Poppy Signs Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06403394 (England and Wales)

Unaudited Financial Statements for the Year Ended 30th November 2019

for

POPPY SIGNS LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr D McDonald

SECRETARY:

Ms V Massam

REGISTERED OFFICE:

41 St Thomas's Road

Chorley

Lancashire

PR7 1JE

REGISTERED NUMBER:

06403394 (England and Wales)

ACCOUNTANTS:

Abrams Ashton - Chorley

Chartered Certified Accountants

41 St Thomas's Road

Chorley

Lancashire

PR7 1JE

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

78,844

93,959

78,844

93,959

CURRENT ASSETS

Stocks

6

19,000

19,000

Debtors

7

123,931

98,829

Cash at bank and in hand

14,884

15,350

157,815

133,179

CREDITORS

Amounts falling due within one year

8

131,905

112,561

NET CURRENT ASSETS

25,910

20,618

TOTAL ASSETS LESS CURRENT LIABILITIES

104,754

114,577

CREDITORS

Amounts falling due after more than one year

9

(50,337

)

(57,509

)

PROVISIONS FOR LIABILITIES

(14,980

)

(17,852

)

NET ASSETS

39,437

39,216

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

39,337

39,116

SHAREHOLDERS' FUNDS

39,437

39,216

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th November 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th November 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 28th May 2020 and were signed by:

Mr D McDonald - Director

1.	STATUTORY INFORMATION

Poppy Signs Ltd is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Revenue recognition

Revenue is measured at the fair value of the consideration received or receivable and represents amounts

received for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Revenue is recognised when goods have been delivered to customers such that risks and rewards of ownership

have transferred to them.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

20% on reducing balance

Motor vehicles

-

20% on reducing balance

Office equipment

-

25% on reducing balance

Impairment of assets

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets

have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any

affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the

carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised

immediately in profit or loss.

If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of

its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss

been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit

or loss.

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance

for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in

bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Pension costs and other post-retirement benefits

The company makes payments to the employee's private pension plans. Contributions are charged to the profit

and loss account in the period to which they relate.

Cash and cash equivalents

Cash and cash equivalents includes cash in hand, deposits held with banks, and bank overdrafts. Bank

overdrafts, when applicable, are shown within borrowings in current liabilities.

Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12

‘Other Financial Instruments’ of FRS 102 to all its financial instruments.

Financial instruments are recognised in the company’s balance sheet when the company becomes party to the

contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there

is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or

to realise the asset and settle the liability simultaneously.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2018 - 11 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st December 2018

and 30th November 2019

50,000

AMORTISATION

At 1st December 2018

and 30th November 2019

50,000

NET BOOK VALUE

At 30th November 2019

-

At 30th November 2018

-

5.	TANGIBLE FIXED ASSETS

Plant and

Motor

Office

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1st December 2018

146,987

20,475

12,203

179,665

Additions

2,669

-

1,786

4,455

At 30th November 2019

149,656

20,475

13,989

184,120

DEPRECIATION

At 1st December 2018

69,422

7,371

8,913

85,706

Charge for year

15,537

2,621

1,412

19,570

At 30th November 2019

84,959

9,992

10,325

105,276

NET BOOK VALUE

At 30th November 2019

64,697

10,483

3,664

78,844

At 30th November 2018

77,565

13,104

3,290

93,959

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1st December 2018

and 30th November 2019

61,409

20,475

81,884

DEPRECIATION

At 1st December 2018

23,045

7,371

30,416

Charge for year

7,673

2,621

10,294

At 30th November 2019

30,718

9,992

40,710

NET BOOK VALUE

At 30th November 2019

30,691

10,483

41,174

At 30th November 2018

38,364

13,104

51,468

6.

STOCKS

30.11.19

30.11.18

£

£

Stocks

12,000

12,000

Work-in-progress

7,000

7,000

19,000

19,000

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.19

30.11.18

£

£

Trade debtors

119,943

96,457

Other debtors

500

-

Prepayments

3,488

2,372

123,931

98,829

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.19

30.11.18

£

£

Other loans

29,790

10,278

Hire purchase contracts (see note 10)

11,778

29,408

Trade creditors

38,243

28,909

Tax

11,134

8,222

Social security and other taxes

37,973

32,667

Other creditors

684

453

Directors' current accounts

223

519

Accrued expenses

2,080

2,105

131,905

112,561

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.11.19

30.11.18

£

£

Other loans - 1-2 years

17,604

8,334

Other loans - 2-5 years

7,335

-

Hire purchase contracts (see note 10)

2,398

14,175

Directors' loan accounts

23,000

35,000

50,337

57,509

10.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

30.11.19

30.11.18

£

£

Net obligations repayable:

Within one year

11,778

29,408

Between one and five years

2,398

14,175

14,176

43,583

Non-cancellable

operating leases

30.11.19

30.11.18

£

£

Within one year

28,823

25,668

Between one and five years

67,192

88,093

96,015

113,761

11.	SECURED DEBTS

The following secured debts are included within creditors:

30.11.19

30.11.18

£

£

Hire purchase contracts

14,176

43,583

The Hire Purchase arrangements are secured on the assets to which they relate.

12.	RELATED PARTY DISCLOSURES

As at 30th November 2019, the company owed to its director £23,223 (2018: £35,519). No Interest has been

charged to the company in respect of this loan, there is no formal repayment date and £23,000 is classified in

creditors due after more than one year.

13.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr D McDonald.