Registered number
11167991
SMART CONCRETE LTD
Filleted Accounts
31 January 2023
SMART CONCRETE LTD
Registered number: 11167991
Balance Sheet
as at 31 January 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 355,283 348,053
Current assets
Stocks 9,500 7,500
Debtors 4 132,998 121,121
Cash at bank and in hand 97,340 78,644
239,838 207,265
Creditors: amounts falling due within one year 5 (323,867) (238,112)
Net current liabilities (84,029) (30,847)
Total assets less current liabilities 271,254 317,206
Creditors: amounts falling due after more than one year 6 (76,830) (158,124)
Provisions for liabilities (67,504) (57,764)
Net assets 126,920 101,318
Capital and reserves
Called up share capital 3 3
Profit and loss account 126,917 101,315
Shareholders' funds 126,920 101,318
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 J M Garrett
Director
Approved by the board on 24 October 2023
SMART CONCRETE LTD
Notes to the Accounts
for the year ended 31 January 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 receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
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 over its expected useful life, as follows:
Plant and machinery 20% per annum reducing balance basis
Motor vehicles 15% per annum reducing balance basis
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. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
The company did not operate a pension scheme during the year.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 6 6
(including the directors)
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 February 2022 76,745 327,000 403,745
Additions 17,560 54,251 71,811
At 31 January 2023 94,305 381,251 475,556
Depreciation
At 1 February 2022 14,030 41,662 55,692
Charge for the year 14,884 49,697 64,581
At 31 January 2023 28,914 91,359 120,273
Net book value
At 31 January 2023 65,391 289,892 355,283
At 31 January 2022 62,715 285,338 348,053
4 Debtors 2023 2022
£ £
Trade debtors and prepayments 132,998 121,121
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 45,833 50,000
Obligations under finance lease and hire purchase contracts 35,460 35,460
Trade creditors and accruals 100,175 60,174
Corporation tax 12,373 6,153
Other taxes and social security costs 50,415 25,090
Other creditors - directors' loan accounts 79,611 61,235
323,867 238,112
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans - 45,834
Obligations under finance lease and hire purchase contracts 76,830 112,290
76,830 158,124
7 Events after the reporting date
There were no events after the reporting date which would affect the user's understanding of these accounts.
8 Contingent liabilities
There were no contingent liabilities in existence at the year end.
9 Controlling party
The company is controlled by the directors, who are also the shareholders.
10 Other information
SMART CONCRETE LTD is a private company limited by shares and incorporated in England. Its registered office is:
24 Oswald Road
Chorlton Cum Hardy
Manchester
M21 9LP
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