Registered number
10605564
MR SMITH ENTERTAINMENT LTD
Filleted Accounts
31 March 2023
SAUNDERS & RICHARD LTD
Chartered Certified Accountants
187 WOODHOUSE ROAD
NORTH FINCHLEY
LONDON
N12 9AY
14575A-6
MR SMITH ENTERTAINMENT LTD
Registered number: 10605564
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 4,350 6,651
Current assets
Work in Progress 24,700 -
Debtors 4 - 38,765
Cash at bank and in hand 9,374 21,957
34,074 60,722
Creditors: amounts falling due within one year 5 (21,400) (30,950)
Net current assets 12,674 29,772
Total assets less current liabilities 17,024 36,423
Creditors: amounts falling due after more than one year 6 (16,667) (21,276)
Provisions for liabilities (827) (1,264)
Net (liabilities)/assets (470) 13,883
Capital and reserves
Called up share capital 2 2
Profit and loss account (472) 13,881
Shareholders' funds (470) 13,883
The director is 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 director acknowledges his 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. K R Smith
Director
Approved by the board on 3 November 2023
MR SMITH ENTERTAINMENT LTD
Notes to the Accounts
for the year ended 31 March 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 received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
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 evenly over its expected useful life, as follows:
Office 25% p.a on straight line basis
Fixtures, fittings and equipment 25% p.a on straight line basis
Stocks & Work in Progress
Stocks and Work in Progress 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 and Work in Progress 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, 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.
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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Office Fixtures, Fittings & Equipment Total
£ £ £
Cost
At 1 April 2022 29,873 16,293 46,166
Additions - 4,055 4,055
At 31 March 2023 29,873 20,348 50,221
Depreciation
At 1 April 2022 25,645 13,870 39,515
Charge for the year 4,101 2,255 6,356
At 31 March 2023 29,746 16,125 45,871
Net book value
At 31 March 2023 127 4,223 4,350
At 31 March 2022 4,228 2,423 6,651
4 Debtors 2023 2022
£ £
Trade debtors - 38,765
5 Creditors: amounts falling due within one year 2023 2022
£ £
Taxation and social security costs 17,054 26,607
Other creditors 4,346 4,343
21,400 30,950
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 16,667 21,276
7 Controlling party
The company is controlled by K R Smith and N Jakubiel by virtue of having ownership of 100% of the issued ordinary share capital in the company.
8 Other information
MR SMITH ENTERTAINMENT LTD is a private company limited by shares and incorporated in England. Its registered office is:
153 High Street South
Northchurch
Berkhamsted
HP4 3QT
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