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Company No: 02220526 (England and Wales)

SMART IDEAS LIMITED

Unaudited Financial Statements
For the financial year ended 31 May 2024
Pages for filing with the registrar

SMART IDEAS LIMITED

Unaudited Financial Statements

For the financial year ended 31 May 2024

Contents

SMART IDEAS LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 May 2024
SMART IDEAS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 May 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 327,633 267,963
327,633 267,963
Current assets
Stocks 792,628 738,453
Debtors 5 154,174 127,115
Cash at bank and in hand 205,043 162,958
1,151,845 1,028,526
Creditors: amounts falling due within one year 6 ( 571,533) ( 533,169)
Net current assets 580,312 495,357
Total assets less current liabilities 907,945 763,320
Creditors: amounts falling due after more than one year 7 ( 45,834) ( 95,834)
Provision for liabilities ( 72,679) ( 61,949)
Net assets 789,432 605,537
Capital and reserves
Called-up share capital 8 200 200
Profit and loss account 789,232 605,337
Total shareholder's funds 789,432 605,537

For the financial year ending 31 May 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Smart Ideas Limited (registered number: 02220526) were approved and authorised for issue by the Board of Directors on 29 November 2024. They were signed on its behalf by:

William Brian Smart
Director
SMART IDEAS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
SMART IDEAS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Smart Ideas Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 4-6 De Salis Drive, Hampton Lovett, Droitwich, WR9 0QE, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill not amortised
Tangible fixed assets

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. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Vehicles 25 % reducing balance
Fixtures and fittings 15 - 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 81 75

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 June 2023 500,000 500,000
At 31 May 2024 500,000 500,000
Accumulated amortisation
At 01 June 2023 500,000 500,000
At 31 May 2024 500,000 500,000
Net book value
At 31 May 2024 0 0
At 31 May 2023 0 0

4. Tangible assets

Vehicles Fixtures and fittings Total
£ £ £
Cost
At 01 June 2023 60,199 1,983,506 2,043,705
Additions 91,877 23,455 115,332
Disposals ( 20,105) 0 ( 20,105)
At 31 May 2024 131,971 2,006,961 2,138,932
Accumulated depreciation
At 01 June 2023 41,154 1,734,588 1,775,742
Charge for the financial year 6,239 44,255 50,494
Disposals ( 14,937) 0 ( 14,937)
At 31 May 2024 32,456 1,778,843 1,811,299
Net book value
At 31 May 2024 99,515 228,118 327,633
At 31 May 2023 19,045 248,918 267,963

5. Debtors

2024 2023
£ £
Amounts owed by Group undertakings 11,404 0
Prepayments 142,770 127,115
154,174 127,115

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 50,000 50,000
Trade creditors 235,061 246,347
Amounts owed to Group undertakings 0 9,897
Accruals 35,467 60,553
Taxation and social security 196,513 163,076
Obligations under finance leases and hire purchase contracts 53,436 3,296
Other creditors 1,056 0
571,533 533,169

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 45,834 95,834

There are no amounts included above in respect of which any security has been given by the small entity.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100
90 Ordinary A shares of £ 1.00 each 90 90
10 Ordinary C shares of £ 1.00 each 10 10
200 200

9. Related party transactions

Transactions with entities in which the entity itself has a participating interest

2024 2023
£ £
Amounts owed by (to) group undertaking 11,404 (9,897)

During the year, there were dividends voted to group companies of £150,345 (2022: £259,898).