Signmaster Systems Limited Small abbreviated accounts

SIGNMASTER SYSTEMS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER 04921232

SIGNMASTER SYSTEMS LIMITED

UNAUDITED ABBREVIATED ACCOUNTS

31 October 2016

STEWART ASSOCIATES SHREWSBURY LTD

Chartered Accountants

Emstrey House North

Shrewsbury Business Park

Shrewsbury

Shropshire

SY2 6LG

SIGNMASTER SYSTEMS LIMITED

ABBREVIATED BALANCE SHEET

31 October 2016

		2016		2015
Note		£	£	£	£
Fixed Assets	2
Intangible assets			-		-
Tangible assets			219,781		200,702
			----------		----------
			219,781		200,702

Current Assets

Stocks		461,608		396,119
Debtors		309,833		280,429
Cash at bank and in hand		35,385		2,389
		----------		----------
		806,826		678,937
Creditors: Amounts Falling due Within One Year	3	857,662		649,914
		----------		----------
Net Current (Liabilities)/Assets			( 50,836)		29,023
			----------		----------
Total Assets Less Current Liabilities			168,945		229,725

Creditors: Amounts Falling due after More than One Year	4	67,881	64,308
		----------	----------
		101,064	165,417
		----------	----------

Capital and Reserves

Called up equity share capital	6	101	101
Profit and loss account		100,963	165,316
		----------	----------
Shareholders' Funds		101,064	165,417
		----------	----------

For the year ended 31st October 2016 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 accounts for the year in question in accordance with section 476; and

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These abbreviated accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime.

These abbreviated accounts were approved by the directors and authorised for issue on 9 January 2017 , and are signed on their behalf by:

Mr P R George

Company Registration Number: 04921232

SIGNMASTER SYSTEMS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

YEAR ENDED 31st OCTOBER 2016

1. Accounting Policies

Basis of Accounting

The financial statements have been prepared under the historical cost convention, and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover

The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Goodwill-10 years straight line

Fixed Assets

All fixed assets are initially recorded at cost.

Depreciation

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Leasehold Property-10% straight line

Plant & Machinery-15% straight line

Fixtures & Fittings-15% straight line

Motor Vehicles-15% straight line

Computer Equipment-33.33% straight line

Freehold buildings are not depreciated as they are well maintained and the costs of the maintenance are recognised as an expense in the profit and loss account. In the opinion of the directors this represents a fair and accurate policy of valuing the property.

Stocks

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

Hire Purchase Agreements

Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account on a straight line basis.

Operating Lease Agreements

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

Pension Costs

The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.

Foreign Currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

Financial Instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

2. Fixed Assets

Intangible Assets	Tangible Assets	Total
£	£	£

Cost

At 1st November 2015	30,000	493,325	523,325
Additions	–	122,327	122,327
Disposals	–	( 68,261)	( 68,261)
	---------	----------	----------
At 31st October 2016	30,000	547,391	577,391
	---------	----------	----------

Depreciation

At 1st November 2015	30,000	292,623	322,623
Charge for year	–	57,193	57,193
On disposals	–	( 22,206)	( 22,206)
	---------	----------	----------
At 31st October 2016	30,000	327,610	357,610
	---------	----------	----------

Net Book Value

At 31st October 2016	–	219,781	219,781
	----	----------	----------

At 31st October 2015	–	200,702	200,702
	----	----------	----------

3. Creditors: Amounts Falling due Within One Year

The following liabilities disclosed under creditors falling due within one year are secured by the company:

	2016	2015
	£	£
Bank loans and overdrafts	282,698	143,697
Hire purchase agreements	25,198	15,377
	----------	----------
	307,896	159,074
	----------	----------

4. Creditors: Amounts Falling due after More than One Year

The following liabilities disclosed under creditors falling due after more than one year are secured by the company:

	2016	2015
	£	£
Bank loans and overdrafts	29,342	39,603
Hire purchase agreements	38,539	24,705
	---------	---------
	67,881	64,308
	---------	---------

5. Transactions With the Directors

The company occupies premises owned personally by Mr and Mrs George. During the year the company incurred expenditure of £37,200 (2015 - £36,400) in renting premises occupied by the company.

6. Share Capital

Allotted, called up and fully paid:

	2016		2015
	No.	£	No.	£
Ordinary A shares of £ 1 each	100	100	100	100
Ordinary B shares of £ 1 each	1	1	1	1
	----	----	----	----
	101	101	101	101
	----	----	----	----