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Registered number: 13345498
Smith Tool Traders Ltd
Unaudited Financial Statements
For The Year Ended 30 April 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 13345498
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 137,023 138,829
137,023 138,829
CURRENT ASSETS
Stocks 5 163,221 159,375
Debtors 6 21,000 18,621
Cash at bank and in hand 3,337 8,775
187,558 186,771
Creditors: Amounts Falling Due Within One Year 7 (302,490 ) (313,044 )
NET CURRENT ASSETS (LIABILITIES) (114,932 ) (126,273 )
TOTAL ASSETS LESS CURRENT LIABILITIES 22,091 12,556
NET ASSETS 22,091 12,556
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 21,991 12,456
SHAREHOLDERS' FUNDS 22,091 12,556
Page 1
Page 2
For the year ending 30 April 2024 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 Bence Kovacs
Director
02/08/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Smith Tool Traders Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13345498 . The registered office is 1 Verdant Lane, London, SE6 1JB.
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. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.
2.4. 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:
Leasehold 2% straight line
Plant & Machinery 10% reducing balance
Fixtures & Fittings 10% reducing balance
Computer Equipment 10% reducing balance
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Financial Instruments
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses
for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any
transaction costs and subsequently measured at amortised cost determined using the effective interest method, less
any impairment losses for badand doubtful debts.

Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial
liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at
amortised cost determined using the effective interest method.

2.7. 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.
...CONTINUED
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Page 4
2.7. Taxation - continued
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: NIL (2023: NIL)
- -
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 May 2023 111,621 7,378 18,285 11,898 149,182
Additions - - 1,274 2,793 4,067
As at 30 April 2024 111,621 7,378 19,559 14,691 153,249
Depreciation
As at 1 May 2023 3,913 1,007 2,751 2,682 10,353
Provided during the period 2,233 637 1,681 1,322 5,873
As at 30 April 2024 6,146 1,644 4,432 4,004 16,226
Net Book Value
As at 30 April 2024 105,475 5,734 15,127 10,687 137,023
As at 1 May 2023 107,708 6,371 15,534 9,216 138,829
5. Stocks
2024 2023
£ £
Finished goods 163,221 159,375
6. Debtors
2024 2023
£ £
Due within one year
Other debtors 15,800 10,800
VAT 5,200 7,821
21,000 18,621
Page 4
Page 5
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Other creditors 301,590 312,144
Accruals and deferred income 900 900
302,490 313,044
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
Page 5