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

FASTSIGNS (LEEDS) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04609785

Fastsigns (Leeds) Ltd

Filleted Unaudited Financial Statements

31 December 2022

Fastsigns (Leeds) Ltd

Balance Sheet

31 December 2022

	2022		2021
Note	£	£	£	£

Fixed assets

Intangible assets	5	75,000	90,000
Tangible assets	6	83,678	104,083
		---------	---------
		158,678	194,083

Current assets

Stocks		27,213	25,231
Debtors	7	104,190	157,437
Cash at bank and in hand		183,545	202,245
		---------	---------
		314,948	384,913

Creditors: amounts falling due within one year	8	( 160,497)		( 235,961)
		---------		---------
Net current assets			154,451		148,952
			---------		---------
Total assets less current liabilities			313,129		343,035

Provisions	( 15,899)	( 19,776)
	---------	---------
Net assets	297,230	323,259
	---------	---------

Capital and reserves

Called up share capital	1,000	1,000
Profit and loss account	296,230	322,259
	---------	---------
Shareholders funds	297,230	323,259
	---------	---------

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 31 December 2022 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 .

Fastsigns (Leeds) Ltd

Balance Sheet (continued)

31 December 2022

These financial statements were approved by the board of directors and authorised for issue on 21 September 2023 , and are signed on behalf of the board by:

Mr C J Simpson

Director

Company registration number: 04609785

Fastsigns (Leeds) Ltd

Notes to the Financial Statements

Year ended 31 December 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the principal place of business is 34 York Road, Leeds, LS9 8SY.

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.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of Value Added Tax.

Corporation tax

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.

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. Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.

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. 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:

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

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.

Government grants

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.

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

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties, and loans to related parties.

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 15 (2021: 15 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 January 2022 and 31 December 2022	300,000
	---------
Amortisation
At 1 January 2022	210,000
Charge for the year	15,000
	---------
At 31 December 2022	225,000
	---------
Carrying amount
At 31 December 2022	75,000
	---------
At 31 December 2021	90,000
	---------

6. Tangible assets

	Leasehold improvements	Plant and equipment	Fixtures and fittings	Motor vehicles	Computer equipment	Total
	£	£	£	£	£	£
Cost
At 1 Jan 2022	61,411	339,081	56,839	42,383	120,929	620,643
Additions	–	–	435	–	5,788	6,223
	--------	---------	--------	--------	---------	---------
At 31 Dec 2022	61,411	339,081	57,274	42,383	126,717	626,866
	--------	---------	--------	--------	---------	---------
Depreciation
At 1 Jan 2022	51,705	274,843	51,333	36,955	101,724	516,560
Charge for the year	1,542	16,060	891	1,357	6,778	26,628
	--------	---------	--------	--------	---------	---------
At 31 Dec 2022	53,247	290,903	52,224	38,312	108,502	543,188
	--------	---------	--------	--------	---------	---------
Carrying amount
At 31 Dec 2022	8,164	48,178	5,050	4,071	18,215	83,678
	--------	---------	--------	--------	---------	---------
At 31 Dec 2021	9,706	64,238	5,506	5,428	19,205	104,083
	--------	---------	--------	--------	---------	---------

7. Debtors

	2022	2021
	£	£
Trade debtors	95,224	145,695
Other debtors	8,966	11,742
	---------	---------
	104,190	157,437
	---------	---------

8. Creditors: amounts falling due within one year

	2022	2021
	£	£
Bank loans and overdrafts	4,753	5,246
Trade creditors	59,057	105,626
Social security and other taxes	55,810	66,109
Other creditors	40,877	58,980
	---------	---------
	160,497	235,961
	---------	---------