Registered number
03603956
SHMS Accountants Ltd
Filleted Accounts
31 July 2023
SHMS Accountants Ltd
Registered number: 03603956
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 11,479 33,245
Tangible assets 4 50,162 66,882
61,641 100,127
Current assets
Debtors 5 142,358 140,345
Investments held as current assets 6 5,645 -
Cash at bank and in hand 9,359 8,550
157,362 148,895
Creditors: amounts falling due within one year 7 (190,177) (144,216)
Net current (liabilities)/assets (32,815) 4,679
Total assets less current liabilities 28,826 104,806
Creditors: amounts falling due after more than one year 8 (21,667) (89,667)
Net assets 7,159 15,139
Capital and reserves
Called up share capital 100 100
Profit and loss account 7,059 15,039
Shareholders' funds 7,159 15,139
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr S Humphreys
Director
Approved by the board on 18 April 2024
SHMS Accountants Ltd
Notes to the Accounts
for the year ended 31 July 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% Reducing balance
Fixtures, fittings, tools and equipment 25% Reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 11 12
3 Intangible fixed assets £
Goodwill:
Cost
At 1 August 2022 124,701
Additions 3,401
At 31 July 2023 128,102
Amortisation
At 1 August 2022 91,456
Provided during the year 25,167
At 31 July 2023 116,623
Net book value
At 31 July 2023 11,479
At 31 July 2022 33,245
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2022 118,627
At 31 July 2023 118,627
Depreciation
At 1 August 2022 51,745
Charge for the year 16,720
At 31 July 2023 68,465
Net book value
At 31 July 2023 50,162
At 31 July 2022 66,882
5 Debtors 2023 2022
£ £
Trade debtors 142,348 105,012
Amounts owed by group undertakings and undertakings in which the company has a participating interest 10 35,333
142,358 140,345
The company wrote off an inter company loan with Humphreys Baker Ltd of £29,110 during the year.
6 Investments held as current assets 2023 2022
£ £
Fair value
Unlisted investments 5,645 -
7 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,000 64,500
Trade creditors 6,827 12,190
Corporation tax 27,013 6,056
Other taxes and social security costs 31,329 28,045
Other creditors 115,008 33,425
190,177 144,216
8 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 21,667 89,667
9 Other information
SHMS Accountants Ltd is a private company limited by shares and incorporated in England. Its registered office is:
SHMS House
20 Little Park Farm Road
Fareham
Hampshire
PO15 5TD
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