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Registration number: 03840968

SME Bristol Limited

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

SME Bristol Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

SME Bristol Limited

(Registration number: 03840968)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

92,573

29,118

Current assets

 

Stocks

5

500

500

Debtors

6

121,784

298,406

Cash at bank and in hand

 

435,168

475,416

 

557,452

774,322

Creditors: Amounts falling due within one year

7

(270,047)

(501,516)

Net current assets

 

287,405

272,806

Total assets less current liabilities

 

379,978

301,924

Provisions for liabilities

(15,753)

(4,445)

Net assets

 

364,225

297,479

Capital and reserves

 

Called up share capital

8

51

51

Capital redemption reserve

49

49

Retained earnings

364,125

297,379

Shareholders' funds

 

364,225

297,479

 

SME Bristol Limited

(Registration number: 03840968)
Balance Sheet as at 29 February 2024 (continued)

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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.

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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 7 October 2024 and signed on its behalf by:
 

.........................................
S Bombroff
Company secretary and director

 

SME Bristol Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
7 Church Road
Luckington
Chippenham
Wiltshire
SN14 6PG

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 Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

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

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

SME Bristol Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

2

Accounting policies (continued)

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.

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

15% Reducing Balance

Leasehold Improvements

10% Straight Line

Fixtures and Fittings

25% Reducing Balance

Motor Vehicles

25% Reducing Balance

Computer Equipment

33% Reducing Balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

SME Bristol Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

2

Accounting policies (continued)

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2023 - 7).

 

SME Bristol Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

4

Tangible assets

Leasehold improvements
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Cost or valuation

At 1 March 2023

4,395

30,515

5,381

65,518

Additions

-

-

6,113

1,365

Disposals

-

-

-

-

At 29 February 2024

4,395

30,515

11,494

66,883

Depreciation

At 1 March 2023

4,395

28,309

3,338

56,225

Charge for the year

-

551

2,323

3,966

Eliminated on disposal

-

-

-

-

At 29 February 2024

4,395

28,860

5,661

60,191

Carrying amount

At 29 February 2024

-

1,655

5,833

6,692

At 28 February 2023

-

2,206

2,043

9,293

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2023

41,450

147,259

Additions

81,650

89,128

Disposals

(16,450)

(16,450)

At 29 February 2024

106,650

219,937

Depreciation

At 1 March 2023

25,874

118,141

Charge for the year

17,399

24,239

Eliminated on disposal

(15,016)

(15,016)

At 29 February 2024

28,257

127,364

Carrying amount

At 29 February 2024

78,393

92,573

At 28 February 2023

15,576

29,118

 

SME Bristol Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

5

Stocks

2024
£

2023
£

Raw materials and consumables

500

500

6

Debtors

Current

2024
£

2023
£

Trade debtors

104,385

197,899

Prepayments

17,399

100,507

 

121,784

298,406

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

149,279

261,829

Taxation and social security

78,906

143,052

Accruals and deferred income

41,862

96,635

270,047

501,516

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A Shares of £0.10 each

255

26

255

26

Ordinary B Shares of £0.10 each

255

26

255

26

Ordinary C Shares of £0 each

-

-

-

-

510

51

510

51