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Registered number: 06853933
Smiths Freight Solutions Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Allen Accountancy
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 06853933
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 1 1
1 1
CURRENT ASSETS
Debtors 6 13,423 4,910
Cash at bank and in hand 4,919 3,382
18,342 8,292
Creditors: Amounts Falling Due Within One Year 7 (53,447 ) (41,905 )
NET CURRENT ASSETS (LIABILITIES) (35,105 ) (33,613 )
TOTAL ASSETS LESS CURRENT LIABILITIES (35,104 ) (33,612 )
NET LIABILITIES (35,104 ) (33,612 )
CAPITAL AND RESERVES
Called up share capital 8 1 1
Profit and Loss Account (35,105 ) (33,613 )
SHAREHOLDERS' FUNDS (35,104) (33,612)
Page 1
Page 2
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 Matthew Smith
Director
25/09/2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Smiths Freight Solutions Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06853933 . The registered office is C/O Allen Accountancy Unit 13 Gwenfro Units, Wrexham Technology Park, Wrexham, Clwyd, LL13 7YP.
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. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... years.
2.4. 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:
Motor Vehicles 25% straight line basis
Fixtures & Fittings 25% straight line basis
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
4. Intangible Assets
Goodwill
£
Cost
As at 1 April 2023 16,000
As at 31 March 2024 16,000
Amortisation
As at 1 April 2023 16,000
As at 31 March 2024 16,000
Net Book Value
As at 31 March 2024 -
As at 1 April 2023 -
Page 3
Page 4
5. Tangible Assets
Motor Vehicles Fixtures & Fittings Total
£ £ £
Cost
As at 1 April 2023 61,002 3,156 64,158
As at 31 March 2024 61,002 3,156 64,158
Depreciation
As at 1 April 2023 61,002 3,155 64,157
As at 31 March 2024 61,002 3,155 64,157
Net Book Value
As at 31 March 2024 - 1 1
As at 1 April 2023 - 1 1
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 13,423 4,910
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 18,303 5,065
Bank loans and overdrafts 30,141 31,304
VAT 4,860 4,077
Directors' loan accounts 143 1,459
53,447 41,905
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
Page 4