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COMPANY REGISTRATION NUMBER: 03902896
Peter J Smith Limited
Filleted Unaudited Financial Statements
31 March 2023
Peter J Smith Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Current Assets
Debtors
6
19,138
21,755
Cash at bank and in hand
569
451
--------
--------
19,707
22,206
Creditors: amounts falling due within one year
7
19,536
20,373
--------
--------
Net Current Assets
171
1,833
----
-------
Total Assets Less Current Liabilities
171
1,833
----
-------
Net Assets
171
1,833
----
-------
Capital and Reserves
Called up share capital
2
2
Profit and loss account
169
1,831
----
-------
Shareholders Funds
171
1,833
----
-------
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 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their 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 9 January 2024 , and are signed on behalf of the board by:
Mr P Smith
Director
Company registration number: 03902896
Peter J Smith Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. General Information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Old Mill, 9 Soar Lane, Leicester, LE3 5DE.
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
(a) 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.
(b) Revenue Recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
(c) 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.
(d) Tangible Assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
(e) Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
25% straight line
4. Employee Numbers
The average number of persons employed by the company during the year amounted to Nil (2022: 1 ).
5. Tangible Assets
Equipment
Total
£
£
Cost
At 1 April 2022 and 31 March 2023
1,315
1,315
-------
-------
Depreciation
At 1 April 2022 and 31 March 2023
1,315
1,315
-------
-------
Carrying amount
At 31 March 2023
-------
-------
At 31 March 2022
-------
-------
6. Debtors
2023
2022
£
£
Trade debtors
541
1,361
Other debtors
18,597
20,394
--------
--------
19,138
21,755
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
2,344
2,606
Corporation tax
15,942
16,517
Other creditors
1,250
1,250
--------
--------
19,536
20,373
--------
--------
8. Directors' Advances, Credits and Guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr P Smith
8,691
5,337
( 6,225)
7,803
Mrs E Smith
8,691
5,338
( 6,225)
7,804
--------
--------
--------
--------
17,382
10,675
( 12,450)
15,607
--------
--------
--------
--------
2022
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr P Smith
6,866
6,575
( 4,750)
8,691
Mrs E Smith
6,866
6,575
( 4,750)
8,691
--------
--------
-------
--------
13,732
13,150
( 9,500)
17,382
--------
--------
-------
--------