Company Registration No. SC233406 (Scotland)
SIGNO LIGHTING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
PAGES FOR FILING WITH REGISTRAR
SIGNO LIGHTING LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
SIGNO LIGHTING LIMITED
BALANCE SHEET
AS AT
30 JUNE 2021
30 June 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,216
3,088
Current assets
Stocks
65,287
74,305
Debtors
4
187,950
119,358
Cash at bank and in hand
14,698
4,517
267,935
198,180
Creditors: amounts falling due within one year
5
(145,353)
(97,119)
Net current assets
122,582
101,061
Net assets
125,798
104,149
Capital and reserves
Called up share capital
6
1,002
1,002
Share premium account
4,750
4,750
Profit and loss reserves
120,046
98,397
Total equity
125,798
104,149
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 June 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 8 February 2022 and are signed on its behalf by:
Mr J Kirk
Director
Company Registration No. SC233406
SIGNO LIGHTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2021
- 2 -
1
Accounting policies
Company information
Signo Lighting Limited is a
private
company
limited by shares
incorporated in
Scotland
.
The registered office is
Foremount House, Easwald Bank, Kilbarchan, Johnstone, Renfrewshire, United Kingdom, PA10 2EZ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
A
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Tangible fixed assets
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
15% on Cost
Computers
20% on Cost
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
SIGNO LIGHTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
1
Accounting policies
(Continued)
- 3 -
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
SIGNO LIGHTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2020 - 2).
2021
2020
Number
Number
Total
2
2
3
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 July 2020
1,088
7,170
8,258
Additions
1,124
1,124
Disposals
(250)
(250)
At 30 June 2021
1,088
8,044
9,132
Depreciation and impairment
At 1 July 2020
192
4,978
5,170
Depreciation charged in the year
163
783
946
Eliminated in respect of disposals
(200)
(200)
At 30 June 2021
355
5,561
5,916
Carrying amount
At 30 June 2021
733
2,483
3,216
At 30 June 2020
896
2,192
3,088
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
140,218
89,476
Other debtors
47,732
29,882
187,950
119,358
SIGNO LIGHTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2021
- 5 -
5
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
15,537
15,243
Trade creditors
61,655
33,516
Taxation and social security
50,167
43,408
Other creditors
17,994
4,952
145,353
97,119
The Royal Bank of Scotland hold a bond and floating charge over the whole assets of the company.
6
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1,002
1,002
1,002
1,002
7
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2021
2020
£
£
11,046
8
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
The following amounts were outstanding at the reporting end date:
2021
2020
Amounts due to related parties
£
£
Key management personnel
13,574
7,159
These balances are interest free, unsecured and have no formal terms of repayment.
The following amounts were outstanding at the reporting end date:
2021
2020
Amounts due from related parties
£
£
Key management personnel
31,234
27,554