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Global Signs & Engraving Limited
Financial Statements
For The Year Ended 31 December 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 03286543
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 183,057 167,800
183,057 167,800
CURRENT ASSETS
Stocks 6 19,712 19,145
Debtors 7 573,089 489,554
Cash at bank and in hand 4,107 71
596,908 508,770
Creditors: Amounts Falling Due Within One Year 8 (218,360 ) (176,711 )
NET CURRENT ASSETS (LIABILITIES) 378,548 332,059
TOTAL ASSETS LESS CURRENT LIABILITIES 561,605 499,859
Creditors: Amounts Falling Due After More Than One Year 9 (67,623 ) (73,246 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (45,765 ) (31,882 )
NET ASSETS 448,217 394,731
CAPITAL AND RESERVES
Called up share capital 12 200 200
Profit and Loss Account 448,017 394,531
SHAREHOLDERS' FUNDS 448,217 394,731
Page 1
Page 2
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Robert Chandler
Director
26th September 2024
The notes on pages 3 to 7 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Global Signs & Engraving Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03286543 . The registered office is Units 10 & 11 Blackfriars Court Excalibur Road, Gorleston-On-Sea, Norfolk, NR31 7RQ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% Reducing Balance
Motor Vehicles 25% Reducing Balance
Fixtures & Fittings 15% Reducing Balance
Computer Equipment 20% Reducing Balance
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2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.8. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 9 (2022: 8)
9 8
Page 4
Page 5
4. Intangible Assets
Goodwill
£
Cost
As at 1 January 2023 3,000
As at 31 December 2023 3,000
Amortisation
As at 1 January 2023 3,000
As at 31 December 2023 3,000
Net Book Value
As at 31 December 2023 -
As at 1 January 2023 -
5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 January 2023 479,499 23,487 52,967 55,622 611,575
Additions 51,494 - - 3,855 55,349
As at 31 December 2023 530,993 23,487 52,967 59,477 666,924
Depreciation
As at 1 January 2023 350,014 22,853 24,342 46,566 443,775
Provided during the period 33,349 159 4,293 2,291 40,092
As at 31 December 2023 383,363 23,012 28,635 48,857 483,867
Net Book Value
As at 31 December 2023 147,630 475 24,332 10,620 183,057
As at 1 January 2023 129,485 634 28,625 9,056 167,800
6. Stocks
2023 2022
£ £
Finished goods 19,712 19,145
Page 5
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7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 149,379 133,151
Other debtors 423,710 356,403
573,089 489,554
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 23,087 29,657
Trade creditors 17,552 53,334
Bank loans and overdrafts 10,000 28,436
Other creditors 54,460 8,888
Taxation and social security 113,261 56,396
218,360 176,711
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 48,089 43,587
Bank loans 19,534 29,659
67,623 73,246
10. Secured Creditors
Hire purchase agreements are secured against the assets to which they pertain. 
Of the creditors falling due within and after more than one year the following amounts are secured.
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 71,175 73,244
11. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 23,087 29,657
Later than one year and not later than five years 48,089 43,587
71,176 73,244
71,176 73,244
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12. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 200 200
Page 7