Registered number
08830530
USMAART LTD
Filleted Accounts
31 March 2024
USMAART LTD
Registered number: 08830530
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 176,884 204,982
Investments 4 500 -
177,384 204,982
Current assets
Debtors 5 274,834 154,792
Investments held as current assets 6 6,843 4,867
Cash at bank and in hand 581,887 500,612
863,564 660,271
Creditors: amounts falling due within one year 7 (343,011) (197,081)
Net current assets 520,553 463,190
Total assets less current liabilities 697,937 668,172
Creditors: amounts falling due after more than one year 8 (115,852) (157,413)
Provisions for liabilities (20,953) (26,092)
Net assets 561,132 484,667
Capital and reserves
Called up share capital 118 118
Profit and loss account 561,014 484,549
Shareholders' funds 561,132 484,667
The directors are 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 directors acknowledge their 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.
S Mohammed
Director
Approved by the board on 5 September 2024
USMAART LTD
Notes to the Accounts
for the year ended 31 March 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:
Motor vehicles over 5 years
Plant and machinery over 5 years
Fixtures, fittings, and equipment over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 6 5
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2023 46,215 222,125 268,340
Additions 12,555 - 12,555
Disposals (382) - (382)
At 31 March 2024 58,388 222,125 280,513
Depreciation
At 1 April 2023 16,189 47,169 63,358
Charge for the year 8,651 31,625 40,276
On disposals (5) - (5)
At 31 March 2024 24,835 78,794 103,629
Net book value
At 31 March 2024 33,553 143,331 176,884
At 31 March 2023 30,026 174,956 204,982
4 Investments
Other
investments
£
Cost
Additions 500
At 31 March 2024 500
5 Debtors 2024 2023
£ £
Trade debtors 177,330 107,856
Other debtors 97,504 46,936
274,834 154,792
6 Investments held as current assets 2024 2023
£ £
Fair value
Listed investments 6,843 4,867
Increase/(decrease) in fair value included in the profit and loss account for the financial year
Listed investments 1,976 (3,619)
7 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,000 10,000
Obligations under finance lease and hire purchase contracts 21,862 25,087
Trade creditors 211 1,666
Taxation and social security costs 219,020 117,126
Other creditors 91,918 43,202
343,011 197,081
8 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 11,667 21,667
Obligations under finance lease and hire purchase contracts 104,185 134,880
Other creditors - 866
115,852 157,413
9 Related party transactions
Included in debtors is a directors loan account debit balance of £29,242 in the name of Mr S Mohammed and a directors loan account debit balance of £29,242 in the name of Mrs K Mohammed. These balances represent the highest amount outstanding in the year. The loans are interest free and repayable on demand.
During the year the company paid into defined contribution pension schemes for the directors as follows: Mrs K Mohammed £58,000 (2023 - £87,650), Mr S Mohammed £57,000 (2023 - £93,500), Miss S Mohammed £15,800 (2023 - £nil), Miss Y Mohammed £15,800 (2023 - £nil).
10 Other information
USMAART LTD is a private company limited by shares and incorporated in England. Its registered office is:
2 Turnstone Avenue
Didsbury
Manchester
M20 2FN
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