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REGISTERED NUMBER: NI620899 (Northern Ireland)













Smyth Building Services Limited

Unaudited Financial Statements

for the Year Ended 31 October 2023






Smyth Building Services Limited (Registered number: NI620899)

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










Page

Company information 1

Statement of financial position 2 to 3

Notes to the financial statements 4 to 8


Smyth Building Services Limited

Company Information
for the Year Ended 31 October 2023







Director: Mr S Smyth





Registered office: 18 Derrykeeran Road
Portadown
Co Armagh
BT62 1UQ





Registered number: NI620899 (Northern Ireland)





Accountants: Wylie Ruddell
Chartered Accountants
Armagh Business Centre
2 Loughgall Road
Armagh
BT61 7NH

Smyth Building Services Limited (Registered number: NI620899)

Statement of Financial Position
31 October 2023

2023 2022
Notes £ £
Fixed assets
Intangible assets 4 - -
Property, plant and equipment 5 309,421 334,220
309,421 334,220

Current assets
Inventories 6 161,497 185,614
Receivables 7 555,695 496,082
Cash at bank 30,669 57,490
747,861 739,186
Payables
Amounts falling due within one year 8 (387,397 ) (385,165 )
Net current assets 360,464 354,021
Total assets less current liabilities 669,885 688,241

Payables
Amounts falling due after more than one year 9 (25,894 ) (35,890 )

Provisions for liabilities 10 (77,354 ) (83,554 )
Net assets 566,637 568,797

Capital and reserves
Called up share capital 11 2 2
Retained earnings 566,635 568,795
Shareholders' funds 566,637 568,797

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 director acknowledges his 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.

Smyth Building Services Limited (Registered number: NI620899)

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.

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 director and authorised for issue on 30 July 2024 and were signed by:





Mr S Smyth - Director


Smyth Building Services Limited (Registered number: NI620899)

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


1. Statutory information

Smyth Building Services Limited is a private company, limited by shares , registered in Northern Ireland. 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.

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

Goodwill
Purchased goodwill arising on the acquisition of the sole trade previously trading as Samuel Smyth represents the excess of acquisition cost over the fair value of the identifiable net assets when they were acquired. Purchased goodwill is capitalised in the balance sheet and amortised on a straight line basis over its economic useful life as estimated by the director.

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Computer Equipment - 33.3% on cost
Motor vehicles - 20% on reducing balance
Tools and equipment - 15% on reducing balance

Work in progress
Work in progress is valued at the lower of cost and net realisable value.

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.

Smyth Building Services Limited (Registered number: NI620899)

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


2. Accounting policies - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts are capitalised in the Statement of Financial Position and are depreciated over their estimated useful lives.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Receivables
Short term receivables are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Financial Instruments
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments:

(i) Financial assets
Basic financial assets, including trade and other receivables, cash and and bank balances and amounts owed by related parties are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

(ii) Financial liabilities
Basic financial liabilities, including trade and other payables, bank loans and overdrafts and amounts owed to related parties are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables 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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

(iii) Offsetting
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the lability simultaneously.

Smyth Building Services Limited (Registered number: NI620899)

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


2. Accounting policies - continued

Payables
Short term payables are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

Provisions for liabilities
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. Provisions are charged as an expense to the Income Statement in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

Critical accounting judgements and key sources of estimation uncertainty
Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The company makes estimates and assumptions concerning the future, which can involve a high degree of judgement or complexity. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:

Useful economic lives of tangible assets
The annual depreciation charges for tangible assets are sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See Property, Plant and Equipment note for the carrying amount of the assets, and note 2 for the useful economic lives for each class of asset.

Work in Progress
The company recognises work in progress in respect of the stage of completion of construction services which have not been invoiced at the reporting date. This requires an estimation of the stage of completion of each particular assignment commenced but not complete at the reporting date. The carrying amount of work in progress at 31 October 2023 was £161,497 (2022: £185,614).

3. Employees and directors

The average number of employees during the year was 7 (2022 - 8 ) .

Smyth Building Services Limited (Registered number: NI620899)

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


4. Intangible fixed assets
Goodwill
£
Cost
At 1 November 2022
and 31 October 2023 100,000
Amortisation
At 1 November 2022
and 31 October 2023 100,000
Net book value
At 31 October 2023 -
At 31 October 2022 -

5. Property, plant and equipment
Plant and Computer Motor Tools and
machinery Equipment vehicles equipment Totals
£ £ £ £ £
Cost
At 1 November 2022 558,152 1,980 77,091 17,579 654,802
Additions 28,620 208 - 2,641 31,469
At 31 October 2023 586,772 2,188 77,091 20,220 686,271
Depreciation
At 1 November 2022 260,473 1,980 49,557 8,572 320,582
Charge for year 48,945 69 5,507 1,747 56,268
At 31 October 2023 309,418 2,049 55,064 10,319 376,850
Net book value
At 31 October 2023 277,354 139 22,027 9,901 309,421
At 31 October 2022 297,679 - 27,534 9,007 334,220

6. Inventories
2023 2022
£ £
Work-in-progress 161,497 185,614

7. Receivables less than one year
2023 2022
£ £
Trade receivables 527,695 473,082
Other receivables 28,000 23,000
555,695 496,082

Smyth Building Services Limited (Registered number: NI620899)

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


8. Payables less than one year
2023 2022
£ £
Trade payables 266,695 197,925
Taxation and social security 93,293 140,904
Other payables 27,409 46,336
387,397 385,165

Included within other payables is an amount of £4,386 (2022: £23,625) owing to the director.

9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans 25,894 35,890

10. Provisions for liabilities
2023 2022
£ £
Deferred tax
Accelerated capital allowances 77,354 83,554

Deferred tax
£
Balance at 1 November 2022 83,554
Credited to income statement (6,200 )
Balance at 31 October 2023 77,354

11. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
2 Ordinary shares 1 2 2

12. Director's advances, credits and guarantees

The following loans to the company from a director subsisted during the years ended 31 October 2023 and 31 October 2022:

2023 2022
£ £
Mr S Smyth
Balance outstanding at start of year (23,625 ) (42,880 )
Amounts advanced 168,677 106,463
Amounts repaid (149,438 ) (87,208 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (4,386 ) (23,625 )