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Company Registration No. 9559029 (England and Wales)
Glenton Smith Limited Unaudited accounts for the year ended 31 March 2023
Glenton Smith Limited Unaudited accounts Contents
Page
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Glenton Smith Limited Statement of financial position as at 31 March 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
1,715 
1,375 
Current assets
Debtors
43,438 
30,657 
Cash at bank and in hand
187,683 
184,075 
231,121 
214,732 
Creditors: amounts falling due within one year
(40,346)
(50,420)
Net current assets
190,775 
164,312 
Total assets less current liabilities
192,490 
165,687 
Provisions for liabilities
Deferred tax
(326)
(261)
Net assets
192,164 
165,426 
Capital and reserves
Called up share capital
20 
20 
Profit and loss account
192,144 
165,406 
Shareholders' funds
192,164 
165,426 
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 2 June 2023 and were signed on its behalf by
Sophie Smith Director Company Registration No. 9559029
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Glenton Smith Limited Notes to the Accounts for the year ended 31 March 2023
1
Statutory information
Glenton Smith Limited is a private company, limited by shares, registered in England and Wales, registration number 9559029. The registered office is CROFT HOUSE, SOTWELL STREET, BRIGHTWELL CUM SOTWELL, OX10 0RJ, UNITED KINGDOM.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
3 Years Straight Line
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
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.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
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Glenton Smith Limited Notes to the Accounts for the year ended 31 March 2023
Government grants
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss. Government grants received in response to the Covid-19 crisis are credited to the profit and loss account in the period in which the company became entitled to receive them.
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.
4
Tangible fixed assets
Plant & machinery 
£ 
Cost or valuation
At cost 
At 1 April 2022
6,313 
Additions
1,248 
Disposals
(882)
At 31 March 2023
6,679 
Depreciation
At 1 April 2022
4,938 
Charge for the year
908 
On disposals
(882)
At 31 March 2023
4,964 
Net book value
At 31 March 2023
1,715 
At 31 March 2022
1,375 
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
16,783 
9,039 
Accrued income and prepayments
26,479 
20,958 
Other debtors
176 
660 
43,438 
30,657 
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Trade creditors
28 
2,403 
Taxes and social security
18,785 
28,418 
Other creditors
21,533 
19,599 
40,346 
50,420 
7
Average number of employees
During the year the average number of employees was 5 (2022: 5).
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