Registered number
03996216
SMG Carpentry & Construction LTD
Filleted Accounts
31 July 2024
SMG Carpentry & Construction LTD
Registered number: 03996216
Balance Sheet
as at 31 July 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 101,311 126,705
Current assets
Stocks 800 250
Debtors 4 130,029 112,427
Cash at bank and in hand 45,887 36,231
176,716 148,908
Creditors: amounts falling due within one year 5 (110,997) (133,913)
Net current assets 65,719 14,995
Total assets less current liabilities 167,030 141,700
Creditors: amounts falling due after more than one year 6 (96,822) (116,916)
Provisions for liabilities (19,249) (7,314)
Net assets 50,959 17,470
Capital and reserves
Called up share capital 100 100
Profit and loss account 50,859 17,370
Shareholders' funds 50,959 17,470
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S M Gane
Director
Approved by the board on 11 February 2025
SMG Carpentry & Construction LTD
Notes to the Accounts
for the year ended 31 July 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 15% reducing balance
Motor Vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 7 7
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 August 2023 60,215 173,228 233,443
Additions 4,712 - 4,712
At 31 July 2024 64,927 173,228 238,155
Depreciation
At 1 August 2023 42,019 64,719 106,738
Charge for the year 2,979 27,127 30,106
At 31 July 2024 44,998 91,846 136,844
Net book value
At 31 July 2024 19,929 81,382 101,311
At 31 July 2023 18,196 108,509 126,705
4 Debtors 2024 2023
£ £
Trade debtors 119,644 71,683
Prepayments 2,759 2,128
Other debtors 7,626 38,616
130,029 112,427
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 5,904 5,904
Obligations under finance lease and hire purchase contracts 14,351 14,352
Trade creditors 64,219 89,087
Accruals 11,866 9,229
Taxation and social security costs 9,576 14,847
Other creditors 5,081 494
110,997 133,913
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 27,687 33,428
Obligations under finance lease and hire purchase contracts 69,135 83,488
96,822 116,916
7 Loans 2024 2023
£ £
Creditors include:
Instalments falling due for payment after more than five years 9,812 9,812
8 Controlling party
The company is a close company according to UK Taxation Law.
9 Other information
SMG Carpentry & Construction LTD is a private company limited by shares and incorporated in England. Its registered office is:
Barberry Farm
Kenn Moor Road
Clevedon
Bristol
BS21 6TZ
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