Company No:
Contents
Note | 2023 | 2022 | ||
£ | £ | |||
Restated - note 2 | ||||
Fixed assets | ||||
Tangible assets | 5 |
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267,963 | 318,815 | |||
Current assets | ||||
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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1,028,526 | 1,125,581 | |||
Creditors: amounts falling due within one year | 7 | (
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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 | (
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Provision for liabilities | 9 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 10 |
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Profit and loss account |
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Total shareholder's funds |
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Directors' responsibilities:
The financial statements of Smart Ideas Limited (registered number:
William Brian Smart
Director |
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.
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 £.
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.
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 is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Goodwill | not amortised |
Vehicles |
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Fixtures and fittings | 15 -
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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.
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.
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.
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 |
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Goodwill | Total | ||
£ | £ | ||
Cost | |||
At 01 June 2022 |
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At 31 May 2023 |
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Accumulated amortisation | |||
At 01 June 2022 |
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At 31 May 2023 |
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Net book value | |||
At 31 May 2023 |
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At 31 May 2022 |
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Vehicles | Fixtures and fittings | Total | |||
£ | £ | £ | |||
Cost | |||||
At 01 June 2022 |
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Additions |
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Disposals |
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At 31 May 2023 |
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Accumulated depreciation | |||||
At 01 June 2022 |
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Charge for the financial year |
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Disposals |
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At 31 May 2023 |
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Net book value | |||||
At 31 May 2023 |
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At 31 May 2022 |
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2023 | 2022 | ||
£ | £ | ||
Amounts owed by directors |
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Prepayments |
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2023 | 2022 | ||
£ | £ | ||
Bank loans |
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Trade creditors |
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Amounts owed to Group undertakings |
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Accruals |
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Taxation and social security |
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Obligations under finance leases and hire purchase contracts |
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2023 | 2022 | ||
£ | £ | ||
Bank loans |
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2023 | 2022 | ||
£ | £ | ||
At the beginning of financial year | (
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(Charged)/credited to the Statement of Income and Retained Earnings | (
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At the end of financial year | (
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2023 | 2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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200 | 200 |
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