Registered number
03919745
SMITHSON LTD.
Unaudited Filleted Accounts
29 February 2024
SMITHSON LTD.
Company Information
Director
Ms S Hulme
Secretary
Mr M T Richter (Resigned on 21 November 2023)
Accountants
Key Business Consultants LLP
13 Whitchurch Lane
Edgware
HA8 6JZ
Bankers
HSBC UK Bank plc
Registered office
13 Whitchurch Lane
Edgware
HA8 6JZ
Registered number
03919745
SMITHSON LTD.
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of SMITHSON LTD. for the year ended 29 February 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of SMITHSON LTD. for the year ended 29 February 2024 which comprise of 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 Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at
www.icaew.com/en/members/regulations-standards-and-guidance
Our work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF.
Key Business Consultants LLP
Chartered Accountants
13 Whitchurch Lane
Edgware
HA8 6JZ
22 August 2024
SMITHSON LTD.
Registered number: 03919745
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 192,628 193,454
Current assets
Debtors 4 54 3,946
Cash at bank and in hand 30,820 10,059
30,874 14,005
Creditors: amounts falling due within one year 5 (56,937) (50,941)
Net current liabilities (26,063) (36,936)
Net assets 166,565 156,518
Capital and reserves
Called up share capital 2 2
Profit and loss account 166,563 156,516
Shareholder's funds 166,565 156,518
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her 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.
Ms S Hulme
Director
Approved by the board on 22 August 2024
SMITHSON LTD.
Notes to the Accounts
for the year ended 29 February 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).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
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 no depreciation
Computer equipment 33% on cost
Fixtures, fittings, tools and equipment 15% on reducing balance
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 bad and 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.
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.
1 Accounting policies (cont.)
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
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 1 1
3 Tangible fixed assets
Land and buildings Fixtures, furniture & equipment Office equipment Total
£ £ £ £
Cost
At 1 March 2023 187,954 8,787 1,069 197,810
At 29 February 2024 187,954 8,787 1,069 197,810
Depreciation
At 1 March 2023 - 3,288 1,068 4,356
Charge for the year - 825 1 826
At 29 February 2024 - 4,113 1,069 5,182
Net book value
At 29 February 2024 187,954 4,674 - 192,628
At 28 February 2023 187,954 5,499 1 193,454
Freehold land and buildings: 2024 2023
£ £
Historical cost 187,594 187,594
Cumulative depreciation based on historical cost 7,504 3,752
180,090 183,842
4 Debtors 2024 2023
£ £
Trade debtors 54 3,946
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 2,062 -
Taxation and social security costs 4,965 3,324
Other creditors 49,910 47,617
56,937 50,941
6 Related party transactions
As at the year end, the Company owes the Director, Ms S Hulme £48,529 (2023: £46,747) in interest free, repayable on demand loans.
7 Controlling party
The ultimate control throughout the year remained with the Director, Ms S Hulme.
8 Other information
SMITHSON LTD. is a private company limited by shares and incorporated in England. Its registered office is:
13 Whitchurch Lane
Edgware
HA8 6JZ
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