SM Gardening Ltd
Registered number: 07694974
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 135,395 63,742
Current assets
Debtors 4 80,622 13,818
Cash at bank and in hand 66,315 55,789
146,937 69,607
Creditors: amounts falling due within one year 5 (164,658) (95,767)
Net current liabilities (17,721) (26,160)
Total assets less current liabilities 117,674 37,582
Creditors: amounts falling due after more than one year 6 4,929 253
Net assets 122,603 37,835
Capital and reserves
Called up share capital 1 1
Profit and loss account 122,602 37,834
Shareholders' funds 122,603 37,835
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 members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
Mr S Mason
Director
Approved by the board on 9 September 2024
SM Gardening Ltd
Notes to the Accounts
for the year ended 31 December 2023
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.
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:
Plant and machinery 25% reducing balance
Fixtures, fittings, tools and equipment 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 4 4
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 January 2023 73,902 80,806 154,708
Additions 7,544 109,240 116,784
At 31 December 2023 81,446 190,046 271,492
Depreciation
At 1 January 2023 37,593 53,373 90,966
Charge for the year 10,963 34,168 45,131
At 31 December 2023 48,556 87,541 136,097
Net book value
At 31 December 2023 32,890 102,505 135,395
At 31 December 2022 36,309 27,433 63,742
4 Debtors 2023 2022
£ £
Trade debtors 12,707 13,818
Other debtors 67,915 -
80,622 13,818
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 23,245 32,489
Trade creditors 102,472 18,747
Corporation tax 34,599 29,468
Other taxes and social security costs 4,342 15,063
164,658 95,767
6 Creditors: amounts falling due after one year 2023 2022
£ £
Other creditors (4,929) (253)
7 Controlling party
The ultimate controlling party during the period was Mr S Mason.
8 Other information
SM Gardening Ltd is a private company limited by shares and incorporated in England. Its registered office is:
19 Hamilcar Close
Dishforth
Thirsk
North Yorkshire
YO7 3GB
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