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REGISTERED NUMBER: 07210416 (England and Wales)















Report of the Directors and

Unaudited Financial Statements for the Year Ended 31 March 2023

for

Smithfield & Associates Limited

Smithfield & Associates Limited (Registered number: 07210416)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Report of the Directors 2

Income Statement 3

Balance Sheet 4

Notes to the Financial Statements 6


Smithfield & Associates Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: Ms P Sutton
Ms D E Gray-Smith
A Shoefield





REGISTERED OFFICE: 22 St James's Walk
London
EC1R 0AP





REGISTERED NUMBER: 07210416 (England and Wales)





ACCOUNTANTS: WR Accountants
Bank Chambers
31 The Square
Cumnock
Ayrshire
KA18 1AT

Smithfield & Associates Limited (Registered number: 07210416)

Report of the Directors
for the Year Ended 31 March 2023

The directors present their report with the financial statements of the company for the year ended 31 March 2023.

PRINCIPAL ACTIVITY
The principal activity of the company continued to be that of providing advertising services

REVIEW OF BUSINESS
The results for the year are set out in the Profit and Loss Account on page 3.

The Operating profit as set out on page 3 includes an exceptional bad debt of £334,321 relating to a former client of the business, ME Legaltech Limited, that was placed in liquidation on 4 April 2023.

The table below shows the underlying profit of the business for the year when this bad debt is excluded. It indicates that the underlying OPERATING PROFIT has grown by 47% in the year.



Year to Year to
31.3.23 31.3.22
£ £
OPERATING PROFIT as set out in page 3 86,158 285,391

Exclude: Exceptional bad debt

334,321


0
Underlying Operating Profit before taxation 420,479 285,391



DIVIDENDS
No interim dividends were paid, and no final dividend is proposed for the year.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2022 to the date of this report.

Ms P Sutton
Ms D E Gray-Smith
A Shoefield

ON BEHALF OF THE BOARD:





A Shoefield - Director


6 February 2024

Smithfield & Associates Limited (Registered number: 07210416)

Income Statement
for the Year Ended 31 March 2023

31.3.23 31.3.22
Notes £    £   

TURNOVER 7,327,225 4,307,081

Cost of sales 5,032,940 2,404,976
GROSS PROFIT 2,294,285 1,902,105

Administrative expenses 2,241,259 1,669,956
53,026 232,149

Other operating income 33,132 53,242
OPERATING PROFIT 4 86,158 285,391


Interest payable and similar expenses 24,110 2,124
PROFIT BEFORE TAXATION 62,048 283,267

Tax on profit 18,596 50,325
PROFIT FOR THE FINANCIAL YEAR 43,452 232,942

Smithfield & Associates Limited (Registered number: 07210416)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 51,524 57,144

CURRENT ASSETS
Stocks 355,890 -
Debtors 6 1,998,516 1,158,297
Prepayments and accrued income 548,761 864,765
Cash at bank and in hand 415,049 242,185
3,318,216 2,265,247
CREDITORS
Amounts falling due within one year 7 2,570,845 1,502,500
NET CURRENT ASSETS 747,371 762,747
TOTAL ASSETS LESS CURRENT
LIABILITIES

798,895

819,891

CREDITORS
Amounts falling due after more than one
year

8

(105,606

)

(173,901

)

PROVISIONS FOR LIABILITIES (9,179 ) (5,332 )
NET ASSETS 684,110 640,658

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 684,010 640,558
684,110 640,658

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

Smithfield & Associates Limited (Registered number: 07210416)

Balance Sheet - continued
31 March 2023


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

The financial statements were approved by the Board of Directors and authorised for issue on 6 February 2024 and were signed on its behalf by:





A Shoefield - Director


Smithfield & Associates Limited (Registered number: 07210416)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Smithfield & Associates Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 comprises the gross amounts billed to clients for media campaigns together with commission received and other fees earned on assignments for clients.

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

Where cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of future receipts The difference between the fair value.of the consideration and the nominal amount received is recognised as interest income.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Leasehold property improvements Over the life of the asset
Computers Over five years straight line
Motor vehiclesOver five years straight line
Office equipmentOver five years straight line

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 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.


Smithfield & Associates Limited (Registered number: 07210416)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. 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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2022 - 20 ) .

4. OPERATING PROFIT

31.3.2331.3.22
£ £
Depreciation - owned assets23,68427,507
Exceptional Item- Bad debt334,3210

Exceptional Item
The accounts for the year ended 31 March 2023 include an exceptional bad debt of £334,321 relating to a former client of the business, ME Legaltech Limited, that was placed in liquidation on 4 April 2023.

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 April 2022 24,495 120,044 144,539
Additions - 18,064 18,064
At 31 March 2023 24,495 138,108 162,603
DEPRECIATION
At 1 April 2022 24,495 62,900 87,395
Charge for year - 23,684 23,684
At 31 March 2023 24,495 86,584 111,079
NET BOOK VALUE
At 31 March 2023 - 51,524 51,524
At 31 March 2022 - 57,144 57,144

Smithfield & Associates Limited (Registered number: 07210416)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 914,591 282,989
Other debtors 1,083,925 875,308
1,998,516 1,158,297

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans and overdrafts 65,227 38,049
Trade creditors 1,217,489 459,921
Taxation and social security 496,285 540,167
Other creditors 791,844 464,363
2,570,845 1,502,500

Other creditors include amounts due to directors as set out in note 9 to these accounts.

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.23 31.3.22
£    £   
Bank loans 105,606 173,901

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included in Other creditors are amounts totalling £18,316 (2022 Other debtors £18,154 and Other creditors £13,274) due to Directors.