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Registration number: 07434195

Eco Signs Ltd

Unaudited Financial Statements

for the Year Ended 31 October 2023

 

Eco Signs Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 13

 

Eco Signs Ltd

Company Information

Directors

J Pennycott

P Thompson

Registered office

Unit 11
Euroway Industrial Estate
SWINDON
Wiltshire
SN5 8YW

Accountants

Four Fifty Partnership
Chartered Accountants
34 Boulevard
Weston-super-Mare
Somerset
BS23 1NF

 

Eco Signs Ltd

(Registration number: 07434195)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

555,199

562,486

Current assets

 

Stocks

6

45,400

45,000

Debtors

7

1,799,389

1,039,545

Cash at bank and in hand

 

1,696,235

1,265,156

 

3,541,024

2,349,701

Creditors: Amounts falling due within one year

8

(887,880)

(760,775)

Net current assets

 

2,653,144

1,588,926

Total assets less current liabilities

 

3,208,343

2,151,412

Creditors: Amounts falling due after more than one year

8

(54,109)

-

Provisions for liabilities

(91,678)

(81,196)

Net assets

 

3,062,556

2,070,216

Capital and reserves

 

Called up share capital

2

2

Retained earnings

3,062,554

2,070,214

Shareholders' funds

 

3,062,556

2,070,216

For the financial year ending 31 October 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.

 

Eco Signs Ltd

(Registration number: 07434195)
Balance Sheet as at 31 October 2023

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 26 July 2024 and signed on its behalf by:
 

.........................................
J Pennycott
Director

 

Eco Signs Ltd

Notes to the Financial Statements for the Year Ended 31 October 2023

1

General information

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

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.

The presentation currency of the financial statements is Pound Sterling (£).

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.

 

Eco Signs Ltd

Notes to the Financial Statements for the Year Ended 31 October 2023

2

Accounting policies (continued)

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.

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 & machinery

25% reducing balance

Motor vehicles

25% reducing balance

Fixtures and fittings

25% reducing balance

Computer equipment

25% reducing balance and 3 years on cost

Short leasehold property

straight line in accordance with the lease

 

Eco Signs Ltd

Notes to the Financial Statements for the Year Ended 31 October 2023

2

Accounting policies (continued)

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

10 years on cost

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.

 

Eco Signs Ltd

Notes to the Financial Statements for the Year Ended 31 October 2023

2

Accounting policies (continued)

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.

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.

 

Eco Signs Ltd

Notes to the Financial Statements for the Year Ended 31 October 2023

2

Accounting policies (continued)

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.

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contracted arrangement, as either financial assets or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company, after deducting all liabilities.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 21 (2022 - 21).

 

Eco Signs Ltd

Notes to the Financial Statements for the Year Ended 31 October 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 November 2022

77,500

77,500

At 31 October 2023

77,500

77,500

Amortisation

At 1 November 2022

77,500

77,500

At 31 October 2023

77,500

77,500

Carrying amount

At 31 October 2023

-

-

 

Eco Signs Ltd

Notes to the Financial Statements for the Year Ended 31 October 2023

5

Tangible assets

Short leasehold property
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Computer equipment
£

Total
£

Cost or valuation

At 1 November 2022

-

31,952

1,761,485

203,543

92,739

2,089,719

Additions

9,108

843

72,505

79,538

1,512

163,506

At 31 October 2023

9,108

32,795

1,833,990

283,081

94,251

2,253,225

Depreciation

At 1 November 2022

-

26,929

1,304,991

109,415

85,895

1,527,230

Charge for the year

911

1,466

132,249

34,733

1,437

170,796

At 31 October 2023

911

28,395

1,437,240

144,148

87,332

1,698,026

Carrying amount

At 31 October 2023

8,197

4,400

396,750

138,933

6,919

555,199

At 31 October 2022

-

5,022

456,493

94,127

6,844

562,486

6

Stocks

2023
£

2022
£

Stock

45,400

45,000

 

Eco Signs Ltd

Notes to the Financial Statements for the Year Ended 31 October 2023

7

Debtors

Current

2023
£

2022
£

Trade debtors

445,280

579,779

Prepayments

4,926

5,886

Other debtors

1,349,183

453,880

 

1,799,389

1,039,545

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

21,835

16,457

Trade creditors

 

326,442

347,810

Taxation and social security

 

511,191

372,594

Accruals and deferred income

 

24,621

20,850

Other creditors

 

3,791

3,064

 

887,880

760,775

 

Eco Signs Ltd

Notes to the Financial Statements for the Year Ended 31 October 2023

8

Creditors (continued)

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

54,109

-

9

Related party transactions

Transactions with directors

2023

At 1 November 2022
£

Advances to director
£

Repayments by director
£

At 31 October 2023
£

P Thompson

Director's loan account

196,834

507,869

(88,500)

616,203

         
       

J Pennycott

Director's loan account

196,834

507,869

(88,500)

616,203

         
       

 

2022

At 1 November 2021
£

Advances to director
£

Repayments by director
£

At 31 October 2022
£

P Thompson

Director's loan account

484,335

730,824

(1,018,325)

196,834

         
       

J Pennycott

Director's loan account

484,335

730,824

(1,018,325)

196,834

         
       

 


The loans are repayable on demand. Interest has been paid at the official rate of interest. s455 tax has been paid on the overdrawn position.

 

Eco Signs Ltd

Notes to the Financial Statements for the Year Ended 31 October 2023

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Hire purchase contracts

54,109

-

2023
£

2022
£

Current loans and borrowings

Hire purchase contracts

21,835

16,457