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REGISTERED NUMBER: 01809446 (England and Wales)















Unaudited Financial Statements for the Year Ended 28 February 2024

for

SINGLETON & SMART LIMITED

SINGLETON & SMART LIMITED (REGISTERED NUMBER: 01809446)






Contents of the Financial Statements
for the Year Ended 28 February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SINGLETON & SMART LIMITED

Company Information
for the Year Ended 28 February 2024







DIRECTORS: A Smart
K A Eccles
A Mylecraine



SECRETARY: L Askham



REGISTERED OFFICE: 71 Chorley Road
Blackpool
Lancashire
FY3 7XQ



REGISTERED NUMBER: 01809446 (England and Wales)



ACCOUNTANTS: Keenan Chartered Accountants
The Old Surgery
43 Derbe Road
Lytham St Annes
Lancashire
FY8 1NJ



BANKERS: Barclays Bank
PO Box 8
2/4 Birley Street
Blackpool
FY1 1DX

SINGLETON & SMART LIMITED (REGISTERED NUMBER: 01809446)

Balance Sheet
28 February 2024

28.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 139,162 129,921

CURRENT ASSETS
Debtors 5 781,418 756,845
Cash at bank and in hand 147,106 196,335
928,524 953,180
CREDITORS
Amounts falling due within one year 6 791,724 853,180
NET CURRENT ASSETS 136,800 100,000
TOTAL ASSETS LESS CURRENT
LIABILITIES

275,962

229,921

PROVISIONS FOR LIABILITIES 24,286 27,789
NET ASSETS 251,676 202,132

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 251,674 202,130
SHAREHOLDERS' FUNDS 251,676 202,132

SINGLETON & SMART LIMITED (REGISTERED NUMBER: 01809446)

Balance Sheet - continued
28 February 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 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.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 September 2024 and were signed on its behalf by:





A Mylecraine - Director


SINGLETON & SMART LIMITED (REGISTERED NUMBER: 01809446)

Notes to the Financial Statements
for the Year Ended 28 February 2024

1. STATUTORY INFORMATION

Singleton & Smart Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance and 10% on reducing balance
Motor vehicles - 25% on cost

All fixed assets are initially recorded at cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

SINGLETON & SMART LIMITED (REGISTERED NUMBER: 01809446)

Notes to the Financial Statements - continued
for the Year Ended 28 February 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 defined contribution pension schemes. Contributions payable to the company's pension schemes are charged to profit or loss in the period to which they relate.

Provisions for liabilities
Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably.

Long-term contracts
Profit on long-term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end, by recording turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs incurred to date bear to total expected costs for the contract. The amount by which this value exceeds the value of applications and invoices issued at the year end is included in the balance sheet under debtors and described as amounts recoverable under contracts. Revenues derived from the variations on contracts are recognised only when they have been accepted by the customer. Full provision is made for all losses on all contracts in the year in which they are first foreseen.

Financial instruments
Trade and other debtors that are receivable within one year and do not constitute a financing transaction are recorded at the undiscounted amount expected to be received, net of impairment. Those that are receivable after more than one year or constitute a financing transaction are recorded initially at fair value less transaction costs and subsequently at mortised cost, net of impairment.

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts.

Trade and other creditors are initially recognised at the transaction price and are therefore stated at amortised cost using the effective interest method unless the discounting would be immaterial, in which case they are stated at cost.

Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2023 - 20 ) .

SINGLETON & SMART LIMITED (REGISTERED NUMBER: 01809446)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2024

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 March 2023 100,016 74,649 345,605 520,270
Additions 3,300 - 134,830 138,130
Disposals (1,455 ) - (106,099 ) (107,554 )
At 28 February 2024 101,861 74,649 374,336 550,846
DEPRECIATION
At 1 March 2023 93,877 66,217 230,255 390,349
Charge for year 2,354 1,247 45,695 49,296
Eliminated on disposal (1,436 ) - (26,525 ) (27,961 )
At 28 February 2024 94,795 67,464 249,425 411,684
NET BOOK VALUE
At 28 February 2024 7,066 7,185 124,911 139,162
At 28 February 2023 6,139 8,432 115,350 129,921

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.24 28.2.23
£    £   
Trade debtors 694,062 651,058
Amounts recoverable on long term contracts 69,154 52,253
Other debtors 18,202 53,534
781,418 756,845

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.24 28.2.23
£    £   
Trade creditors 322,325 290,850
Amounts owed to group undertakings 9,374 -
Taxation and social security 324,145 176,212
Other creditors 135,880 386,118
791,724 853,180

7. CONTINGENT LIABILITIES

A group VAT registration was in existence during the year. On 28 February 2024, the amount due to HM Revenue and Customs in relation to other group companies totalled £Nil (2023 - £38,234).

8. OTHER FINANCIAL COMMITMENTS

As at 28 February 2024, the company had no commitments under non-cancellable operating leases over the remaining life of those leases (2023 - £Nil)

SINGLETON & SMART LIMITED (REGISTERED NUMBER: 01809446)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2024

9. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

10. ULTIMATE CONTROLLING PARTY

On 28 February 2023, the company became a wholly owned subsidiary of Singleton & Smart Construction Ltd, whose registered office address is 71 Chorley Road, Blackpool, England, FY3 7XQ.