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Registration number: 07945776

Smart Paving Professionals Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2023

 

Smart Paving Professionals Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Smart Paving Professionals Ltd

Company Information

Director

Mr B Krasniqi

Registered office

Unit 1, Office 1
Tower Lane Business Park
Tower Lane
Warmley
Bristol
BS30 8XT

Accountants

Ross & Partners (Bristol) Limited
Accountants and Tax Consultants
Unit 1, Office 1
Tower Lane Business Park
Tower Lane
Warmley
Bristol
BS30 8XT

 

Smart Paving Professionals Ltd

(Registration number: 07945776)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

29,208

38,319

Current assets

 

Stocks

5

6,792

7,418

Debtors

6

35,233

21,774

Cash at bank and in hand

 

41,894

15,269

 

83,919

44,461

Creditors: Amounts falling due within one year

7

(37,084)

(18,579)

Net current assets

 

46,835

25,882

Total assets less current liabilities

 

76,043

64,201

Creditors: Amounts falling due after more than one year

7

(36,856)

(49,359)

Provisions for liabilities

(5,574)

(7,281)

Net assets

 

33,613

7,561

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

33,611

7,559

Shareholders' funds

 

33,613

7,561

For the financial year ending 28 February 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Smart Paving Professionals Ltd

(Registration number: 07945776)
Balance Sheet as at 28 February 2023

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 8 November 2023
 

.........................................
Mr B Krasniqi
Director

 

Smart Paving Professionals Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

 

Smart Paving Professionals Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% Reducing Balance

Fixtures and fittings

25% Reducing Balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Smart Paving Professionals Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

2

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 3).

 

Smart Paving Professionals Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

3

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

9,744

12,773

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 March 2022

2,923

43,979

21,396

68,298

Additions

-

-

805

805

Disposals

-

-

(229)

(229)

At 28 February 2023

2,923

43,979

21,972

68,874

Depreciation

At 1 March 2022

1,562

16,631

11,786

29,979

Charge for the year

341

6,838

2,565

9,744

Eliminated on disposal

-

-

(57)

(57)

At 28 February 2023

1,903

23,469

14,294

39,666

Carrying amount

At 28 February 2023

1,020

20,510

7,678

29,208

At 28 February 2022

1,361

27,348

9,610

38,319

5

Stocks

2023
£

2022
£

Work in progress

4,792

6,418

Other inventories

2,000

1,000

6,792

7,418

 

Smart Paving Professionals Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

6

Debtors

Current

2023
£

2022
£

Trade debtors

16,015

2,053

Prepayments

1,073

988

Other debtors

18,145

18,733

 

35,233

21,774

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

9

12,509

12,015

Trade creditors

 

60

504

Taxation and social security

 

4,465

2,593

Accruals and deferred income

 

1,827

1,692

Other creditors

 

18,223

1,775

 

37,084

18,579

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

         
 

Smart Paving Professionals Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

20,706

28,700

Hire purchase contracts

16,150

20,659

36,856

49,359

2023
£

2022
£

Current loans and borrowings

Bank borrowings

8,000

7,506

Hire purchase contracts

4,509

4,509

12,509

12,015

10

Related party transactions

Loans to related parties

2023

Key management
£

Total
£

At start of period

12,542

12,542

Advanced

1,101

1,101

Repaid

(3,656)

(3,656)

At end of period

9,987

9,987

2022

Key management
£

Total
£

At start of period

12,609

12,609

Advanced

4,206

4,206

Repaid

(4,273)

(4,273)

At end of period

12,542

12,542