26 false false false false false false false false false true false false false false false false No description of principal activity 2022-04-01 Sage Accounts Production Advanced 2021 - FRS102_2021 310,000 210,000 100,000 100,000 xbrli:pure xbrli:shares iso4217:GBP SC112964 2022-04-01 2023-03-31 SC112964 2023-03-31 SC112964 2022-03-31 SC112964 2021-04-01 2022-03-31 SC112964 2022-03-31 SC112964 core:PlantMachinery 2022-04-01 2023-03-31 SC112964 core:MotorVehicles 2022-04-01 2023-03-31 SC112964 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 SC112964 bus:Director1 2022-04-01 2023-03-31 SC112964 core:PlantMachinery 2022-03-31 SC112964 core:MotorVehicles 2022-03-31 SC112964 core:PlantMachinery 2023-03-31 SC112964 core:MotorVehicles 2023-03-31 SC112964 core:WithinOneYear 2023-03-31 SC112964 core:WithinOneYear 2022-03-31 SC112964 core:AfterOneYear 2023-03-31 SC112964 core:UKTax 2022-04-01 2023-03-31 SC112964 core:UKTax 2021-04-01 2022-03-31 SC112964 core:ShareCapital 2023-03-31 SC112964 core:ShareCapital 2022-03-31 SC112964 core:CapitalRedemptionReserve 2023-03-31 SC112964 core:CapitalRedemptionReserve 2022-03-31 SC112964 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC112964 core:RetainedEarningsAccumulatedLosses 2022-03-31 SC112964 core:BetweenOneFiveYears 2023-03-31 SC112964 core:BetweenOneFiveYears 2022-03-31 SC112964 core:MoreThanFiveYears 2022-03-31 SC112964 core:CostValuation core:Non-currentFinancialInstruments 2023-03-31 SC112964 core:Non-currentFinancialInstruments core:ProvisionsForImpairmentInvestments 2023-03-31 SC112964 core:Non-currentFinancialInstruments 2023-03-31 SC112964 core:Non-currentFinancialInstruments 2022-03-31 SC112964 core:PlantMachinery 2022-03-31 SC112964 core:MotorVehicles 2022-03-31 SC112964 core:LeasedAssetsHeldAsLessee core:PlantMachinery 2023-03-31 SC112964 core:LeasedAssetsHeldAsLessee core:MotorVehicles 2023-03-31 SC112964 core:LeasedAssetsHeldAsLessee 2023-03-31 SC112964 bus:SmallEntities 2022-04-01 2023-03-31 SC112964 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 SC112964 bus:FullAccounts 2022-04-01 2023-03-31 SC112964 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 SC112964 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 SC112964 bus:OrdinaryShareClass1 2023-03-31 SC112964 bus:OrdinaryShareClass1 2022-03-31
COMPANY REGISTRATION NUMBER: SC112964
SMYTH COMPOSITES LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2023
SMYTH COMPOSITES LTD
STATEMENT OF FINANCIAL POSITION
31 March 2023
2023
2022
Note
£
£
FIXED ASSETS
Tangible assets
6
68,358
44,171
Investments
7
100,000
100,000
---------
---------
168,358
144,171
CURRENT ASSETS
Stocks
125,211
172,549
Debtors
8
377,668
410,867
Cash at bank and in hand
156,965
76,059
---------
---------
659,844
659,475
CREDITORS: amounts falling due within one year
9
152,272
196,960
---------
---------
NET CURRENT ASSETS
507,572
462,515
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
675,930
606,686
CREDITORS: amounts falling due after more than one year
10
18,891
PROVISIONS FOR LIABILITIES
Deferred tax
14,095
5,800
---------
---------
NET ASSETS
642,944
600,886
---------
---------
SMYTH COMPOSITES LTD
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2023
2023
2022
Note
£
£
CAPITAL AND RESERVES
Called up share capital
12
455
455
Capital redemption reserve
13
545
545
Profit and loss account
13
641,944
599,886
---------
---------
SHAREHOLDERS FUNDS
642,944
600,886
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
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.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 24 October 2023 , and are signed on behalf of the board by:
Mr M Ross Smyth
Director
Company registration number: SC112964
SMYTH COMPOSITES LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Panmure Industrial Estate, Carnoustie, Angus, DD7 7NP.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company experienced an increase in sales in the year to 31 March 2023 as the company continues to rebound from the issues previously caused by the COVID 19 pandemic, and enforced lockdown restrictions. The director confirms that after making appropriate enquiries, he has reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, he continues to adopt the going concern basis in preparing these financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
The turnover shown in the profit and loss account represents the invoiced value of goods despatched during the year, exclusive of Value Added Tax.
Corporation and deferred tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of investments
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the estimated recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability. Other grants are credited to the profit and loss account in the period in which they are received.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets held as equity instruments are recognised initially at the transaction price (including transaction costs). At the end of each reporting period, unlisted equity investments are recorded at fair value, where appropriate, or at cost less impairment if their fair value cannot be reliably measured. Objective evidence of the impairment of financial assets is assessed at each period end and any impairment loss recognised in the profit or loss immediately. Impairment loss is calculated as the difference between the carrying amount of the instrument and the best estimate of the cash flows expected to be derived from the asset (including sales proceeds if sold) at the balance sheet date. Investment income is recognised in the financial statements when the company becomes entitled to its share of profits from the financial instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 26 (2022: 23 ).
5. TAX ON PROFIT
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
34,341
39,927
Deferred tax:
Origination and reversal of timing differences
8,295
619
--------
--------
Tax on profit
42,636
40,546
--------
--------
6. TANGIBLE ASSETS
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 April 2022
246,799
38,074
284,873
Additions
24,933
14,995
39,928
Disposals
( 5,831)
( 5,831)
---------
--------
---------
At 31 March 2023
271,732
47,238
318,970
---------
--------
---------
Depreciation
At 1 April 2022
213,616
27,086
240,702
Charge for the year
8,999
6,414
15,413
Disposals
( 5,503)
( 5,503)
---------
--------
---------
At 31 March 2023
222,615
27,997
250,612
---------
--------
---------
Carrying amount
At 31 March 2023
49,117
19,241
68,358
---------
--------
---------
At 31 March 2022
33,183
10,988
44,171
---------
--------
---------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Plant and machinery
Motor vehicles
Total
£
£
£
At 31 March 2023
19,275
11,246
30,521
--------
--------
--------
At 31 March 2022
--------
--------
--------
7. INVESTMENTS
Other investments other than loans
£
Cost
At 1 April 2022 and 31 March 2023
310,000
---------
Impairment
At 1 April 2022 and 31 March 2023
210,000
---------
Carrying amount
At 31 March 2023
100,000
---------
At 31 March 2022
100,000
---------
8. DEBTORS
2023
2022
£
£
Trade debtors
338,368
385,591
Other debtors
39,300
25,276
---------
---------
377,668
410,867
---------
---------
9. CREDITORS: amounts falling due within one year
2023
2022
£
£
Trade creditors
64,309
115,357
Corporation tax
34,341
39,927
Social security and other taxes
35,930
26,422
Other creditors
17,692
15,254
---------
---------
152,272
196,960
---------
---------
10. CREDITORS: amounts falling due after more than one year
2023
2022
£
£
Other creditors
18,891
--------
----
11. DEFERRED TAX
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions for liabilities
14,095
5,800
--------
-------
12. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
455
455
455
455
----
----
----
----
13. RESERVES
Capital redemption reserve - This reserve records the nominal value of shares repurchased by the company. Profit and loss account - This reserve records retained earnings and accumulated losses.
14. OPERATING LEASES
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
55,000
55,000
Later than 1 year and not later than 5 years
206,250
220,000
Later than 5 years
27,500
---------
---------
261,250
302,500
---------
---------
15. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
The company was under the control of Mr M Ross Smyth throughout the current and previous year. Mr Smyth is the managing director and beneficial owner. During the year, Mr Smyth was paid dividends of £40,089 (2022 - £75,900).