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Company registration number: 02175484
S & M Design Co Limited
Unaudited filleted financial statements
31 October 2023
S & M Design Co Limited
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
S & M Design Co Limited
Directors and other information
Director Mr S Bold
Company number 02175484
Registered office 3 The Chase
Silverdale
Carnforth
LA5 0UT
Business address 3 The Chase
Silverdale
Carnforth
LA5 0UT
Accountants Langers
8-10 Gatley Road
Cheadle
Cheshire
SK8 1PY
S & M Design Co Limited
Statement of financial position
31 October 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 6 457,829 460,706
_______ _______
457,829 460,706
Current assets
Debtors 7 8,553 7,400
Cash at bank and in hand 79,373 57,936
_______ _______
87,926 65,336
Creditors: amounts falling due
within one year 8 ( 9,699) ( 12,161)
_______ _______
Net current assets 78,227 53,175
_______ _______
Total assets less current liabilities 536,056 513,881
Provisions for liabilities ( 49,103) ( 49,650)
_______ _______
Net assets 486,953 464,231
_______ _______
Capital and reserves
Called up share capital 9 100 100
Fair value reserve 203,738 205,221
Profit and loss account 283,115 258,910
_______ _______
Shareholders funds 486,953 464,231
_______ _______
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 01 March 2024 , and are signed on behalf of the board by:
Mr S Bold
Director
Company registration number: 02175484
S & M Design Co Limited
Statement of changes in equity
Year ended 31 October 2023
Called up share capital Fair value reserve Profit and loss account Total
£ £ £ £
At 1 November 2021 100 153,792 242,940 396,832
Profit for the year 76,899 76,899
Other comprehensive income for the year:
Reclassification from fair value reserve to profit and loss account 51,429 (51,429) -
_______ _______ _______ _______
Total comprehensive income for the year - 51,429 25,470 76,899
Dividends paid and payable ( 9,500) ( 9,500)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 9,500) ( 9,500)
_______ _______ _______ _______
At 31 October 2022 and 1 November 2022 100 205,221 258,909 464,230
Profit for the year 24,723 24,723
Other comprehensive income for the year:
Reclassification from fair value reserve to profit and loss account (1,483) 1,483 -
_______ _______ _______ _______
Total comprehensive income for the year - ( 1,483) 26,206 24,723
Dividends paid and payable ( 2,000) ( 2,000)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 2,000) ( 2,000)
_______ _______ _______ _______
At 31 October 2023 100 203,738 283,115 486,953
_______ _______ _______ _______
S & M Design Co Limited
Notes to the financial statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is S & M Design Co Limited, 3 The Chase, Silverdale, Carnforth, LA5 0UT.
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.
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.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
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. 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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Directors remuneration
The director's aggregate remuneration in respect of qualifying services was:
2023 2022
£ £
Remuneration 30,235 25,464
Company contributions to pension schemes in respect of qualifying services 2,400 2,200
_______ _______
32,635 27,664
_______ _______
The number of directors who accrued benefits under company pension plans was as follows:
2023 2022
Number Number
Defined contribution plans 1 1
_______ _______
6. Tangible assets
Freehold property Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost or valuation
At 1 November 2022 457,853 7,080 13,739 478,672
Disposals - ( 2,309) - ( 2,309)
Revaluation ( 1,831) - - ( 1,831)
_______ _______ _______ _______
At 31 October 2023 456,022 4,771 13,739 474,532
_______ _______ _______ _______
Depreciation
At 1 November 2022 - 4,227 13,739 17,966
Charge for the year - 602 - 602
Disposals - ( 1,865) - ( 1,865)
_______ _______ _______ _______
At 31 October 2023 - 2,964 13,739 16,703
_______ _______ _______ _______
Carrying amount
At 31 October 2023 456,022 1,807 - 457,829
_______ _______ _______ _______
At 31 October 2022 457,853 2,853 - 460,706
_______ _______ _______ _______
Investment property
Included within the above is investment property measured at fair value as follows:
£
At 1 November 2022 457,853
Fair value adjustments ( 1,831)
_______
At 31 October 2023 456,022
_______
Investment property has been revalued in line with the house price index.
7. Debtors
2023 2022
£ £
Trade debtors 6,978 5,760
Other debtors 1,575 1,640
_______ _______
8,553 7,400
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Corporation tax 6,369 6,532
Other creditors 3,330 5,629
_______ _______
9,699 12,161
_______ _______
9. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary shares of £ 1.00 each 100 100 100 100
_______ _______ _______ _______
10. Related party transactions
At 31 October 2023 the company owed £783 to the director (2022: £2,174). No interest has been charged to the company in respect of this loan which is repayable on demand and classified in creditors due within one year.