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COMPANY REGISTRATION NUMBER: 03501558
SIGNUM INTERNATIONAL LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2024
SIGNUM INTERNATIONAL LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
Contents
Pages
Officers and professional advisers
1
Statement of financial position
2 to 3
Notes to the financial statements
4 to 8
SIGNUM INTERNATIONAL LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
The board of directors
Mr R Baker
Mr M Walters
Company secretary
N Baker and M Walters
Registered office
Suite 11 - Christchurch House
Beaufort Court , Sir Thomas Longley Road
Medway City Estate
Rochester
Kent
ME2 4FX
Accountants
Opass Billings Wilson & Honey LLP
Chartered Certified Accountants
Numeric House
98 Station Road
Sidcup
Kent
DA15 7BY
Bankers
Lloyds Bank PLC
78 New Road
Gravesend
Kent
DA11 0AR
Solicitors
Judge & Priestley LLP
100 Station Road
Sidcup
Kent
DA15 7DT
SIGNUM INTERNATIONAL LIMITED
STATEMENT OF FINANCIAL POSITION
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
12,674
15,374
Investments
6
2,585
2,585
--------
--------
15,259
17,959
Current assets
Debtors
7
314,905
178,925
Cash at bank and in hand
632,449
402,926
----------
----------
947,354
581,851
Creditors: amounts falling due within one year
8
221,172
103,279
----------
----------
Net current assets
726,182
478,572
----------
----------
Total assets less current liabilities
741,441
496,531
Creditors: amounts falling due after more than one year
9
11,667
21,667
Provisions
Taxation including deferred tax
3,168
2,921
----------
----------
Net assets
726,606
471,943
----------
----------
Capital and reserves
Called up share capital
866
866
Capital redemption reserve
11
334
334
Profit and loss account
11
725,406
470,743
----------
----------
Shareholders funds
726,606
471,943
----------
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 March 2024 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
SIGNUM INTERNATIONAL LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 6 June 2024 , and are signed on behalf of the board by:
Mr R Baker
Director
Company registration number: 03501558
SIGNUM INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Suite 11 - Christchurch House, Beaufort Court , Sir Thomas Longley Road, Medway City Estate, Rochester, Kent, ME2 4FX.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
There are no significant estimates or assumptions made that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Revenue recognition
Revenue refers to the revenue earned from the Company's principal activity; providing telecom consultancy. Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Income tax
Provision is made for deferred taxation using the liability method to take account of timing differences between the incidence of income and expenditure for taxation and accounting purposes except to the extent that the director considers a liability to taxation is unlikely to crystallise.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Computer equipment
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
Debtors
Debtors are initially recorded at fair value and are assessed for impairment at each year end date. If any impairments exist the debtors are remeasured to the present value of the expected future cash inflows.
Creditors
Creditors are initially recorded at fair value and are then remeasured to the present value of the expected future cash outflows.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2023: 12 ).
5. Tangible assets
Computer equipment
Fixtures and fittings
Total
£
£
£
Cost
At 1 April 2023
17,605
17,448
35,053
Additions
240
1,283
1,523
--------
--------
--------
At 31 March 2024
17,845
18,731
36,576
--------
--------
--------
Depreciation
At 1 April 2023
6,718
12,961
19,679
Charge for the year
2,781
1,442
4,223
--------
--------
--------
At 31 March 2024
9,499
14,403
23,902
--------
--------
--------
Carrying amount
At 31 March 2024
8,346
4,328
12,674
--------
--------
--------
At 31 March 2023
10,887
4,487
15,374
--------
--------
--------
6. Investments
Shares in participating interests
£
Cost
At 1 April 2023 and 31 March 2024
2,585
-------
Impairment
At 1 April 2023 and 31 March 2024
-------
Carrying amount
At 31 March 2024
2,585
-------
At 31 March 2023
2,585
-------
7. Debtors
2024
2023
£
£
Trade debtors
39,350
990
Other debtors
275,555
177,935
----------
----------
314,905
178,925
----------
----------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,000
10,000
Trade creditors
8,005
22,712
Corporation tax
138,783
Social security and other taxes
55,758
61,082
Other creditors
8,626
9,485
----------
----------
221,172
103,279
----------
----------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
11,667
21,667
--------
--------
10. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions
3,168
2,921
-------
-------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
3,168
2,921
-------
-------
11. Reserves
Capital redemption reserve - This reserve records the nominal value of shares repurchased by the company. Profit and loss account - This reserve records retained earnings and accumulated losses.
12. Controlling party
The company was controlled throughout the current and previous period by R Baker by the virtue of his majority share holding.
13. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
48,658
17,745
Later than 1 year and not later than 5 years
21,278
--------
--------
69,936
17,745
--------
--------
14. Directors' advances, credits and guarantees
At the start of the year the company was owed £166,663 from R Baker, the amounts were repaid to the company during the year. During the year a further advance of £249,361 was made available to R Baker and an advance of £16,733 was made available to M Walters. The advances were provided interest free and repayable on demand.