Signassist Limited Filleted accounts for Companies House (small and micro)

Signassist Limited Filleted accounts for Companies House (small and micro)


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COMPANY REGISTRATION NUMBER: 05003055
SIGNASSIST LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 December 2020
SIGNASSIST LIMITED
STATEMENT OF FINANCIAL POSITION
31 December 2020
2020
2019
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
22,072
30,380
CURRENT ASSETS
Stocks
650
650
Debtors
6
3,294
5,340
Cash at bank and in hand
97,063
103,636
---------
---------
101,007
109,626
CREDITORS: amounts falling due within one year
7
35,961
57,938
---------
---------
NET CURRENT ASSETS
65,046
51,688
--------
--------
TOTAL ASSETS LESS CURRENT LIABILITIES
87,118
82,068
CREDITORS: amounts falling due after more than one year
8
1,667
3,738
PROVISIONS
Taxation including deferred tax
4,193
5,772
--------
--------
NET ASSETS
81,258
72,558
--------
--------
CAPITAL AND RESERVES
Called up share capital
10
10
Profit and loss account
81,248
72,548
--------
--------
SHAREHOLDERS FUNDS
81,258
72,558
--------
--------
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 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
SIGNASSIST LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 December 2020
These financial statements were approved by the board of directors and authorised for issue on 17 August 2021 , and are signed on behalf of the board by:
P. Bottomley
Director
Company registration number: 05003055
SIGNASSIST LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2020
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 81 The Rydings, Langho, Blackburn, BB6 8BQ.
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
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
(b) Revenue recognition
The turnover shown in the profit and loss account represents the invoice value of goods supplied and services provided during the year, exclusive of Value Added Tax.
(c) Taxation
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.
(d) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
(e) 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:
Fixtures, Fittings & Equipment
-
10% per annum reducing balance
Motor Vehicles
-
25% per annum reducing balance
(f) 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.
(g) Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
(h) Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
(i) Financial instruments
Basic financial instruments are recognised at amortised cost.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 2 (2019: 2 ).
5. TANGIBLE ASSETS
Fixtures, Fittings & Equipment
Motor Vehicles
Total
£
£
£
Cost
At 1 January 2020
11,631
43,754
55,385
Disposals
( 17,755)
( 17,755)
--------
--------
--------
At 31 December 2020
11,631
25,999
37,630
--------
--------
--------
Depreciation
At 1 January 2020
7,870
17,135
25,005
Charge for the year
376
6,229
6,605
Disposals
( 16,052)
( 16,052)
--------
--------
--------
At 31 December 2020
8,246
7,312
15,558
--------
--------
--------
Carrying amount
At 31 December 2020
3,385
18,687
22,072
--------
--------
--------
At 31 December 2019
3,761
26,619
30,380
--------
--------
--------
6. DEBTORS
2020
2019
£
£
Trade debtors
3,294
5,340
-------
-------
7. CREDITORS: amounts falling due within one year
2020
2019
£
£
Trade creditors
2,153
2,468
Accruals and deferred income
2,400
2,400
Corporation tax
10,663
14,226
Social security and other taxes
9,129
11,767
Obligations under finance leases and hire purchase contracts
2,000
2,000
Director loan accounts
9,616
25,077
--------
--------
35,961
57,938
--------
--------
Obligations under finance leases and hire purchase contracts are secured.
8. CREDITORS: amounts falling due after more than one year
2020
2019
£
£
Obligations under finance leases and hire purchase contracts
1,667
3,738
-------
-------
Obligations under finance leases and hire purchase contracts are secured.
9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
There are no transactions with directors that require disclosure under FRS 102 Section 1A.
10. RELATED PARTY TRANSACTIONS
The company was under the control of Mr P. Bottomley throughout the year. Mr P. Bottomley is the managing director and majority shareholder. During the year the company paid dividends to the director amounting to £26,000.