Registered number: 07320870 | ||||||||
FOR THE YEAR ENDED 31 JULY 2023 | ||||||||
Prepared By: | ||||||||
Stroud Accountancy and Taxation Services Ltd | ||||||||
Chartered Certified Accountants | ||||||||
Edgehill | ||||||||
The Broadway | ||||||||
Oakridge Lynch, Stroud | ||||||||
Gloucestershire | ||||||||
GL6 7NY |
S & K Smith Ltd Trading as Topfit towbars and Towing | ||||||||
ACCOUNTS | ||||||||
FOR THE YEAR ENDED 31 JULY 2023 | ||||||||
DIRECTORS | ||||||||
REGISTERED OFFICE | ||||||||
Gloucestershire | ||||||||
COMPANY DETAILS | ||||||||
Private company limited by shares registered in EW - England and Wales, registered number 07320870 | ||||||||
ACCOUNTANTS | ||||||||
Stroud Accountancy and Taxation Services Ltd | ||||||||
Chartered Certified Accountants | ||||||||
Edgehill | ||||||||
The Broadway | ||||||||
Oakridge Lynch, Stroud | ||||||||
Gloucestershire | ||||||||
GL6 7NY |
S & K Smith Ltd Trading as Topfit towbars and Towing | ||||||||
ACCOUNTS | ||||||||
FOR THEYEARENDED31 JULY 2023 | ||||||||
CONTENTS | ||||||||
Page | ||||||||
Directors' Report | - | |||||||
Statement Of Comprehensive Income | - | |||||||
Balance Sheet | 3 | |||||||
Notes To The Accounts | 4 | |||||||
The following do not form part of the statutory financial statements: | ||||||||
Trading And Profit And Loss Account | - | |||||||
Profit And Loss Account Summaries | - | |||||||
Accountants' Report | - |
S & K Smith Ltd Trading as Topfit towbars and Towing | ||||||||
BALANCE SHEET AT | ||||||||||
2023 | 2022 | |||||||||
Notes | £ | £ | ||||||||
FIXED ASSETS | ||||||||||
Tangible assets | 3 | |||||||||
CURRENT ASSETS | ||||||||||
Stock | ||||||||||
Debtors | 5 | |||||||||
Cash at bank and in hand | ||||||||||
42,321 | 30,323 | |||||||||
CREDITORS: Amounts falling due within one year | 6 | |||||||||
NET CURRENT LIABILITIES | ( | (17,494) | ||||||||
TOTAL ASSETS LESS CURRENT LIABILITIES | ||||||||||
PROVISIONS FOR LIABILITIES AND CHARGES | 7 | |||||||||
NET ASSETS | ||||||||||
CAPITAL AND RESERVES | ||||||||||
Called up share capital | 8 | |||||||||
Profit and loss account | 14,310 | 19,446 | ||||||||
SHAREHOLDERS' FUNDS | ||||||||||
Approved by the board on | ||||||||||
............................. | ||||||||||
Director | ||||||||||
S & K Smith Ltd Trading as Topfit towbars and Towing | ||||||||
NOTES TO THE ACCOUNTS | ||||||||||
FOR THE YEAR ENDED 31 JULY 2023 | ||||||||||
1. ACCOUNTING POLICIES |
1a. Basis Of Accounting | ||||||||
The accounts have been prepared under the historical cost convention. | ||||||||
The accounts have been prepared in accordance with FRS102 section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006 . |
1b. Depreciation | ||||||||
Plant and Machinery | reducing balance 25% | |||||||
Fixtures and Fittings | straight line 10% | |||||||
Equipment | straight line 25% |
1c. Stocks | ||||||||
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs. | ||||||||
When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs. |
1d. Pension Costs | ||||||||
The company operates a defined contribution pension scheme. The pension charge represents the amounts payable by the company to the fund in respect of the year. |
1e. Leasing Commitments | ||||||||
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account on a straight line basis. |
2. EMPLOYEES | ||||||
2023 | 2022 | |||||
No. | No. | |||||
Average number of employees | 3 | |||||
S & K Smith Ltd Trading as Topfit towbars and Towing | ||||||||
3. TANGIBLE FIXED ASSETS | ||||||||||||
Plant and | ||||||||||||
Machinery Etc. | Total | |||||||||||
£ | £ | |||||||||||
Cost | ||||||||||||
At 1 August 2022 | 109,607 | 109,607 | ||||||||||
Additions | 2,080 | 2,080 | ||||||||||
Disposals | (23,549) | (23,549) | ||||||||||
At 31 July 2023 | 88,138 | 88,138 | ||||||||||
Depreciation | ||||||||||||
At 1 August 2022 | 63,675 | 63,675 | ||||||||||
Disposals | (10,303) | (10,303) | ||||||||||
For the year | 8,983 | 8,983 | ||||||||||
At 31 July 2023 | 62,355 | 62,355 | ||||||||||
Net Book Amounts | ||||||||||||
At 31 July 2023 | 25,783 | 25,783 | ||||||||||
At 31 July 2022 | 45,932 | 45,932 | ||||||||||
Included within Plant and Machinary are assets with a NBV of £10,125 which are held under Hire purchase agreements. | ||||||||||||
4. STOCK | 2023 | 2022 | ||||
£ | £ | |||||
Stock comprises: | ||||||
Stock- Towbars and wiring kits | ||||||
5. DEBTORS | 2023 | 2022 | ||||||
£ | £ | |||||||
Amounts falling due within one year: | ||||||||
Trade debtors | 1,997 | - | ||||||
1,997 | - | |||||||
6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||||||
2023 | 2022 | |||||||
£ | £ | |||||||
Bank loans and overdrafts | ||||||||
Trade creditors | 5,917 | 2,248 | ||||||
Taxation and social security | 30,002 | 19,276 | ||||||
Other creditors | 11,417 | 16,293 | ||||||
47,336 | 47,817 | |||||||
S & K Smith Ltd Trading as Topfit towbars and Towing | ||||||||
7. PROVISIONS FOR LIABILITIES | 2023 | 2022 | ||||||
£ | £ | |||||||
Deferred taxation | 6,446 | 8,980 | ||||||
6,446 | 8,980 | |||||||
8. SHARE CAPITAL | 2023 | 2022 | ||||||
£ | £ | |||||||
Allotted, issued and fully paid: | ||||||||
1 | 1 | |||||||
10 | 10 | |||||||
1 | 1 | |||||||
12 | 12 | |||||||
9. CONTROLLING PARTY | ||||||||
The controlling party is the director, S J Smith. | ||||||||