Centurion Signs (U.K.) Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: SC048487 (Scotland)

Unaudited Financial Statements for the Year Ended 31 March 2022

for

Centurion Signs (U.K.) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

9

DIRECTORS:

D J Armour

A F Brese

G Duff

G Ross

REGISTERED OFFICE:

38 Carron Place

Kelvin Estate

East Kilbride

Lanarkshire

G75 0TS

REGISTERED NUMBER:

SC048487 (Scotland)

ACCOUNTANTS:

Sharles CA

29 Brandon Street

Hamilton

ML3 6DA

FIXED ASSETS

Tangible assets

5

74,840

73,319

Investments

6

100

100

74,940

73,419

CURRENT ASSETS

Stocks

113,272

91,960

Debtors

7

888,415

756,574

Cash at bank and in hand

132

69,133

1,001,819

917,667

CREDITORS

Amounts falling due within one year

8

391,279

276,197

NET CURRENT ASSETS

610,540

641,470

TOTAL ASSETS LESS CURRENT LIABILITIES

685,480

714,889

CREDITORS

Amounts falling due after more than one year

9

(43,184

)

(59,858

)

PROVISIONS FOR LIABILITIES

(14,219

)

(13,931

)

NET ASSETS

628,077

641,100

CAPITAL AND RESERVES

Called up share capital

6,251

6,251

Capital redemption reserve

36,831

36,831

Retained earnings

584,995

598,018

SHAREHOLDERS' FUNDS

628,077

641,100

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 November 2022 and were signed on its behalf by:

D J Armour - Director

1.	STATUTORY INFORMATION

Centurion Signs (U.K.) Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. There were no material departures from that standard.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements

The financial statements contain information about Centurion Signs (U.K.) Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is derived from signage products supplied by the company.

Turnover is measured at the fair value of signage products supplied, net of discounts and excluding value added tax, and is recognised at the point that the company obtains the right to consideration.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

25% on reducing balance, 25% on cost and 20% on reducing balance

Tangible fixed assets held for the companies own use are stated at cost less accumulated depreciation and accumulated impairment loss.

At each balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Expenditure of £1,000 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the income statement in the period it is incurred.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development

Expenditure on research activities is recognised in profit or loss as incurred.

Development expenditure is capitalised only if the expenditure can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable, and the company intends to and has sufficient resources to complete development and to use or sell the asset. Otherwise, it is recognised in profit or loss as incurred. Subsequent to initial recognition, development expenditure is measured at cost less accumulated amortisation and any accumulated impairment losses.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Factor advances

Factor advances received against trade debtors are presented separately under current liabilities as the company bears any losses arising from the irrecoverability of these debts.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 25 (2021 - 25 ) .

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2021

668,248

Additions

28,385

At 31 March 2022

696,633

DEPRECIATION

At 1 April 2021

594,929

Charge for year

26,864

At 31 March 2022

621,793

NET BOOK VALUE

At 31 March 2022

74,840

At 31 March 2021

73,319

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 April 2021

and 31 March 2022

57,726

DEPRECIATION

At 1 April 2021

30,338

Charge for year

9,129

At 31 March 2022

39,467

NET BOOK VALUE

At 31 March 2022

18,259

At 31 March 2021

27,388

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2021

and 31 March 2022

100

NET BOOK VALUE

At 31 March 2022

100

At 31 March 2021

100

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

400,966

280,225

Amounts owed by group undertakings

481,243

465,729

Other debtors

6,206

10,620

888,415

756,574

The whole of trade debtors represent balances that are subject to an invoice discounting agreement.

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

86,300

8,706

Hire purchase contracts

9,092

9,092

Trade creditors

208,561

130,815

Taxation and social security

70,736

107,698

Other creditors

16,590

19,886

391,279

276,197

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans

33,712

41,295

Hire purchase contracts

9,472

18,563

43,184

59,858

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

886

10.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Bank overdraft

77,266

-

Bank loans

42,746

50,001

Hire purchase contracts

18,564

27,655

138,576

77,656

The bank loan is supported by a 100% guarantee from the UK Government.

Hire purchase contracts are secured over the assets to which they relate.

The overdraft and invoice discounting facilities are secured by a floating charge over the company's property and assets.

11.	RELATED PARTY DISCLOSURES

The company has an intercompany loan balance with Centurion Signs (Holdings) Limited. The loan is interest free with no fixed repayment terms. At the year end the company was owed £481,243 (2021 - £465,729) from Centurion Signs (Holdings) Limited.

12.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Centurion Signs (Holdings) Limited, a company incorporated in Scotland. The company's registered office is 38 Carron Place, Kelvin Estate, East Kilbride, G75 0TS.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Centurion Signs (U.K.) Limited for the year ended 31 March 2022 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Centurion Signs (U.K.) Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Centurion Signs (U.K.) Limited and state those matters that we have agreed to state to the Board of Directors of Centurion Signs (U.K.) Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Centurion Signs (U.K.) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Centurion Signs (U.K.) Limited. You consider that Centurion Signs (U.K.) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Centurion Signs (U.K.) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Sharles CA

29 Brandon Street

Hamilton

ML3 6DA

16 November 2022