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No description of principal activity
2022-08-01
Sage Accounts Production Advanced 2021 - FRS102_2021
xbrli:pure
xbrli:shares
iso4217:GBP
10893176
2022-08-01
2023-07-31
10893176
2023-07-31
10893176
2022-07-31
10893176
2021-08-01
2022-07-31
10893176
2022-07-31
10893176
core:PlantMachinery
2022-08-01
2023-07-31
10893176
core:MotorVehicles
2022-08-01
2023-07-31
10893176
bus:Director1
2022-08-01
2023-07-31
10893176
core:PlantMachinery
2022-07-31
10893176
core:MotorVehicles
2022-07-31
10893176
core:PlantMachinery
2023-07-31
10893176
core:MotorVehicles
2023-07-31
10893176
core:WithinOneYear
2023-07-31
10893176
core:WithinOneYear
2022-07-31
10893176
core:AfterOneYear
2023-07-31
10893176
core:AfterOneYear
2022-07-31
10893176
core:ShareCapital
2023-07-31
10893176
core:ShareCapital
2022-07-31
10893176
core:RetainedEarningsAccumulatedLosses
2023-07-31
10893176
core:RetainedEarningsAccumulatedLosses
2022-07-31
10893176
core:PlantMachinery
2022-07-31
10893176
core:MotorVehicles
2022-07-31
10893176
bus:SmallEntities
2022-08-01
2023-07-31
10893176
bus:AuditExemptWithAccountantsReport
2022-08-01
2023-07-31
10893176
bus:FullAccounts
2022-08-01
2023-07-31
10893176
bus:SmallCompaniesRegimeForAccounts
2022-08-01
2023-07-31
10893176
bus:PrivateLimitedCompanyLtd
2022-08-01
2023-07-31
10893176
core:ComputerEquipment
2022-08-01
2023-07-31
10893176
core:ComputerEquipment
2022-07-31
10893176
core:ComputerEquipment
2023-07-31
COMPANY REGISTRATION NUMBER:
10893176
S M Computer Solutions Ltd |
|
Filleted Unaudited Financial Statements |
|
S M Computer Solutions Ltd |
|
Year ended 31 July 2023
Notes to the financial statements |
3 |
|
|
S M Computer Solutions Ltd |
|
31 July 2023
Fixed assets
Tangible assets |
5 |
4,792 |
7,745 |
|
|
|
|
Current assets
Stocks |
500 |
400 |
Debtors |
6 |
11,246 |
8,044 |
Cash at bank and in hand |
41,983 |
60,165 |
|
-------- |
-------- |
|
53,729 |
68,609 |
|
|
|
|
Creditors: amounts falling due within one year |
7 |
28,447 |
27,550 |
|
-------- |
-------- |
Net current assets |
25,282 |
41,059 |
|
-------- |
-------- |
Total assets less current liabilities |
30,074 |
48,804 |
|
|
|
|
Creditors: amounts falling due after more than one year |
8 |
15,333 |
26,438 |
|
|
|
|
Provisions |
910 |
1,500 |
|
-------- |
-------- |
Net assets |
13,831 |
20,866 |
|
-------- |
-------- |
|
|
|
Capital and reserves
Called up share capital |
10 |
10 |
Profit and loss account |
13,821 |
20,856 |
|
-------- |
-------- |
Shareholders funds |
13,831 |
20,866 |
|
-------- |
-------- |
|
|
|
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 profit & loss has not been delivered.
For the year ending 31 July 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
S M Computer Solutions Ltd |
|
Balance Sheet (continued) |
|
31 July 2023
These financial statements were approved by the
board of directors
and authorised for issue on
23 April 2024
, and are signed on behalf of the board by:
Company registration number:
10893176
S M Computer Solutions Ltd |
|
Notes to the Financial Statements |
|
Year ended 31 July 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Genesis Centre, Innovation Way, Stoke-on-Trent, Staffordshire, ST6 4BF. The company registration number is
10893176
.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.
Judgements and key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: As described in the accounting policies of the financial statements, depreciation of tangible assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take in to account actual asset lives and residual values as evidenced by disposals during current and prior accounting periods.
Revenue recognition
Turnover comprises the value of sales (exclusive of VAT and trade discounts) of goods and services provided in the normal course of business. Turnover in respect of service contracts is recognised when the company obtains the right to receive consideration for services provided.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. 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 material 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 subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
|
Plant and machinery |
- |
25% straight line |
|
Motor vehicles |
- |
33% reducing balance |
|
Computer equipment |
- |
33% straight line |
|
|
|
|
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
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 balance sheet 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 as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. The basic financial instruments of the company are as follows: Debtors Debtors do not carry any interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objectives evidence that the asset is impaired. Cash at bank and in hand This comprises cash at bank and in hand. Trade creditors Trade creditors are not interest bearing and are stated at their nominal value.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
6
(2022:
7
).
5.
Tangible assets
|
Plant and machinery |
Motor vehicles |
Computer equipment |
Total |
|
£ |
£ |
£ |
£ |
Cost |
|
|
|
|
At 1 August 2022 |
2,504 |
23,288 |
9,336 |
35,128 |
Additions |
– |
– |
2,275 |
2,275 |
Disposals |
– |
– |
(
4,354) |
(
4,354) |
|
------- |
-------- |
------- |
-------- |
At 31 July 2023 |
2,504 |
23,288 |
7,257 |
33,049 |
|
------- |
-------- |
------- |
-------- |
Depreciation |
|
|
|
|
At 1 August 2022 |
2,131 |
18,928 |
6,324 |
27,383 |
Charge for the year |
373 |
1,438 |
2,380 |
4,191 |
Disposals |
– |
– |
(
3,317) |
(
3,317) |
|
------- |
-------- |
------- |
-------- |
At 31 July 2023 |
2,504 |
20,366 |
5,387 |
28,257 |
|
------- |
-------- |
------- |
-------- |
Carrying amount |
|
|
|
|
At 31 July 2023 |
– |
2,922 |
1,870 |
4,792 |
|
------- |
-------- |
------- |
-------- |
At 31 July 2022 |
373 |
4,360 |
3,012 |
7,745 |
|
------- |
-------- |
------- |
-------- |
|
|
|
|
|
6.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
5,988 |
2,505 |
Other debtors |
5,258 |
5,539 |
|
-------- |
------- |
|
11,246 |
8,044 |
|
-------- |
------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
8,002 |
8,000 |
Trade creditors |
– |
2,373 |
Social security and other taxes |
3,255 |
3,461 |
Other creditors |
17,190 |
13,716 |
|
-------- |
-------- |
|
28,447 |
27,550 |
|
-------- |
-------- |
|
|
|
Hire purchase liabilities of £3,104 (2022: £3,387) are secured against the assets being financed.
8.
Creditors:
amounts falling due after more than one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
15,333 |
23,333 |
Other creditors |
– |
3,105 |
|
-------- |
-------- |
|
15,333 |
26,438 |
|
-------- |
-------- |
|
|
|
Hire purchase liabilities of £Nil (2022: £3,105) are secured against the assets being financed.
The bank loan in favour of Barclays Bank Plc is unsecured.