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Company registration number: 07579755
(England and Wales)
SMS (Colchester) Limited
Filleted financial statements
for the year ended
31 August 2023
SMS (Colchester) Limited
Contents
Directors and other information
Directors responsibilities statement
Statement of financial position
Notes to the financial statements
SMS (Colchester) Limited
Directors and other information
Directors Mr A Hildred (Resigned 23 December 2022)
Mrs E Bevan
Company number 07579755
Registered office 91 Lexden Road
Colchester
Essex
CO3 3RB
Business address 91 Lexden Road
Colchester
Essex
CO3 3RB
Auditor Griffin Chapman
4 & 5 The Cedars
Apex 12
Old Ipswich Road
Colchester
CO7 7QR
SMS (Colchester) Limited
Directors responsibilities statement
Year ended 31 August 2023
The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
SMS (Colchester) Limited
Statement of financial position
31 August 2023
2023 2022
Note £ £ £ £
Current assets
Stocks 7,384 51,377
Debtors 4 536 406
Cash at bank and in hand 17,368 302
_______ _______
25,288 52,085
Creditors: amounts falling due
within one year 5 ( 25,287) ( 54,987)
_______ _______
Net current assets/(liabilities) 1 ( 2,902)
_______ _______
Total assets less current liabilities 1 ( 2,902)
_______ _______
Net assets/(liabilities) 1 ( 2,902)
_______ _______
Capital and reserves
Called up share capital 1 1
Profit and loss account - ( 2,903)
_______ _______
Shareholders funds/(deficit) 1 ( 2,902)
_______ _______
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.
These financial statements were approved by the board of directors and authorised for issue on 08 February 2024 , and are signed on behalf of the board by:
Mrs E Bevan
Director
Company registration number: 07579755
SMS (Colchester) Limited
Notes to the financial statements
Year ended 31 August 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 St Marys School, 91 Lexden Road, Colchester, Essex, CO3 3RB.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
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.
Going concern
At the time of approving the financial statement, the directors do not believe that the company can prepare its accounts on a going concern basis. The company has ceased trading and will liquidate within 12 months following approval of these financial statements. Thus the directors cannot continue to adopt the going concern basis of accounting in preparing the financial statements so have therefore used the break-up basis of accounting.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Debtors
2023 2022
£ £
Trade debtors 536 315
Other debtors - 91
_______ _______
536 406
_______ _______
5. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 3,976 1,113
Other creditors 21,311 53,874
_______ _______
25,287 54,987
_______ _______
6. Summary audit opinion
The auditor's report for the year dated 22 February 2024 was unqualified.
The senior statutory auditor was Daniel Aldworth for and on behalf of Griffin Chapman
7. Related party transactions
During the year the subsidiary entered into transactions with its parent company. During the year management service charges were invoiced to the subsidiary from the parent to the value of £ 92 (2022 - £ 4,060 ). During the year the subsidiary made a donation of £0 (2022 - £7,434) to the parent. During the year the parent wrote off part of a loan to the subsidiary to the value of £ 40,604 (2022 - £0).
8. Controlling party
The company is controlled by St Mary's School (Colchester) Limited who own 100% of the issued share capital. Group consolidated financial statements are available from Companies House