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SMART MODULAR LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023






SMART MODULAR LTD (REGISTERED NUMBER: 12582284)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SMART MODULAR LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2023







DIRECTOR: S C Davison





REGISTERED OFFICE: 23 Harecroft Road
Otley
LS21 2BG





REGISTERED NUMBER: 12582284 (England and Wales)





ACCOUNTANTS: Wilkinson and Partners
Chartered Accountants
Fairfax House
6a Mill Field Road
Cottingley Business Park
Bradford
West Yorkshire
BD16 1PY

SMART MODULAR LTD (REGISTERED NUMBER: 12582284)

BALANCE SHEET
31 MAY 2023

31.5.23 31.5.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 18,945 7,271

CURRENT ASSETS
Stocks 8,793 24,606
Debtors 6 68,689 69,468
Cash at bank 326,268 334,928
403,750 429,002
CREDITORS
Amounts falling due within one year 7 225,229 320,041
NET CURRENT ASSETS 178,521 108,961
TOTAL ASSETS LESS CURRENT LIABILITIES 197,466 116,232

CREDITORS
Amounts falling due after more than one
year

8

(5,000

)

-

PROVISIONS FOR LIABILITIES 9 (3,749 ) (1,381 )
NET ASSETS 188,717 114,851

CAPITAL AND RESERVES
Called up share capital 10 1 1
Retained earnings 188,716 114,850
SHAREHOLDERS' FUNDS 188,717 114,851

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

SMART MODULAR LTD (REGISTERED NUMBER: 12582284)

BALANCE SHEET - continued
31 MAY 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 30 November 2023 and were signed by:





S C Davison - Director


SMART MODULAR LTD (REGISTERED NUMBER: 12582284)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023


1. STATUTORY INFORMATION

Smart Modular Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Government grants
Government grants relating to tangible fixed assets are treated as deferred income and released to the Statement of Income and Retained Earnings over the estimated expected useful life of the asset concerned.

Other grants are credited to the Statement of Income and Retained Earnings either when received or, if appropriate, on a performance basis when the relevant expenditure is incurred or any specific qualifying obligations completed.

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.


SMART MODULAR LTD (REGISTERED NUMBER: 12582284)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


3. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 4 ) .

5. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 June 2022 7,359 1,800 1,778 10,937
Additions 333 14,583 - 14,916
At 31 May 2023 7,692 16,383 1,778 25,853
DEPRECIATION
At 1 June 2022 2,480 - 1,186 3,666
Charge for year 1,289 1,361 592 3,242
At 31 May 2023 3,769 1,361 1,778 6,908
NET BOOK VALUE
At 31 May 2023 3,923 15,022 - 18,945
At 31 May 2022 4,879 1,800 592 7,271

SMART MODULAR LTD (REGISTERED NUMBER: 12582284)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


5. TANGIBLE FIXED ASSETS - continued

The net book value of tangible fixed assets includes £ 13,672 in respect of assets held under hire purchase contracts.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Trade debtors 68,560 69,468
Other debtors 129 -
68,689 69,468

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Hire purchase contracts 6,000 -
Trade creditors 75,332 134,207
Tax 23,634 -
Social security and other taxes 1,705 1,549
VAT 44,963 49,136
Other creditors 13,519 22,504
Customer deposits - 11,708
Directors' current accounts 1,554 39,411
Accruals and deferred income 58,522 61,526
225,229 320,041

Loans from directors are interest free and repayable on demand.

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.5.23 31.5.22
£    £   
Hire purchase contracts 5,000 -

9. PROVISIONS FOR LIABILITIES
31.5.23 31.5.22
£    £   
Deferred tax 3,749 1,381

Deferred
tax
£   
Balance at 1 June 2022 1,381
Accelerated capital allowances 2,368
Balance at 31 May 2023 3,749

The entire provision for deferred tax relates to accelerated capital allowances.

SMART MODULAR LTD (REGISTERED NUMBER: 12582284)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023


10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.5.23 31.5.22
value: £    £   
1 Ordinary 1 1 1