IRIS Accounts Production v24.3.2.46 07210416 Board of Directors 1.4.23 31.3.24 31.3.24 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh072104162023-03-31072104162024-03-31072104162023-04-012024-03-31072104162022-03-31072104162022-04-012023-03-31072104162023-03-3107210416ns15:EnglandWales2023-04-012024-03-3107210416ns14:PoundSterling2023-04-012024-03-3107210416ns10:Director12023-04-012024-03-3107210416ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3107210416ns10:SmallEntities2023-04-012024-03-3107210416ns10:AuditExempt-NoAccountantsReport2023-04-012024-03-3107210416ns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-3107210416ns10:FullAccounts2023-04-012024-03-3107210416ns10:Director22023-04-012024-03-3107210416ns10:Director32023-04-012024-03-3107210416ns10:RegisteredOffice2023-04-012024-03-3107210416ns5:CurrentFinancialInstruments2024-03-3107210416ns5:CurrentFinancialInstruments2023-03-3107210416ns5:Non-currentFinancialInstruments2024-03-3107210416ns5:Non-currentFinancialInstruments2023-03-3107210416ns5:ShareCapital2024-03-3107210416ns5:ShareCapital2023-03-3107210416ns5:RetainedEarningsAccumulatedLosses2024-03-3107210416ns5:RetainedEarningsAccumulatedLosses2023-03-3107210416ns5:LandBuildings2023-03-3107210416ns5:PlantMachinery2023-03-3107210416ns5:LandBuildings2023-04-012024-03-3107210416ns5:PlantMachinery2023-04-012024-03-3107210416ns5:LandBuildings2024-03-3107210416ns5:PlantMachinery2024-03-3107210416ns5:LandBuildings2023-03-3107210416ns5:PlantMachinery2023-03-3107210416ns5:WithinOneYearns5:CurrentFinancialInstruments2024-03-3107210416ns5:WithinOneYearns5:CurrentFinancialInstruments2023-03-3107210416ns5:CurrentFinancialInstruments2023-04-012024-03-31
REGISTERED NUMBER: 07210416 (England and Wales)















Report of the Directors and

Unaudited Financial Statements for the Year Ended 31 March 2024

for

Smithfield & Associates Limited

Smithfield & Associates Limited (Registered number: 07210416)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Report of the Directors 2

Balance Sheet 3

Notes to the Financial Statements 5


Smithfield & Associates Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: Ms P Sutton
Ms D E Gray-Smith
A Shoefield





REGISTERED OFFICE: 22 St James's Walk
London
EC1R 0AP





REGISTERED NUMBER: 07210416 (England and Wales)





ACCOUNTANTS: WR Accountants
Bank Chambers
31 The Square
Cumnock
Ayrshire
KA18 1AT

Smithfield & Associates Limited (Registered number: 07210416)

Report of the Directors
for the Year Ended 31 March 2024

The directors present their report with the financial statements of the company for the year ended 31 March 2024.

PRINCIPAL ACTIVITY
The principal activity of the company continued to be that of providing advertising services

REVIEW OF BUSINESS
The results for the year ended 31 March 2024 are set out in the Profit and Loss Account on page 3.

Revenue amounted to £9,368,841 (2023- £7,327,225), An increase of £2,041,616 (27.8%) over the previous year results.

The operating profit for the year ended 31 March 2024 amounted to £130,321. (2023 £86,158) An increase of £44,163 (51.3%) over the previous year, despite cost challenges.

DIVIDENDS
No interim dividends were paid, and no final dividend is proposed for the year.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.

Ms P Sutton
Ms D E Gray-Smith
A Shoefield

ON BEHALF OF THE BOARD:





A Shoefield - Director


8 January 2025

Smithfield & Associates Limited (Registered number: 07210416)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 39,337 51,524

CURRENT ASSETS
Stocks 4,929 355,890
Debtors 5 2,668,925 1,998,516
Prepayments and accrued income 1,362,915 548,761
Cash at bank and in hand 1,164,276 415,049
5,201,045 3,318,216
CREDITORS
Amounts falling due within one year 6 4,373,460 2,570,845
NET CURRENT ASSETS 827,585 747,371
TOTAL ASSETS LESS CURRENT
LIABILITIES

866,922

798,895

CREDITORS
Amounts falling due after more than one
year

7

(106,855

)

(105,606

)

PROVISIONS FOR LIABILITIES (4,430 ) (9,179 )
NET ASSETS 755,637 684,110

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 755,537 684,010
755,637 684,110

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 directors acknowledge their 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.

Smithfield & Associates Limited (Registered number: 07210416)

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 January 2025 and were signed on its behalf by:





A Shoefield - Director


Smithfield & Associates Limited (Registered number: 07210416)

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

1. STATUTORY INFORMATION

Smithfield & Associates Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Turnover
Turnover comprises the gross amounts billed to clients for media campaigns together with commission received and other fees earned on assignments for clients.

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

Where cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of future receipts The difference between the fair value.of the consideration and the nominal amount received is recognised as interest income.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Leasehold property improvements Over the life of the asset
Computers Over five years straight line
Motor vehiclesOver five years straight line
Office equipmentOver five years straight line

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.


Smithfield & Associates Limited (Registered number: 07210416)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued
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.

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 27 (2023 - 19 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 April 2023 24,495 138,108 162,603
Additions - 4,952 4,952
Disposals (24,495 ) - (24,495 )
At 31 March 2024 - 143,060 143,060
DEPRECIATION
At 1 April 2023 24,495 86,584 111,079
Charge for year - 17,139 17,139
Eliminated on disposal (24,495 ) - (24,495 )
At 31 March 2024 - 103,723 103,723
NET BOOK VALUE
At 31 March 2024 - 39,337 39,337
At 31 March 2023 - 51,524 51,524

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 634,292 914,591
Other debtors 2,034,633 1,083,925
2,668,925 1,998,516

Smithfield & Associates Limited (Registered number: 07210416)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 363,105 65,227
Trade creditors 1,882,181 1,217,489
Taxation and social security 333,432 496,285
Other creditors 1,794,742 791,844
4,373,460 2,570,845

Other creditors include amounts due to directors as set out in note 9 to these accounts.

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Bank loans 106,855 105,606

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included in Other creditors are amounts totalling £27,451 (2023 £18,316 ) due to Directors.