Company Registration No. 09734584 (England and Wales)
Imprint Signs and Graphics Ltd
Unaudited accounts
for the year ended 31 August 2020
Imprint Signs and Graphics Ltd
Unaudited accounts
Contents
Imprint Signs and Graphics Ltd
Company Information
for the year ended 31 August 2020
Company Number
09734584 (England and Wales)
Registered Office
Unit 1D Wymondham Buisness Centre, Eleve
Wymondham
NR18 9JL
GB
Accountants
Arithmo Accountancy Ltd
Meadow Barn
Low Road
North Tuddenham, Dereham
NORFOLK
NR20 3AB
Imprint Signs and Graphics Ltd
Statement of financial position
as at
31 August 2020
Tangible assets
54,939
69,694
Cash at bank and in hand
16,029
1,628
Creditors: amounts falling due within one year
(95,682)
(131,887)
Net current assets/(liabilities)
19,080
(18,722)
Total assets less current liabilities
74,019
50,972
Creditors: amounts falling due after more than one year
(106,482)
(74,458)
Provisions for liabilities
Deferred tax
(1,700)
(2,254)
Net liabilities
(34,163)
(25,740)
Called up share capital
100
100
Profit and loss account
(34,263)
(25,840)
Shareholders' funds
(34,163)
(25,740)
For the year ending 31 August 2020 the company was entitled to exemption from audit 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 30 May 2021 and were signed on its behalf by
Timothy J Moore
Director
Company Registration No. 09734584
Imprint Signs and Graphics Ltd
Notes to the Accounts
for the year ended 31 August 2020
Imprint Signs and Graphics Ltd is a private company, limited by shares, registered in England and Wales, registration number 09734584. The registered office is Unit 1D Wymondham Buisness Centre, Eleve, Wymondham, NR18 9JL, GB.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% on cost
Motor vehicles
15% & 25% on cost
Fixtures & fittings
25% on cost
Computer equipment
33% on cost
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Imprint Signs and Graphics Ltd
Notes to the Accounts
for the year ended 31 August 2020
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 September 2019
87,130
21,238
1,590
3,046
113,004
At 31 August 2020
87,758
21,238
1,590
3,046
113,632
At 1 September 2019
28,801
10,096
1,367
3,046
43,310
Charge for the year
12,374
2,786
223
-
15,383
At 31 August 2020
41,175
12,882
1,590
3,046
58,693
At 31 August 2020
46,583
8,356
-
-
54,939
At 31 August 2019
58,329
11,142
223
-
69,694
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Debtors: amounts falling due within one year
2020
2019
Trade debtors
71,957
75,637
Accrued income and prepayments
3,263
22,017
Other debtors
4,186
6,936
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Creditors: amounts falling due within one year
2020
2019
Bank loans and overdrafts
6,491
6,491
Obligations under finance leases and hire purchase contracts
19,728
19,728
Trade creditors
27,018
75,126
Taxes and social security
17,510
2,932
Other creditors
6,351
16,023
Imprint Signs and Graphics Ltd
Notes to the Accounts
for the year ended 31 August 2020
7
Creditors: amounts falling due after more than one year
2020
2019
Obligations under finance leases and hire purchase contracts
37,594
50,542
Aggregate of amounts that fall due for payment after five years
10,000
-
The company received a Bounce back Loan for £50,000 at 2% APR repayable over 5 years. The first 12 months were at 0% interest and the repayments start in June 2021
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Loan
6,936
2,930
7,934
1,932
General loans to director during period
9
Average number of employees
During the year the average number of employees was 3 (2019: 3).