Company registration number 02577821 (England and Wales)
SMILE WINDSCREENS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
SMILE WINDSCREENS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
SMILE WINDSCREENS LIMITED (REGISTERED NUMBER: 02577821)
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
84,692
51,604
Current assets
Debtors
4
48,476
38,149
Cash at bank and in hand
15,969
29,948
64,445
68,097
Creditors: amounts falling due within one year
5
(68,470)
(58,943)
Net current (liabilities)/assets
(4,025)
9,154
Total assets less current liabilities
80,667
60,758
Creditors: amounts falling due after more than one year
6
(12,456)
(22,644)
Provisions for liabilities
(16,579)
(9,709)
Net assets
51,632
28,405
Capital and reserves
Called up share capital
3
3
Profit and loss reserves
51,629
28,402
Total equity
51,632
28,405

The director of the company has 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 director acknowledges her 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.

SMILE WINDSCREENS LIMITED (REGISTERED NUMBER: 02577821)
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 14 May 2024
Mrs S Morrow
Director
SMILE WINDSCREENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Smile Windscreens Limited is a private company limited by shares incorporated in England and Wales. The registered office is 21 Drewery Drive, Wigmore, Rainham, Kent, ME8 0NX.

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 £1.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of consideration received or receivable for the services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. The following criteria must also be met before turnover is recognised.

Rendering of services:

 

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

 

- The amount of turnover can be measured reliably                    

- It is probable that the company will receive the consideration due under the contract    

- the stage of completion of the contract at the end of the reporting period can be measured reliably; and    

- the costs incurred and the costs to complete the contract can be measured reliably

1.4
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.

SMILE WINDSCREENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -

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 machinery
25% on reducing balance
Fixtures, fittings & equipment
25% on reducing balance
Motor vehicles
25% on 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.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

1.6
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
6
6
SMILE WINDSCREENS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
3
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023
58,381
24,561
65,451
148,393
Additions
5,919
-
0
47,459
53,378
At 31 March 2024
64,300
24,561
112,910
201,771
Depreciation and impairment
At 1 April 2023
29,763
22,255
44,771
96,789
Depreciation charged in the year
7,434
576
12,280
20,290
At 31 March 2024
37,197
22,831
57,051
117,079
Carrying amount
At 31 March 2024
27,103
1,730
55,859
84,692
At 31 March 2023
28,618
2,306
20,680
51,604
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
48,284
37,905
Other debtors
192
244
48,476
38,149
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
9,945
9,702
Trade creditors
27,431
22,845
Taxation and social security
27,519
24,027
Other creditors
3,575
2,369
68,470
58,943
SMILE WINDSCREENS LIMITED
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
12,456
22,644
7
Financial commitments, guarantees and contingent liabilities

Included within Loans and borrowings is an amount of £22,401 (2023: £32,356) borrowed as part of the CBIL scheme in 2021.

 

The initial amount borrowed was £50,000 and as part of the loan scheme the UK government Guaranteed the advance and paid the interest and fees due for the first 12 months.

 

The loan now attracts an interest rate of 2.5%

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