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Company registration number: 13701066
SMC CUSTOM INSTALLS LIMITED
UNAUDITED FILLETED FINANCIAL STATEMENTS
30 April 2024
SMC CUSTOM INSTALLS LIMITED
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
SMC CUSTOM INSTALLS LIMITED
DIRECTORS AND OTHER INFORMATION
Directors Mr D E Lewis
Mr P J Brown
Secretary Mr G J Lewis
Company number 13701066
Registered office 2 Henry Close
Battlefield Enterprise Park
Shrewbury
Shropshire
SY1 3TJ
Business address 2 Henry Close
Battlefield Enterprise Park
Shrewsbury
Shropshire
SY1 3TJ
Accountants Heywoods
Countrywide House
Knights Way
Shrewsbury
Shropshire
SY1 3AB
SMC CUSTOM INSTALLS LIMITED
CHARTERED ACCOUNTANTS REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE
UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SMC CUSTOM INSTALLS LIMITED
YEAR ENDED 30TH APRIL 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of SMC Custom Installs Limited for the year ended 30 April 2024 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of SMC Custom Installs Limited, as a body, in accordance with the terms of our engagement letter dated 25 March 2022. Our work has been undertaken solely to prepare for your approval the financial statements of SMC Custom Installs Limited and state those matters that we have agreed to state to the board of directors of SMC Custom Installs Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than SMC Custom Installs Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that SMC Custom Installs Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of SMC Custom Installs Limited. You consider that SMC Custom Installs Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of SMC Custom Installs Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Heywoods
Chartered Accountants
Countrywide House
Knights Way
Shrewsbury
Shropshire
SY1 3AB
22 January 2025
SMC CUSTOM INSTALLS LIMITED
STATEMENT OF FINANCIAL POSITION
30TH APRIL 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 5 9,889 29,669
Tangible assets 6 308,073 44,640
_______ _______
317,962 74,309
Current assets
Stocks 109,067 128,752
Debtors 7 35,503 15,275
Cash at bank and in hand 274,263 301,396
_______ _______
418,833 445,423
Creditors: amounts falling due
within one year 8 ( 293,271) ( 289,026)
_______ _______
Net current assets 125,562 156,397
_______ _______
Total assets less current liabilities 443,524 230,706
Provisions for liabilities ( 13,988) ( 11,160)
_______ _______
Net assets 429,536 219,546
_______ _______
Capital and reserves
Called up share capital 10 10
Profit and loss account 429,526 219,536
_______ _______
Shareholders funds 429,536 219,546
_______ _______
For the year ending 30 April 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 15 January 2025 , and are signed on behalf of the board by:
Mr D E Lewis Mr P J Brown
Director Director
Company registration number: 13701066
SMC CUSTOM INSTALLS LIMITED
STATEMENT OF CHANGES IN EQUITY
YEAR ENDED 30TH APRIL 2024
Called up share capital Profit and loss account Total
£ £ £
At 1 May 2022 10 51,276 51,286
Profit for the year 247,326 247,326
_______ _______ _______
Total comprehensive income for the year - 247,326 247,326
Dividends paid and payable ( 79,066) ( 79,066)
_______ _______ _______
Total investments by and distributions to owners - ( 79,066) ( 79,066)
_______ _______ _______
At 30 April 2023 and 1 May 2023 10 219,536 219,546
Profit for the year 285,890 285,890
_______ _______ _______
Total comprehensive income for the year - 285,890 285,890
Dividends paid and payable ( 75,900) ( 75,900)
_______ _______ _______
Total investments by and distributions to owners - ( 75,900) ( 75,900)
_______ _______ _______
At 30 April 2024 10 429,526 429,536
_______ _______ _______
SMC CUSTOM INSTALLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30TH APRIL 2024
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 2 Henry Close, Battlefield Enterprise Park, Shrewbury, Shropshire, SY1 3TJ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the exemption from preparing consolidated financial statements contained in Section 400 of the Companies Act 2006 on the basis that it is a subsidiary undertaking and its immediate parent undertaking is established under the law of any part of the United Kingdom.
Turnover
Turnover is measured at the value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 33.33 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 20 % straight line
Motor vehicles - 25 % reducing balance
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2023: 5 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 May 2023 and 30 April 2024 59,339 59,339
_______ _______
Amortisation
At 1 May 2023 29,670 29,670
Charge for the year 19,780 19,780
_______ _______
At 30 April 2024 49,450 49,450
_______ _______
Carrying amount
At 30 April 2024 9,889 9,889
_______ _______
At 30 April 2023 29,669 29,669
_______ _______
6. Tangible assets
Freehold property Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 May 2023 - 3,917 43,848 47,765
Additions 253,968 1,994 25,650 281,612
_______ _______ _______ _______
At 30 April 2024 253,968 5,911 69,498 329,377
_______ _______ _______ _______
Depreciation
At 1 May 2023 - 164 2,961 3,125
Charge for the year 1,693 920 15,566 18,179
_______ _______ _______ _______
At 30 April 2024 1,693 1,084 18,527 21,304
_______ _______ _______ _______
Carrying amount
At 30 April 2024 252,275 4,827 50,971 308,073
_______ _______ _______ _______
At 30 April 2023 - 3,753 40,887 44,640
_______ _______ _______ _______
7. Debtors
2024 2023
£ £
Trade debtors 27,809 9,128
Other debtors 7,694 6,147
_______ _______
35,503 15,275
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 4,136 10,241
Trade creditors 21,780 50,439
Amounts owed to group undertakings and undertakings in which the company has a participating interest 58,216 63,854
Corporation tax 106,409 56,678
Social security and other taxes 36,787 19,683
Other creditors 65,943 88,131
_______ _______
293,271 289,026
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr D E Lewis ( 24) - - ( 24)
Mr P J Brown ( 15,195) - 5,650 ( 9,545)
_______ _______ _______ _______
( 15,219) - 5,650 ( 9,569)
_______ _______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr D E Lewis ( 0) ( 24) - ( 24)
Mr P J Brown ( 9,995) ( 5,200) - ( 15,195)
_______ _______ _______ _______
( 9,995) ( 5,224) - ( 15,219)
_______ _______ _______ _______