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Registered number: 03651132
Smitcare Ltd
Unaudited Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Accountant's Report 1
Balance Sheet 2—3
Notes to the Financial Statements 4—5
Page 1
Accountant's Report
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Smitcare Ltd for the year ended 31 March 2024 which comprise the Profit and Loss Account, the Balance Sheet, and the related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Chartered Institute of Management Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.cimaglobal.com.
This report is made solely to the directors of Smitcare Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Smitcare Ltd and state those matters that we have agreed to state to the directors of Smitcare Ltd in this report in accordance with the requirements of the Chartered Institute of Management Accountants as detailed at http://www.cimaglobal.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.
It is your duty to ensure that Smitcare Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Smitcare Ltd . You consider that Smitcare Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Smitcare Ltd . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Signed
09/07/2024
Tailored Accountancy Ltd
Chartered Management Accountants
23 High Street
Bagshot
Surrey
GU19 5AF
Page 1
Page 2
Balance Sheet
Registered number: 03651132
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 32,064 14,059
32,064 14,059
CURRENT ASSETS
Stocks 5 151,808 182,733
Debtors 6 216,702 260,012
Cash at bank and in hand 72,806 36,395
441,316 479,140
Creditors: Amounts Falling Due Within One Year 7 (350,645 ) (372,584 )
NET CURRENT ASSETS (LIABILITIES) 90,671 106,556
TOTAL ASSETS LESS CURRENT LIABILITIES 122,735 120,615
Creditors: Amounts Falling Due After More Than One Year 8 (13,461 ) (23,378 )
NET ASSETS 109,274 97,237
CAPITAL AND RESERVES
Called up share capital 9 9,000 9,000
Profit and Loss Account 100,274 88,237
SHAREHOLDERS' FUNDS 109,274 97,237
Page 2
Page 3
For the 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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 Anthony Hurley
Director
Mr Robert Cooper
Director
09/07/2024
The notes on pages 4 to 5 form part of these financial statements.
Page 3
Page 4
Notes to the Financial Statements
1. General Information
Smitcare Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 03651132 . The registered office is 14 CAMBERLEY BUSINESS CENTRE, BRACEBRIDGE, CAMBERLEY, SURREY, GU15 3DP.
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. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. 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:
Freehold in accordance with property
Plant & Machinery 25% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 25% reducing balance
Computer Equipment .
2.4. 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 8 (2023: 8)
8 8
4. Tangible Assets
Land & Property
Freehold Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 April 2023 19,372 19,816 21,366 13,761 74,315
Additions - 16,450 - 7,475 23,925
Disposals - - - (7,130 ) (7,130 )
As at 31 March 2024 19,372 36,266 21,366 14,106 91,110
Depreciation
As at 1 April 2023 19,372 9,542 18,778 12,564 60,256
...CONTINUED
Page 4
Page 5
Provided during the period - 2,911 646 2,103 5,660
Disposals - - - (6,870 ) (6,870 )
As at 31 March 2024 19,372 12,453 19,424 7,797 59,046
Net Book Value
As at 31 March 2024 - 23,813 1,942 6,309 32,064
As at 1 April 2023 - 10,274 2,588 1,197 14,059
5. Stocks
2024 2023
£ £
Finished goods 151,808 182,733
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 201,334 247,180
Prepayments and accrued income 15,368 8,101
VAT - 4,731
216,702 260,012
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 276,053 336,349
Bank loans and overdrafts 10,648 10,648
Other taxes and social security 2,327 2,420
VAT 30,964 -
Other creditors 433 -
Accruals and deferred income 30,220 23,167
350,645 372,584
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 13,461 23,378
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 9,000 9,000
Page 5