Plastic Letters and Signs Limited Filleted accounts for Companies House (small and micro)

PLASTIC LETTERS AND SIGNS LIMITED - Company Information

6 false false false false false false false false false false true false false false false false false No description of principal activity 2022-07-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 01087386 2022-07-01 2023-06-30 01087386 2023-06-30 01087386 2022-06-30 01087386 2021-07-01 2022-06-30 01087386 2022-06-30 01087386 2021-06-30 01087386 core:PlantMachinery 2022-07-01 2023-06-30 01087386 core:MotorVehicles 2022-07-01 2023-06-30 01087386 bus:Director1 2022-07-01 2023-06-30 01087386 bus:Director2 2022-07-01 2023-06-30 01087386 bus:Director3 2022-07-01 2023-06-30 01087386 core:PlantMachinery 2022-06-30 01087386 core:MotorVehicles 2022-06-30 01087386 core:PlantMachinery 2023-06-30 01087386 core:MotorVehicles 2023-06-30 01087386 core:WithinOneYear 2023-06-30 01087386 core:WithinOneYear 2022-06-30 01087386 core:ShareCapital 2023-06-30 01087386 core:ShareCapital 2022-06-30 01087386 core:RetainedEarningsAccumulatedLosses 2023-06-30 01087386 core:RetainedEarningsAccumulatedLosses 2022-06-30 01087386 core:PlantMachinery 2022-06-30 01087386 core:MotorVehicles 2022-06-30 01087386 bus:SmallEntities 2022-07-01 2023-06-30 01087386 bus:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 01087386 bus:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 01087386 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 01087386 bus:FullAccounts 2022-07-01 2023-06-30 01087386 core:ComputerEquipment 2022-07-01 2023-06-30 01087386 core:ComputerEquipment 2022-06-30 01087386 core:ComputerEquipment 2023-06-30

COMPANY REGISTRATION NUMBER: 01087386

Plastic Letters and Signs Limited

Filleted Unaudited Financial Statements

30 June 2023

Plastic Letters and Signs Limited

Statement of Financial Position

30 June 2023

	2023		2022
Note	£	£	£

Fixed assets

Tangible assets	5		9,030	12,219

Current assets

Stocks		7,891	7,032
Debtors	6	15,265	20,035
Cash at bank and in hand		119,376	132,997
		----------	----------
		142,532	160,064

Creditors: amounts falling due within one year	7	26,900		30,906
		----------		----------
Net current assets			115,632	129,158
			----------	----------
Total assets less current liabilities			124,662	141,377

Provisions

Taxation including deferred tax	1,079	1,686
	----------	----------
Net assets	123,583	139,691
	----------	----------

Capital and reserves

Called up share capital	5,000	5,000
Profit and loss account	118,583	134,691
	----------	----------
Shareholders funds	123,583	139,691
	----------	----------

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 income and retained earnings has not been delivered.

For the year ending 30 June 2023 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 .

Plastic Letters and Signs Limited

Statement of Financial Position (continued)

30 June 2023

These financial statements were approved by the board of directors and authorised for issue on 3 November 2023 , and are signed on behalf of the board by:

Miss N Leon	Mrs J Tse-Leon
Director	Director

Mr S A W Leon
Director

Company registration number: 01087386

Plastic Letters and Signs Limited

Notes to the Financial Statements

Year ended 30 June 2023

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Kingfisher House, Hurstwood Grange, Hurstwood Lane, Haywards Heath, West Sussex, RH17 7QX.

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

3.1 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.

3.2 Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:

3.3 Revenue recognition

Turnover represents net invoiced sales of goods and services provided, net of Vat and trade discounts.

3.4 Income 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.

3.5 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.

3.6 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 office equipment	-	15% straight line
Motor vehicles	-	10% straight line
Computer equipment	-	25% straight line

3.7 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.

3.8 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.

3.9 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 statement of financial position 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.

3.10 Financial instruments

A financial asset or a financial liability is recognised only when the entity 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. date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. 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.

3.11 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 6 (2022: 6 ).

5. Tangible assets

	Plant and machinery	Motor vehicles	Equipment	Total
	£	£	£	£
Cost
At 1 July 2022	27,978	25,999	1,329	55,306
Additions	230	–	–	230
	--------	--------	-------	--------
At 30 June 2023	28,208	25,999	1,329	55,536
	--------	--------	-------	--------
Depreciation
At 1 July 2022	19,589	22,360	1,138	43,087
Charge for the year	2,321	909	189	3,419
	--------	--------	-------	--------
At 30 June 2023	21,910	23,269	1,327	46,506
	--------	--------	-------	--------
Carrying amount
At 30 June 2023	6,298	2,730	2	9,030
	--------	--------	-------	--------
At 30 June 2022	8,389	3,639	191	12,219
	--------	--------	-------	--------

6. Debtors

	2023	2022
	£	£
Trade debtors	10,944	16,061
Other debtors	4,321	3,974
	--------	--------
	15,265	20,035
	--------	--------

7. Creditors: amounts falling due within one year

	2023	2022
	£	£
Trade creditors	2,927	3,782
Corporation tax	–	1,127
Social security and other taxes	7,524	10,213
Other creditors	16,449	15,784
	--------	--------
	26,900	30,906
	--------	--------

The director's current account balance of £9,632.62 (2022 - £10,896.78) is included in Other Creditors noted above.

8. Directors' advances, credits and guarantees

All transactions with related parties that require disclosure under FRS102 are detailed in the related parties transaction note.

9. Related party transactions

The company is under the ultimate control of the director by virtue of having a majority shareholding in the ordinary shares. The balance on the director's loan account is disclosed in other creditors of the financial statements. The company's trading premises are owned by the director and a commercial rent of £13,000 per annum is charged to the company. There are no other related party transactions to report.