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REGISTERED NUMBER: 02187609 (England and Wales)


















Financial Statements for the Year Ended 30 November 2023

for

Smith Myers Communications Limited

Smith Myers Communications Limited (Registered number: 02187609)






Contents of the Financial Statements
for the Year Ended 30 November 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Smith Myers Communications Limited

Company Information
for the Year Ended 30 November 2023







DIRECTORS: Mr P J Myers
Mr A Munro
Mr N Herbert
Mr J Gillespie
Mr S Alford





SECRETARY: Mr P J Myers





REGISTERED OFFICE: The Omega Centre
Stratton Business Park
London Road
Biggleswade
Bedfordshire
SG18 8QB





REGISTERED NUMBER: 02187609 (England and Wales)





AUDITORS: George Hay Partnership LLP
Chartered Accountants
Statutory Auditor
Brigham House
High Street
Biggleswade
Bedfordshire
SG18 0LD

Smith Myers Communications Limited (Registered number: 02187609)

Balance Sheet
30 November 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 19,059 14,176

CURRENT ASSETS
Stocks 3,762,919 2,897,654
Debtors 6 784,314 2,152,325
Cash at bank and in hand 3,087,195 1,184,978
7,634,428 6,234,957
CREDITORS
Amounts falling due within one year 7 857,427 324,790
NET CURRENT ASSETS 6,777,001 5,910,167
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,796,060

5,924,343

PROVISIONS FOR LIABILITIES 3,744 -
NET ASSETS 6,792,316 5,924,343

CAPITAL AND RESERVES
Called up share capital 9 94 94
Share premium 5,394 5,394
Retained earnings 6,786,828 5,918,855
SHAREHOLDERS' FUNDS 6,792,316 5,924,343

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 November 2024 and were signed on its behalf by:





Mr S Alford - Director


Smith Myers Communications Limited (Registered number: 02187609)

Notes to the Financial Statements
for the Year Ended 30 November 2023

1. STATUTORY INFORMATION

Smith Myers Communications Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
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 net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Sale of goods

Turnover from the sale of products, being both cellular test equipment and search and rescue equipment, is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost and 20% on cost

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

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

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

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.


Smith Myers Communications Limited (Registered number: 02187609)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

3. 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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 28 (2022 - 27 ) .

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 December 2022 125,683 584,884 710,567
Additions - 13,540 13,540
At 30 November 2023 125,683 598,424 724,107
DEPRECIATION
At 1 December 2022 125,683 570,708 696,391
Charge for year - 8,657 8,657
At 30 November 2023 125,683 579,365 705,048
NET BOOK VALUE
At 30 November 2023 - 19,059 19,059
At 30 November 2022 - 14,176 14,176

Smith Myers Communications Limited (Registered number: 02187609)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 713,157 2,093,324
Other debtors 71,157 59,001
784,314 2,152,325

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 56,739 -
Trade creditors 175,490 211,060
Taxation and social security 572,877 44,084
Other creditors 52,321 69,646
857,427 324,790

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 56,000 13,025
Between one and five years 182,000 -
238,000 13,025

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
94 Ordinary £1 94 94

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Colin Airey FCCA (Senior Statutory Auditor)
for and on behalf of George Hay Partnership LLP