Registered number
02922094
S & M International (UK) Limited
Unaudited Filleted Accounts
30 June 2023
S & M International (UK) Limited
Registered number: 02922094
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 17,155 22,517
Current assets
Stocks 152,930 159,683
Debtors 4 191,074 185,558
Cash at bank and in hand 58,986 35,815
402,990 381,056
Creditors: amounts falling due within one year 5 (117,441) (113,314)
Net current assets 285,549 267,742
Total assets less current liabilities 302,704 290,259
Creditors: amounts falling due after more than one year 6 (12,179) (20,382)
Net assets 290,525 269,877
Capital and reserves
Called up share capital 2 2
Profit and loss account 290,523 269,875
Shareholders' funds 290,525 269,877
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr M Sharif
Director
Approved by the board on 28 July 2023
S & M International (UK) Limited
Notes to the Accounts
for the year ended 30 June 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% reducing balance
Motor Vehicle 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 5 5
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 July 2022 5,519 28,600 34,119
At 30 June 2023 5,519 28,600 34,119
Depreciation
At 1 July 2022 4,452 7,150 11,602
Charge for the year - 5,362 5,362
At 30 June 2023 4,452 12,512 16,964
Net book value
At 30 June 2023 1,067 16,088 17,155
At 30 June 2022 1,067 21,450 22,517
4 Debtors 2023 2022
£ £
Trade debtors 190,994 185,528
Other debtors 80 30
191,074 185,558
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 82,709 88,304
Corporation tax 18,251 11,958
Other taxes and social security costs 14,480 12,868
Other creditors 2,001 184
117,441 113,314
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 2,004 6,000
Obligations under finance lease and hire purchase contracts 10,175 14,382
12,179 20,382
7 Related party transactions
During the year Mr M Sharif received £45,000 in dividends (2022:£12,000) and the credit balance on the director's account was £184 (2022:£184)
8 Controlling party
The directors are ultimate controling party.
9 Other information
S & M International (UK) Limited is a private company limited by shares and incorporated in England. Its registered office is:
3 Bollingbroke Street
Bradford
West Yorkshire
BD5 9NL
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