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REGISTERED NUMBER: SC381465 (Scotland)
















Unaudited Financial Statements for the Year Ended 31 March 2024

for

R.J.Smith Electrical Engineers Limited

R.J.Smith Electrical Engineers Limited (Registered number: SC381465)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


R.J.Smith Electrical Engineers Limited

Company Information
for the Year Ended 31 March 2024







DIRECTOR: R J Smith





REGISTERED OFFICE: The Stables
43 Canal Street
Paisley
PA1 2HQ





REGISTERED NUMBER: SC381465 (Scotland)





ACCOUNTANTS: McLay McAlister & McGibbon LLP
Chartered Accountants
145 St Vincent Street
Glasgow
G2 5JF

R.J.Smith Electrical Engineers Limited (Registered number: SC381465)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £   
FIXED ASSETS
Tangible assets 4 289,960 230,213

CURRENT ASSETS
Stocks 19,500 19,500
Debtors 5 351,665 424,148
Prepayments and accrued income 35,016 96,386
Cash at bank and in hand 127,623 237,369
533,804 777,403
CREDITORS
Amounts falling due within one year 6 (271,507 ) (509,602 )
NET CURRENT ASSETS 262,297 267,801
TOTAL ASSETS LESS CURRENT
LIABILITIES

552,257

498,014

CREDITORS
Amounts falling due after more than one
year

7

(50,411

)

-

PROVISIONS FOR LIABILITIES (50,900 ) (33,600 )
NET ASSETS 450,946 464,414

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 450,846 464,314
SHAREHOLDERS' FUNDS 450,946 464,414

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

R.J.Smith Electrical Engineers Limited (Registered number: SC381465)

Balance Sheet - continued
31 March 2024


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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 17 October 2024 and were signed by:





R J Smith - Director


R.J.Smith Electrical Engineers Limited (Registered number: SC381465)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

R.J.Smith Electrical Engineers Limited is a private company, limited by shares , registered in Scotland. 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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 25% on reducing balance and 10% on reducing balance

The company's policy is to review the remaining useful lives and residual value of all tangible fixed assets on an on-going basis and to adjust the depreciation charge to reflect the remaining useful economic life and residual value.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Debtors
Trade debtors and other debtors are recognised at the settlement amount due with appropriate allowances for any irrecoverable amounts when there is objective evidence the asset is impaired.

Cash and cash equivalents
Cash and cash equivalent in the balance sheet comprise cash in hand and bank overdrafts. In the balance sheet bank overdrafts are shown in creditors amounts falling due within one year.

Creditors
Trade creditors and other creditors are recognised where the company has a present obligation resulting from a past event and are recognised at the settlement amount due after allowing for any trade discounts due.

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.


R.J.Smith Electrical Engineers Limited (Registered number: SC381465)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued
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.

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 a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2023 - 14 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023 500,577
Additions 133,205
Disposals (78,877 )
At 31 March 2024 554,905
DEPRECIATION
At 1 April 2023 270,364
Charge for year 48,471
Eliminated on disposal (53,890 )
At 31 March 2024 264,945
NET BOOK VALUE
At 31 March 2024 289,960
At 31 March 2023 230,213

R.J.Smith Electrical Engineers Limited (Registered number: SC381465)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 April 2023 96,973
Additions 128,991
Disposals (66,510 )
At 31 March 2024 159,454
DEPRECIATION
At 1 April 2023 51,446
Charge for year 15,739
Eliminated on disposal (42,743 )
At 31 March 2024 24,442
NET BOOK VALUE
At 31 March 2024 135,012
At 31 March 2023 45,527

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 181,074 258,927
Other debtors 170,591 165,221
351,665 424,148

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Hire purchase contracts 22,789 6,248
Trade creditors 64,846 96,737
Taxation and social security 74,105 106,911
Other creditors 109,767 299,706
271,507 509,602

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Hire purchase contracts 50,411 -

R.J.Smith Electrical Engineers Limited (Registered number: SC381465)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

8. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Hire purchase contracts 73,200 6,248

The hire purchase creditor is secured over the asset to which it relates.

9. RELATED PARTY DISCLOSURES

At the date of the accounts £99,680 (2023: £94,884) was owed to the company by Dawn Break Guest House Ltd. The companies are under common control. £51,098 (2023: £50,523) was owed to the company by R Smith Property, a business owned by the director.