Acorah Software Products - Accounts Production 15.0.500 false true 31 October 2022 1 November 2021 false 1 November 2022 31 October 2023 31 October 2023 9839036 Mr Stephen Mcdermott Mr Stephen Mcdermot true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 9839036 2022-10-31 9839036 2023-10-31 9839036 2022-11-01 2023-10-31 9839036 frs-core:CurrentFinancialInstruments 2023-10-31 9839036 frs-core:Non-currentFinancialInstruments 2023-10-31 9839036 frs-core:ComputerEquipment 2023-10-31 9839036 frs-core:ComputerEquipment 2022-11-01 2023-10-31 9839036 frs-core:ComputerEquipment 2022-10-31 9839036 frs-core:MotorVehicles 2023-10-31 9839036 frs-core:MotorVehicles 2022-11-01 2023-10-31 9839036 frs-core:MotorVehicles 2022-10-31 9839036 frs-core:PlantMachinery 2023-10-31 9839036 frs-core:PlantMachinery 2022-11-01 2023-10-31 9839036 frs-core:PlantMachinery 2022-10-31 9839036 frs-core:ShareCapital 2023-10-31 9839036 frs-core:RetainedEarningsAccumulatedLosses 2023-10-31 9839036 frs-bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 9839036 frs-bus:FilletedAccounts 2022-11-01 2023-10-31 9839036 frs-bus:SmallEntities 2022-11-01 2023-10-31 9839036 frs-bus:AuditExempt-NoAccountantsReport 2022-11-01 2023-10-31 9839036 frs-bus:SmallCompaniesRegimeForAccounts 2022-11-01 2023-10-31 9839036 1 2022-11-01 2023-10-31 9839036 frs-bus:Director1 2022-11-01 2023-10-31 9839036 frs-countries:EnglandWales 2022-11-01 2023-10-31 9839036 2021-10-31 9839036 2022-10-31 9839036 2021-11-01 2022-10-31 9839036 frs-core:CurrentFinancialInstruments 2022-10-31 9839036 frs-core:Non-currentFinancialInstruments 2022-10-31 9839036 frs-core:ShareCapital 2022-10-31 9839036 frs-core:RetainedEarningsAccumulatedLosses 2022-10-31
Registered number: 9839036
SMD DECORATORS LIMITED
Financial Statements
For The Year Ended 31 October 2023
Financial Statements
Contents
Page
Balance Sheet 1
Notes to the Financial Statements 2—4
Page 1
Balance Sheet
Registered number: 9839036
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 88,868 79,427
88,868 79,427
CURRENT ASSETS
Debtors 5 264,666 122,845
Cash at bank and in hand 173,747 452,991
438,413 575,836
Creditors: Amounts Falling Due Within One Year 6 (161,342 ) (253,966 )
NET CURRENT ASSETS (LIABILITIES) 277,071 321,870
TOTAL ASSETS LESS CURRENT LIABILITIES 365,939 401,297
NET ASSETS 365,939 401,297
CAPITAL AND RESERVES
Called up share capital 7 10 10
Profit and Loss Account 365,929 401,287
SHAREHOLDERS' FUNDS 365,939 401,297
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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Stephen Mcdermott
Director
28/03/2024
The notes on pages 2 to 4 form part of these financial statements.
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Page 2
Notes to the Financial Statements
1. General Information
SMD DECORATORS LIMITED is a private company, limited by shares, incorporated in England & Wales, registered number 9839036 . The registered office is 9 Bedford Road, Basildon, SS15 6PG.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% Reducing Balance
Motor Vehicles 25% Reducing Balance
Computer Equipment 25% Reducing Balance
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2022: 2)
2 2
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4. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 November 2022 150,273 41,089 321 191,683
Additions - 29,000 1,202 30,202
As at 31 October 2023 150,273 70,089 1,523 221,885
Depreciation
As at 1 November 2022 90,944 21,112 200 112,256
Provided during the period 14,832 5,598 331 20,761
As at 31 October 2023 105,776 26,710 531 133,017
Net Book Value
As at 31 October 2023 44,497 43,379 992 88,868
As at 1 November 2022 59,329 19,977 121 79,427
5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 68,051 62,981
Other debtors 2,000 -
Other taxes and social security 5,002 -
75,053 62,981
Due after more than one year
Other debtors 189,613 59,864
189,613 59,864
264,666 122,845
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 16,265 36,846
Bank loans and overdrafts 71,367 55,357
Corporation tax 23,126 95,000
Other taxes and social security - 3,405
VAT 7,556 12,819
Other creditors 30,240 37,751
Accruals 12,788 12,788
161,342 253,966
7. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 10 10
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8. Dividends
2023 2022
£ £
On equity shares:
Final dividend paid 105,689 38,704
105,689 38,704
9. Ultimate Controlling Party
The company's ultimate controlling party is Mr Stephen Mcdermot by virtue of his ownership of majority of the issued share capital in the company.
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