The SMAE Institute (1919) Limited
Registered number: 02690497
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 698,839 677,931
Current assets
Stocks 11,165 1,380
Debtors 5 889,983 845,237
Cash at bank and in hand 224,438 221,069
1,125,586 1,067,686
Creditors: amounts falling due within one year 6 (1,381,391) (1,232,353)
Net current liabilities (255,805) (164,667)
Total assets less current liabilities 443,034 513,264
Provisions for liabilities (5,284) (21,460)
Net assets 437,750 491,804
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 436,750 490,804
Shareholders' funds 437,750 491,804
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.
Dr M J L Batt
Director
Approved by the board on 01 November 2024
The SMAE Institute (1919) Limited
Notes to the Accounts
for the year ended 31 March 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 sale of goods and 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:
Leasehold land and buildings over 30 years
Integral features over 10 years
Fixtures, fittings, tools and equipment over 4 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 21 20
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2023 561,401
At 31 March 2024 561,401
Amortisation
At 1 April 2023 561,401
At 31 March 2024 561,401
Net book value
At 31 March 2024 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 April 2023 722,106 448,056 1,170,162
Additions - 125,267 125,267
At 31 March 2024 722,106 573,323 1,295,429
Depreciation
At 1 April 2023 157,121 335,110 492,231
Charge for the year 20,726 83,633 104,359
At 31 March 2024 177,847 418,743 596,590
Net book value
At 31 March 2024 544,259 154,580 698,839
At 31 March 2023 564,985 112,946 677,931
5 Debtors 2024 2023
£ £
Trade debtors 296,791 287,110
Other debtors 593,192 558,127
889,983 845,237
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 146,241 156,263
Taxes and social security costs 35,295 46,903
Other creditors 1,199,855 1,029,187
1,381,391 1,232,353
7 Controlling party
The controlling party is considered to be Dr M J L Batt, director whose current shareholding is 50.8%
8 Other information
The SMAE Institute (1919) Limited is a private company limited by shares and incorporated in England. Its registered office is:
The New Hall
Bath Road
Maidenhead
Berkshire
SL6 4LA
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