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Registered number: 10062641
SMS Engineering Solutions Limited
Financial Statements
For The Year Ended 31 March 2024
Kennedy Johnson
83 Carlton Drive
Wigston
LE18 1DG
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 10062641
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 5,137 6,849
5,137 6,849
CURRENT ASSETS
Debtors 5 44,247 71,241
Cash at bank and in hand 51,388 60,094
95,635 131,335
Creditors: Amounts Falling Due Within One Year 6 (37,135 ) (70,076 )
NET CURRENT ASSETS (LIABILITIES) 58,500 61,259
TOTAL ASSETS LESS CURRENT LIABILITIES 63,637 68,108
PROVISIONS FOR LIABILITIES
Deferred Taxation 7 (976 ) (1,301 )
NET ASSETS 62,661 66,807
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 62,561 66,707
SHAREHOLDERS' FUNDS 62,661 66,807
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Page 2
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 member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Jabir Hassanali
Director
28/01/2025
The notes on pages 3 to 4 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
SMS Engineering Solutions Limited Registered number 10062641 is a limited by shares company incorporated in England & Wales. The Registered Office is 83 Carlton Drive, Wigston, Leicester, Leicestershire, LE18 1DG.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of value added tax and trade discounts.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 25% per annum. calculated on the reducing balance.
Computer Equipment 25% per annum. calculated on the reducing balance.
2.4. Taxation
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the balance sheet date.
2.5. Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Tangible Assets
Motor Vehicles Computer Equipment Total
£ £ £
Cost
As at 1 April 2023 10,700 9,035 19,735
As at 31 March 2024 10,700 9,035 19,735
Depreciation
As at 1 April 2023 7,314 5,572 12,886
Provided during the period 846 866 1,712
As at 31 March 2024 8,160 6,438 14,598
Net Book Value
As at 31 March 2024 2,540 2,597 5,137
As at 1 April 2023 3,386 3,463 6,849
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5. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income - 143
VAT recoverable - 598
- 741
Due after more than one year
Amounts owed by associated company 44,247 70,500
44,247 71,241
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors - 2,384
Corporation tax 29,694 29,694
Accruals 1,917 948
Director's loan account 5,524 37,050
37,135 70,076
7. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 976 1,301
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
9. Ultimate Controlling Party
The company's ultimate controlling party is Jabir Hassanali by virtue of his ownership of 100% of the issued share capital in the company.
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