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Registration number: 09947929

Smart Interiors Joinery Contractors Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Smart Interiors Joinery Contractors Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Smart Interiors Joinery Contractors Ltd

Company Information

Directors

Mr M Frost

Mr I Rimmington

Company secretary

Mr M Frost

Registered office

Unit 51C
Cannon Way
Claycliffe Business Park
Barnsley
S75 1JU

Accountants

Cameron Alexander Accountants Ltd
Chartered Certified Accountants
2 Western Street
Barnsley
South Yorkshire
S70 2BP

 

Smart Interiors Joinery Contractors Ltd

(Registration number: 09947929)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

3

33,157

39,351

Current assets

 

Stocks

10,000

15,000

Debtors

4

46,161

51,091

Cash at bank and in hand

 

-

7,662

 

56,161

73,753

Creditors: Amounts falling due within one year

5

(108,566)

(112,949)

Net current liabilities

 

(52,405)

(39,196)

Total assets less current liabilities

 

(19,248)

155

Creditors: Amounts falling due after more than one year

5

(26,292)

(45,382)

Provisions for liabilities

(998)

-

Net liabilities

 

(46,538)

(45,227)

Capital and reserves

 

Called up share capital

6

1

1

Retained earnings

(46,539)

(45,228)

Shareholders' deficit

 

(46,538)

(45,227)

For the financial year ending 30 April 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 25 November 2024 and signed on its behalf by:
 

 

Smart Interiors Joinery Contractors Ltd

(Registration number: 09947929)
Balance Sheet as at 30 April 2024

.........................................
Mr I Rimmington
Director

 

Smart Interiors Joinery Contractors Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

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 sales/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 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.

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.

 

Smart Interiors Joinery Contractors Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

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

Fixtures, fittings and equipment

25% reducing balance

Motor vehicles

25% reducing balance

Plant and machinery

25% reducing balance

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.

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.

Leasing and hire purchase contracts

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account on a straight line basis.

 

Smart Interiors Joinery Contractors Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

2

Staff numbers

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

3

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 May 2023

5,696

57,116

11,302

74,114

Additions

-

-

11,602

11,602

Disposals

(2,238)

(13,613)

(6,710)

(22,561)

At 30 April 2024

3,458

43,503

16,194

63,155

Depreciation

At 1 May 2023

2,355

25,389

3,913

31,657

Charge for the year

547

7,076

1,995

9,618

Eliminated on disposal

(1,085)

(10,192)

-

(11,277)

At 30 April 2024

1,817

22,273

5,908

29,998

Carrying amount

At 30 April 2024

1,641

21,230

10,286

33,157

At 30 April 2023

3,341

31,727

4,283

39,351

4

Debtors

Current

2024
£

2023
£

Trade debtors

17,016

5,000

Prepayments

432

433

Other debtors

28,713

45,658

 

46,161

51,091

 

Smart Interiors Joinery Contractors Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

5

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

29,333

26,750

Trade creditors

 

36,255

64,454

Taxation and social security

 

16,494

14,207

Accruals and deferred income

 

650

650

Other creditors

 

20,932

-

Hire purchase liabilities

 

4,902

6,888

 

108,566

112,949

Creditors: amounts falling due after more than one year

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

10,833

25,021

HP and finance lease liabilities

7,059

11,961

Other borrowings

8,400

8,400

26,292

45,382

6

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £0.01 each

100

1

100

1

       
 

Smart Interiors Joinery Contractors Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

7

Related party transactions

Transactions with directors

2024

At 1 May 2023
£

Repayments by director
£

At 30 April 2024
£

Mr M Frost

No interest is charged on the loan and there is no fixed date of repayment.

(5,589)

6,363

774

Mr I Rimmington

No interest is charged on the loan and there is no fixed date of repayment.

(274)

19,732

19,458

2023

At 1 May 2022
£

Repayments by director
£

At 30 April 2023
£

Mr M Frost

No interest is charged on the loan and there is no fixed date of repayment.

(29,832)

24,244

(5,589)

Mr I Rimmington

No interest is charged on the loan and there is no fixed date of repayment.

(31,417)

31,142

(274)