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Company Registration No. 8748721 (England and Wales)
Smart Electrics Limited Unaudited accounts for the year ended 31 March 2024
Smart Electrics Limited Unaudited accounts Contents
Page
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Smart Electrics Limited Company Information for the year ended 31 March 2024
Directors
Mr Stuart French Mr Mark Cook
Company Number
8748721 (England and Wales)
Registered Office
15 Grayswood Road Birmingham B31 4QR
Accountants
Bayliss & Co Flat 1, 4 Tower View Selly Oak Birmingham West Midlands B29 6WH
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Smart Electrics Limited Statement of financial position as at 31 March 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
5,760 
7,734 
Current assets
Inventories
115,000 
46,858 
Debtors
62,185 
55,600 
Cash at bank and in hand
6,302 
13,340 
183,487 
115,798 
Creditors: amounts falling due within one year
(155,192)
(87,034)
Net current assets
28,295 
28,764 
Total assets less current liabilities
34,055 
36,498 
Creditors: amounts falling due after more than one year
(28,321)
(34,667)
Provisions for liabilities
Deferred tax
(1,095)
(1,470)
Net assets
4,639 
361 
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
4,539 
261 
Shareholders' funds
4,639 
361 
For the 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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 27 January 2025 and were signed on its behalf by
Mr Stuart French Director Company Registration No. 8748721
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Smart Electrics Limited Notes to the Accounts for the year ended 31 March 2024
1
Statutory information
Smart Electrics Limited is a private company, limited by shares, registered in England and Wales, registration number 8748721. The registered office is 15 Grayswood Road, Birmingham , B31 4QR.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% reducing balance method
Motor vehicles
25% reducing balance method
Computer equipment
33% per annum of cost
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of completion.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
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Smart Electrics Limited Notes to the Accounts for the year ended 31 March 2024
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
4
Tangible fixed assets
Plant & machinery 
Motor vehicles 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 April 2023
4,278 
16,495 
20,773 
At 31 March 2024
4,278 
16,495 
20,773 
Depreciation
At 1 April 2023
3,849 
9,190 
13,039 
Charge for the year
148 
1,826 
1,974 
At 31 March 2024
3,997 
11,016 
15,013 
Net book value
At 31 March 2024
281 
5,479 
5,760 
At 31 March 2023
429 
7,305 
7,734 
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
VAT
4,367 
5,664 
Trade debtors
56,227 
32,791 
Accrued income and prepayments
1,591 
2,301 
Other debtors
- 
14,844 
62,185 
55,600 
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Bank loans and overdrafts
6,480 
6,624 
Trade creditors
50,102 
60,073 
Taxes and social security
13,256 
5,897 
Other creditors
3,034 
12,940 
Loans from directors
80,820 
- 
Accruals
1,500 
1,500 
155,192 
87,034 
7
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
28,321 
34,667 
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Smart Electrics Limited Notes to the Accounts for the year ended 31 March 2024
8
Loans to directors
Brought Forward 
Advance/ credit 
Repaid 
Carried Forward 
£ 
£ 
£ 
£ 
Mr Stuart French
Loan to directors
2,861 
- 
43,953 
(41,092)
Mr Mark Cook
Loan to directors
11,983 
- 
51,711 
(39,728)
14,844 
- 
95,664 
(80,820)
9
Average number of employees
During the year the average number of employees was 5 (2023: 5).
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