REGISTERED NUMBER: |
Report of the Directors and |
Unaudited Financial Statements for the Year Ended 31 March 2023 |
for |
Smithfield & Associates Limited |
REGISTERED NUMBER: |
Report of the Directors and |
Unaudited Financial Statements for the Year Ended 31 March 2023 |
for |
Smithfield & Associates Limited |
Smithfield & Associates Limited (Registered number: 07210416) |
Contents of the Financial Statements |
for the Year Ended 31 March 2023 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Income Statement | 3 |
Balance Sheet | 4 |
Notes to the Financial Statements | 6 |
Smithfield & Associates Limited |
Company Information |
for the Year Ended 31 March 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Bank Chambers |
31 The Square |
Cumnock |
Ayrshire |
KA18 1AT |
Smithfield & Associates Limited (Registered number: 07210416) |
Report of the Directors |
for the Year Ended 31 March 2023 |
The directors present their report with the financial statements of the company for the year ended 31 March 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the company continued to be that of providing advertising services |
REVIEW OF BUSINESS |
The results for the year are set out in the Profit and Loss Account on page 3. |
The Operating profit as set out on page 3 includes an exceptional bad debt of £334,321 relating to a former client of the business, ME Legaltech Limited, that was placed in liquidation on 4 April 2023. |
The table below shows the underlying profit of the business for the year when this bad debt is excluded. It indicates that the underlying OPERATING PROFIT has grown by 47% in the year. |
Year to | Year to |
31.3.23 | 31.3.22 |
£ | £ |
OPERATING PROFIT as set out in page 3 | 86,158 | 285,391 |
Exclude: Exceptional bad debt |
334,321 |
0 |
Underlying Operating Profit before taxation | 420,479 | 285,391 |
DIVIDENDS |
No interim dividends were paid, and no final dividend is proposed for the year. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2022 to the date of this report. |
ON BEHALF OF THE BOARD: |
Smithfield & Associates Limited (Registered number: 07210416) |
Income Statement |
for the Year Ended 31 March 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
53,026 | 232,149 |
Other operating income |
OPERATING PROFIT | 4 |
Interest payable and similar expenses |
PROFIT BEFORE TAXATION |
Tax on profit |
PROFIT FOR THE FINANCIAL YEAR |
Smithfield & Associates Limited (Registered number: 07210416) |
Balance Sheet |
31 March 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Prepayments and accrued income |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Smithfield & Associates Limited (Registered number: 07210416) |
Balance Sheet - continued |
31 March 2023 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Smithfield & Associates Limited (Registered number: 07210416) |
Notes to the Financial Statements |
for the Year Ended 31 March 2023 |
1. | STATUTORY INFORMATION |
Smithfield & Associates Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover comprises the gross amounts billed to clients for media campaigns together with commission received and other fees earned on assignments for clients. |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Where cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of future receipts The difference between the fair value.of the consideration and the nominal amount received is recognised as interest income. |
Tangible fixed assets |
Leasehold property improvements | Over the life of the asset |
Computers | Over five years straight line |
Motor vehicles | Over five years straight line |
Office equipment | Over five years straight line |
Stocks |
Work in progress is valued at the lower of cost and net realisable value. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Smithfield & Associates Limited (Registered number: 07210416) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | OPERATING PROFIT |
31.3.23 | 31.3.22 |
£ | £ |
Depreciation - owned assets | 23,684 | 27,507 |
Exceptional Item- Bad debt | 334,321 | 0 |
Exceptional Item |
The accounts for the year ended 31 March 2023 include an exceptional bad debt of £334,321 relating to a former client of the business, ME Legaltech Limited, that was placed in liquidation on 4 April 2023. |
5. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 April 2022 |
Additions |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
Smithfield & Associates Limited (Registered number: 07210416) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
Other creditors include amounts due to directors as set out in note 9 to these accounts. |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Bank loans |
9. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
Included in Other creditors are amounts totalling £18,316 (2022 Other debtors £18,154 and Other creditors £13,274) due to Directors. |