2023-02-012024-01-312024-01-31false10424992Margaret Reid Display Solutions 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Margaret Reid Display Solutions Limited

Registered Number
10424992
(England and Wales)

Unaudited Financial Statements for the Year ended
31 January 2024

Margaret Reid Display Solutions Limited
Company Information
for the year from 1 February 2023 to 31 January 2024

Director

Ms M Reid

Registered Address

Unit S2a Inchbrook Trading Estate, Bath Road
Woodchester
Stroud
GL5 5EY

Registered Number

10424992 (England and Wales)
Margaret Reid Display Solutions Limited
Statement of Financial Position
31 January 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Intangible assets32,500-
Tangible assets416,79520,892
19,29520,892
Current assets
Stocks515,96611,513
Debtors46,495122,919
62,461134,432
Creditors amounts falling due within one year6(187,753)(196,987)
Net current assets (liabilities)(125,292)(62,555)
Total assets less current liabilities(105,997)(41,663)
Creditors amounts falling due after one year7(14,885)(25,027)
Provisions for liabilities8-(337)
Net assets(120,882)(67,027)
Capital and reserves
Called up share capital100100
Profit and loss account(120,982)(67,127)
Shareholders' funds(120,882)(67,027)
The financial statements were approved and authorised for issue by the Director on 31 October 2024, and are signed on its behalf by:
Ms M Reid
Director
Registered Company No. 10424992
Margaret Reid Display Solutions Limited
Notes to the Financial Statements
for the year ended 31 January 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. This Company is not part of a group.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Going concern
The company is only able to trade with the continuing support of the director, who has indicated that this support will not be withdrawn. The director considers that the resources available to the company, as well as exploring new trading opportunities during the current year, will be sufficient for it to be able to continue as a going concern. The financial statements do not include any adjustments that would be required if the company were not able to continue as a going concern.
Revenue from sale of goods
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised. Revenue from the sale of goods is recognised when all of the following conditions are satisfied: - the company has transferred the significant risks and rewards of ownership to the buyer; - the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; - the amount of revenue can be measured reliably; - it is probable that the company will receive the consideration due under the transaction; and - the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Employee benefits
The company operates a defined contributions plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.
Research and development
Expenditure on research and development is written off against profits in the year in which it is incurred.
Tangible fixed assets and depreciation
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives. Depreciation is provided on the following basis: Leasehold property improvements - 25% reducing balance Plant and machinery - 25% reducing balance Fixtures and fittings - 25% reducing balance Office equipment - 25% reducing balance The assets, residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Stocks and work in progress
Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
2.Average number of employees

20242023
Average number of employees during the year44
3.Intangible assets

Other

Total

££
Cost or valuation
Additions2,5002,500
At 31 January 242,5002,500
Net book value
At 31 January 242,5002,500
At 31 January 23--
4.Tangible fixed assets

Land & buildings

Plant & machinery

Fixtures & fittings

Office Equipment

Total

£££££
Cost or valuation
At 01 February 237,00077,3371,83313,50799,677
Additions-1,000-1501,150
At 31 January 247,00078,3371,83313,657100,827
Depreciation and impairment
At 01 February 235,75861,2511,50610,27078,785
Charge for year3104,042828135,247
At 31 January 246,06865,2931,58811,08384,032
Net book value
At 31 January 2493213,0442452,57416,795
At 31 January 231,24216,0863273,23720,892
5.Stocks

2024

2023

££
Raw materials and consumables15,96611,513
Total15,96611,513
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables82,72878,641
Bank borrowings and overdrafts70,96769,351
Taxation and social security24,98626,635
Other creditors6,3719,232
Accrued liabilities and deferred income2,70113,128
Total187,753196,987
Short term creditors are measured at transaction price. Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. The bank borrowing is secured by a fixed and floating charge over the company's assets.
7.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts14,88525,027
Total14,88525,027
8.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)-337
Total-337
9.Other commitments
The company had the following annual commitments under non-cancellable operating leases as at 31 January 2024:- Expiring in <1 years - £21,240 per annum Expiring in <1 years - £7,200 per annum
10.Related party transactions
During the period the company operated a loan account with the director of the company. The amount payable to the director of the company at the period end was £963 (2023 - £3,767). This loan is interest free and payable on demand.