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REGISTERED NUMBER: SC354593 (Scotland)















Unaudited Financial Statements For The Year Ended 28 February 2023

for

Smokin Ideas Ltd

Smokin Ideas Ltd (Registered number: SC354593)






Contents of the Financial Statements
For The Year Ended 28 February 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Smokin Ideas Ltd

Company Information
For The Year Ended 28 February 2023







DIRECTORS: M Ali
C Ali





SECRETARY: C Ali





REGISTERED OFFICE: 153 Gallowgate
Glasgow
G1 5AX





REGISTERED NUMBER: SC354593 (Scotland)





ACCOUNTANTS: Ahmad & Nabi Mcmullan
95-107 Lancefield Street
Glasgow
Lanarkshire
G3 8HZ

Smokin Ideas Ltd (Registered number: SC354593)

Balance Sheet
28 February 2023

28.2.23 28.2.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 35,688 35,688
Tangible assets 5 18,087 2,117
53,775 37,805

CURRENT ASSETS
Stocks 6 75,500 125,000
Cash at bank and in hand 257,517 228,607
333,017 353,607
CREDITORS
Amounts falling due within one year 7 291,062 244,448
NET CURRENT ASSETS 41,955 109,159
TOTAL ASSETS LESS CURRENT
LIABILITIES

95,730

146,964

CREDITORS
Amounts falling due after more than one
year

8

-

50,000
NET ASSETS 95,730 96,964

CAPITAL AND RESERVES
Called up share capital 9 1,000 1,000
Retained earnings 10 94,730 95,964
SHAREHOLDERS' FUNDS 95,730 96,964

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Smokin Ideas Ltd (Registered number: SC354593)

Balance Sheet - continued
28 February 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 October 2023 and were signed on its behalf by:





M Ali - Director


Smokin Ideas Ltd (Registered number: SC354593)

Notes to the Financial Statements
For The Year Ended 28 February 2023

1. STATUTORY INFORMATION

Smokin Ideas Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its estimated useful life of nil years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Smokin Ideas Ltd (Registered number: SC354593)

Notes to the Financial Statements - continued
For The Year Ended 28 February 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 5 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 March 2022
and 28 February 2023 35,688
NET BOOK VALUE
At 28 February 2023 35,688
At 28 February 2022 35,688

5. TANGIBLE FIXED ASSETS
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 March 2022 17,061 6,755 23,816
Additions - 22,000 22,000
At 28 February 2023 17,061 28,755 45,816
DEPRECIATION
At 1 March 2022 15,115 6,584 21,699
Charge for year 487 5,543 6,030
At 28 February 2023 15,602 12,127 27,729
NET BOOK VALUE
At 28 February 2023 1,459 16,628 18,087
At 28 February 2022 1,946 171 2,117

6. STOCKS
28.2.23 28.2.22
£    £   
Stocks 75,500 125,000

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Trade creditors 30,021 26,028
Tax 10,375 19,534
PAYE 896 848
Pension - 76
VAT 12,840 5,110
Directors' loan accounts 232,474 189,872
Accrued expenses 4,456 2,980
291,062 244,448

Smokin Ideas Ltd (Registered number: SC354593)

Notes to the Financial Statements - continued
For The Year Ended 28 February 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
28.2.23 28.2.22
£    £   
BB Bank loans - 50,000

9. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 28.2.23 28.2.22
value: £    £   
1,000 Ordinary 1 1,000 1,000

10. RESERVES
Retained
earnings
£   

At 1 March 2022 95,964
Profit for the year 42,766
Dividends (44,000 )
At 28 February 2023 94,730