Company No:
Contents
Note | 2023 | 2022 | ||
£ | £ | |||
Restated - note 2 | ||||
Fixed assets | ||||
Investments | 4 |
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200 | 200 | |||
Current assets | ||||
Debtors | 5 |
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Cash at bank and in hand |
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869,357 | 863,842 | |||
Creditors: amounts falling due within one year | 6 | (
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Net current assets | 868,254 | 863,842 | ||
Total assets less current liabilities | 868,454 | 864,042 | ||
Net assets |
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Capital and reserves | ||||
Called-up share capital | 7 |
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Smart Ideas Holdings 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 Holdings 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, the investment in Smart ideas was shown in the Directors loan account. The prior year accounts have been restated to show this amount separately as an investment. There was no impact on the profit or loss of the company because of this restatement.
In the year ended 31/05/2022, Dividends was recognised to have been paid to the directors. The prior year accounts have been restated to show that no dividends were paid as this was the case. There was no impact on the profit or loss of the company because of this restatement.
In the year ended 31/05/2022, the amount remaining in the Directors loan account has been moved to recognise that this was dividends paid, the prior year accounts have been restated to show this. There was no impact on the profit or loss of the company because of this restatement.
In the year ended 31/05/2022, an amount was showing as bank interest this has been moved to recognise that this should be offset against the loan to subsidiaries, the prior year accounts have been restated to show this. There was an impact of £200 to the profit and loss.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
During the period, the company invested in Smart Ideas Limited, however the initial investment cost was not reflected correctly. It has therefore been removed from Directors Loan account and into Investments.
In the period ended 31/05/2022, Dividends weren't recognised as having been paid to the directors. The prior year accounts have been restated to show that £336,000 of the dividend was paid out. There was no impact on the profit or loss of the company because of this restatement.
In the year ended 31/05/2022, the amount of dividends received has been updated to reflect the amount of dividends received from the trading company for the period. This was previously showing as £0
In the year ended 31/05/2022, an amount was showing as bank interest this has been moved to recognise that this should be offset against the loan to subsidiaries, the prior year accounts have been restated to show this. There was an impact of £200 to the profit and loss.
As previously reported | Adjustment | As restated | ||||
Year ended 31 May 2022 | £ | £ | £ | |||
Investments | 0 | 200 | 200 | |||
Other Debtors due within one year | 200 | (200) | 0 | |||
Amounts owed to subsidiaries | 1,669,643 | (1,669,643) | 0 | |||
Called-up share capital | 0 | 200 | 200 | |||
Dividend received | 0 | 1,200,242 | 1,200,242 | |||
Dividends paid | 0 | 336,400 | 336,400 |
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Investments in subsidiaries
2023 | |
£ | |
Cost | |
At 01 June 2022 |
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At 31 May 2023 |
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Carrying value at 31 May 2023 |
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Carrying value at 31 May 2022 |
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2023 | 2022 | ||
£ | £ | ||
Amounts owed by own subsidiaries |
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2023 | 2022 | ||
£ | £ | ||
Taxation and social security |
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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 by subsidaries | 9,897 | 0 |
Transactions with the entity's directors
Dividends were voted of £309,898 during the financial year ended 31 May 2023