Displayways Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 02609299 (England and Wales)

Financial Statements for the Year Ended 30 June 2023

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

& Statutory Auditors

1 Beauchamp Court

10 Victors Way

Barnet

Hertfordshire

EN5 5TZ

FIXED ASSETS

Tangible assets

4

422,584

414,733

Investments

5

-

-

422,584

414,733

CURRENT ASSETS

Stocks

6

63,578

51,359

Debtors

7

1,247,634

984,937

Cash at bank and in hand

331,213

424,001

1,642,425

1,460,297

CREDITORS

Amounts falling due within one year

8

(895,483

)

(746,728

)

NET CURRENT ASSETS

746,942

713,569

TOTAL ASSETS LESS CURRENT LIABILITIES

1,169,526

1,128,302

CREDITORS

Amounts falling due after more than one year

9

(49,580

)

(68,382

)

PROVISIONS FOR LIABILITIES

(96,098

)

(69,657

)

NET ASSETS

1,023,848

990,263

CAPITAL AND RESERVES

Called up share capital

11

125

125

Capital redemption reserve

12

10,000

10,000

Retained earnings

12

1,013,723

980,138

SHAREHOLDERS' FUNDS

1,023,848

990,263

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 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 March 2024 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

-

20% on cost

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 30 (2022 - 26 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 July 2022

23,183

728,854

201,761

91,221

1,045,019

Additions

-

92,731

725

-

93,456

At 30 June 2023

23,183

821,585

202,486

91,221

1,138,475

DEPRECIATION

At 1 July 2022

21,638

487,021

109,081

12,546

630,286

Charge for year

1,545

50,184

15,632

18,244

85,605

At 30 June 2023

23,183

537,205

124,713

30,790

715,891

NET BOOK VALUE

At 30 June 2023

-

284,380

77,773

60,431

422,584

At 30 June 2022

1,545

241,833

92,680

78,675

414,733

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

Plant and

machinery

£

COST

At 1 July 2022

and 30 June 2023

561,894

DEPRECIATION

At 1 July 2022

367,796

Charge for year

29,114

At 30 June 2023

396,910

NET BOOK VALUE

At 30 June 2023

164,984

At 30 June 2022

194,098

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertaking

£

COST

At 1 July 2022

and 30 June 2023

127,220

PROVISIONS

At 1 July 2022

and 30 June 2023

127,220

NET BOOK VALUE

At 30 June 2023

-

At 30 June 2022

-

6.

STOCKS

30.6.23

30.6.22

£

£

Stocks

63,578

51,359

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.23

30.6.22

£

£

Trade debtors

1,228,322

950,799

Amounts owed by participating interests

-

20,000

Amounts recoverable on contract

4,037

781

Other debtors

15,275

13,357

1,247,634

984,937

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.23

30.6.22

£

£

Hire purchase contracts

18,761

18,761

Trade creditors

570,252

524,369

Taxation and social security

265,976

174,584

Other creditors

40,494

29,014

895,483

746,728

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.6.23

30.6.22

£

£

Hire purchase contracts

49,580

68,382

10.	SECURED DEBTS

The following secured debts are included within creditors:

30.6.23

30.6.22

£

£

Hire purchase contracts

68,341

87,143

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.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.6.23

30.6.22

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 2022

980,138

10,000

990,138

Profit for the year

215,159

215,159

Dividends

(181,574

)

(181,574

)

At 30 June 2023

1,013,723

10,000

1,023,723

13.	RELATED PARTY DISCLOSURES

During the year, total dividends of £181,574 (2022 - £147,620) were paid to the directors .

14.	ULTIMATE CONTROLLING PARTY

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