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Registration number: 03888779

First Signs And Labels (Bishop's Stortford) Ltd.

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

First Signs And Labels (Bishop's Stortford) Ltd.

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

First Signs And Labels (Bishop's Stortford) Ltd.

Company Information

Director

Christopher Mark Baudains

Registered office

Unit 1 Raynham Close
Raynham Road Industrial Estate
Bishops Stortford
Hertfordshire
CM23 5PJ

Accountants

Mansell & Co
Chartered Certified Accountants
5 Ducketts Wharf
South Street
Bishop Stortford
Hertfordshire
CM23 3AR

 

First Signs And Labels (Bishop's Stortford) Ltd.

(Registration number: 03888779)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

6,700

13,400

Tangible assets

5

71,756

72,218

 

78,456

85,618

Current assets

 

Stocks

6

139,200

157,579

Debtors

7

327,325

267,792

Cash at bank and in hand

 

6,552

8,184

 

473,077

433,555

Creditors: Amounts falling due within one year

8

(365,285)

(333,180)

Net current assets

 

107,792

100,375

Total assets less current liabilities

 

186,248

185,993

Creditors: Amounts falling due after more than one year

8

(33,749)

(40,360)

Net assets

 

152,499

145,633

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

152,399

145,533

Shareholders' funds

 

152,499

145,633

For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 18 February 2025
 

 

First Signs And Labels (Bishop's Stortford) Ltd.

(Registration number: 03888779)
Balance Sheet as at 31 May 2024

.........................................
Christopher Mark Baudains
Director

 

First Signs And Labels (Bishop's Stortford) Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 1 Raynham Close
Raynham Road Industrial Estate
Bishops Stortford
Hertfordshire
CM23 5PJ

These financial statements were authorised for issue by the director on 18 February 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

First Signs And Labels (Bishop's Stortford) Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant, machinery and equipment

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20 year straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

First Signs And Labels (Bishop's Stortford) Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 17 (2023 - 16).

 

First Signs And Labels (Bishop's Stortford) Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 June 2023

139,000

139,000

At 31 May 2024

139,000

139,000

Amortisation

At 1 June 2023

125,600

125,600

Amortisation charge

6,700

6,700

At 31 May 2024

132,300

132,300

Carrying amount

At 31 May 2024

6,700

6,700

At 31 May 2023

13,400

13,400

5

Tangible assets

Plant and machinery
£

Total
£

Cost or valuation

At 1 June 2023

492,060

492,060

Additions

23,329

23,329

At 31 May 2024

515,389

515,389

Depreciation

At 1 June 2023

419,842

419,842

Charge for the year

23,791

23,791

At 31 May 2024

443,633

443,633

Carrying amount

At 31 May 2024

71,756

71,756

At 31 May 2023

72,218

72,218

6

Stocks

2024
£

2023
£

Other inventories

139,200

157,579

 

First Signs And Labels (Bishop's Stortford) Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

7

Debtors

Current

2024
£

2023
£

Trade debtors

294,945

238,857

Other debtors

32,380

28,935

 

327,325

267,792

 

First Signs And Labels (Bishop's Stortford) Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

64,845

56,774

Trade creditors

 

181,482

134,496

Taxation and social security

 

94,093

117,548

Accruals and deferred income

 

3,000

3,000

Other creditors

 

21,865

21,362

 

365,285

333,180

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

33,749

40,360

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

15,000

20,000

Hire purchase contracts

18,749

20,360

33,749

40,360

Current loans and borrowings

 

First Signs And Labels (Bishop's Stortford) Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

2024
£

2023
£

Bank borrowings

10,000

10,000

Hire purchase contracts

9,090

14,810

Other borrowings

45,755

31,964

64,845

56,774