Signassist Limited Company Accounts


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COMPANY REGISTRATION NUMBER: 05003055
SIGNASSIST LIMITED
UNAUDITED FINANCIAL STATEMENTS
31 December 2016
RIDEHALGH LIMITED
Chartered Accountants
Guardian House
42 Preston New Road
Blackburn
BB2 6AH
SIGNASSIST LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2016
CONTENTS
PAGES
Statement of financial position
1 to 2
Notes to the financial statements
3 to 6
SIGNASSIST LIMITED
STATEMENT OF FINANCIAL POSITION
31 December 2016
2016
2015
Note
£
£
£
£
FIXED ASSETS
Tangible assets
6
21,376
27,701
CURRENT ASSETS
Stocks
7
650
650
Debtors
8
3,495
5,480
Cash at bank and in hand
63,474
79,603
--------
--------
67,619
85,733
CREDITORS: amounts falling due within one year
9
64,154
81,108
--------
--------
NET CURRENT ASSETS
3,465
4,625
--------
--------
TOTAL ASSETS LESS CURRENT LIABILITIES
24,841
32,326
CREDITORS: amounts falling due after more than one year
10
1,850
PROVISIONS
Taxation including deferred tax
4,275
5,540
--------
--------
NET ASSETS
20,566
24,936
--------
--------
CAPITAL AND RESERVES
Called up share capital
10
10
Profit and loss account
20,556
24,926
--------
--------
MEMBERS FUNDS
20,566
24,936
--------
--------
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 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 2016 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 2016
These financial statements were approved by the board of directors and authorised for issue on 22 September 2017 , 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 2016
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 the provisions of FRS 102 Section 1A, '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 have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
(b) Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 January 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 13.
(c) 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.
(d) 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.
(e) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
(f) 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
(g) 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.
(h) 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.
(i) 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.
4. STAFF COSTS
The average number of persons employed by the company during the year, including the director, amounted to 2 (2015: 2).
5. PROFIT BEFORE TAXATION
Profit before taxation is stated after charging:
2016
2015
£
£
Depreciation of tangible assets
6,325
8,274
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-------
6. TANGIBLE ASSETS
Fixtures, Fittings & Equipment
Motor Vehicles
Total
£
£
£
Cost
At 1 Jan 2016 and 31 Dec 2016
10,443
41,754
52,197
--------
--------
--------
Depreciation
At 1 January 2016
6,125
18,371
24,496
Charge for the year
479
5,846
6,325
--------
--------
--------
At 31 December 2016
6,604
24,217
30,821
--------
--------
--------
Carrying amount
At 31 December 2016
3,839
17,537
21,376
--------
--------
--------
At 31 December 2015
4,318
23,383
27,701
--------
--------
--------
7. STOCKS
2016
2015
£
£
Raw materials and consumables
650
650
----
----
8. DEBTORS
2016
2015
£
£
Trade debtors
3,495
5,480
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-------
9. CREDITORS: amounts falling due within one year
2016
2015
£
£
Trade creditors
7,064
11,542
Accruals and deferred income
2,400
7,400
Corporation tax
2,673
2,674
Social security and other taxes
8,052
7,787
Obligations under finance leases and hire purchase contracts
1,850
2,018
Director loan accounts
42,115
49,687
--------
--------
64,154
81,108
--------
--------
Obligations under finance leases and hire purchase contracts are secured.
10. CREDITORS: amounts falling due after more than one year
2016
2015
£
£
Obligations under finance leases and hire purchase contracts
1,850
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-------
Obligations under finance leases and hire purchase contracts are secured.
11. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
There are no transactions with directors that require disclosure under FRS 102.
12. 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 £10,000.
13. TRANSITION TO FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 January 2015.
No transitional adjustments were required in equity or profit or loss for the year.