Fastsigns (Leeds) Limited Filleted accounts for Companies House (small and micro)

FASTSIGNS (LEEDS) LIMITED - Company Information

false false false false false false false false false true false false false false false false false No description of principal activity 2018-01-01 Sage Accounts Production Advanced 2018 Update 1 - FRS 300,000 150,000 15,000 165,000 135,000 150,000 xbrli:pure xbrli:shares iso4217:GBP 04609785 2018-01-01 2018-12-31 04609785 2018-12-31 04609785 2017-12-31 04609785 2017-01-01 2017-12-31 04609785 2017-12-31 04609785 core:NetGoodwill 2018-01-01 2018-12-31 04609785 core:LandBuildings core:LongLeaseholdAssets 2018-01-01 2018-12-31 04609785 core:PlantMachinery 2018-01-01 2018-12-31 04609785 core:FurnitureFittings 2018-01-01 2018-12-31 04609785 core:MotorVehicles 2018-01-01 2018-12-31 04609785 bus:Director1 2018-01-01 2018-12-31 04609785 core:NetGoodwill 2017-12-31 04609785 core:NetGoodwill 2018-12-31 04609785 core:LandBuildings 2017-12-31 04609785 core:PlantMachinery 2017-12-31 04609785 core:FurnitureFittings 2017-12-31 04609785 core:MotorVehicles 2017-12-31 04609785 core:LandBuildings 2018-12-31 04609785 core:PlantMachinery 2018-12-31 04609785 core:FurnitureFittings 2018-12-31 04609785 core:MotorVehicles 2018-12-31 04609785 core:LandBuildings 2018-01-01 2018-12-31 04609785 core:WithinOneYear 2018-12-31 04609785 core:WithinOneYear 2017-12-31 04609785 core:AfterOneYear 2018-12-31 04609785 core:AfterOneYear 2017-12-31 04609785 core:ShareCapital 2018-12-31 04609785 core:ShareCapital 2017-12-31 04609785 core:RetainedEarningsAccumulatedLosses 2018-12-31 04609785 core:RetainedEarningsAccumulatedLosses 2017-12-31 04609785 core:NetGoodwill 2017-12-31 04609785 core:LandBuildings 2017-12-31 04609785 core:PlantMachinery 2017-12-31 04609785 core:FurnitureFittings 2017-12-31 04609785 core:MotorVehicles 2017-12-31 04609785 bus:SmallEntities 2018-01-01 2018-12-31 04609785 bus:AuditExempt-NoAccountantsReport 2018-01-01 2018-12-31 04609785 bus:FullAccounts 2018-01-01 2018-12-31 04609785 bus:SmallCompaniesRegimeForAccounts 2018-01-01 2018-12-31 04609785 bus:PrivateLimitedCompanyLtd 2018-01-01 2018-12-31 04609785 core:OfficeEquipment 2018-01-01 2018-12-31 04609785 core:OfficeEquipment 2017-12-31 04609785 core:OfficeEquipment 2018-12-31

COMPANY REGISTRATION NUMBER: 04609785

Fastsigns (Leeds) Limited

Filleted Unaudited Financial Statements

31 December 2018

Fastsigns (Leeds) Limited

Statement of Financial Position

31 December 2018

	2018		2017
Note	£	£	£

Fixed assets

Intangible assets	5	135,000	150,000
Tangible assets	6	130,653	167,151
		----------	----------
		265,653	317,151

Current assets

Stocks		31,033	25,888
Debtors	7	113,006	121,356
Cash at bank and in hand		56,189	124,786
		----------	----------
		200,228	272,030

Creditors: amounts falling due within one year	8	236,849		323,995
		----------		----------
Net current liabilities			36,621	51,965
			----------	----------
Total assets less current liabilities			229,032	265,186

Creditors: amounts falling due after more than one year	9		1,283	23,526

Provisions

Taxation including deferred tax	20,772	26,249
	----------	----------
Net assets	206,977	215,411
	----------	----------

Fastsigns (Leeds) Limited

Statement of Financial Position (continued)

31 December 2018

	2018		2017
Note	£	£	£

Capital and reserves

Called up share capital	1,000	1,000
Profit and loss account	205,977	214,411
	----------	----------
Shareholders funds	206,977	215,411
	----------	----------

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 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 December 2018 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 .

These financial statements were approved by the board of directors and authorised for issue on 12 September 2019 , and are signed on behalf of the board by:

Mr C J Simpson

Director

Company registration number: 04609785

Fastsigns (Leeds) Limited

Notes to the Financial Statements

Year ended 31 December 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 11 Park Place, Leeds, West Yorkshire, LS1 2RU.

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

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch 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.

Income tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	5% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

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:

Leasehold improvements	-	15% straight line
Plant and machinery	-	25% reducing balance
Fixtures and fittings	-	15% reducing balance
Motor vehicles	-	25% reducing balance

	Equipment	-	25% straight line

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.

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.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 12 (2017: 12 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 January 2018 and 31 December 2018	300,000
	----------
Amortisation
At 1 January 2018	150,000
Charge for the year	15,000
	----------
At 31 December 2018	165,000
	----------
Carrying amount
At 31 December 2018	135,000
	----------
At 31 December 2017	150,000
	----------

6. Tangible assets

	Land and buildings	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£	£
Cost
At 1 Jan 2018	51,133	306,361	56,238	42,383	94,119	550,234
Additions	–	–	601	–	5,488	6,089
	---------	----------	---------	---------	---------	----------
At 31 Dec 2018	51,133	306,361	56,839	42,383	99,607	556,323
	---------	----------	---------	---------	---------	----------
Depreciation
At 1 Jan 2018	22,134	196,650	46,409	25,228	92,662	383,083
Charge for the year	7,670	27,428	1,465	4,289	1,735	42,587
	---------	----------	---------	---------	---------	----------
At 31 Dec 2018	29,804	224,078	47,874	29,517	94,397	425,670
	---------	----------	---------	---------	---------	----------
Carrying amount
At 31 Dec 2018	21,329	82,283	8,965	12,866	5,210	130,653
	---------	----------	---------	---------	---------	----------
At 31 Dec 2017	28,999	109,711	9,829	17,155	1,457	167,151
	---------	----------	---------	---------	---------	----------

7. Debtors

	2018	2017
	£	£
Trade debtors	97,631	108,704
Other debtors	15,375	12,652
	----------	----------
	113,006	121,356
	----------	----------

8. Creditors: amounts falling due within one year

	2018	2017
	£	£
Trade creditors	66,548	59,516
Corporation tax	18,610	33,401
Social security and other taxes	35,753	40,000
Other creditors	115,938	191,078
	----------	----------
	236,849	323,995
	----------	----------

9. Creditors: amounts falling due after more than one year

	2018	2017
	£	£
Other creditors	1,283	23,526
	-------	---------

10. Directors' advances, credits and guarantees

Included in other creditors is a balance owed to the directors, at the year end that balance was £70,815 (2018 £117,518).

11. Related party transactions

No transactions with related parties were undertaken such as are required to be disclosed.

12. Control

The company was under the control of Mr C Simpson throughout this and the previous year.