Registered number
07924411
SMA ENTERPRISES LIMITED
Filleted Accounts
31 January 2024
SMA ENTERPRISES LIMITED
Registered number: 07924411
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 61,812 60,900
Current assets
Stocks 6,843 6,361
Debtors 4 22,564 8,940
Cash at bank and in hand 288,464 155,372
317,871 170,673
Creditors: amounts falling due within one year 5 (255,352) (101,846)
Net current assets 62,519 68,827
Total assets less current liabilities 124,331 129,727
Creditors: amounts falling due after more than one year 6 (32,620) (50,903)
Provisions for liabilities (15,177) (12,597)
Net assets 76,534 66,227
Capital and reserves
Called up share capital 100 100
Profit and loss account 76,434 66,127
Shareholders' funds 76,534 66,227
The director is 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 director acknowledges his 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.
Mr Syed Shahbaz Ali
Director
Approved by the board on 11 September 2024
SMA ENTERPRISES LIMITED
Notes to the Accounts
for the year ended 31 January 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:
Fixtures and equipment 15% reducing balance basis
Motor vehicles 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 11 9
3 Tangible fixed assets
Fixtures and equipment Motor vehicles Total
£ £ £
Cost
At 1 February 2023 83,389 110,052 193,441
Additions 6,404 14,500 20,904
Disposals - (33,160) (33,160)
At 31 January 2024 89,793 91,392 181,185
Depreciation
At 1 February 2023 59,826 72,715 132,541
Charge for the year 3,614 9,001 12,615
On disposals - (25,783) (25,783)
At 31 January 2024 63,440 55,933 119,373
Net book value
At 31 January 2024 26,353 35,459 61,812
At 31 January 2023 23,563 37,337 60,900
4 Debtors 2024 2023
£ £
Trade debtors 22,564 8,940
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,144 10,048
Obligations under finance lease and hire purchase contracts 14,261 11,950
Trade creditors 230,273 79,701
Other taxes and social security costs 674 147
255,352 101,846
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 20,596 30,837
Obligations under finance lease and hire purchase contracts 7,367 16,595
Director's Current Account 4,657 3,471
32,620 50,903
7 Other information
SMA ENTERPRISES LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Unit 7
St. James Market, Essex Street
Bradford
West Yorkshire
BD4 7PB
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