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REGISTERED NUMBER: 09518355 (England and Wales)













FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

SMARTFRAMES SOUTH WEST LTD

SMARTFRAMES SOUTH WEST LTD (REGISTERED NUMBER: 09518355)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SMARTFRAMES SOUTH WEST LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: Mr G George
Mrs M A George



REGISTERED OFFICE: Sea Mist
12 Bishops Close
TORQUAY
Devon
TQ1 2PL



REGISTERED NUMBER: 09518355 (England and Wales)



ACCOUNTANTS: Marsland Nash Associates
Chartered Tax Advisers, Accountants
and Business Consultants
Vantage Point House
Silverhills Road
Decoy Industrial Estate
Newton Abbot
Devon
TQ12 5ND



BANKERS: HSBC
42 Courtenay Street
Newton Abbot
Devon
TQ12 2EB

SMARTFRAMES SOUTH WEST LTD (REGISTERED NUMBER: 09518355)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 2,000 4,000
Tangible assets 5 2,159 6,467
4,159 10,467

CURRENT ASSETS
Stocks 6 20,000 25,000
Debtors 7 93,256 94,262
Cash at bank 38,363 48,282
151,619 167,544
CREDITORS
Amounts falling due within one year 8 96,707 107,066
NET CURRENT ASSETS 54,912 60,478
TOTAL ASSETS LESS CURRENT LIABILITIES 59,071 70,945

CREDITORS
Amounts falling due after more than one
year

9

(12,217

)

(22,435

)

PROVISIONS FOR LIABILITIES (407 ) (1,225 )
NET ASSETS 46,447 47,285

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 46,445 47,283
SHAREHOLDERS' FUNDS 46,447 47,285

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

SMARTFRAMES SOUTH WEST LTD (REGISTERED NUMBER: 09518355)

BALANCE SHEET - continued
31 MARCH 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 September 2024 and were signed on its behalf by:





Mr G George - Director


SMARTFRAMES SOUTH WEST LTD (REGISTERED NUMBER: 09518355)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Smartframes South West Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

SMARTFRAMES SOUTH WEST LTD (REGISTERED NUMBER: 09518355)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 9 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 20,000
AMORTISATION
At 1 April 2023 16,000
Amortisation for year 2,000
At 31 March 2024 18,000
NET BOOK VALUE
At 31 March 2024 2,000
At 31 March 2023 4,000

SMARTFRAMES SOUTH WEST LTD (REGISTERED NUMBER: 09518355)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


5. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 April 2023 396 26,413 2,632 29,441
Additions 2,500 - - 2,500
Disposals - (26,412 ) - (26,412 )
At 31 March 2024 2,896 1 2,632 5,529
DEPRECIATION
At 1 April 2023 198 20,144 2,632 22,974
Charge for year 540 - - 540
Eliminated on disposal - (20,144 ) - (20,144 )
At 31 March 2024 738 - 2,632 3,370
NET BOOK VALUE
At 31 March 2024 2,158 1 - 2,159
At 31 March 2023 198 6,269 - 6,467

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 April 2023 26,412
Disposals (26,412 )
At 31 March 2024 -
DEPRECIATION
At 1 April 2023 20,144
Eliminated on disposal (20,144 )
At 31 March 2024 -
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 6,268

6. STOCKS
2024 2023
£    £   
Stocks 20,000 25,000

SMARTFRAMES SOUTH WEST LTD (REGISTERED NUMBER: 09518355)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 84,942 73,729
Amounts recoverable on contract 3,500 10,000
Directors' current accounts 664 4,325
Prepayments 4,150 6,208
93,256 94,262

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,213 9,952
Hire purchase contracts - 3,535
Trade creditors 62,679 76,851
Tax 8,597 5,294
Social security and other taxes 3,104 -
VAT 9,585 8,625
Other creditors 59 453
Accrued expenses 2,470 2,356
96,707 107,066

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 2-5 years 12,217 22,435

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts - 3,535

11. OTHER FINANCIAL COMMITMENTS

At 31/03/2024, the company had total commitments under non-cancellable operating leases over the remaining life of the those leases of £40,000.

SMARTFRAMES SOUTH WEST LTD (REGISTERED NUMBER: 09518355)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
Mr G George
Balance outstanding at start of year 2,162 (205 )
Amounts advanced 14,492 27,679
Amounts repaid (16,322 ) (25,312 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 332 2,162

Mrs M A George
Balance outstanding at start of year 2,163 (205 )
Amounts advanced 14,492 27,680
Amounts repaid (16,323 ) (25,312 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 332 2,163

13. RELATED PARTY DISCLOSURES

During the year, total dividends of £32,000 (2023 - £50,000) were paid to the directors .

14. BOUNCE BACK LOAN

The bounce back loan of £22,430 was fully underwritten by the government under the covid support measures.