Principle Signs and Graphics Limited - Period Ending 2017-03-31

Registration number: 06872696

Principle Signs and Graphics Limited

Unaudited Financial Statements

for the Year Ended 31 March 2017

Principle Signs and Graphics Limited

Contents

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 7

Principle Signs and Graphics Limited

(Registration number: 06872696)
Balance Sheet as at 31 March 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	4	67,113	60,227
Current assets
Stocks	5	18,136	20,800
Debtors	6	198,197	176,979
Cash at bank and in hand		9,806	21,955
		226,139	219,734
Creditors: Amounts falling due within one year	7	(311,354)	(192,634)
Net current (liabilities)/assets		(85,215)	27,100
Total assets less current liabilities		(18,102)	87,327
Creditors: Amounts falling due after more than one year	7	(23,573)	(6,235)
Provisions for liabilities		-	(7,891)
Net (liabilities)/assets		(41,675)	73,201
Capital and reserves
Called up share capital		100	100
Profit and loss account		(41,775)	73,101
Shareholders funds		(41,675)	73,201

The notes on pages 3 to 7 form an integral part of these financial statements.

Page 1

Principle Signs and Graphics Limited

(Registration number: 06872696)
Balance Sheet as at 31 March 2017

For the financial year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 21 December 2017
 

.........................................

Mr J J Valentine

Director

The notes on pages 3 to 7 form an integral part of these financial statements.

Page 2

Principle Signs and Graphics Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

1	General information

The company is a private company limited by share capital incorporated in England.

The address of its registered office is:
Unit 14
Chorley Central Business Park
Chorley
Lancashire
PR6 0BL

These financial statements were authorised for issue by the director on 21 December 2017.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements for the year ended 31 March 2017 are the first financial statements that comply with FRS 102 Section 1A small entities. The date of transition is 1 April 2015. The transition to FRS 102 Section 1A for small entities has resulted in no changes in accounting policies to those previously used.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

At the balance sheet date, the company's liabilities exceeded its assets. The director has no reason to believe that creditors will not continue to give financial support to the company for the foreseeable future and for a period not less than 12 months from the date of approval of these financial statements.

On this basis, the director considers it appropriate to prepare the accounts on the going concern basis. However, should the financial support mentioned above not be forthcoming the going concern basis used in preparing the company's accounts may be invalid and adjustments would have to be made to reduce the value of assets to their realisable amount and provide for any further liabilities which might arise. The accounts do not include any adjustment to the company's assets or liabilities that might be necessary should this basis not continue to be appropriate.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

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Principle Signs and Graphics Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

Asset class	Depreciation method and rate
Plant and machinery	20% Straight line
Office equipment	33,33% Straight line
Motor vehicles	25% Straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Financial instruments

Classification
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 income statement.
 
 

Page 4

Principle Signs and Graphics Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 9 (2016 - 10).

4	Tangible assets

	Office equipment  £	Motor vehicles  £	Plant and machinery  £	Total £
Cost or valuation
At 1 April 2016	7,206	28,343	49,300	84,849
Additions	732	34,699	1,658	37,089
At 31 March 2017	7,938	63,042	50,958	121,938
Depreciation
At 1 April 2016	2,616	9,875	12,131	24,622
Charge for the year	2,389	17,687	10,127	30,203
At 31 March 2017	5,005	27,562	22,258	54,825
Carrying amount
At 31 March 2017	2,933	35,480	28,700	67,113
At 31 March 2016	4,590	18,468	37,169	60,227

5

Stocks

	2017 £	2016 £
Other inventories	18,136	20,800

6

Debtors

	2017 £	2016 £
Trade debtors	193,082	162,983
Other debtors	5,115	13,996
Total current trade and other debtors	198,197	176,979

Page 5

Principle Signs and Graphics Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

7

Creditors

	Note	2017 £	2016 £
Due within one year
Loans and borrowings	8	10,128	3,451
Trade creditors		103,717	104,285
Taxation and social security		139,787	66,929
Other creditors		57,722	17,969
		311,354	192,634
Due after one year
Loans and borrowings	8	23,573	6,235

8	Loans and borrowings

	2017 £	2016 £
Non-current loans and borrowings
Finance lease liabilities	23,573	6,235

	2017 £	2016 £
Current loans and borrowings
Finance lease liabilities	10,128	3,451

The finance leases are secured on the assets to which they relate.

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Principle Signs and Graphics Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

9	Related party transactions

Transactions with directors

2017	At 1 April 2016 £	Advances to directors £	Repayments by director £	At 31 March 2017 £
Mr J J Valentine
Advances to Directors	(9,974)	-	4,979	(4,995)
Interest charged	-	(120)	-	(120)
	(9,974)	(120)	4,979	(5,115)

2016	At 1 April 2015 £	Advances to directors £	Repayments by director £	At 31 March 2016 £
Mr J J Valentine
Advances to Directors	(12,466)	-	2,567	(9,899)
Interest charged	-	(75)	-	(75)
	(12,466)	(75)	2,567	(9,974)

10	Transition to FRS 102

These financial statements for the year ended 31 March 2017 are the first financial statements that comply with FRS 102 Section 1A for small entities. The transition to FRS 102 Section 1A for small entities has resulted in no changes in accounting policies to those previously used.

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