Displayways Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02609299 (England and Wales)

Financial Statements for the Year Ended 30 June 2020

for

DISPLAYWAYS LIMITED

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

8

DIRECTORS:

Mr R Kelly

Mr P G Sheldrick

REGISTERED OFFICE:

1 Beauchamp Court

10 Victors Way

Barnet

Hertfordshire

EN5 5TZ

REGISTERED NUMBER:

02609299 (England and Wales)

ACCOUNTANTS:

BBK Partnership

Chartered Accountants

1 Beauchamp Court

10 Victors Way

Barnet

Hertfordshire

EN5 5TZ

FIXED ASSETS

Tangible assets

4

446,328

496,064

Investments

5

-

-

446,328

496,064

CURRENT ASSETS

Stocks

6

48,854

56,057

Debtors

7

134,721

1,323,905

Cash at bank and in hand

995,825

405,059

1,179,400

1,785,021

CREDITORS

Amounts falling due within one year

8

(337,848

)

(630,514

)

NET CURRENT ASSETS

841,552

1,154,507

TOTAL ASSETS LESS CURRENT LIABILITIES

1,287,880

1,650,571

CREDITORS

Amounts falling due after more than one year

9

(67,524

)

(88,587

)

PROVISIONS FOR LIABILITIES

(72,163

)

(77,141

)

NET ASSETS

1,148,193

1,484,843

CAPITAL AND RESERVES

Called up share capital

11

125

125

Capital redemption reserve

12

10,000

10,000

Retained earnings

12

1,138,068

1,474,718

SHAREHOLDERS' FUNDS

1,148,193

1,484,843

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors and authorised for issue on 18 September 2020 and were signed on its behalf by:

Mr P G Sheldrick - Director

Mr R Kelly - Director

1.	STATUTORY INFORMATION

Displayways Limited 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.

The directors expect that trading over the next twelve months will generate positive cash flows and have therefore

continued to adopt the going concern basis of preparing the financial statements.

Turnover

Turnover represents net invoiced sales of goods excluding value added tax and all arose from ordinary activities.

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.

Improvements to property

-

10% on cost

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on cost

Motor vehicles

-

25% on reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving

items.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet

date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction.

Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the lease term.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are

charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 32 (2019 - 31 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 July 2019

23,183

700,259

179,707

9,547

912,696

Additions

-

23,355

5,202

-

28,557

At 30 June 2020

23,183

723,614

184,909

9,547

941,253

DEPRECIATION

At 1 July 2019

16,216

338,229

58,638

3,549

416,632

Charge for year

1,807

57,808

17,478

1,200

78,293

At 30 June 2020

18,023

396,037

76,116

4,749

494,925

NET BOOK VALUE

At 30 June 2020

5,160

327,577

108,793

4,798

446,328

At 30 June 2019

6,967

362,030

121,069

5,998

496,064

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

Plant and

machinery

£

COST

At 1 July 2019

and 30 June 2020

561,894

DEPRECIATION

At 1 July 2019

245,837

Charge for year

47,409

At 30 June 2020

293,246

NET BOOK VALUE

At 30 June 2020

268,648

At 30 June 2019

316,057

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 July 2019

and 30 June 2020

127,220

PROVISIONS

At 1 July 2019

and 30 June 2020

127,220

NET BOOK VALUE

At 30 June 2020

-

At 30 June 2019

-

6.

STOCKS

30.6.20

30.6.19

£

£

Stocks

48,854

56,057

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.20

30.6.19

£

£

Trade debtors

27,040

1,177,585

Amounts owed by participating interests

-

20,000

Amounts recoverable on contract

3,938

4,486

Other debtors

103,743

121,834

134,721

1,323,905

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.20

30.6.19

£

£

Bank loans and overdrafts

10,000

-

Hire purchase contracts

78,289

78,289

Trade creditors

88,993

278,393

Amounts owed to participating interests

50,000

-

Taxation and social security

32,570

214,287

Other creditors

77,996

59,545

337,848

630,514

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.6.20

30.6.19

£

£

Bank loans

40,000

-

Hire purchase contracts

27,524

88,587

67,524

88,587

10.	SECURED DEBTS

The following secured debts are included within creditors:

30.6.20

30.6.19

£

£

Hire purchase contracts

105,813

166,876

The company has a bank overdraft facility of £100,000. This is secured by a debenture dated 20th July 2012 and also by a

personal guarantee of up to £50,000 from P G Sheldrick, a director.

The hire purchase contracts are secured against the assets being purchased through those contracts. They have a net book

value of £268,648 (2019- £316,057).

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.6.20

30.6.19

value:

£

£

1,000

Ordinary

10p

100

100

25

Ordinary B

£1

25

25

125

125

12.

RESERVES

Capital

Retained

redemption

earnings

reserve

Totals

£

£

£

At 1 July 2019

1,474,718

10,000

1,484,718

Deficit for the year

(54,584

)

(54,584

)

Dividends

(282,066

)

(282,066

)

At 30 June 2020

1,138,068

10,000

1,148,068

13.	RELATED PARTY DISCLOSURES

During the year, total dividends of £282,066 (2019 - £140,800) were paid to the directors .

14.	ULTIMATE CONTROLLING PARTY

P G Sheldrick, the director and majority shareholder is the ultimate controlling party.