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REGISTERED NUMBER: SC378625 (Scotland)










Unaudited Financial Statements

for the Year Ended 31 October 2023

for

S.M.S.I. Ltd

S.M.S.I. Ltd (Registered number: SC378625)






Contents of the Financial Statements
for the Year Ended 31 October 2023




Page

Company Information 1

Abridged Statement of Financial Position 2

Notes to the Financial Statements 4


S.M.S.I. Ltd

Company Information
for the Year Ended 31 October 2023







DIRECTORS: A G Sharp
Mrs M M Sharp





REGISTERED OFFICE: Berry Road
Scalloway
Shetland
ZE1 0UJ





REGISTERED NUMBER: SC378625 (Scotland)





ACCOUNTANTS: Orcadia
Chartered Accountants
1 - 3 East Road
Kirkwall
Orkney
KW15 1HZ

S.M.S.I. Ltd (Registered number: SC378625)

Abridged Statement of Financial Position
31 October 2023

2022 2023
£    £    Notes £    £   
FIXED ASSETS
60,353 Tangible assets 4 64,448

CURRENT ASSETS
17,703 Stocks 19,645
103,526 Debtors 155,825
44,746 Cash at bank and in hand 1,229
165,975 176,699
CREDITORS
136,940 Amounts falling due within one year 156,111
29,035 NET CURRENT ASSETS 20,588
89,388 TOTAL ASSETS LESS CURRENT
LIABILITIES

85,036

CREDITORS
(78,041 ) Amounts falling due after more than one
year

(69,721

)

(7,738 ) PROVISIONS FOR LIABILITIES (8,062 )
3,609 NET ASSETS 7,253

CAPITAL AND RESERVES
100 Called up share capital 100
3,509 Retained earnings 7,153
3,609 SHAREHOLDERS' FUNDS 7,253

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

S.M.S.I. Ltd (Registered number: SC378625)

Abridged Statement of Financial Position - continued
31 October 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 31 October 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 July 2024 and were signed on its behalf by:





Mrs M M Sharp - Director


S.M.S.I. Ltd (Registered number: SC378625)

Notes to the Financial Statements
for the Year Ended 31 October 2023

1. STATUTORY INFORMATION

S.M.S.I. Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 15% on reducing balance and 2% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

S.M.S.I. Ltd (Registered number: SC378625)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2022 - 13 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 November 2022 124,040
Additions 12,273
At 31 October 2023 136,313
DEPRECIATION
At 1 November 2022 63,687
Charge for year 8,178
At 31 October 2023 71,865
NET BOOK VALUE
At 31 October 2023 64,448
At 31 October 2022 60,353

5. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdraft 154 -

6. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 October 2023 and 31 October 2022:

2023 2022
£    £   
A G Sharp and Mrs M M Sharp
Balance outstanding at start of year 74,620 39,792
Amounts advanced 25,807 34,828
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 100,427 74,620

Interest of £1947 (2022: £1311) was charged on the outstanding loan balance.

S.M.S.I. Ltd (Registered number: SC378625)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023

7. RELATED PARTY DISCLOSURES

During the year, total dividends of £30,000 (2022 - £18,000) were paid to the directors .