Silverfin false 31/05/2023 01/06/2022 31/05/2023 Ann Elizabeth Smart William Brian Smart Jonathan Brian Smart 13/06/2016 14 February 2024 The principal of activity of the company is that of a retail store selling specialised goods. 02220526 2023-05-31 02220526 bus:Director3 2023-05-31 02220526 2022-05-31 02220526 core:CurrentFinancialInstruments 2023-05-31 02220526 core:CurrentFinancialInstruments 2022-05-31 02220526 core:Non-currentFinancialInstruments 2023-05-31 02220526 core:Non-currentFinancialInstruments 2022-05-31 02220526 core:ShareCapital 2023-05-31 02220526 core:ShareCapital 2022-05-31 02220526 core:RetainedEarningsAccumulatedLosses 2023-05-31 02220526 core:RetainedEarningsAccumulatedLosses 2022-05-31 02220526 core:Goodwill 2022-05-31 02220526 core:Goodwill 2023-05-31 02220526 core:Vehicles 2022-05-31 02220526 core:FurnitureFittings 2022-05-31 02220526 core:Vehicles 2023-05-31 02220526 core:FurnitureFittings 2023-05-31 02220526 2021-05-31 02220526 bus:OrdinaryShareClass1 2023-05-31 02220526 bus:OrdinaryShareClass2 2023-05-31 02220526 bus:OrdinaryShareClass3 2023-05-31 02220526 2022-06-01 2023-05-31 02220526 bus:FullAccounts 2022-06-01 2023-05-31 02220526 bus:SmallEntities 2022-06-01 2023-05-31 02220526 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 02220526 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 02220526 bus:Director1 2022-06-01 2023-05-31 02220526 bus:Director2 2022-06-01 2023-05-31 02220526 bus:Director3 2022-06-01 2023-05-31 02220526 core:Vehicles 2022-06-01 2023-05-31 02220526 core:FurnitureFittings 2022-06-01 2023-05-31 02220526 2021-06-01 2022-05-31 02220526 core:Non-currentFinancialInstruments 2022-06-01 2023-05-31 02220526 bus:OrdinaryShareClass1 2022-06-01 2023-05-31 02220526 bus:OrdinaryShareClass1 2021-06-01 2022-05-31 02220526 bus:OrdinaryShareClass2 2022-06-01 2023-05-31 02220526 bus:OrdinaryShareClass2 2021-06-01 2022-05-31 02220526 bus:OrdinaryShareClass3 2022-06-01 2023-05-31 02220526 bus:OrdinaryShareClass3 2021-06-01 2022-05-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 02220526 (England and Wales)

SMART IDEAS LIMITED

Unaudited Financial Statements
For the financial year ended 31 May 2023
Pages for filing with the registrar

SMART IDEAS LIMITED

Unaudited Financial Statements

For the financial year ended 31 May 2023

Contents

SMART IDEAS LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 May 2023
SMART IDEAS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 May 2023
Note 2023 2022
£ £
Restated - note 2
Fixed assets
Tangible assets 5 267,963 318,815
267,963 318,815
Current assets
Stocks 738,453 788,967
Debtors 6 127,115 191,393
Cash at bank and in hand 162,958 145,221
1,028,526 1,125,581
Creditors: amounts falling due within one year 7 ( 533,169) ( 642,927)
Net current assets 495,357 482,654
Total assets less current liabilities 763,320 801,469
Creditors: amounts falling due after more than one year 8 ( 95,834) ( 195,833)
Provision for liabilities 9 ( 61,949) ( 55,740)
Net assets 605,537 549,896
Capital and reserves
Called-up share capital 10 200 200
Profit and loss account 605,337 549,696
Total shareholder's funds 605,537 549,896

For the financial year ending 31 May 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Smart Ideas Limited (registered number: 02220526) were approved and authorised for issue by the Director on 14 February 2024. They were signed on its behalf by:

William Brian Smart
Director
SMART IDEAS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2023
SMART IDEAS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Smart Ideas Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 4-6 De Salis Drive, Hampton Lovett, Droitwich, WR9 0QE, Worcestershire, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Prior year error

In the year ended 31/05/2022, Goodwill which has been fully amortized wasn't posted in the accounts. The prior year financial statements have been restated to include goodwill in the accounts. There was no impact on the profit or loss of the company because of this restatement.

In the year ended 31/05/2022, motor vehicle cost and depreciation were misstated due to an undervaluation of a vehicle and disposals weren't recognised as disposed. The prior year financial statements have been restated to include this reduce in cost and depreciation. There was an impact of £858 to the profit and loss.

In the year ended 31/05/2022, Fixtures and fittings cost and depreciation was misstated due to disposals not being recognised as being disposed. The prior year financial statements have been restated to include this decrease in cost and depreciation. There was no impact on the profit or loss of the company because of this restatement.

In the year ended 31/05/2022, Investments were categorised incorrectly, this should’ve been posted as an dividends paid so therefore this has been restated to be included in debtors. The prior year financial statements have been restated to include this adjustment in the accounts. There was no impact on the profit or loss of the company because of this restatement.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill not amortised
Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Vehicles 25 % reducing balance
Fixtures and fittings 15 - 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

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, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Prior year adjustment

Capital Items - Year ended 31st May 2022

Goodwill, which has been fully amortized wasn't reflected in the notes to the accounts. The prior year financial statements have been restated to include goodwill, But there was no impact on the profit or loss of the company because of this restatement.

Motor vehicle costs and associated depreciation were misstated due to non posting of a vehicle disposal. The prior year financial statements have been restated to include this adjustment in cost and depreciation. There was an impact of £858 to the profit and loss.

Fixtures and fittings cost and depreciation were misstated due to non posting of disposals. The prior year financial statements have been restated to include this decrease in cost and depreciation. There was no impact on the profit or loss of the company because of this restatement.

In the year ended 31/05/2022, the company was shown to be carrying an Investment. However, the company has not made any investments and therefore the prior year financial statements have been restated to remove the investment. The correct treatments of this has now been reflected by moving the amounts to dividends paid in the year.

A final dividend movement has been reflected to remove the incorrectly posted Directors Loan account. The company director did not have a balance on his loan at the end of the year.

As previously reported Adjustment As restated
Year ended 31 May 2022 £ £ £
Goodwill - Cost 0 500,000 500,000
Goodwill - Accumulated amortisation 0 (500,000) (500,000)
Vehicles - Cost 151,781 (91,582) 60,199
Vehicles - Accumulated depreciation (127,062) 92,411 (34,651)
Fixtures and fittings - Cost 2,004,032 77,828 2,081,860
Fixtures and fittings - Accumulated depreciation (1,710,794) (77,799) (1,788,593)
Investments 863,842 (863,842) 0
Dividends paid 286,400 913,842 1,200,242
Amounts owed by director 50,000 (50,000) 0

3. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 75 75

4. Intangible assets

Goodwill Total
£ £
Cost
At 01 June 2022 500,000 500,000
At 31 May 2023 500,000 500,000
Accumulated amortisation
At 01 June 2022 500,000 500,000
At 31 May 2023 500,000 500,000
Net book value
At 31 May 2023 0 0
At 31 May 2022 0 0

5. Tangible assets

Vehicles Fixtures and fittings Total
£ £ £
Cost
At 01 June 2022 60,199 2,081,860 2,142,059
Additions 0 8,328 8,328
Disposals 0 ( 106,682) ( 106,682)
At 31 May 2023 60,199 1,983,506 2,043,705
Accumulated depreciation
At 01 June 2022 34,651 1,788,593 1,823,244
Charge for the financial year 6,503 46,486 52,989
Disposals 0 ( 100,491) ( 100,491)
At 31 May 2023 41,154 1,734,588 1,775,742
Net book value
At 31 May 2023 19,045 248,918 267,963
At 31 May 2022 25,548 293,267 318,815

6. Debtors

2023 2022
£ £
Amounts owed by directors 0 10
Prepayments 127,115 191,383
127,115 191,393

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 50,000 0
Trade creditors 246,347 336,002
Amounts owed to Group undertakings 9,897 0
Accruals 60,553 140,675
Taxation and social security 163,076 151,369
Obligations under finance leases and hire purchase contracts 3,296 14,881
533,169 642,927

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 95,834 195,833

There are no amounts included above in respect of which any security has been given by the small entity.

9. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 55,740) ( 64,690)
(Charged)/credited to the Statement of Income and Retained Earnings ( 6,209) 8,950
At the end of financial year ( 61,949) ( 55,740)

10. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100
90 Ordinary A shares of £ 1.00 each 90 90
10 Ordinary C shares of £ 1.00 each 10 10
200 200

11. Related party transactions

Transactions with entities in which the entity itself has a participating interest

2023 2022
£ £
Amounts owed to group undertakings 9,897 0

During the year there were dividends voted to group companies of £259,898