2023-04-012024-03-312024-03-31false05247311ELITE SIGNS & GRAPHICS 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ELITE SIGNS & GRAPHICS LIMITED

Registered Number
05247311
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2024

ELITE SIGNS & GRAPHICS LIMITED
Company Information
for the year from 1 April 2023 to 31 March 2024

Director

Simon Clive James

Company Secretary

Simon Clive James

Registered Address

Unit 2320 Central Park Western Avenue
Bridgend Industrial Estate
Bridgend
CF31 3RH

Registered Number

05247311 (England and Wales)
ELITE SIGNS & GRAPHICS LIMITED
Statement of Financial Position
31 March 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets434,56941,626
34,56941,626
Current assets
Stocks515,62612,583
Debtors625,08164,544
Cash at bank and on hand42,63569,109
83,342146,236
Creditors amounts falling due within one year7(42,212)(90,864)
Net current assets (liabilities)41,13055,372
Total assets less current liabilities75,69996,998
Net assets75,69996,998
Capital and reserves
Called up share capital1,0011,001
Profit and loss account74,69895,997
Shareholders' funds75,69996,998
The financial statements were approved and authorised for issue by the Director on 2 November 2024, and are signed on its behalf by:
Simon Clive James
Director
Registered Company No. 05247311
ELITE SIGNS & GRAPHICS LIMITED
Notes to the Financial Statements
for the year ended 31 March 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.
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.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
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.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
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.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
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 initially measure at cost. After initial recognition, Intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Land and buildings-20
Plant and machinery-4
Fixtures and fittings15-
Vehicles-4
Office Equipment-4
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 year55
3.Intangible assets

Goodwill

Total

££
Cost or valuation
At 01 April 2360,00060,000
At 31 March 2460,00060,000
Amortisation and impairment
At 01 April 2360,00060,000
At 31 March 2460,00060,000
Net book value
At 31 March 24--
At 31 March 23--
4.Tangible fixed assets

Land & buildings

Plant & machinery

Vehicles

Fixtures & fittings

Office Equipment

Total

££££££
Cost or valuation
At 01 April 2332,03547,18714,14323,6151,972118,952
Additions825----825
At 31 March 2432,86047,18714,14323,6151,972119,777
Depreciation and impairment
At 01 April 2312,48830,15414,14320,39214977,326
Charge for year1,6384,801-1,2931507,882
At 31 March 2414,12634,95514,14321,68529985,208
Net book value
At 31 March 2418,73412,232-1,9301,67334,569
At 31 March 2319,54717,033-3,2231,82341,626
5.Stocks

2024

2023

££
Raw materials and consumables15,62612,583
Total15,62612,583
6.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables21,27261,794
Other debtors3,8092,750
Total25,08164,544
7.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables15,23824,766
Taxation and social security16,88428,608
Other creditors8,09010,489
Accrued liabilities and deferred income2,00027,001
Total42,21290,864
Short term creditors are measured at transaction price (which is usually the invoice 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.