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Registration number: 05440278

Smart XS Limited

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 March 2024

 

Smart XS Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 9

 

Smart XS Limited

Company Information

Director

LA Humphrey-Walker

Company secretary

C Humphrey-Walker

Registered office

35 Chesterton Close
Hunt End
Redditch
B97 5XS

Accountants

AIMS Accountants for Business
Chartered Accountant
33 Hollington Way
Solihull
West Midlands
B90 4YD

 

Smart XS Limited

(Registration number: 05440278)
Abridged Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,140

1,701

Current assets

 

Stocks

5

750

750

Debtors

6

23,989

164

Cash at bank and in hand

 

25,417

10,647

 

50,156

11,561

Prepayments and accrued income

 

-

1,204

Creditors: Amounts falling due within one year

(48,108)

(2,968)

Net current assets

 

2,048

9,797

Total assets less current liabilities

 

3,188

11,498

Accruals and deferred income

 

(236)

(236)

Net assets

 

2,952

11,262

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

2,852

11,162

Shareholders' funds

 

2,952

11,262

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.

Director's 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 director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Smart XS Limited

(Registration number: 05440278)
Abridged Balance Sheet as at 31 March 2024

Approved and authorised by the director on 16 August 2024
 

.........................................
LA Humphrey-Walker
Director

 

Smart XS Limited

Notes to the Unaudited Abridged 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:
35 Chesterton Close
Hunt End
Redditch
B97 5XS

The principal place of business is:
Hunters Rise
35 Chesterton Close
Hunt End
Redditch
Worcestershire
B97 5XS

These financial statements were authorised for issue by the director on 16 August 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 abridged 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 abridged 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.

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.

 

Smart XS Limited

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

Government grants

The company has received Covid related Government Grants, namely local business support grants and CJRS for furloughing of staff. These have been recognised and credited to revenue in the period to which the claims relate to.

Foreign currency transactions and balances

Transactions denominated in foreign currencies are recorded in the local currency at the actual exchange rates as of the date of the transaction.

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

Reducing Balance Method - 33%

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Smart XS Limited

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

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.

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 the director) during the year, was 2 (2023 - 2).

 

Smart XS Limited

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

4

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 April 2023

7,073

7,073

At 31 March 2024

7,073

7,073

Depreciation

At 1 April 2023

5,372

5,372

Charge for the year

561

561

At 31 March 2024

5,933

5,933

Carrying amount

At 31 March 2024

1,140

1,140

At 31 March 2023

1,701

1,701

5

Stocks

2024
£

2023
£

Other inventories

750

750

6

Debtors

Debtors includes £Nil (2023 - £Nil) due after more than one year.

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       
 

Smart XS Limited

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

8

Dividends

2024

2023

£

£

Interim dividend of £Nil (2023 - £70.00) per ordinary share

-

7,000

 

 

9

Related party transactions

 

Smart XS Limited

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

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

12,570

9,999

Dividends paid to the director

2024
£

2023
£

LA Humphrey-Walker

Interim dividends

-

3,150

 

 

C Humphrey-Walker

Interim dividends

-

3,850