Acorah Software Products - Accounts Production 16.0.110 false true 31 July 2023 1 August 2022 false 1 August 2023 31 July 2024 31 July 2024 04678461 Mr Jeremy Holmes Mr Jeffrey Gorman iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 04678461 2023-07-31 04678461 2024-07-31 04678461 2023-08-01 2024-07-31 04678461 frs-core:CurrentFinancialInstruments 2024-07-31 04678461 frs-core:ComputerEquipment 2024-07-31 04678461 frs-core:ComputerEquipment 2023-08-01 2024-07-31 04678461 frs-core:ComputerEquipment 2023-07-31 04678461 frs-core:FurnitureFittings 2024-07-31 04678461 frs-core:FurnitureFittings 2023-08-01 2024-07-31 04678461 frs-core:FurnitureFittings 2023-07-31 04678461 frs-core:ShareCapital 2024-07-31 04678461 frs-core:RetainedEarningsAccumulatedLosses 2024-07-31 04678461 frs-bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 04678461 frs-bus:FilletedAccounts 2023-08-01 2024-07-31 04678461 frs-bus:SmallEntities 2023-08-01 2024-07-31 04678461 frs-bus:AuditExempt-NoAccountantsReport 2023-08-01 2024-07-31 04678461 frs-bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 04678461 frs-bus:Director1 2023-08-01 2024-07-31 04678461 frs-bus:Director2 2023-08-01 2024-07-31 04678461 frs-core:CurrentFinancialInstruments 9 2024-07-31 04678461 frs-countries:EnglandWales 2023-08-01 2024-07-31 04678461 2022-07-31 04678461 2023-07-31 04678461 2022-08-01 2023-07-31 04678461 frs-core:CurrentFinancialInstruments 2023-07-31 04678461 frs-core:ShareCapital 2023-07-31 04678461 frs-core:RetainedEarningsAccumulatedLosses 2023-07-31 04678461 frs-core:CurrentFinancialInstruments 9 2023-07-31
Registered number: 04678461
M.B. Smith & Co Ltd
Financial Statements
For The Year Ended 31 July 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 04678461
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,403 1,588
1,403 1,588
CURRENT ASSETS
Debtors 5 960 1,365
Cash at bank and in hand 27,117 26,005
28,077 27,370
Creditors: Amounts Falling Due Within One Year 6 (5,883 ) (2,680 )
NET CURRENT ASSETS (LIABILITIES) 22,194 24,690
TOTAL ASSETS LESS CURRENT LIABILITIES 23,597 26,278
PROVISIONS FOR LIABILITIES
Deferred Taxation (267 ) (302 )
NET ASSETS 23,330 25,976
CAPITAL AND RESERVES
Called up share capital 7 102 102
Profit and Loss Account 23,228 25,874
SHAREHOLDERS' FUNDS 23,330 25,976
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For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Jeremy Holmes
Director
29 November 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
M.B. Smith & Co Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 04678461 . The registered office is 33/34 High Street, Bridgnorth, Shropshire, WV16 4DB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable. Turnover includes revenue earned from the rendering of services.
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 25% Reducing Balance
Computer Equipment 25% Reducing Balance
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
...CONTINUED
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2.4. Taxation - continued
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2024 2023
Office and administration 3 3
3 3
4. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 August 2023 80 2,388 2,468
Additions - 325 325
As at 31 July 2024 80 2,713 2,793
Depreciation
As at 1 August 2023 20 860 880
Provided during the period 15 495 510
As at 31 July 2024 35 1,355 1,390
Net Book Value
As at 31 July 2024 45 1,358 1,403
As at 1 August 2023 60 1,528 1,588
5. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 926 1,332
PAYE repayable 34 33
960 1,365
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6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 1,642 1,008
Corporation tax 1,405 -
Accrued expenses 1,188 1,253
Directors' loan accounts 1,648 419
5,883 2,680
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 102 102
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