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COMPANY REGISTRATION NUMBER: SC498286
SM Engineering Limited
Filleted Unaudited Financial Statements
For the year ended
28 February 2023
SM Engineering Limited
Statement of Financial Position
28 February 2023
2023
2022
Note
£
£
Current assets
Debtors
5
56,011
33,472
Cash at bank and in hand
322,573
280,721
---------
---------
378,584
314,193
Creditors: amounts falling due within one year
6
52,229
55,622
---------
---------
Net current assets
326,355
258,571
---------
---------
Total assets less current liabilities
326,355
258,571
---------
---------
Net assets
326,355
258,571
---------
---------
Capital and reserves
Called up share capital
130
130
Profit and loss account
326,225
258,441
---------
---------
Shareholders funds
326,355
258,571
---------
---------
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 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 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 18 November 2023 , and are signed on behalf of the board by:
S Millar
Director
Company registration number: SC498286
SM Engineering Limited
Notes to the Financial Statements
Year ended 28 February 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 33 Kittoch Street, East Kilbride, G74 4JW.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income 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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Debtors
2023
2022
£
£
Trade debtors
53,321
30,696
Other debtors
2,690
2,776
--------
--------
56,011
33,472
--------
--------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
27,516
21,006
Social security and other taxes
6,379
12,383
Other creditors
18,334
22,233
--------
--------
52,229
55,622
--------
--------
7. Related party transactions
Control:- The company was under the control of S Millar throughout the period under review. S Millar is the sole director and together with members of his close family controls the entire share capital of the company. Transactions:- No transactions with related parties were undertaken such as are required to be disclosed under Section 1A of FRS 102.