Company Registration No. 04921232 (England and Wales)
SIGNMASTER SYSTEMS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
SIGNMASTER SYSTEMS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 7
SIGNMASTER SYSTEMS LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
203,282
159,531
Current assets
Stocks
215,331
220,433
Debtors
6
261,118
215,900
Cash at bank and in hand
348,684
439,781
825,133
876,114
Creditors: amounts falling due within one year
7
(578,031)
(528,872)
Net current assets
247,102
347,242
Total assets less current liabilities
450,384
506,773
Creditors: amounts falling due after more than one year
8
(202,000)
(280,000)
Provisions for liabilities
(38,624)
(26,258)
Net assets
209,760
200,515
Capital and reserves
Called up share capital
101
101
Profit and loss reserves
209,659
200,414
Total equity
209,760
200,515
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
SIGNMASTER SYSTEMS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2023
31 October 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 30 July 2024 and are signed on its behalf by:
Mrs L P Kehoe
Mrs S J Kehoe
Director
Director
Company registration number 04921232 (England and Wales)
SIGNMASTER SYSTEMS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2023
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 November 2021
101
178,356
178,457
Year ended 31 October 2022:
Profit and total comprehensive income for the year
-
102,933
102,933
Dividends
-
(80,875)
(80,875)
Balance at 31 October 2022
101
200,414
200,515
Year ended 31 October 2023:
Profit and total comprehensive income for the year
-
57,245
57,245
Dividends
-
(48,000)
(48,000)
Balance at 31 October 2023
101
209,659
209,760
SIGNMASTER SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 4 -
1
Accounting policies
Company information
Signmaster Systems Limited is a private company limited by shares incorporated in England and Wales. The registered office is Bank Chambers, 3 Churchyardside, Nantwich, Cheshire, CW5 5DE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
15% straight line
Fixtures and fittings
15% straight line
Computers
33% straight line
Motor vehicles
15% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
SIGNMASTER SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 5 -
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
SIGNMASTER SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 6 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
17
17
4
Intangible fixed assets
Goodwill
£
Cost
At 1 November 2022 and 31 October 2023
30,000
Amortisation and impairment
At 1 November 2022 and 31 October 2023
30,000
Carrying amount
At 31 October 2023
At 31 October 2022
5
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 November 2022
25,565
21,278
141,275
65,722
253,840
Additions
100
2,943
112,502
17,913
133,458
Disposals
(71,101)
(8,700)
(79,801)
At 31 October 2023
25,665
24,221
182,676
74,935
307,497
Depreciation and impairment
At 1 November 2022
24,402
18,433
20,781
30,693
94,309
Depreciation charged in the year
284
1,369
7,899
7,121
16,673
Eliminated in respect of disposals
(2,091)
(4,676)
(6,767)
At 31 October 2023
24,686
19,802
26,589
33,138
104,215
Carrying amount
At 31 October 2023
979
4,419
156,087
41,797
203,282
At 31 October 2022
1,163
2,845
120,494
35,029
159,531
SIGNMASTER SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 7 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
241,804
206,518
Prepayments and accrued income
19,314
9,382
261,118
215,900
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
48,000
48,000
Trade creditors
453,654
336,612
Corporation tax
8,535
17,476
Other taxation and social security
50,802
50,735
Other creditors
10,292
67,041
Accruals and deferred income
6,748
9,008
578,031
528,872
Of the creditors falling due within one year the amount totaling £48,000 is subject to a UK Government guarantee. The facility is provided through the Coronavirus business interruption loan (CBILS), managed by the British Business Bank on behalf of and with the financial backing of the Secretary of State for Business, Energy and Industrial Strategy. The CBILS guarantee is provided to the lender.
8
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
72,000
120,000
Other borrowings
130,000
160,000
202,000
280,000
Of the creditors falling due after one year the amount totaling £72,000 is subject to a UK Government guarantee. The facility is provided through the Coronavirus business interruption loan (CBILS), managed by the British Business Bank on behalf of and with the financial backing of the Secretary of State for Business, Energy and Industrial Strategy. The CBILS guarantee is provided to the lender.
9
Directors' transactions
Dividends totalling £48,000 (2022 - £80,875) were paid in the year in respect of shares held by the company's directors.