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COMPANY REGISTRATION NUMBER: 02333696
Express Signs (Yorkshire) Limited
Filleted Unaudited Financial Statements
For the year ended
31 March 2024
Express Signs (Yorkshire) Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
16,320
18,848
Current assets
Stocks
7,845
7,845
Debtors
6
88,432
58,327
Cash at bank and in hand
105,953
99,852
----------
----------
202,230
166,024
Creditors: amounts falling due within one year
7
166,326
99,640
----------
----------
Net current assets
35,904
66,384
--------
--------
Total assets less current liabilities
52,224
85,232
Creditors: amounts falling due after more than one year
8
2,840
--------
--------
Net assets
52,224
82,392
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
52,124
82,292
--------
--------
Shareholders funds
52,224
82,392
--------
--------
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 income and retained earnings 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 .
Express Signs (Yorkshire) Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 26 November 2024 , and are signed on behalf of the board by:
Mrs A J Wilks
Mr M Wilks
Director
Director
Miss S J Wilks
Director
Company registration number: 02333696
Express Signs (Yorkshire) Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private limited company, limited by shares. The address of the registered office is Unit 10, Innovation Square, Green Lane Industrial Park, Featherstone, West Yorkshire, WF7 6NX.
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
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
(b) Going concern
In March 2020 the UK was impacted by the outbreak of Covid-19. The Government imposed significant restrictions at that time in an effort to manage the spread of the virus which resulted in the company having to review and change its working practices to ensure compliance with these restrictions. At the date of signing these financial statements, the directors have considered the effect of the Coronavirus pandemic on the company with the information available to it and do not believe that it will affect the ability of the company to continue to trade for the foreseeable future. On this basis, the directors have prepared these financial statements on a going concern basis.
(c) Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on supply or installation of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
(d) Current tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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.
(e) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
(f) 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:
Plant and machinery
-
15% straight line
Fixtures and fittings
-
10% straight line
Motor vehicles
-
20% straight line
(g) Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
(h) Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
(i) Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
(j) 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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2023: 6 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023
35,746
10,286
23,336
69,368
Additions
3,495
1,110
4,605
--------
--------
--------
--------
At 31 March 2024
39,241
11,396
23,336
73,973
--------
--------
--------
--------
Depreciation
At 1 April 2023
30,901
8,358
11,261
50,520
Charge for the year
2,045
421
4,667
7,133
--------
--------
--------
--------
At 31 March 2024
32,946
8,779
15,928
57,653
--------
--------
--------
--------
Carrying amount
At 31 March 2024
6,295
2,617
7,408
16,320
--------
--------
--------
--------
At 31 March 2023
4,845
1,928
12,075
18,848
--------
--------
--------
--------
6. Debtors
2024
2023
£
£
Trade debtors
88,432
58,327
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
20,325
15,986
Corporation tax
18,644
13,067
Social security and other taxes
27,275
24,196
Company credit card
2,935
2,540
Other creditors
97,147
43,851
----------
--------
166,326
99,640
----------
--------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
2,840
----
-------
9. Related party transactions
During the year the directors made available loans to the company. The loans are interest free and repayable on demand. At the year end date the balance due to the directors totalled £ 92,481 (2023 - £ 36,370 ).