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REGISTERED NUMBER: 11849069 (England and Wales)
















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

SMITH & BARNES INSOLVENCY PRACTITIONERS
LIMITED

SMITH & BARNES INSOLVENCY PRACTITIONERS
LIMITED (REGISTERED NUMBER: 11849069)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SMITH & BARNES INSOLVENCY PRACTITIONERS
LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 29 FEBRUARY 2024







DIRECTORS: Ms P K Smith
Ms J Thomas





REGISTERED OFFICE: Unit 4 Madison Court
George Mann Road
Leeds
LS10 1DX





REGISTERED NUMBER: 11849069 (England and Wales)





ACCOUNTANTS: Banks Cooper Associates Limited
21 Marina Court
Castle Street
Hull
HU1 1TJ

SMITH & BARNES INSOLVENCY PRACTITIONERS
LIMITED (REGISTERED NUMBER: 11849069)

BALANCE SHEET
29 FEBRUARY 2024

29.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 37,280 15,144

CURRENT ASSETS
Debtors 5 116,850 76,890
Cash at bank and in hand 68,953 137,414
185,803 214,304
CREDITORS
Amounts falling due within one year 6 145,451 151,828
NET CURRENT ASSETS 40,352 62,476
TOTAL ASSETS LESS CURRENT LIABILITIES 77,632 77,620

CREDITORS
Amounts falling due after more than one year 7 (69,065 ) -

PROVISIONS FOR LIABILITIES (8,452 ) (2,927 )
NET ASSETS 115 74,693

CAPITAL AND RESERVES
Called up share capital 104 104
Retained earnings 11 74,589
115 74,693

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

SMITH & BARNES INSOLVENCY PRACTITIONERS
LIMITED (REGISTERED NUMBER: 11849069)

BALANCE SHEET - continued
29 FEBRUARY 2024


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 24 November 2024 and were signed on its behalf by:




Ms P K Smith - Director



Ms J Thomas - Director


SMITH & BARNES INSOLVENCY PRACTITIONERS
LIMITED (REGISTERED NUMBER: 11849069)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024


1. STATUTORY INFORMATION

Smith & Barnes Insolvency Practitioners 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.

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


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. 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, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 25% on reducing balance

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.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

SMITH & BARNES INSOLVENCY PRACTITIONERS
LIMITED (REGISTERED NUMBER: 11849069)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2023 - 9 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 March 2023 26,289
Additions 34,563
At 29 February 2024 60,852
DEPRECIATION
At 1 March 2023 11,145
Charge for year 12,427
At 29 February 2024 23,572
NET BOOK VALUE
At 29 February 2024 37,280
At 28 February 2023 15,144

SMITH & BARNES INSOLVENCY PRACTITIONERS
LIMITED (REGISTERED NUMBER: 11849069)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 March 2023 4,021
Additions 34,184
At 29 February 2024 38,205
DEPRECIATION
At 1 March 2023 1,005
Charge for year 9,300
At 29 February 2024 10,305
NET BOOK VALUE
At 29 February 2024 27,900
At 28 February 2023 3,016

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Trade debtors 33,440 15,124
Other debtors 83,410 61,766
116,850 76,890

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
29.2.24 28.2.23
£    £   
Bank loans and overdrafts 8,066 -
Hire purchase contracts 4,577 -
Trade creditors 28,093 27,357
Taxation and social security 75,258 104,053
Other creditors 29,457 20,418
145,451 151,828

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
29.2.24 28.2.23
£    £   
Bank loans 51,830 -
Hire purchase contracts 17,235 -
69,065 -

SMITH & BARNES INSOLVENCY PRACTITIONERS
LIMITED (REGISTERED NUMBER: 11849069)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


8. OTHER FINANCIAL COMMITMENTS

At 28 February 2024, the company had total commitments under non-cancellable operating leases over the committed remaining term of those leases of £27,000 (2023: £45,000).

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 29 February 2024 and 28 February 2023:

29.2.24 28.2.23
£    £   
Ms P K Smith
Balance outstanding at start of year 49,446 (7 )
Amounts advanced 259,210 218,118
Amounts repaid (236,011 ) (168,665 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 72,645 49,446

The loan is interest free and repayable on demand.