Smartovations Ltd 11999543 false 2023-06-01 2024-05-31 2024-05-31 The principal activity of the company is that of the manafacture of insulation products. Digita Accounts Production Advanced 6.30.9574.0 true true 11999543 2023-06-01 2024-05-31 11999543 2024-05-31 11999543 bus:OrdinaryShareClass1 2024-05-31 11999543 core:CurrentFinancialInstruments 2024-05-31 11999543 core:CurrentFinancialInstruments core:WithinOneYear 2024-05-31 11999543 core:Non-currentFinancialInstruments core:AfterOneYear 2024-05-31 11999543 core:FurnitureFittingsToolsEquipment 2024-05-31 11999543 core:MotorVehicles 2024-05-31 11999543 bus:SmallEntities 2023-06-01 2024-05-31 11999543 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 11999543 bus:FilletedAccounts 2023-06-01 2024-05-31 11999543 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 11999543 bus:RegisteredOffice 2023-06-01 2024-05-31 11999543 bus:Director1 2023-06-01 2024-05-31 11999543 bus:Director2 2023-06-01 2024-05-31 11999543 bus:OrdinaryShareClass1 2023-06-01 2024-05-31 11999543 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 11999543 core:FurnitureFittings 2023-06-01 2024-05-31 11999543 core:FurnitureFittingsToolsEquipment 2023-06-01 2024-05-31 11999543 core:MotorVehicles 2023-06-01 2024-05-31 11999543 core:OfficeEquipment 2023-06-01 2024-05-31 11999543 core:PlantMachinery 2023-06-01 2024-05-31 11999543 countries:AllCountries 2023-06-01 2024-05-31 11999543 2023-05-31 11999543 core:FurnitureFittingsToolsEquipment 2023-05-31 11999543 core:MotorVehicles 2023-05-31 11999543 2022-06-01 2023-05-31 11999543 2023-05-31 11999543 bus:OrdinaryShareClass1 2023-05-31 11999543 core:CurrentFinancialInstruments 2023-05-31 11999543 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 11999543 core:Non-currentFinancialInstruments core:AfterOneYear 2023-05-31 11999543 core:FurnitureFittingsToolsEquipment 2023-05-31 11999543 core:MotorVehicles 2023-05-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 11999543

Smartovations Ltd

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 May 2024

 

Smartovations Ltd

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 7

 

Smartovations Ltd

Company Information

Directors

Mr David Ashley Smith

Mrs Janet Smith

Registered office

Unit 6 Barnfield Works
Hathersage
Hope Valley
Derbyshire
S32 1AE

Accountants

Thorntons Accounting Limited
Chartered Certified Accountants
176-178 Pontefract Road
Cudworth
Barnsley
South Yorkshire
S72 8BE

 

Smartovations Ltd

(Registration number: 11999543)
Abridged Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

38,274

1,957

Current assets

 

Stocks

5

60,000

10,000

Debtors

6

211,831

55,930

Cash at bank and in hand

 

202,693

39,821

 

474,524

105,751

Creditors: Amounts falling due within one year

(246,305)

(41,337)

Net current assets

 

228,219

64,414

Total assets less current liabilities

 

266,493

66,371

Creditors: Amounts falling due after more than one year

(11,185)

(17,182)

Accruals and deferred income

 

(1,010)

(817)

Net assets

 

254,298

48,372

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

254,198

48,272

Shareholders' funds

 

254,298

48,372

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 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.

Approved and authorised by the Board on 15 January 2025 and signed on its behalf by:
 

 

Smartovations Ltd

(Registration number: 11999543)
Abridged Balance Sheet as at 31 May 2024

.........................................
Mr David Ashley Smith
Director

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

Smartovations Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2024

1

General information

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

The address of its registered office is:
Unit 6 Barnfield Works
Hathersage
Hope Valley
Derbyshire
S32 1AE

These financial statements were authorised for issue by the Board on 15 January 2025.

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 abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged 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.

Going concern

The financial statements have been prepared on a going concern basis.

Tax

The tax expense for the period comprises current 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.

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.

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.

 

Smartovations Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2024

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

Motor vehicles

25% straight line

Fixtures and fittings

15% straight line

Office equipemnt

30% straight line

Plant and machinery

25% straight line

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 merchandise sold or 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Borrowings

 

Smartovations Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2024

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 16 (2023 - 5).

 

Smartovations Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2023

6,544

13,295

19,839

Additions

16,098

33,645

49,743

Disposals

-

(13,295)

(13,295)

At 31 May 2024

22,642

33,645

56,287

Depreciation

At 1 June 2023

4,586

13,296

17,882

Charge for the year

5,016

8,410

13,426

Eliminated on disposal

-

(13,295)

(13,295)

At 31 May 2024

9,602

8,411

18,013

Carrying amount

At 31 May 2024

13,040

25,234

38,274

At 31 May 2023

1,958

(1)

1,957

5

Stocks

2024
£

2023
£

Other inventories

60,000

10,000

6

Debtors

Debtors includes £Nil (2023 - £Nil) due after more than one year.

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100