Registered number
03799079
Symes Industrial Ltd
Filleted Accounts
31 March 2024
Symes Industrial Ltd
Registered number: 03799079
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 88,480 71,415
Current assets
Stocks 137,887 174,670
Debtors 4 188,040 164,095
Cash at bank and in hand 132,292 137,626
458,219 476,391
Creditors: amounts falling due within one year 5 (247,933) (252,465)
Net current assets 210,286 223,926
Total assets less current liabilities 298,766 295,341
Creditors: amounts falling due after more than one year 6 (16,075) (15,484)
Provisions for liabilities (16,811) (13,568)
Net assets 265,880 266,289
Capital and reserves
Called up share capital 100 100
Profit and loss account 265,780 266,189
Shareholders' funds 265,880 266,289
The directors are 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 directors acknowledge their 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.
C H Symes
Director
Approved by the board on 24 September 2024
Symes Industrial Ltd
Notes to the Accounts
for the year ended 31 March 2024
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 (as applied to small entities by section 1A of the standard).
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:
Motor Vehicles 25% reducing balance basis
Fixtures, fittings, tools and equipment 25% reducing balance basis
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 6 9
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2023 110,652 102,193 212,845
Additions 12,295 28,216 40,511
At 31 March 2024 122,947 130,409 253,356
Depreciation
At 1 April 2023 85,601 55,829 141,430
Charge for the year 7,739 15,707 23,446
At 31 March 2024 93,340 71,536 164,876
Net book value
At 31 March 2024 29,607 58,873 88,480
At 31 March 2023 25,051 46,364 71,415
4 Debtors 2024 2023
£ £
Trade debtors 153,635 133,215
Other debtors 34,405 30,880
188,040 164,095
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 46,964 40,898
Obligations under finance lease and hire purchase contracts 12,867 7,742
Trade creditors 52,850 74,721
Income in advance - 34,800
Taxation and social security costs 131,651 84,552
Amount owed to connected company - 6,555
Other creditors 3,601 3,197
247,933 252,465
6 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 16,075 15,484
7 Other information
Symes Industrial Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Upper Norton Farm
Norton
Sutton Scotney
Winchester
SO21 3QF
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