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No description of principal activity
2020-07-01
Sage Accounts Production Advanced 2020 - FRS102_2019
xbrli:pure
xbrli:shares
iso4217:GBP
1087386
2020-07-01
2021-06-30
1087386
2021-06-30
1087386
2020-06-30
1087386
2019-07-01
2020-06-30
1087386
2020-06-30
1087386
core:PlantMachinery
2020-07-01
2021-06-30
1087386
core:MotorVehicles
2020-07-01
2021-06-30
1087386
bus:Director1
2020-07-01
2021-06-30
1087386
bus:Director2
2020-07-01
2021-06-30
1087386
bus:Director3
2020-07-01
2021-06-30
1087386
core:PlantMachinery
2020-06-30
1087386
core:MotorVehicles
2020-06-30
1087386
core:PlantMachinery
2021-06-30
1087386
core:MotorVehicles
2021-06-30
1087386
core:WithinOneYear
2021-06-30
1087386
core:WithinOneYear
2020-06-30
1087386
core:ShareCapital
2021-06-30
1087386
core:ShareCapital
2020-06-30
1087386
core:RetainedEarningsAccumulatedLosses
2021-06-30
1087386
core:RetainedEarningsAccumulatedLosses
2020-06-30
1087386
core:PlantMachinery
2020-06-30
1087386
core:MotorVehicles
2020-06-30
1087386
bus:SmallEntities
2020-07-01
2021-06-30
1087386
bus:AuditExemptWithAccountantsReport
2020-07-01
2021-06-30
1087386
bus:FullAccounts
2020-07-01
2021-06-30
1087386
bus:SmallCompaniesRegimeForAccounts
2020-07-01
2021-06-30
1087386
bus:PrivateLimitedCompanyLtd
2020-07-01
2021-06-30
1087386
core:ComputerEquipment
2020-07-01
2021-06-30
1087386
core:ComputerEquipment
2021-06-30
1087386
core:ComputerEquipment
2020-06-30
1087386
1
2020-07-01
2021-06-30
COMPANY REGISTRATION NUMBER:
1087386
Plastic Letters and Signs Limited
|
|
Filleted Unaudited Financial Statements
|
|
Plastic Letters and Signs Limited
|
|
Statement of Financial Position
|
|
30 June 2021
Fixed assets
Tangible assets
|
5
|
|
16,201
|
20,732
|
|
|
|
|
|
Current assets
Stocks
|
6,493
|
|
6,239
|
Debtors
|
6
|
22,887
|
|
15,255
|
Cash at bank and in hand
|
154,063
|
|
136,603
|
|
----------
|
|
----------
|
|
183,443
|
|
158,097
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
7
|
55,348
|
|
39,148
|
|
----------
|
|
----------
|
Net current assets
|
|
128,095
|
118,949
|
|
|
----------
|
----------
|
Total assets less current liabilities
|
|
144,296
|
139,681
|
|
|
----------
|
----------
|
Net assets
|
|
144,296
|
139,681
|
|
|
----------
|
----------
|
|
|
|
|
|
Capital and reserves
Called up share capital
|
|
5,000
|
5,000
|
Profit and loss account
|
|
139,296
|
134,681
|
|
|
----------
|
----------
|
Shareholders funds
|
|
144,296
|
139,681
|
|
|
----------
|
----------
|
|
|
|
|
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 2021 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 2021
These financial statements were approved by the
board of directors
and authorised for issue on
13 September 2021
, and are signed on behalf of the board by:
Miss N Leon
|
Mrs J Tse-Leon
|
Director
|
Director
|
|
|
Company registration number:
1087386
Plastic Letters and Signs Limited
|
|
Notes to the Financial Statements
|
|
Year ended 30 June 2021
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
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.
3.10
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
(2020:
6
).
5.
Tangible assets
|
Plant and machinery
|
Motor vehicles
|
Equipment
|
Total
|
|
£
|
£
|
£
|
£
|
Cost
|
|
|
|
|
At 1 July 2020 and 30 June 2021
|
27,978
|
25,999
|
1,329
|
55,306
|
|
--------
|
--------
|
-------
|
--------
|
Depreciation
|
|
|
|
|
At 1 July 2020
|
14,293
|
19,530
|
751
|
34,574
|
Charge for the year
|
2,721
|
1,617
|
193
|
4,531
|
|
--------
|
--------
|
-------
|
--------
|
At 30 June 2021
|
17,014
|
21,147
|
944
|
39,105
|
|
--------
|
--------
|
-------
|
--------
|
Carrying amount
|
|
|
|
|
At 30 June 2021
|
10,964
|
4,852
|
385
|
16,201
|
|
--------
|
--------
|
-------
|
--------
|
At 30 June 2020
|
13,685
|
6,469
|
578
|
20,732
|
|
--------
|
--------
|
-------
|
--------
|
|
|
|
|
|
6.
Debtors
|
2021
|
2020
|
|
£
|
£
|
Trade debtors
|
19,571
|
9,418
|
Other debtors
|
3,316
|
5,837
|
|
--------
|
--------
|
|
22,887
|
15,255
|
|
--------
|
--------
|
|
|
|
7.
Creditors:
amounts falling due within one year
|
2021
|
2020
|
|
£
|
£
|
Trade creditors
|
6,695
|
8,790
|
Social security and other taxes
|
9,964
|
9,563
|
Other creditors
|
38,689
|
20,795
|
|
--------
|
--------
|
|
55,348
|
39,148
|
|
--------
|
--------
|
|
|
|
The director's current account balance of £28,953.30 (2020 - £17,452.57) is included in Other Creditors noted above
.
8.
Events after the end of the reporting period
In March 2020 an outbreak of the COVID-19 virus occurred causing a global pandemic recognised by the World Health Organisation (WHO). This pandemic is still ongoing and looks to continue well into 2021. The effect of the UK Government measures to limit the spread of the virus have been widespread, urging people to remain at home wherever possible, including work from home if available and to undertake "social distancing" measures. The UK Government has offered businesses aid such as interest free cash loans, support from HMRC over late payment of payroll taxes and Value Added Tax. In response to this directors of the Company have assessed the impact of these measures and put necessary precautions in place. In 2020 the company furloughed employees under the Government scheme and also applied for a local authority grant. The director's are confident that there should only be a small decrease in the planned margins in the 2021 and 2022 accounts and in the longer term the company do not feel that there will be any material downturn. The directors feel that the current situation and global pandemic does not cast material uncertainty over the ability of the Company to continue as a going concern. The directors continue to monitor the situation as it changes and believe the Company is positioned well to react to further developments.
9.
Directors' advances, credits and guarantees
All transactions with related parties that require disclosure under FRS102 are detailed in note 11, related parties.
10.
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 note 8 (2020 - Note 8) 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.