Company registration number 12118885 (England and Wales)
SLMTT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH REGISTRAR
SLMTT LIMITED
CONTENTS
Page
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
SLMTT LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SLMTT LIMITED FOR THE YEAR ENDED 31 JULY 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of SLMTT Limited for the year ended 31 July 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of SLMTT Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of SLMTT Limited and state those matters that we have agreed to state to the board of directors of SLMTT Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than SLMTT Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that SLMTT Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of SLMTT Limited. You consider that SLMTT Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of SLMTT Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Carpenter Box
30 March 2024
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
SLMTT LIMITED
BALANCE SHEET
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2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
6,000
12,000
Tangible assets
4
3,023
2,637
Investments
5
143,552
148,485
152,575
163,122
Current assets
Debtors
6
40,935
55,631
Cash at bank and in hand
131,058
188,683
171,993
244,314
Creditors: amounts falling due within one year
7
(256,787)
(88,796)
Net current (liabilities)/assets
(84,794)
155,518
Total assets less current liabilities
67,781
318,640
Provisions for liabilities
(800)
(500)
Net assets
66,981
318,140
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
66,881
318,040
Total equity
66,981
318,140
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
SLMTT LIMITED
BALANCE SHEET (CONTINUED)
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The financial statements were approved and signed by the director and authorised for issue on 30 March 2024
Miss T L Tossell
Director
Company registration number 12118885 (England and Wales)
SLMTT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
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1
Accounting policies
Company information
SLMTT Limited is a private company limited by shares incorporated in England and Wales. The registered office is Amelia House, Crescent Road, Worthing, West Sussex, BN11 1RL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that thetrue company has adequate resources to continue in operational existence for the foreseeable future.
The directors have considered relevant information, including the company’s principal risks and uncertainties, the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment.
There was a net deficiency of current assets of £84,794 at the balance sheet date, however the directors have confirmed continued support and consider the company retains sufficient working capital to continue for the foreseeable future. Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and they can continue to adopt the going concern basis in preparing the annual reports and financial statements.
1.3
Turnover
Turnover represents amounts receivable for the rendering of services.
1.4
Intangible fixed assets - goodwill
Goodwill is written off over 5 years which is estimated to be the useful economic life as considered appropriate by the directors.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computer equipment
33.33% per annum on a straight line basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
SLMTT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 5 -
1.6
Fixed asset investments
Interests in unlisted investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in profit or loss. Transaction costs are expensed to profit or loss as incurred.
1.7
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.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
SLMTT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 6 -
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.12
Retirement benefits
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2022 - 1).
3
Intangible fixed assets
Goodwill
£
Cost
At 1 August 2022 and 31 July 2023
30,000
Amortisation and impairment
At 1 August 2022
18,000
Amortisation charged for the year
6,000
At 31 July 2023
24,000
Carrying amount
At 31 July 2023
6,000
At 31 July 2022
12,000
SLMTT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 7 -
4
Tangible fixed assets
Computer equipment
£
Cost
At 1 August 2022
6,644
Additions
1,163
At 31 July 2023
7,807
Depreciation and impairment
At 1 August 2022
4,007
Depreciation charged in the year
777
At 31 July 2023
4,784
Carrying amount
At 31 July 2023
3,023
At 31 July 2022
2,637
5
Fixed asset investments
2023
2022
£
£
Other investments other than loans
143,552
148,485
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 August 2022
148,485
Fees and charges
(3,804)
Disposals
(1,129)
At 31 July 2023
143,552
Carrying amount
At 31 July 2023
143,552
At 31 July 2022
148,485
SLMTT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 8 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
33,336
55,631
Other debtors
7,599
40,935
55,631
7
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
238,736
Taxation and social security
14,239
35,518
Other creditors
3,812
53,278
256,787
88,796
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100