2022-04-012023-03-312023-03-31falseSC374758SMART ELECTRICS CONTRACTORS 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SMART ELECTRICS CONTRACTORS LTD

Registered Number
SC374758
(Scotland)

Unaudited Financial Statements for the Year ended
31 March 2023

SMART ELECTRICS CONTRACTORS LTD
Company Information
for the year from 1 April 2022 to 31 March 2023

Directors

Brian SMART
William Sivewright SMART

Registered Address

8 Manse Lane
Burntisland
KY3 0BJ

Registered Number

SC374758 (Scotland)
SMART ELECTRICS CONTRACTORS LTD
Balance Sheet as at
31 March 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets543,74344,150
Investments216,620216,620
260,363260,770
Current assets
Debtors38,84240,225
Cash at bank and on hand314,603192,522
353,445232,747
Creditors amounts falling due within one year8(119,888)(93,007)
Net current assets (liabilities)233,557139,740
Total assets less current liabilities493,920400,510
Creditors amounts falling due after one year9(21,725)(31,667)
Net assets472,195368,843
Capital and reserves
Called up share capital100100
Profit and loss account472,095368,743
Shareholders' funds472,195368,843
The financial statements were approved and authorised for issue by the Board of Directors on 12 October 2023, and are signed on its behalf by:
Brian SMART
Director
Registered Company No. SC374758
SMART ELECTRICS CONTRACTORS LTD
Notes to the Financial Statements
for the year ended 31 March 2023

1.Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period. There were no material departures from the reporting standard.
3.Accounting policies
Functional and presentation currency policy
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
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.
Revenue recognition policy
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. Turnover is disclosed net of VAT and discounts where applicable.
Deferred tax policy
Deferred tax is recognised in respect of all material 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.
Investments policy
Investments are stated at cost and are assessed annually for potential impairment.
Going concern
The COVID-19 global pandemic had some impact on the company's operations in the year under review, however not to the same extent as the prior year given the relaxation of the government's social distancing measures. There were still some logistical matters to overcome in respect of materials supplies and health & safety on site, however management worked closely with key stakeholders to ensure those factors caused minimal impact on service delivery. On balance, it was a successful year in terms of financial performance and management predict that trend will continue into the next financial year. At the time of signing these financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. In reaching this conclusion the directors have assessed the ongoing cashflow requirements of the company, also setting realistic targets on turnover and costs for the new financial year. Therefore, the directors have concluded that they can adopt the going concern basis in preparing these financial statements.
4.Employee information

20232022
Average number of employees during the year56
5.Property, plant and equipment

Total

£
Cost or valuation
At 01 April 22178,626
Additions11,598
At 31 March 23190,224
Depreciation and impairment
At 01 April 22134,476
Charge for year12,005
At 31 March 23146,481
Net book value
At 31 March 2343,743
At 31 March 2244,150
6.Debtors within one year

2023

2022

££
Trade debtors / trade receivables38,59339,976
Prepayments and accrued income249249
Total38,84240,225
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.
7.Debtors after one year
8.Creditors within one year

2023

2022

££
Trade creditors / trade payables56,20744,022
Bank borrowings and overdrafts10,64810,000
Taxation and social security42,49936,608
Other creditors9,685881
Accrued liabilities and deferred income8491,496
Total119,88893,007
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.
9.Creditors after one year

2023

2022

££
Bank borrowings and overdrafts21,72531,667
Total21,72531,667