Signature Embroidery Ltd Filleted accounts for Companies House (small and micro)

Signature Embroidery Ltd Filleted accounts for Companies House (small and micro)

SIGNATURE EMBROIDERY LTD - Company Information

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COMPANY REGISTRATION NUMBER: 12645773
SIGNATURE EMBROIDERY LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 June 2021
SIGNATURE EMBROIDERY LTD
STATEMENT OF FINANCIAL POSITION
30 June 2021
30 Jun 21
Note
£
£
Fixed assets
Tangible assets
4
9,000
Current assets
Stocks
500
Debtors
5
3,667
Cash at bank and in hand
5,244
-------
9,411
Creditors: amounts falling due within one year
6
29,504
--------
Net current liabilities
20,093
--------
Total assets less current liabilities
( 11,093)
--------
Net liabilities
( 11,093)
--------
Capital and reserves
Called up share capital
7
100
Profit and loss account
( 11,193)
--------
Shareholders deficit
( 11,093)
--------
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 statement of comprehensive income has not been delivered.
For the period ending 30 June 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 period 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 .
SIGNATURE EMBROIDERY LTD
STATEMENT OF FINANCIAL POSITION (continued)
30 June 2021
These financial statements were approved by the board of directors and authorised for issue on 14 September 2021 , and are signed on behalf of the board by:
Ms A Murby
Mr I James
Director
Director
Company registration number: 12645773
SIGNATURE EMBROIDERY LTD
NOTES TO THE FINANCIAL STATEMENTS
PERIOD FROM 4 JUNE 2020 TO 30 JUNE 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 The Old Mill, Blisworth Hill Fram, Stoke Road, Blisworth, Northants, NN7 3DB.
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.
Going concern
The company meets its day to day working capital requirements through funding provided by its directors. The directors expect a profitable position in the coming years. Based on this and the continuing support provided by the directors for at least 12 months from the signing of the accounts, the directors consider it appropriate to prepare financial statements on the going concern basis. The financial statements do not include any adjustments that would result from the withdrawal of the facilities available to the company.
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.
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 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:
Plant and machinery
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Tangible assets
Plant and machinery
£
Cost
At 4 June 2020
–
Additions
12,000
--------
At 30 June 2021
12,000
--------
Depreciation
At 4 June 2020
–
Charge for the period
3,000
--------
At 30 June 2021
3,000
--------
Carrying amount
At 30 June 2021
9,000
--------
5. Debtors
30 Jun 21
£
Trade debtors
3,667
-------
6. Creditors: amounts falling due within one year
30 Jun 21
£
Trade creditors
1,591
Social security and other taxes
1,618
Other creditors
26,295
--------
29,504
--------
7. Called up share capital
Issued, called up and fully paid
30 Jun 21
No.
£
Ordinary shares of £ 1 each
100
100
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