Sign Tec Clothing Limited - Period Ending 2017-12-28
Sign Tec Clothing Limited - Period Ending 2017-12-28
Registration number:
Sign Tec Clothing Limited
for the Year Ended 28 December 2017
Contents
Statement of Financial Position |
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Notes to the Financial Statements |
(Registration number: 04468550)
Statement of Financial Position as at 28 December 2017
Note |
2017 |
(As restated) |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
( |
( |
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Creditors: Amounts falling due after more than one year |
( |
- |
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Provisions for liabilities |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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( |
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Total equity |
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For the financial year ending 28 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges her 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 Income Statement has been taken.
Page 1 |
(Registration number: 04468550)
Statement of Financial Position as at 28 December 2017
Approved and authorised by the
.........................................
Director
Page 2 |
Notes to the Financial Statements for the Year Ended 28 December 2017
General information |
The company is a private company limited by share capital, incorporated in England and Wales .
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies
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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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 reporting date the company has a net liability position due to the continued loss that the business is making. The financial statements have been prepared as a going concern on the basis that the company has the ongoing financial support of its director.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
Tax
The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Page 3 |
Notes to the Financial Statements for the Year Ended 28 December 2017
Tangible assets
Tangible assets are stated in the balance sheet 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:
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 |
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Website |
25% straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold in the ordinary course of business.
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.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Page 4 |
Notes to the Financial Statements for the Year Ended 28 December 2017
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 Income Statement 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.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as an employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Intangible assets |
Internally generated software development costs |
Total |
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Cost or valuation |
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At 29 December 2016 |
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Disposals |
( |
( |
At 28 December 2017 |
- |
- |
Amortisation |
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At 29 December 2016 |
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Amortisation eliminated on disposals |
( |
( |
At 28 December 2017 |
- |
- |
Carrying amount |
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At 28 December 2017 |
- |
- |
Page 5 |
Notes to the Financial Statements for the Year Ended 28 December 2017
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Other tangible assets |
Total |
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Cost or valuation |
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At 29 December 2016 |
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Additions |
- |
- |
- |
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Disposals |
- |
- |
( |
- |
( |
At 28 December 2017 |
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- |
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Depreciation |
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At 29 December 2016 |
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Charge for the year |
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- |
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Eliminated on disposal |
- |
- |
( |
- |
( |
At 28 December 2017 |
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- |
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Carrying amount |
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At 28 December 2017 |
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- |
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At 28 December 2016 |
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Included within the net book value of land and buildings above is £3,943 (2016 - £4,038) in respect of freehold land and buildings.
Page 6 |
Notes to the Financial Statements for the Year Ended 28 December 2017
Stocks |
2017 |
2016 |
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Other inventories |
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Debtors |
2017 |
2016 |
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Trade debtors |
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Other debtors |
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Total current trade and other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2017 |
2016 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Amounts due to related party |
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Taxation and social security |
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Other creditors |
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Due after one year |
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Loans and borrowings |
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- |
Creditors: amounts falling due after more than one year
Note |
2017 |
2016 |
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Due after one year |
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Loans and borrowings |
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- |
Page 7 |
Notes to the Financial Statements for the Year Ended 28 December 2017
Loans and borrowings |
2017 |
2016 |
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Non-current loans and borrowings |
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Bank borrowings |
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- |
2017 |
2016 |
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Current loans and borrowings |
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Bank borrowings |
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- |
Bank overdrafts |
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Share capital |
Allotted, called up and fully paid shares
2017 |
2016 |
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No. |
£ |
No. |
£ |
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5.00 |
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5.00 |
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of guarantees not included in the balance sheet is £10,000 (2016 - £10,000). The bank overdraft with Natwest PLC is secured by the director personally.
Page 8 |