Company registration number 11212647 (England and Wales)
SMARTWORKS GROUP LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024
4 Brackley Close
Bournemouth International Airport
Christchurch
Dorset
BH23 6SE
SMARTWORKS GROUP LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
SMARTWORKS GROUP LTD
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
155,812
96,604
Current assets
Stocks
42,607
42,015
Debtors
4
207,326
74,473
Cash at bank and in hand
131,183
203,565
381,116
320,053
Creditors: amounts falling due within one year
5
(200,908)
(144,567)
Net current assets
180,208
175,486
Total assets less current liabilities
336,020
272,090
Creditors: amounts falling due after more than one year
6
(86,969)
(59,431)
Provisions for liabilities
(21,853)
(11,359)
Net assets
227,198
201,300
Capital and reserves
Called up share capital
10,000
10,000
Share premium account
56,486
56,486
Capital redemption reserve
3,514
3,514
Profit and loss reserves
157,198
131,300
Total equity
227,198
201,300
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
SMARTWORKS GROUP LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 19 August 2024 and are signed on its behalf by:
Mr R Smiles
Director
Company registration number 11212647 (England and Wales)
SMARTWORKS GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Smartworks Group Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Hurn Chapel, Hurn, Christchurch, Dorset, BH23 6AS.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% reducing balance
Fixtures and fittings
25% reducing balance
Computers
33% straight line
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
SMARTWORKS GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
Current tax is recognised on taxable profit for the current and, where not previously recognised, past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
9
6
SMARTWORKS GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023
11,122
41,794
7,106
89,650
149,672
Additions
31,451
1,364
70,328
103,143
Disposals
(8,750)
(8,750)
At 31 March 2024
11,122
73,245
8,470
151,228
244,065
Depreciation and impairment
At 1 April 2023
5,759
6,851
5,067
35,391
53,068
Depreciation charged in the year
1,344
14,868
1,289
24,358
41,859
Eliminated in respect of disposals
(6,674)
(6,674)
At 31 March 2024
7,103
21,719
6,356
53,075
88,253
Carrying amount
At 31 March 2024
4,019
51,526
2,114
98,153
155,812
At 31 March 2023
5,363
34,943
2,039
54,259
96,604
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
180,129
47,692
Other debtors
27,197
26,781
207,326
74,473
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,183
9,931
Trade creditors
115,789
67,723
Taxation and social security
28,887
40,752
Other creditors
46,049
26,161
200,908
144,567
Included within other creditors are liabilities of £21,537 (2023: £10,233) secured over assets to which they relate.
SMARTWORKS GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
13,096
23,278
Other creditors
73,873
36,153
86,969
59,431
Included within other creditors are liabilities of £73,873 (2022: £36,153) secured over assets to which they relate.