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REGISTERED NUMBER: 06450772 (England and Wales)















Unaudited Financial Statements

for the Year Ended 31 March 2024

for

Smart Touch (MK) Ltd
Trading as
Smart Automotive

Smart Touch (MK) Ltd (Registered number: 06450772)
Trading as Smart Automotive






Contents of the Financial Statements
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Smart Touch (MK) Ltd
Trading as Smart Automotive

Company Information
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTOR: S J Archer





REGISTERED OFFICE: Unit 18A
Icknield Way Farm
Tring Road
Dunstable
Buckinghamshire
LU6 2JX





REGISTERED NUMBER: 06450772 (England and Wales)





ACCOUNTANTS: Connolly Accountants & Business Advisors Ltd
Chartered Certified Accountants
The Stable Yard
25-33 Vicarage Road
Stony Stratford
Milton Keynes
Buckinghamshire
MK11 1BN

Smart Touch (MK) Ltd (Registered number: 06450772)
Trading as Smart Automotive

Balance Sheet
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,224,584 1,135,165

CURRENT ASSETS
Stocks 161,540 131,804
Debtors 5 846,727 608,327
Cash at bank 160,406 184,876
1,168,673 925,007
CREDITORS
Amounts falling due within one year 6 1,533,906 1,085,510
NET CURRENT LIABILITIES (365,233 ) (160,503 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

859,351

974,662

CREDITORS
Amounts falling due after more than one
year

7

(799,167

)

(787,486

)

PROVISIONS FOR LIABILITIES (59,985 ) (105,704 )
NET ASSETS 199 81,472

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 99 81,372
SHAREHOLDERS' FUNDS 199 81,472

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Smart Touch (MK) Ltd (Registered number: 06450772)
Trading as Smart Automotive

Balance Sheet - continued
31 MARCH 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 1 November 2024 and were signed by:





S J Archer - Director


Smart Touch (MK) Ltd (Registered number: 06450772)
Trading as Smart Automotive

Notes to the Financial Statements
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Smart Touch (MK) Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The company is loss making and has net current liabilities on the balance sheet. The company is undergoing restructuring post year end, an expected result of which is to increase the liquid assets of the company and obtain further third party finance to support the company for the foreseeable future. The director therefore judges that it is appropriate to prepare the financial statements on a going concern basis.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 20% on cost
Plant & machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 10% on reducing balance
Computer equipment - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Smart Touch (MK) Ltd (Registered number: 06450772)
Trading as Smart Automotive

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provision of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic Financial Assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised costs using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is a contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors and loans from related companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised costs, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Smart Touch (MK) Ltd (Registered number: 06450772)
Trading as Smart Automotive

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 53 (2023 - 42 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant & and
property machinery fittings
£    £    £   
COST
At 1 April 2023 81,487 452,048 32,880
Additions 13,846 51,758 10,466
Disposals - - -
Transfer to ownership - - -
Reclassification/transfer - - -
At 31 March 2024 95,333 503,806 43,346
DEPRECIATION
At 1 April 2023 36,005 225,792 28,975
Charge for year 14,850 66,063 2,882
Eliminated on disposal - - -
Transfer to ownership - - -
Reclassification/transfer - - -
At 31 March 2024 50,855 291,855 31,857
NET BOOK VALUE
At 31 March 2024 44,478 211,951 11,489
At 31 March 2023 45,482 226,256 3,905

Smart Touch (MK) Ltd (Registered number: 06450772)
Trading as Smart Automotive

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2024

4. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 April 2023 1,084,932 32,375 1,683,722
Additions 314,340 3,758 394,168
Disposals (148,796 ) - (148,796 )
Transfer to ownership (60,000 ) - (60,000 )
Reclassification/transfer 60,000 - 60,000
At 31 March 2024 1,250,476 36,133 1,929,094
DEPRECIATION
At 1 April 2023 238,216 19,569 548,557
Charge for year 103,560 3,915 191,270
Eliminated on disposal (35,317 ) - (35,317 )
Transfer to ownership (45,300 ) - (45,300 )
Reclassification/transfer 45,300 - 45,300
At 31 March 2024 306,459 23,484 704,510
NET BOOK VALUE
At 31 March 2024 944,017 12,649 1,224,584
At 31 March 2023 846,716 12,806 1,135,165


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 474,416 459,845
Other debtors 372,311 148,482
846,727 608,327

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 374,741 112,613
Hire purchase contracts (see note 8) 221,153 244,290
Trade creditors 381,629 364,007
Taxation and social security 293,901 134,383
Other creditors 262,482 230,217
1,533,906 1,085,510

Hire purchase agreements are secured against the assets to which they relate. Loans are secured on a fixed and/or floating charge basis against the company.

Smart Touch (MK) Ltd (Registered number: 06450772)
Trading as Smart Automotive

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 207,425 254,430
Hire purchase contracts (see note 8) 591,742 533,056
799,167 787,486

Hire purchase agreements are secured against the assets to which they relate. Loans are secured on a fixed and/or floating charge basis against the company. All bank loans and hire purchase agreements are due for repayment within 5 years.

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 221,153 244,290
Between one and five years 591,742 533,056
812,895 777,346

Non-cancellable operating leases
2024 2023
£    £   
Within one year 2,975 35,700
Between one and five years - 2,975
2,975 38,675

9. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. The assets of the scheme are held separately from those of the company in an independently administered fund.
Contributions totalling £8,055 (2023: £6,060) were payable to the fund at the balance sheet date and are included in other creditors.

Smart Touch (MK) Ltd (Registered number: 06450772)
Trading as Smart Automotive

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2024

10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
**UNKNOWN DIRECTOR 1**
Balance outstanding at start of year 69,811 (5,689 )
Amounts advanced 191,706 75,500
Amounts repaid (261,517 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 69,811

This loan is interest free and repayable on demand.