Sign Tec Clothing Limited - Period Ending 2014-12-31

Registration number: 04468550

Sign Tec Clothing Limited Unaudited Abbreviated Accounts for the Year Ended 31 December 2014

Sign Tec Clothing Limited
Contents

Abbreviated Balance Sheet   1

Notes to the Abbreviated Accounts   2 to 4

Sign Tec Clothing Limited
(Registration number: 04468550)
Abbreviated Balance Sheet at 31 December 2014

	Note		2014						2013
	£			£			£			£
Fixed assets
Intangible fixed assets	2					2,738						6,054
Tangible fixed assets	2					13,935						17,266
						16,673						23,320
Current assets
Stocks			35,350						29,350
Debtors			21,591						13,825
			56,941						43,175
Creditors: Amounts falling due within one year			(76,206)						(71,885)
Net current liabilities						(19,265)						(28,710)
Total assets less current liabilities						(2,592)						(5,390)
Creditors: Amounts falling due after more than one year						(4,274)						(8,622)
Provisions for liabilities						-						(3,102)
Net liabilities						(6,866)						(17,114)
Capital and reserves
Called up share capital	3		4						4
Profit and loss account			(6,870)						(17,118)
						(6,866)						(17,114)

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

For the year ending 31 December 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

Approved by the director on 22 December 2015

......................................... Mrs Celia Rogers Director

The notes on pages 2 to 4 form an integral part of these financial statements.
Page 1

Sign Tec Clothing Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2014

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Going concern

The financial statements have been prepared on a going concern basis.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Amortisation method and rate
Website costs	25% straight line

Depreciation

Depreciation is provided at rates calculated to write off the cost less residual value of each over its expected useful life, as follows:

Asset class	Depreciation method and rate
Land and buildings	2% straight line
Plant and machinery	25% reducing balance
Office equipment	25% reducing balance
Motor vehicles	25% reducing balance

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Page 2

Sign Tec Clothing Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2014

Hire purchase and leasing

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as 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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 January 2014		8,072			48,996			57,068
Disposals		(2,596)			-			(2,596)
At 31 December 2014		5,476			48,996			54,472
Depreciation
At 1 January 2014		2,018			31,730			33,748
Charge for the year		720			3,331			4,051
At 31 December 2014		2,738			35,061			37,799
Net book value
At 31 December 2014		2,738			13,935			16,673
At 31 December 2013		6,054			17,266			23,320

3	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary shares of £1 each		4			4			4			4

Page 3

Sign Tec Clothing Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2014

4	Related party transactions

Director's advances and credits

	2014 Advance/ Credit £	2014 Repaid £	2013 Advance/ Credit £	2013 Repaid £
Mrs Celia Rogers
Director's current account	22,025	19,619	4,834	-

5

Control

The company is controlled by The company is under the control of Mr C Rogers and Mrs C Rogers who own 100% of the issued share capital.

Page 4