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Registration number: SC651930

SM Bespoke Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

SM Bespoke Ltd

Contents

Company Information

1

Director's Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 11

 

SM Bespoke Ltd

Company Information

Director

Mrs L McCann

Registered office

 

Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

Accountants

Glen Drummond Ltd
Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

 

SM Bespoke Ltd

Director's Report for the Year Ended 31 January 2024

The director presents her report and the financial statements for the year ended 31 January 2024.

Director of the company

The director who held office during the year was as follows:

Mrs L McCann

Principal activity

The principal activity of the company is joinery installation and refurbishing services.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 29 October 2024
 

.........................................
Mrs L McCann
Director

 

SM Bespoke Ltd

(Registration number: SC651930)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

5,197

6,890

Current assets

 

Stocks

5

-

4,874

Debtors

6

3,022

4,592

Cash at bank and in hand

 

12,976

21,139

 

15,998

30,605

Creditors: Amounts falling due within one year

7

(15,782)

(33,624)

Net current assets/(liabilities)

 

216

(3,019)

Total assets less current liabilities

 

5,413

3,871

Creditors: Amounts falling due after more than one year

7

(3,924)

(6,769)

Provisions for liabilities

(1,299)

(1,309)

Net assets/(liabilities)

 

190

(4,207)

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

90

(4,307)

Shareholders' funds/(deficit)

 

190

(4,207)

For the financial year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

SM Bespoke Ltd

(Registration number: SC651930)
Balance Sheet as at 31 January 2024

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 29 October 2024
 

.........................................
Mrs L McCann
Director

 

SM Bespoke Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Argyll House
Quarrywood Court
Livingston
West Lothian
EH54 6AX

These financial statements were authorised for issue by the director on 29 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures from that standard.

Basis of preparation

These financial statements have been prepared on a going concern basis as the company is being supported by the bank loan.

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

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration derived from joinery installation and refurbishing services. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

 

SM Bespoke Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

At the balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Expenditure of £500 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the profit and loss account in the period it is incurred.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and equipment

20% straight line

Fixtures and fittings

20% straight line

Office equipment and IT

20% straight line

Motor Vehicles

25% reducing balance

 

SM Bespoke Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year was 2 (2023 - 3).

 

SM Bespoke Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

4

Tangible assets

Fixtures and fittings
£

Office equipment
£

Motor vehicles
 £

Other tangible assets
 £

Cost or valuation

At 1 February 2023

7,449

470

7,450

1,448

Additions

-

667

-

541

At 31 January 2024

7,449

1,137

7,450

1,989

Depreciation

At 1 February 2023

4,469

282

4,307

869

Charge for the year

1,490

227

786

398

At 31 January 2024

5,959

509

5,093

1,267

Carrying amount

At 31 January 2024

1,490

628

2,357

722

At 31 January 2023

2,980

188

3,143

579

Total
£

Cost or valuation

At 1 February 2023

16,817

Additions

1,208

At 31 January 2024

18,025

Depreciation

At 1 February 2023

9,927

Charge for the year

2,901

At 31 January 2024

12,828

Carrying amount

At 31 January 2024

5,197

At 31 January 2023

6,890

 

SM Bespoke Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

5

Stocks

2024
£

2023
£

Stock

-

4,874

6

Debtors

2024
£

2023
£

Other debtors

3,022

4,592

3,022

4,592

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

2,845

2,775

Trade creditors

 

5,426

2,530

Taxation and social security

 

5,083

3,602

Accruals and deferred income

 

590

750

Other creditors

 

1,838

23,967

 

15,782

33,624

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

3,924

6,769

 

SM Bespoke Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

3,924

6,769

Current loans and borrowings

2024
£

2023
£

Bank borrowings

2,845

2,775

The bank loan is supported by a 100% guarantee from the UK Government.

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       
 

SM Bespoke Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

10

Related party transactions

The company operates a loan account with the director, Mrs L McCann.
During the year, the Director repaid loans totalling £2,920 to the company. At the year end, the balance due to the director was £782 (2023 - £2,137 due to the company). This loan is unsecured, interest free and has no fixed repayment terms.