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REGISTERED NUMBER: 03756658 (England and Wales)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

SPECIALIST MICROWAVE SOLUTIONS LIMITED

SPECIALIST MICROWAVE SOLUTIONS LIMITED (REGISTERED NUMBER: 03756658)

CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2023










Page

Company Information 1

Report of the Accountants 2

Balance Sheet 3

Notes to the Financial Statements 4


SPECIALIST MICROWAVE SOLUTIONS LIMITED

COMPANY INFORMATION
for the Year Ended 31 March 2023







DIRECTORS: A R Dewey
S P Jenkins
N S Mead





SECRETARY: N S Mead





REGISTERED OFFICE: Derwent House
Cranfield Technology Park
Cranfield
Bedfordshire
MK43 0AZ





REGISTERED NUMBER: 03756658 (England and Wales)





ACCOUNTANTS: F E Hawkes & Co
206 Endeavour House
Wrest Park
Silsoe
Bedfordshire
MK45 4HS

SPECIALIST MICROWAVE SOLUTIONS LIMITED

REPORT OF THE ACCOUNTANTS TO THE DIRECTORS OF
SPECIALIST MICROWAVE SOLUTIONS LIMITED


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31 March 2023 set out on pages four to eleven and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.






F E Hawkes & Co
206 Endeavour House
Wrest Park
Silsoe
Bedfordshire
MK45 4HS


18 October 2023

SPECIALIST MICROWAVE SOLUTIONS LIMITED (REGISTERED NUMBER: 03756658)

BALANCE SHEET
31 March 2023

2022 2023
£    £    Notes £    £   
FIXED ASSETS
87,496 Tangible assets 5 80,768

CURRENT ASSETS
116,494 Stocks and work in progress 6 116,495
105,115 Debtors 7 288,202
151,665 Cash at bank 89,980
373,274 494,677
CREDITORS
84,231 Amounts falling due within one year 8 134,909
289,043 NET CURRENT ASSETS 359,768
376,539 TOTAL ASSETS LESS CURRENT
LIABILITIES

440,536

21,475 PROVISIONS FOR LIABILITIES 19,865
355,064 NET ASSETS 420,671

CAPITAL AND RESERVES
300 Called up share capital 10 300
354,764 Retained earnings 11 420,371
355,064 SHAREHOLDERS' FUNDS 420,671

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.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 October 2023 and were signed on its behalf by:





S P Jenkins - Director


SPECIALIST MICROWAVE SOLUTIONS LIMITED (REGISTERED NUMBER: 03756658)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2023


1. STATUTORY INFORMATION

Specialist Microwave Solutions Ltd is a private company, limited by shares, registered in England and Wales.
The company's registered number and registered office address are as follows

Registered number: 03756658

Registered office: Derwent House
Cranfield Technology Park
Cranfield
Bedfordshire
MK43 0AZ

The presentation currency of the financial statements is Pound Sterling (£)

The principal activity of the company in the year under review was that of development, construction,testing
and repair of microwave components.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

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

As with most businesses the company continues to be impacted by the Coronavirus (Covid 19). The pandemic along with the restrictions on business has had an impact on the business operations, customers, suppliers and when it has been necessary the company has furloughed some of the workforce . The company have (where appropriate) utilised the grants and benefits available from the Government and are taking all the steps necessary to protect the future of the business.

Although the total impact is still uncertain the directors believe that it is appropriate to prepare the accounts on a going concern basis.

Government grants are shown in the accounts on the date they are receivable.

Significant judgements and estimates
No significant judgements have had to be made by the directors in preparing these financial statements.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Improvements to property - 10% on cost
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Computer equipment - 33.33% on reducing balance

Improvements to property are being written off in the year the expense is incurred

Stocks and work in progress
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow-moving items.

SPECIALIST MICROWAVE SOLUTIONS LIMITED (REGISTERED NUMBER: 03756658)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2023


3. ACCOUNTING POLICIES - continued

Financial instruments
Basic financial instruments are recognised at amortised cost,except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2022 - 13 ) .

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Computer
Totals property machinery fittings equipment
£    £    £    £    £   
COST
At 1 April 2022 357,032 12,605 315,451 7,539 21,437
Additions 20,838 - 7,398 - 13,440
Disposals (9,662 ) - (9,662 ) - -
At 31 March 2023 368,208 12,605 313,187 7,539 34,877
DEPRECIATION
At 1 April 2022 269,536 12,605 236,296 6,882 13,753
Charge for year 26,914 - 21,298 162 5,454
Eliminated on disposal (9,010 ) - (9,010 ) - -
At 31 March 2023 287,440 12,605 248,584 7,044 19,207
NET BOOK VALUE
At 31 March 2023 80,768 - 64,603 495 15,670
At 31 March 2022 87,496 - 79,155 657 7,684

SPECIALIST MICROWAVE SOLUTIONS LIMITED (REGISTERED NUMBER: 03756658)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2023


6. STOCKS AND WORK IN PROGRESS
2023 2022
£    £   
Stocks and work in progress 116,495 116,494

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 274,923 94,662
Prepayments 13,279 10,453
288,202 105,115

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 11,702 5,202
Corporation tax 49,537 4,449
Social security and other taxes 15,153 13,436
VAT 23,338 36,827
Other creditors 5,779 1,209
Accrued expenses 29,400 23,108
134,909 84,231

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 58,140 58,140
Between one and five years 232,560 232,560
In more than five years 150,233 208,373
440,933 499,073

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
300 Ordinary £1.00 300 300

11. RESERVES
Retained
earnings
£   

At 1 April 2022 354,764
Profit for the year 212,607
Dividends (147,000 )
At 31 March 2023 420,371

SPECIALIST MICROWAVE SOLUTIONS LIMITED (REGISTERED NUMBER: 03756658)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2023


12. RELATED PARTY DISCLOSURES

During the year, total dividends of £122,500 (2022 - £92,500) were paid to the directors .