P Smith Tiling Services Limited 09605450 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is tiling. Digita Accounts Production Advanced 6.30.9574.0 true true 09605450 2023-04-01 2024-03-31 09605450 2024-03-31 09605450 bus:Director1 1 2024-03-31 09605450 bus:Director2 1 2024-03-31 09605450 bus:OrdinaryShareClass1 2024-03-31 09605450 bus:OrdinaryShareClass2 2024-03-31 09605450 core:RetainedEarningsAccumulatedLosses 2024-03-31 09605450 core:ShareCapital 2024-03-31 09605450 core:CurrentFinancialInstruments 2024-03-31 09605450 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 09605450 core:Goodwill 2024-03-31 09605450 core:FurnitureFittingsToolsEquipment 2024-03-31 09605450 bus:SmallEntities 2023-04-01 2024-03-31 09605450 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 09605450 bus:FilletedAccounts 2023-04-01 2024-03-31 09605450 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 09605450 bus:RegisteredOffice 2023-04-01 2024-03-31 09605450 bus:Director1 2023-04-01 2024-03-31 09605450 bus:Director1 1 2023-04-01 2024-03-31 09605450 bus:Director2 2023-04-01 2024-03-31 09605450 bus:Director2 1 2023-04-01 2024-03-31 09605450 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 09605450 bus:OrdinaryShareClass2 2023-04-01 2024-03-31 09605450 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 09605450 bus:Agent1 2023-04-01 2024-03-31 09605450 core:Goodwill 2023-04-01 2024-03-31 09605450 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 09605450 core:OfficeEquipment 2023-04-01 2024-03-31 09605450 core:PlantMachinery 2023-04-01 2024-03-31 09605450 countries:England 2023-04-01 2024-03-31 09605450 2023-03-31 09605450 bus:Director1 1 2023-03-31 09605450 bus:Director2 1 2023-03-31 09605450 core:Goodwill 2023-03-31 09605450 core:FurnitureFittingsToolsEquipment 2023-03-31 09605450 2022-04-01 2023-03-31 09605450 2023-03-31 09605450 bus:Director1 1 2023-03-31 09605450 bus:Director2 1 2023-03-31 09605450 bus:OrdinaryShareClass1 2023-03-31 09605450 bus:OrdinaryShareClass2 2023-03-31 09605450 core:RetainedEarningsAccumulatedLosses 2023-03-31 09605450 core:ShareCapital 2023-03-31 09605450 core:CurrentFinancialInstruments 2023-03-31 09605450 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 09605450 core:FurnitureFittingsToolsEquipment 2023-03-31 09605450 bus:Director1 1 2022-04-01 2023-03-31 09605450 bus:Director2 1 2022-04-01 2023-03-31 09605450 bus:Director1 1 2022-03-31 09605450 bus:Director2 1 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 09605450

P Smith Tiling Services Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

P Smith Tiling Services Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 10

 

P Smith Tiling Services Limited

Company Information

Directors

Mr P Smith

Mrs E Smith

Registered office

23 Sidmouth Avenue
Portsmouth
Hampshire
PO3 6LJ

Accountants

MMO Limited
Chartered Accountants
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
P Smith Tiling Services Limited
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of P Smith Tiling Services Limited for the year ended 31 March 2024 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of P Smith Tiling Services Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of P Smith Tiling Services Limited and state those matters that we have agreed to state to the Board of Directors of P Smith Tiling Services Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than P Smith Tiling Services Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that P Smith Tiling Services Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of P Smith Tiling Services Limited. You consider that P Smith Tiling Services Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of P Smith Tiling Services Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

MMO Limited
Chartered Accountants
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN

29 July 2024

 

P Smith Tiling Services Limited

(Registration number: 09605450)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

841

1,121

Current assets

 

Debtors

6

3,781

7,124

Cash at bank and in hand

 

9

8

 

3,790

7,132

Creditors: Amounts falling due within one year

7

(4,426)

(6,421)

Net current (liabilities)/assets

 

(636)

711

Total assets less current liabilities

 

205

1,832

Provisions for liabilities

(160)

(213)

Net assets

 

45

1,619

Capital and reserves

 

Called up share capital

8

12

12

Retained earnings

33

1,607

Shareholders' funds

 

45

1,619

 

P Smith Tiling Services Limited

(Registration number: 09605450)
Balance Sheet as at 31 March 2024

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

Approved and authorised by the Board on 26 July 2024 and signed on its behalf by:
 

.........................................
Mr P Smith
Director

 

P Smith Tiling Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
23 Sidmouth Avenue
Portsmouth
Hampshire
PO3 6LJ
England

These financial statements were authorised for issue by the Board on 26 July 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

All figures are presented in British Sterling, which is the functional currency of the company, and are rounded to the nearest £1.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

P Smith Tiling Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% reducing balance

Plant and machinery

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20% straight line

 

P Smith Tiling Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2023 - 1).

 

P Smith Tiling Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

5,000

5,000

At 31 March 2024

5,000

5,000

Amortisation

At 1 April 2023

5,000

5,000

At 31 March 2024

5,000

5,000

Carrying amount

At 31 March 2024

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

2,918

2,918

At 31 March 2024

2,918

2,918

Depreciation

At 1 April 2023

1,797

1,797

Charge for the year

280

280

At 31 March 2024

2,077

2,077

Carrying amount

At 31 March 2024

841

841

At 31 March 2023

1,121

1,121

 

P Smith Tiling Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

2,335

3,570

Other debtors

1,446

3,554

 

3,781

7,124

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

3,015

4,789

Accruals and deferred income

1,207

1,207

Other creditors

204

425

4,426

6,421

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

10

10

10

10

Ordinary A of £1 each

2

2

2

2

12

12

12

12

 

P Smith Tiling Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

9

Related party transactions

Transactions with directors

2024

At 1 April 2023
£

Advances to director
£

Repayments by director
£

At 31 March 2024
£

Mr P Smith

Undated, unsecured and interest free directors loan account that is repayable on demand

(280)

14,586

(13,200)

1,106

Mrs E Smith

Undated, unsecured and interest free directors loan account that is repayable on demand

-

1,000

(1,000)

-

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Mr P Smith

Undated, unsecured and interest free directors loan account that is repayable on demand

2,283

14,937

(17,500)

(280)

Mrs E Smith

Undated, unsecured and interest free directors loan account that is repayable on demand

-

2,000

(2,000)

-