Standard Signs & Traffic Systems Limited Filleted accounts for Companies House (small and micro)

STANDARD SIGNS & TRAFFIC SYSTEMS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 01691783

STANDARD SIGNS & TRAFFIC SYSTEMS LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

30 September 2021

STANDARD SIGNS & TRAFFIC SYSTEMS LIMITED

FINANCIAL STATEMENTS

Year ended 30 September 2021

CONTENTS	PAGE

Balance sheet	1

Notes to the financial statements	3

STANDARD SIGNS & TRAFFIC SYSTEMS LIMITED

BALANCE SHEET

30 September 2021

	2021	2020
Note	£	£

FIXED ASSETS

Tangible assets	5	949,772	623,469
Investments	6	21,750	21,750
		---------	---------
		971,522	645,219

CURRENT ASSETS

Stocks		115,000	115,000
Debtors	7	584,468	544,636
Cash at bank and in hand		129,346	77,876
		---------	---------
		828,814	737,512

CREDITORS: amounts falling due within one year	8	( 757,622)	( 720,063)
		---------	---------
NET CURRENT ASSETS		71,192	17,449
		------------	---------
TOTAL ASSETS LESS CURRENT LIABILITIES		1,042,714	662,668

CREDITORS: amounts falling due after more than one year	9	( 477,332)	( 370,273)

PROVISIONS	( 85,106)	( 44,504)
	------------	---------
NET ASSETS	480,276	247,891
	------------	---------

CAPITAL AND RESERVES

Called up share capital	100	100
Revaluation reserve	448,812	231,497
Profit and loss account	31,364	16,294
	---------	---------
SHAREHOLDERS FUNDS	480,276	247,891
	---------	---------

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 Section 1A of 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 profit and loss account has not been delivered.

For the year ending 30 September 2021 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 .

STANDARD SIGNS & TRAFFIC SYSTEMS LIMITED

BALANCE SHEET (continued)

30 September 2021

These financial statements were approved by the board of directors and authorised for issue on 29 June 2022 , and are signed on behalf of the board by:

Mr A H ##Hassani

Director

Company registration number: 01691783

STANDARD SIGNS & TRAFFIC SYSTEMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

Year ended 30 September 2021

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Olympic House, Herbert Road, Newport, South Wales, NP19 7BH.

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.

Turnover

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.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

Freehold property	-	2% straight line
Plant and machinery	-	15% reducing balance
Fixtures and fittings	-	10% straight line
Motor vehicles	-	25% straight line

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

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 balance sheet 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.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. EMPLOYEE NUMBERS

The average number of persons employed by the company during the year amounted to 17 (2020: 13 ).

5. TANGIBLE ASSETS

	Freehold property	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£	£
Cost or valuation
At 1 October 2020	520,000	446,793	79,598	73,364	1,119,755
Additions	–	152,398	3,483	127,019	282,900
Disposals	–	( 59,752)	–	( 105,407)	( 165,159)
Revaluations	80,000	–	–	–	80,000
	---------	---------	--------	---------	------------
At 30 September 2021	600,000	539,439	83,081	94,976	1,317,496
	---------	---------	--------	---------	------------
Depreciation
At 1 October 2020	135,200	257,343	62,389	41,354	496,286
Charge for the year	–	37,212	4,624	18,215	60,051
Disposals	–	( 8,963)	–	( 44,450)	( 53,413)
Revaluations	( 135,200)	–	–	–	( 135,200)
	---------	---------	--------	---------	------------
At 30 September 2021	–	285,592	67,013	15,119	367,724
	---------	---------	--------	---------	------------
Carrying amount
At 30 September 2021	600,000	253,847	16,068	79,857	949,772
	---------	---------	--------	---------	------------
At 30 September 2020	384,800	189,450	17,209	32,010	623,469
	---------	---------	--------	---------	------------

The company's freehold property was valued on 30 September 2021 by the directors. The valuation is based on open market value.

Tangible assets held at valuation

In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:

	Freehold property
	£
At 30 September 2021
Aggregate cost	285,728
Aggregate depreciation	(156,956)
	---------
Carrying value	128,772
	---------

At 30 September 2020
Aggregate cost	285,728
Aggregate depreciation	(151,242)
	---------
Carrying value	134,486
	---------

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Plant and machinery	Motor vehicles	Total
	£	£	£
At 30 September 2021	49,629	74,515	124,144
	--------	--------	---------
At 30 September 2020	65,867	26,698	92,565
	--------	--------	---------

6. INVESTMENTS

	Shares in group undertakings
	£
Cost
At 1 October 2020 and 30 September 2021	21,750
	--------
Impairment
At 1 October 2020 and 30 September 2021	–
	--------

Carrying amount
At 30 September 2021	21,750
	--------
At 30 September 2020	21,750
	--------

7. DEBTORS

	2021	2020
	£	£
Trade debtors	495,014	456,560
Amounts owed by group undertakings and undertakings in which the company has a participating interest	69,011	69,011
Other debtors	20,443	19,065
	---------	---------
	584,468	544,636
	---------	---------

8. CREDITORS: amounts falling due within one year

	2021	2020
	£	£
Bank loans and overdrafts	13,187	12,470
Trade creditors	394,626	276,671
Corporation tax	–	6,867
Social security and other taxes	35,910	36,685
Other creditors	313,899	387,370
	---------	---------
	757,622	720,063
	---------	---------

Included within other creditors is an amount of £237,727 (2020 - £243,969) secured on trade debtors. Also included within other creditors is an amount of £23,349 (2020 - £36,368) in respect of hire purchase agreements that are secured on the assets to which they relate. The bank loan is secured against the freehold property.

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

	2021	2020
	£	£
Bank loans and overdrafts	260,678	274,957
Other creditors	216,654	95,316
	---------	---------
	477,332	370,273
	---------	---------

Included within other creditors is an amount of £95,904 (2020 - £95,316) in respect of hire purchase agreements that are secured on the assets to which they relate. The bank loan is secured against the freehold property.

10. OPERATING LEASES

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2021	2020
	£	£
Not later than 1 year	12,672	12,672
Later than 1 year and not later than 5 years	8,448	21,120
	--------	--------
	21,120	33,792
	--------	--------

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included within other creditors is £10,024 (2020 - £15,902) due to directors. The balance is interest free and repayable on demand.

12. RELATED PARTY TRANSACTIONS

In accordance with FRS 102, transactions with companies that are wholly owned members within the group are not disclosed. Included within other debtors is £16,137 (2020 - £16,024) due from company related by common directorship.

13. CONTROLLING PARTY

In the opinion of the directors the ultimate parent company is Standard Signs Systems Limited, a company registered in England and Wales.