L M Smith Ltd 11741396 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is IT consultancy and software development. Digita Accounts Production Advanced 6.30.9574.0 true true 11741396 2023-04-01 2024-03-31 11741396 2024-03-31 11741396 bus:OrdinaryShareClass1 bus:CumulativeShares 2024-03-31 11741396 core:CurrentFinancialInstruments 2024-03-31 11741396 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 11741396 core:FurnitureFittingsToolsEquipment 2024-03-31 11741396 bus:SmallEntities 2023-04-01 2024-03-31 11741396 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 11741396 bus:FullAccounts 2023-04-01 2024-03-31 11741396 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 11741396 bus:RegisteredOffice 2023-04-01 2024-03-31 11741396 bus:Director2 2023-04-01 2024-03-31 11741396 bus:OrdinaryShareClass1 bus:CumulativeShares 2023-04-01 2024-03-31 11741396 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 11741396 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 11741396 core:OfficeEquipment 2023-04-01 2024-03-31 11741396 countries:England 2023-04-01 2024-03-31 11741396 2023-03-31 11741396 core:FurnitureFittingsToolsEquipment 2023-03-31 11741396 2022-04-01 2023-03-31 11741396 2023-03-31 11741396 bus:OrdinaryShareClass1 bus:CumulativeShares 2023-03-31 11741396 core:CurrentFinancialInstruments 2023-03-31 11741396 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 11741396 core:FurnitureFittingsToolsEquipment 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 11741396

L M Smith Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

L M Smith Ltd

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 5

 

L M Smith Ltd

(Registration number: 11741396)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,933

3,103

Current assets

 

Debtors

5

738

485

Cash at bank and in hand

 

1,278

5,105

 

2,016

5,590

Creditors: Amounts falling due within one year

6

(6,633)

(7,420)

Net current liabilities

 

(4,617)

(1,830)

Total assets less current liabilities

 

(2,684)

1,273

Provisions for liabilities

(367)

(590)

Net (liabilities)/assets

 

(3,051)

683

Capital and reserves

 

Called up share capital

7

10

10

Retained earnings

(3,061)

673

Shareholders' (deficit)/funds

 

(3,051)

683

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account and directors' report have not been delivered in accordance with the special provisions applicable to companies subject to the small companies regime.

Approved and authorised by the Board on 24 December 2024 and signed on its behalf by:
 

.........................................
Mr LM Smith
Director

 

L M Smith Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
10-12 Wellington Street St. Johns
Blackburn
Lancashire
BB1 8AG
England

These financial statements were authorised for issue by the Board on 24 December 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in Sterling, which is the functional currency of the company and are rounded to the nearest pound.

Going concern

The directors, having made reasonable enquiries, consider that the company will have sufficient resources to continue trading for the foreseeable future. As a result the directors have continued to adopt the going concern basis in preparing the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

L M Smith Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Deferred tax is measured using the tax rates and laws that have been enacted ot substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

33% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

L M Smith Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Employee Benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 April 2023

4,375

4,375

Additions

439

439

Disposals

(1,458)

(1,458)

At 31 March 2024

3,356

3,356

Depreciation

At 1 April 2023

1,272

1,272

Charge for the year

1,609

1,609

Eliminated on disposal

(1,458)

(1,458)

At 31 March 2024

1,423

1,423

Carrying amount

At 31 March 2024

1,933

1,933

At 31 March 2023

3,103

3,103

 

L M Smith Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Debtors

2024
£

2023
£

Trade debtors

-

400

Prepayments

84

85

Other debtors

654

-

 

738

485

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Taxation and social security

636

1,096

Accruals and deferred income

1,084

1,000

Other creditors

4,913

5,324

6,633

7,420

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary share of £1 each

10

10

10

10