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
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
Smart Electrics Limited
Statement of financial position
as at 31 March 2024
Tangible assets
5,760
7,734
Inventories
115,000
46,858
Cash at bank and in hand
6,302
13,340
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)
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
Smart Electrics Limited
Notes to the Accounts
for the year ended 31 March 2024
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
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
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 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 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 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.
Smart Electrics Limited
Notes to the Accounts
for the year ended 31 March 2024
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
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
At 31 March 2024
281
5,479
5,760
At 31 March 2023
429
7,305
7,734
Amounts falling due within one year
Trade debtors
56,227
32,791
Accrued income and prepayments
1,591
2,301
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
-
7
Creditors: amounts falling due after more than one year
2024
2023
Smart Electrics Limited
Notes to the Accounts
for the year ended 31 March 2024
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Loan to directors
2,861
-
43,953
(41,092)
Loan to directors
11,983
-
51,711
(39,728)
9
Average number of employees
During the year the average number of employees was 5 (2023: 5).