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REGISTERED NUMBER: 09518355 (England and Wales)













FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

SMARTFRAMES SOUTH WEST LTD

SMARTFRAMES SOUTH WEST LTD (REGISTERED NUMBER: 09518355)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SMARTFRAMES SOUTH WEST LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: Mr G George
Mrs M A George



REGISTERED OFFICE: Sea Mist
12 Bishops Close
TORQUAY
Devon
TQ1 2PL



REGISTERED NUMBER: 09518355 (England and Wales)



ACCOUNTANTS: Marsland Nash Associates
Chartered Tax Advisers, Accountants
and Business Consultants
Vantage Point House
Silverhills Road
Decoy Industrial Estate
Newton Abbot
Devon
TQ12 5ND



BANKERS: HSBC
42 Courtenay Street
Newton Abbot
Devon
TQ12 2EB

SMARTFRAMES SOUTH WEST LTD (REGISTERED NUMBER: 09518355)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 4,000 6,000
Tangible assets 5 6,467 8,971
10,467 14,971

CURRENT ASSETS
Stocks 6 25,000 10,750
Debtors 7 94,262 81,024
Cash at bank 48,282 104,627
167,544 196,401
CREDITORS
Amounts falling due within one year 8 107,066 94,995
NET CURRENT ASSETS 60,478 101,406
TOTAL ASSETS LESS CURRENT LIABILITIES 70,945 116,377

CREDITORS
Amounts falling due after more than one
year

9

(22,435

)

(35,933

)

PROVISIONS FOR LIABILITIES (1,225 ) (1,701 )
NET ASSETS 47,285 78,743

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 47,283 78,741
SHAREHOLDERS' FUNDS 47,285 78,743

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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.

SMARTFRAMES SOUTH WEST LTD (REGISTERED NUMBER: 09518355)

BALANCE SHEET - continued
31 MARCH 2023


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2023 and were signed on its behalf by:





Mr G George - Director


SMARTFRAMES SOUTH WEST LTD (REGISTERED NUMBER: 09518355)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


1. STATUTORY INFORMATION

Smartframes South West Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

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

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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 - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on 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 Statement of Income and Retained Earnings, 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.

SMARTFRAMES SOUTH WEST LTD (REGISTERED NUMBER: 09518355)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2022 - 6 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022
and 31 March 2023 20,000
AMORTISATION
At 1 April 2022 14,000
Amortisation for year 2,000
At 31 March 2023 16,000
NET BOOK VALUE
At 31 March 2023 4,000
At 31 March 2022 6,000

5. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 April 2022
and 31 March 2023 396 26,413 2,632 29,441
DEPRECIATION
At 1 April 2022 148 18,055 2,267 20,470
Charge for year 50 2,089 365 2,504
At 31 March 2023 198 20,144 2,632 22,974
NET BOOK VALUE
At 31 March 2023 198 6,269 - 6,467
At 31 March 2022 248 8,358 365 8,971

SMARTFRAMES SOUTH WEST LTD (REGISTERED NUMBER: 09518355)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 April 2022
and 31 March 2023 26,412
DEPRECIATION
At 1 April 2022 18,055
Charge for year 2,089
At 31 March 2023 20,144
NET BOOK VALUE
At 31 March 2023 6,268
At 31 March 2022 8,357

6. STOCKS
2023 2022
£    £   
Stocks 25,000 10,750

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 73,729 72,410
Amounts recoverable on contract 10,000 5,000
Directors' current accounts 4,325 -
Prepayments 6,208 3,614
94,262 81,024

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 9,952 9,707
Hire purchase contracts 3,535 5,788
Trade creditors 76,851 40,738
Tax 5,294 14,288
Social security and other taxes - 2,232
VAT 8,625 15,298
Other creditors 453 2,341
Directors' current accounts - 411
Accrued expenses 2,356 4,192
107,066 94,995

SMARTFRAMES SOUTH WEST LTD (REGISTERED NUMBER: 09518355)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 2-5 years 22,435 32,387
Hire purchase contracts - 3,546
22,435 35,933

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 3,535 9,334

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2023 and 31 March 2022:

2023 2022
£    £   
Mr G George
Balance outstanding at start of year (205 ) (201 )
Amounts advanced 27,679 27,308
Amounts repaid (25,312 ) (27,312 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 2,162 (205 )

Mrs M A George
Balance outstanding at start of year (205 ) (200 )
Amounts advanced 27,680 27,307
Amounts repaid (25,312 ) (27,312 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 2,163 (205 )

12. RELATED PARTY DISCLOSURES

During the year, total dividends of £50,000 (2022 - £54,000) were paid to the directors .

13. BOUNCE BACK LOAN

The bounce back loan of £32,387 was fully underwritten by the government under the covid support measures.