L & G SIGNS LIMITED

Company Registration Number:
03819123 (England and Wales)

Unaudited abridged accounts for the year ended 30 April 2024

Period of accounts

Start date: 01 May 2023

End date: 30 April 2024

L & G SIGNS LIMITED

Contents of the Financial Statements

for the Period Ended 30 April 2024

Balance sheet
Notes

L & G SIGNS LIMITED

Balance sheet

As at 30 April 2024


Notes

2024

2023


£

£
Fixed assets
Tangible assets: 3 59,330 46,924
Total fixed assets: 59,330 46,924
Current assets
Stocks: 153,000 145,000
Debtors:   371,459 478,813
Cash at bank and in hand: 216,789 240,670
Total current assets: 741,248 864,483
Creditors: amounts falling due within one year: 4 (547,327) (667,703)
Net current assets (liabilities): 193,921 196,780
Total assets less current liabilities: 253,251 243,704
Creditors: amounts falling due after more than one year: 5 (15,970) (6,855)
Total net assets (liabilities): 237,281 236,849
Capital and reserves
Called up share capital: 1,200 1,200
Profit and loss account: 236,081 235,649
Shareholders funds: 237,281 236,849

The notes form part of these financial statements

L & G SIGNS LIMITED

Balance sheet statements

For the year ending 30 April 2024 the company was entitled to exemption 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.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 13 January 2025
and signed on behalf of the board by:

Name: Mr P Lorman
Status: Director

The notes form part of these financial statements

L & G SIGNS LIMITED

Notes to the Financial Statements

for the Period Ended 30 April 2024

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Tangible fixed assets and depreciation policy

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: Land and buildings leasehold - 25% reducing balance. Plant and machinery - 25% reducing balance. Fixtures and fittings - 25% reducing balance. Motor vehicles - 25% reducing balance.

Other accounting policies

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential. At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss. Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. The 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 net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases. Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability. Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

L & G SIGNS LIMITED

Notes to the Financial Statements

for the Period Ended 30 April 2024

2. Employees

2024 2023
Average number of employees during the period 19 19

L & G SIGNS LIMITED

Notes to the Financial Statements

for the Period Ended 30 April 2024

3. Tangible Assets

Total
Cost £
At 01 May 2023 559,694
Additions 34,415
Disposals (25,185)
At 30 April 2024 568,924
Depreciation
At 01 May 2023 512,770
Charge for year 14,040
On disposals (17,216)
At 30 April 2024 509,594
Net book value
At 30 April 2024 59,330
At 30 April 2023 46,924

L & G SIGNS LIMITED

Notes to the Financial Statements

for the Period Ended 30 April 2024

4. Creditors: amounts falling due within one year note

Bank loans and overdrafts 2024- £279,300. 2023- £353,195. Trade creditors 2024- £180,682. 2023- £207,936. Corporation tax 2024- £9,755. 2023- £23,527. Other taxation and social security 2024- £72,813. 2023- £71,693. Other creditors 2024- £4,777. 2023- £11,352.

L & G SIGNS LIMITED

Notes to the Financial Statements

for the Period Ended 30 April 2024

5. Creditors: amounts falling due after more than one year note

Other Creditors 2024- £15,970. 2023- £6,855.