Registered number
06887152
Smith Eliot Financial Management Limited
Filleted Accounts
30 April 2024
Smith Eliot Financial Management Limited
Registered number: 06887152
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 4,128,161 4,128,161
Tangible assets 4 425,750 450,649
4,553,911 4,578,810
Current assets
Debtors 5 161,582 171,836
Cash at bank and in hand 104,989 183,993
266,571 355,829
Creditors: amounts falling due within one year 6 (418,917) (379,470)
Net current liabilities (152,346) (23,641)
Total assets less current liabilities 4,401,565 4,555,169
Creditors: amounts falling due after more than one year 7 (995,729) (1,168,511)
Provisions for liabilities (710,638) (710,638)
Net assets 2,695,198 2,676,020
Capital and reserves
Called up share capital 1,255 1,300
Share premium 945 900
Revaluation reserve 8 1,520,437 1,520,437
Profit and loss account 1,172,561 1,153,383
Shareholders' funds 2,695,198 2,676,020
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
SC Smith
Director
Approved bythe board on 19 August 2024
Smith Eliot Financial Management Limited
Notes to the Accounts
for the year ended 30 April 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 8 12
3 Intangible fixed assets £
Goodwill:
Cost
At 1 May 2023 4,128,161
At 30 April 2024 4,128,161
Amortisation
At 30 April 2024 -
Net book value
At 30 April 2024 4,128,161
At 30 April 2023 4,128,161
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 May 2023 355,699 253,921 200,590 810,210
Additions - 9,101 - 9,101
At 30 April 2024 355,699 263,022 200,590 819,311
Depreciation
At 1 May 2023 102,945 208,183 48,433 359,561
Charge for the year - 7,000 27,000 34,000
At 30 April 2024 102,945 215,183 75,433 393,561
Net book value
At 30 April 2024 252,754 47,839 125,157 425,750
At 30 April 2023 252,754 45,738 152,157 450,649
5 Debtors 2024 2023
£ £
Trade debtors 118,582 171,836
Other debtors 43,000 -
161,582 171,836
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 20,833 30,838
Obligations under finance lease and hire purchase contracts 129,825 144,506
Trade creditors 13,374 7,340
Taxation and social security costs 146,366 71,873
Other creditors 108,519 124,913
418,917 379,470
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 321,262 371,536
Trade creditors 674,467 796,975
995,729 1,168,511
8 Revaluation reserve 2024 2023
£ £
At 1 May 2023 1,520,437 1,520,437
At 30 April 2024 1,520,437 1,520,437
During the year the company acquired 45 Ordinary shares from a member.
A capital redemption reserve was created.
9 Other information
Smith Eliot Financial Management Limited is a private company limited by shares and incorporated in England. Its registered office is:
25 Market Place
Oakham
LE15 6DT
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