REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 28 February 2024 |
for |
SINGLETON & SMART LIMITED |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
The Old Surgery |
43 Derbe Road |
Lytham St Annes |
Lancashire |
FY8 1NJ |
BANKERS: |
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 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
SINGLETON & SMART LIMITED (REGISTERED NUMBER: 01809446) |
Balance Sheet - continued |
28 February 2024 |
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. |
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 |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
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 |
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 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 28 February 2024 |
DEPRECIATION |
At 1 March 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 28 February 2024 |
NET BOOK VALUE |
At 28 February 2024 |
At 28 February 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
28.2.24 | 28.2.23 |
£ | £ |
Trade debtors |
Amounts recoverable on long term contracts |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
28.2.24 | 28.2.23 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
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. |