Registered number
08406717
Smith and Churchill Limited
Filleted Accounts
29 February 2024
Smith and Churchill Limited
Report to the directors on the preparation of the unaudited statutory accounts of Smith and Churchill Limited for the year ended 29 February 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Smith and Churchill Limited for the year ended 29 February 2024 which comprise of the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://rulebook.accaglobal.com/
Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163.
1st Cloud Accountants
1st Cloud Accountants
Chartered Certified Accountants
Analysis House
117 - 119 Sea Road
Fulwell
Sunderland
SR6 9EQ
28 November 2024
Smith and Churchill Limited
Registered number: 08406717
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 655 -
Investments 4 118,536 -
119,191 -
Current assets
Debtors 5 18,187 15,877
Cash at bank and in hand 590 158,763
18,777 174,640
Creditors: amounts falling due within one year 6 (56,576) (76,537)
Net current (liabilities)/assets (37,799) 98,103
Total assets less current liabilities 81,392 98,103
Creditors: amounts falling due after more than one year 7 (29,656) (35,242)
Net assets 51,736 62,861
Capital and reserves
Called up share capital 120 120
Profit and loss account 51,616 62,741
Shareholders' funds 51,736 62,861
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.
Mr A T Swalwell
Director
Approved by the board on 29 November 2024
Smith and Churchill Limited
Notes to the Accounts
for the year ended 29 February 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 rendering of services. 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 Vehicle over 5 years
Office 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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Office Equipment Motor vehicles Total
£ £ £
Cost
At 1 March 2023 516 22,680 23,196
Additions 666 - 666
At 29 February 2024 1,182 22,680 23,862
Depreciation
At 1 March 2023 516 22,680 23,196
Charge for the year 11 - 11
At 29 February 2024 527 22,680 23,207
Net book value
At 29 February 2024 655 - 655
4 Investments
Other
investments
£
Cost
Additions 118,536
At 29 February 2024 118,536
5 Debtors 2024 2023
£ £
Deferred tax asset 2,141 -
Other debtors 16,046 15,877
18,187 15,877
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 5,556 5,527
Directors' loan accounts 12,704 45,670
Trade creditors 25,452 3,268
Other creditors 12,864 22,072
56,576 76,537
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 29,656 35,242
8 Other information
Smith and Churchill Limited is a private company limited by shares and incorporated in England. Its registered office is:
10 Defender Court
Defender Court
Sunderland
Tyne & Wear
SR5 3PE
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