REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH NOVEMBER 2023 |
FOR |
GREENS THE SIGNMAKERS LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH NOVEMBER 2023 |
FOR |
GREENS THE SIGNMAKERS LIMITED |
GREENS THE SIGNMAKERS LIMITED (REGISTERED NUMBER: 00751380) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH NOVEMBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 | to | 3 |
Notes to the Financial Statements | 4 | to | 10 |
GREENS THE SIGNMAKERS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30TH NOVEMBER 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
17 Wright Street |
Hull |
East Yorkshire |
HU2 8HU |
GREENS THE SIGNMAKERS LIMITED (REGISTERED NUMBER: 00751380) |
BALANCE SHEET |
30TH NOVEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 8 | ( |
) | ( |
) |
PENSION LIABILITY | 10 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Capital redemption reserve | 9 |
Revaluation reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
GREENS THE SIGNMAKERS LIMITED (REGISTERED NUMBER: 00751380) |
BALANCE SHEET - continued |
30TH NOVEMBER 2023 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
GREENS THE SIGNMAKERS LIMITED (REGISTERED NUMBER: 00751380) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH NOVEMBER 2023 |
1. | STATUTORY INFORMATION |
Greens The Signmakers Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents the amount invoiced to customers for work done, exclusive of value added tax, adjusted for contract work in progress. |
Depreciation |
Depreciation is calculated to write down the cost less estimated residual value of all fixed assets (excluding freehold land) over their expected useful lives. |
The rates generally applicable are:- |
Freehold buildings | 2% per annum | - equal annual instalments |
Plant and equipment | 25% per annum | - reducing balance method |
Motor vehicles | 35% per annum | - reducing balance method |
No depreciation has been provided on the freehold buildings as the directors are of the opinion that the residual value of the freehold buildings is at least equal to the revalued amount. |
Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to sell. In general, cost is determined on a first in first out basis. |
In the case of work in progress, cost consists of direct materials, direct labour and attributable production overheads. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
GREENS THE SIGNMAKERS LIMITED (REGISTERED NUMBER: 00751380) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH NOVEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
For the defined benefit scheme the amounts charged to operating profit are the current service costs and gains and losses on settlements and curtailments. They are included as part of staff costs. Past service costs are recognised immediately in the profit and loss account if the benefits have vested. If the benefits have not vested immediately, the costs are recognised over the period until vesting occurs. The interest cost and the expected return on assets are shown as a net amount of other finance costs or credits adjacent to interest. Actuarial gains and losses are recognised immediately in the statement of comprehensive income. |
The defined benefit scheme is funded, with the assets of the scheme held separately from those of the company, in separate trustee administered funds. Pension scheme assets are measured at fair value and liabilities are measured on an actuarial basis using the projected unit method and discounted at a rate equivalent to the current rate of return on a high quality corporate bond of equivalent currency and term to the scheme liabilities. The actuarial valuations are obtained at least triennially and are updated at each balance sheet date. The resulting defined benefit asset or liability is presented separately after other net assets on the face of the balance sheet. |
For defined contribution schemes the amount charged to the profit and loss account in respect of pension costs and other post-retirement benefits is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the balance sheet. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
GREENS THE SIGNMAKERS LIMITED (REGISTERED NUMBER: 00751380) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH NOVEMBER 2023 |
4. | TANGIBLE FIXED ASSETS |
Freehold |
land and | Plant and | Motor |
buildings | equipment | vehicles | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1st December 2022 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 30th November 2023 |
DEPRECIATION |
At 1st December 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 30th November 2023 |
NET BOOK VALUE |
At 30th November 2023 |
At 30th November 2022 |
Cost or valuation at 30th November 2023 is represented by: |
Freehold |
land and | Plant and | Motor |
buildings | equipment | vehicles | Totals |
£ | £ | £ | £ |
Valuation in 2001 | 161,237 | - | - | 161,237 |
Cost | 809,300 | 955,926 | 458,005 | 2,223,231 |
970,537 | 955,926 | 458,005 | 2,384,468 |
If freehold land and buildings had not been revalued they would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 809,300 | 809,300 |
Value of land in freehold land and buildings | 101,232 | 101,232 |
Freehold land and buildings were valued on an open market basis on 28th February 2001 by PPH Commercial, Chartered Surveyors . |
The net book value of tangible fixed assets includes £ 94,457 (2022 - £ 154,513 ) in respect of assets held under hire purchase contracts. |
GREENS THE SIGNMAKERS LIMITED (REGISTERED NUMBER: 00751380) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH NOVEMBER 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts recoverable on contracts |
Other debtors |
Prepayments and accrued income |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Hire purchase contracts |
8. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax |
Accelerated capital allowances | 76,001 | 160,229 |
Deferred |
tax |
£ |
Balance at 1st December 2022 |
Accelerated capital allowances | (84,228 | ) |
Balance at 30th November 2023 |
9. | RESERVES |
Capital |
redemption |
reserve |
£ |
At 1st December 2022 |
and 30th November 2023 |
GREENS THE SIGNMAKERS LIMITED (REGISTERED NUMBER: 00751380) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH NOVEMBER 2023 |
10. | EMPLOYEE BENEFIT OBLIGATIONS |
The company operates a pension scheme providing benefits based on final pensionable pay. The assets of the scheme are held separately from those of the company, being invested with insurance companies. The defined benefit scheme is closed to new members and active members of the scheme ceased to accrue benefits in respect of pensionable service from 30th November 2008. |
The contributions are determined by a qualified actuary on the basis of triennial valuations using the projected unit credit method. A full actuarial valuation of the scheme was carried out as at 1st December 2019, which has been updated to 30th November 2021 by a qualified independent actuary. The contributions of the company have been set at £78,164 for the period from 1st December 2019 to 31st December 2020, £14,256 for the period from 1st January 2021 to 28th February 2021, £8,734 for the period from 1st March 2021 to 30th April 2021and then £4,500 per month from 1st May 2021increasing by 3.6% per annum compound on each 1st December with the first increase on 1st December 2021 to eliminate the deficit by 31st May 2037. The cost of insuring the death in service benefits is paid in addition. |
The amounts recognised in profit or loss are as follows: |
Defined benefit |
pension plans |
2023 | 2022 |
£ | £ |
Current service cost |
Net interest from net defined benefit asset/liability |
10,000 |
15,000 |
Past service cost |
19,000 | 24,000 |
Actual return on plan assets |
Changes in the present value of the defined benefit obligation are as follows: |
Defined benefit |
pension plans |
2023 | 2022 |
£ | £ |
Opening defined benefit obligation |
Current service cost |
Interest cost |
Benefits paid | ( |
) | ( |
) |
Actuarial (gains)/losses from changes in financial assumptions |
(444,000 |
) |
(1,686,000 |
) |
GREENS THE SIGNMAKERS LIMITED (REGISTERED NUMBER: 00751380) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH NOVEMBER 2023 |
10. | EMPLOYEE BENEFIT OBLIGATIONS - continued |
Changes in the fair value of scheme assets are as follows: |
Defined benefit |
pension plans |
2023 | 2022 |
£ | £ |
Opening fair value of scheme assets |
Contributions by employer |
Expected return | 157,000 | 99,000 |
Benefits paid | (256,000 | ) | (107,000 | ) |
Return on plan assets (excluding interest income) |
(247,000 |
) |
(1,241,000 |
) |
The amounts recognised in other comprehensive income are as follows: |
Defined benefit |
pension plans |
2023 | 2022 |
£ | £ |
Actuarial (gains)/losses from changes in financial assumptions |
444,000 |
1,686,000 |
Return on plan assets (excluding interest income) |
(247,000 |
) |
(1,241,000 |
) |
197,000 | 445,000 |
The major categories of scheme assets as amounts of total scheme assets are as follows: |
Defined benefit |
pension plans |
2023 | 2022 |
£ | £ |
Bonds |
Long-Dated Corporate Bond Fun | 888,000 | - |
Property Fund | 326,000 | 364,000 |
UK Equity Active Fund | 979,000 | 1,010,000 |
Cash | 26,000 | 13,000 |
Diversified Growth | 848,000 | 1,318,000 |
3,509,000 | 3,788,000 |
Principal actuarial assumptions at the balance sheet date (expressed as weighted averages): |
2023 | 2022 |
Discount rate |
Deferred pension increases |
Future pension increases |
Retail Price Index inflation rate |
Consumer Price Index inflation rate |
GREENS THE SIGNMAKERS LIMITED (REGISTERED NUMBER: 00751380) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH NOVEMBER 2023 |
10. | EMPLOYEE BENEFIT OBLIGATIONS - continued |
Post retirement mortality |
Assumed life expectancy in years on retirement at age 65 |
2023 | 2022 |
Retiring today |
- Males | 20.7 | 21.5 |
- Females | 23.2 | 24.0 |
Retiring in 20 years |
- Males | 21.9 | 22.8 |
- Females | 24.6 | 25.4 |
Defined contribution scheme |
The company operates defined contribution retirement benefit schemes for all qualifying employees. The assets of the schemes are held separately from those of the company in funds under the control of trustees. |
The total cost charged to income of £143,054 (2022: £108,016) represents contributions payable to these schemes by the company at rates specified in the rules of the plans. |
11. | ULTIMATE CONTROLLING PARTY |
For both the current and previous year, the company was under the control of Mr. C.J. Green, a director of the company. |