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Registered number: 04538921
Smith Ecology Limited
Financial Statements
For The Year Ended 30 September 2024
One Plus One Ltd
34/36 Fore Street
Bovey Tracey
Devon
TQ13 9AE
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 04538921
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 2,101 1,372
2,101 1,372
CURRENT ASSETS
Stocks 6 200 100
Debtors 7 447 43,847
Cash at bank and in hand 45,422 11,117
46,069 55,064
Creditors: Amounts Falling Due Within One Year 8 (40,437 ) (20,526 )
NET CURRENT ASSETS (LIABILITIES) 5,632 34,538
TOTAL ASSETS LESS CURRENT LIABILITIES 7,733 35,910
PROVISIONS FOR LIABILITIES
Deferred Taxation (440 ) (261 )
NET ASSETS 7,293 35,649
CAPITAL AND RESERVES
Called up share capital 9 2 2
Profit and Loss Account 7,291 35,647
SHAREHOLDERS' FUNDS 7,293 35,649
Page 1
Page 2
For the year ending 30 September 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.
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 Peter Graham Smith
Director
10 February 2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Smith Ecology Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04538921 . The registered office is Ty Major, Forest Coal Pit, Abergavenny, Gwent, NP7 7LH.
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 is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 5 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. 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:
Plant & Machinery 20% straight line method
Fixtures & Fittings 20% straight line method
Computer Equipment 33.33% straight line method
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
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2.6. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when it relates to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Intangible Assets
Goodwill
£
Cost
As at 1 October 2023 37,500
As at 30 September 2024 37,500
Amortisation
As at 1 October 2023 37,500
As at 30 September 2024 37,500
Net Book Value
As at 30 September 2024 -
As at 1 October 2023 -
5. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 October 2023 15,919 709 20,061 36,689
Additions 349 - 1,656 2,005
As at 30 September 2024 16,268 709 21,717 38,694
Depreciation
As at 1 October 2023 15,166 709 19,442 35,317
Provided during the period 356 - 920 1,276
As at 30 September 2024 15,522 709 20,362 36,593
Net Book Value
As at 30 September 2024 746 - 1,355 2,101
As at 1 October 2023 753 - 619 1,372
6. Stocks
2024 2023
£ £
Work in progress 200 100
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Page 5
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors - 43,847
Corporation tax recoverable assets 447 -
447 43,847
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Corporation tax - 7,674
VAT 1,265 4,144
Accrued loan interest payable 2,040 1,725
Accruals and deferred income 1,731 1,576
Directors' loan accounts 35,401 5,407
40,437 20,526
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
Page 5