Smith Grayson Limited Filleted Accounts Cover
Smith Grayson Limited
Company No. 05856659
Information for Filing with The Registrar
31 December 2022
Smith Grayson Limited Directors Report Registrar
The Directors present their report and the accounts for the period ended 31 December 2022.
Principal activities
The principal activity of the company during the period under review was the maintenance of gardens and landscape gardening.
Directors
The Directors who served at any time during the period were as follows:
Craig Sherwin
Juliette Sherwin
The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006.
Signed on behalf of the board
Juliette Sherwin
Director
29 September 2023
Smith Grayson Limited Balance Sheet Registrar
at
31 December 2022
Company No.
05856659
Notes
2022
2021
£
£
Fixed assets
Tangible assets
6
111,505132,667
111,505132,667
Current assets
Debtors
7
76,95760,007
Cash at bank and in hand
14,24120,148
91,19880,155
Creditors: Amount falling due within one year
8
(89,425)
(77,729)
Net current assets
1,7732,426
Total assets less current liabilities
113,278135,093
Creditors: Amounts falling due after more than one year
9
(37,756)
(60,806)
Provisions for liabilities
Deferred taxation
(15,500)
(15,000)
Net assets
60,02259,287
Capital and reserves
Called up share capital
100100
Profit and loss account
13
59,92259,187
Total equity
60,02259,287
These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.
For the period ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.
Approved by the board on 29 September 2023
And signed on its behalf by:
Juliette Sherwin
Director
29 September 2023
Smith Grayson Limited Notes to the Accounts Registrar
for the period ended 31 December 2022
1
General information
Its registered number is: 05856659
Its registered office is:
C17 Kestrel Business Centre
Colwick Industrial Estate
Nottingham
NG4 2JR
The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland (March 2018) and the Companies Act 2006.
Going concern
The financial statements have been prepared on the going concern basis. The directors are not aware of any material threats to the ability of the company to continue to trade for the foreseeable future.
2
Accounting policies
Turnover
Turnover represents the fair value of the consideration receivable in respect of services provided during the year. Where the outcome of a transaction can be estimated reliably, revenue associated with the transaction is recognised in the income statement by reference to the stage of completion at the year end.
Tangible fixed assets and depreciation
Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.
Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:
Plant and machinery
15% Reducing balance
Motor vehicles
15% Reducing balance
Furniture, fittings and equipment
25% Reducing balance
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.
Trade and other creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Leased assets
Where the company enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.

Leases which do not transfer substantially all the risks and rewards of ownership to the Company are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the Company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the Company's policy on borrowing costs (see the accounting policy above).

Assets held under finance leases are depreciated in the same way as owned assets.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term.

In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.
Defined contribution pensions
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations.
The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
Financial instruments
Financial assets
Basic financial assets, including trade and other receivables and cash and bank balances, are recognised and carried forward at transaction price. Financial assets are derecognised when:
(a) The contractual rights to the cash flows from the asset expire or are settled;
(b) Substantially all the risks and rewards of the ownership of the asset are transferred to another party; or
(c) Control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Financial liabilities
Basic financial liabilities, including trade and other payables, and loans from third parties are initially recognised and carried forward at transaction price.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
The company has only financial assets and financial liabilities of a kind that qualify as a basic financial instruments. Basic financial instruments are recognised initially at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest rate method.
Grants receivable
Grants from the government are recognised at their fair value when there is a reasonable assurance that the grant will be received and the company will comply with the relevant conditions.
Amounts receivable are recognised in the Profit and Loss account Grant accounting has been applied to the amount receivable under the Job Retention Scheme, the Small Business Support Scheme and the interest paid by the government in respect of the Business Bounce-Back Loan.
Provisions
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the balance sheet.
3
Change in length of the reporting period
The length of the reporting period has changed from 12 months to 31 August 2022 to 31 December 2022 making this period 16 months long. Therefore the comparatives are not comparable.
4
Employees
2022
2021
Number
Number
The average monthly number of employees (including directors) during the period:
99
5
Other operating income:
2022
2021
£
£
Small Business Support Grant
-
10,000
Bounce back loan interest
-
557
Coronavirus Job Retention Scheme grants
-
320
-
10,877
6
Tangible fixed assets
Plant and machinery
Motor vehicles
Fixtures, fittings and equipment
Total
£
£
£
£
Cost or revaluation
At 1 September 2021
146,87383,56522,425252,863
Additions
8,926-4,17713,103
Disposals
-
(12,740)
-
(12,740)
At 31 December 2022
155,79970,82526,602253,226
Depreciation
At 1 September 2021
80,19527,58612,415120,196
Charge for the year
14,40710,0554,10128,563
Disposals
-
(7,038)
-
(7,038)
At 31 December 2022
94,60230,60316,516141,721
Net book values
At 31 December 2022
61,19740,22210,086111,505
At 31 August 2021
66,678
55,979
10,010
132,667
7
Debtors
2022
2021
£
£
Trade debtors
58,11038,998
Other debtors
3,7504,490
Prepayments and accrued income
15,09716,519
76,95760,007
8
Creditors:
amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
10,0007,500
Other loans
5,25810,653
Obligations under finance lease and hire purchase contracts
7,1949,093
Trade creditors
26,85325,956
Taxes and social security
25,896
14,130
Loans from directors
7,1305,130
Other creditors
2331,152
Accruals and deferred income
6,8614,115
89,42577,729
9
Creditors:
amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
22,73435,593
Obligations under finance lease and hire purchase contracts
15,02225,213
37,75660,806
Liabilities repayable in more than five years after the balance sheet date
Hire purchase liabilities are secured against the assets financed.
10
Creditors: secured liabilities
2022
2021
£
£
The aggregate amount of secured liabilities included within creditors
22,21634,306
11
Related party transactions
The company rents premisses from the directors and rent was charged of £2,000 (2021 £2,000).
Balances owed to and from directors
2022
2021
£
£
Name of Director
Craig Sherwin
Amount from and (to) director
(3,565)
(2,565)
Name of Director
Juliette Sherwin
Amount from and (to) director
(3,565)
(2,565)
12
Share Capital
Share capital consists of 100 Ordinary shares of £1 each, which are fully paid up.
13
Reserves
Profit and loss account - includes all current and prior period retained profits and losses.
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