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

4,945

4,254

 

FSA Sign Installations Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

5

tangible assets

Freehold land and buildings
£

Motor vehicles
 £

Other tangibles
 £

Plant and machinery
 £

Cost or valuation

At 1 September 2022

3,000

13,075

4,496

13,089

Additions

-

-

2,723

3,133

At 31 August 2023

3,000

13,075

7,219

16,222

Depreciation

At 1 September 2022

960

5,721

4,357

8,459

Charge for the year

120

1,839

1,046

1,940

At 31 August 2023

1,080

7,560

5,403

10,399

Carrying amount

At 31 August 2023

1,920

5,515

1,816

5,823

At 31 August 2022

2,040

7,354

139

4,630

Total
£

Cost or valuation

At 1 September 2022

33,660

Additions

5,856

At 31 August 2023

39,516

Depreciation

At 1 September 2022

19,497

Charge for the year

4,945

At 31 August 2023

24,442

Carrying amount

At 31 August 2023

15,074

At 31 August 2022

14,163

Included within the net book value of land and buildings above is £1,920 (2022 - £2,040) in respect of freehold land and buildings.
 

 

FSA Sign Installations Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

6

debtors

2023
£

2022
£

Trade debtors

9,554

7,509

Prepayments

879

786

Other debtors

-

1,144

10,433

9,439

 

FSA Sign Installations Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and other borrowings

9

35

4,801

Taxation and social security

 

4,071

1,973

Other creditors

 

14,543

13,300

 

18,649

20,074

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

9

Loans and borrowings

Current loans and borrowings

2023
£

2022
£

Other borrowings

35

4,801

 

FSA Sign Installations Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

10

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £40.00 per each ordinary share

 

4,000

 

4,000

         

11

Related party transactions

Transactions with directors

2023

At 1 September 2022
£

Advances to director
£

Other payments made to company by director
£

At 31 August 2023
£

Mr P R Lucas

Interest free loan

(4,801)

12,411

(7,645)

(35)

2022

At 1 September 2021
£

Advances to director
£

Other payments made to company by director
£

At 31 August 2022
£

Mr P R Lucas

Interest free loan

(404)

1,538

(5,935)

(4,801)

 

FSA Sign Installations Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

25,130

20,530

Contributions paid to money purchase schemes

665

665

25,795

21,195

During the year the number of directors who were receiving benefits and share incentives was as follows:

2023
No.

2022
No.

Accruing benefits under defined benefit pension scheme

1

1

Dividends paid to directors

 

2023
£

2022
£

Mr P R Lucas

   

Ordinary shares

3,040

2,000

     
         

Ms K D Newman

   

Ordinary shares

960

2,000