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Company registration number: 11048136
Peter Smith Commercials Ltd
Unaudited filleted financial statements
31 March 2023
Peter Smith Commercials Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Peter Smith Commercials Ltd
Directors and other information
Directors Mr Peter John Ellis Smith
Mrs Amie Lousie O'Malley
Mr Daniel Peter Smith
Company number 11048136
Registered office Riverside Industrial Estate
Marsh Lane
Boston
Lincs
PE21 7PJ
Business address Maple Falls
Church Road
Freiston
Boston
PE22 0NX
Accountants Lister & Co
75 High Street
Boston
Lincs
PE21 8SX
Peter Smith Commercials Ltd
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Peter Smith Commercials Ltd
Year ended 31 March 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Peter Smith Commercials Ltd for the year ended 31 March 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of Peter Smith Commercials Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Peter Smith Commercials Ltd and state those matters that we have agreed to state to the board of directors of Peter Smith Commercials Ltd as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Peter Smith Commercials Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Peter Smith Commercials Ltd 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 Peter Smith Commercials Ltd. You consider that Peter Smith Commercials Ltd 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 Peter Smith Commercials Ltd. 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.
Lister & Co
ACCA
75 High Street
Boston
Lincs
PE21 8SX
3 October 2023
Peter Smith Commercials Ltd
Statement of financial position
31 March 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 41,079 8,941
_______ _______
41,079 8,941
Current assets
Stocks 4,200 -
Debtors 6 201,689 115,513
Cash at bank and in hand 92,711 63,986
_______ _______
298,600 179,499
Creditors: amounts falling due
within one year 7 ( 213,644) ( 101,948)
_______ _______
Net current assets 84,956 77,551
_______ _______
Total assets less current liabilities 126,035 86,492
Creditors: amounts falling due
after more than one year 8 ( 22,500) ( 32,814)
Provisions for liabilities ( 8,406) ( 1,699)
_______ _______
Net assets 95,129 51,979
_______ _______
Capital and reserves
Called up share capital 9 100 100
Profit and loss account 95,029 51,879
_______ _______
Shareholders funds 95,129 51,979
_______ _______
For the year ending 31 March 2023 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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.
These financial statements were approved by the board of directors and authorised for issue on 03 October 2023 , and are signed on behalf of the board by:
Mr Peter John Ellis Smith
Director
Company registration number: 11048136
Peter Smith Commercials Ltd
Notes to the financial statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Riverside Industrial Estate, Marsh Lane, Boston, Lincs, PE21 7PJ.
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 Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Plant and machinery - 15 % reducing balance
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 25 % reducing balance
Office equipment - 15 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
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 stocks to their present location and condition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2022: 6 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Office equipment Total
£ £ £ £ £
Cost
At 1 April 2022 5,134 1,198 800 5,446 12,578
Additions 13,634 - 21,650 1,130 36,414
_______ _______ _______ _______ _______
At 31 March 2023 18,768 1,198 22,450 6,576 48,992
_______ _______ _______ _______ _______
Depreciation
At 1 April 2022 1,401 434 288 1,514 3,637
Charge for the year 991 116 2,508 661 4,276
_______ _______ _______ _______ _______
At 31 March 2023 2,392 550 2,796 2,175 7,913
_______ _______ _______ _______ _______
Carrying amount
At 31 March 2023 16,376 648 19,654 4,401 41,079
_______ _______ _______ _______ _______
At 31 March 2022 3,733 764 512 3,932 8,941
_______ _______ _______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors 201,098 114,439
Other debtors 591 1,074
_______ _______
201,689 115,513
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 10,000 9,686
Trade creditors 87,645 16,898
Social security and other taxes 37,631 20,472
Other creditors 78,368 54,892
_______ _______
213,644 101,948
_______ _______
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 22,500 32,814
_______ _______
9. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary shares of £ 1.00 each 100 100 100 100
_______ _______ _______ _______