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Registration number: 11809639

Smith & Smith Inc Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2023

 

Smith & Smith Inc Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 5

 

Smith & Smith Inc Limited

Company Information

Directors

Mr M T Smith

Mrs M P Smith

Registered office

Fairholme
Hawks Hill
Hedsor
Bucks
SL8 5JQ

Accountants

Sterling Grove Accountants Limited
Chartered Certified Accountants
Fawley House
2 Marlow Road
Bourne End
Bucks
SL8 5TD

 

Smith & Smith Inc Limited

(Registration number: 11809639)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Current assets

 

Debtors

4

964

24,626

Cash at bank and in hand

 

1,612

22,221

 

2,576

46,847

Creditors: Amounts falling due within one year

5

(1,958)

(29,957)

Net assets

 

618

16,890

Capital and reserves

 

Called up share capital

2

2

Retained earnings

616

16,888

Shareholders' funds

 

618

16,890

For the financial year ending 28 February 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 19 April 2023 and signed on its behalf by:
 

.........................................
Mr M T Smith
Director

 

Smith & Smith Inc Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Fairholme
Hawks Hill
Hedsor
Bucks
SL8 5JQ
United Kingdom

These financial statements were authorised for issue by the Board on 19 April 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Smith & Smith Inc Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Debtors

Current

2023
£

2022
£

Trade debtors

-

6,000

Other debtors

964

18,626

 

964

24,626

 

Smith & Smith Inc Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

5

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

318

-

Taxation and social security

-

1,857

Accruals and deferred income

1,140

1,100

Corporation tax

500

27,000

1,958

29,957

6

Related party transactions

Transactions with directors

2023

At 1 March 2022
£

Advances to director
£

Repayments by director
£

At 28 February 2023
£

Mr M T Smith

Advance

9,313

669

(9,500)

482

         
       

Mrs M P Smith

Advance

9,313

669

(9,500)

482

         
       

 

2022

At 1 March 2021
£

Advances to director
£

Repayments by director
£

At 28 February 2022
£

Mr M T Smith

Advance

(337)

39,376

(29,726)

9,313

         
       

Mrs M P Smith

Advance

(336)

94,374

(84,725)

9,313