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Registered Number: 00864714
England and Wales

 

 

 

COLIN SMYTHE LIMITED


Abridged Accounts
 


Period of accounts

Start date: 01 July 2023

End date: 30 June 2024
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of Colin Smythe Limited for the year ended 30 June 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Colin Smythe Limited for the year ended 30 June 2024 which comprise of the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the companys accounting records and from information and explanations you have given us. 

As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/members/regulations-standards-and-guidance

This report is made solely to the Board of Directors of Colin Smythe Limited , as a body, in accordance with the terms of our engagement letter dated 03 March 2025. Our work has been undertaken solely to prepare for your approval the accounts of Colin Smythe Limited and state those matters that we have agreed to state to the Board of Directors of Colin Smythe Limited , as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Colin Smythe Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Colin Smythe Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Colin Smythe Limited . You consider that Colin Smythe Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Colin Smythe Limited . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.



....................................................
Bramleys Accountants Ltd
1st Floor Allied Sanif House
412 Greenford Road
Greenford
Middlesex
UB6 9AH
03 March 2025
1
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3   291 
  291 
Current assets      
Stocks 7,800    5,300 
Debtors 1,453,782    1,472,001 
Cash at bank and in hand 66,507    2,386 
1,528,089    1,479,687 
Creditors: amount falling due within one year (207,444)   (193,600)
Net current assets 1,320,645    1,286,087 
 
Total assets less current liabilities 1,320,645    1,286,378 
Creditors: amount falling due after more than one year (76,808)   (148,825)
Net assets 1,243,837    1,137,553 
 

Capital and reserves
     
Called up share capital 4 30,400    30,400 
Profit and loss account 1,213,437    1,107,153 
Shareholders' funds 1,243,837    1,137,553 
 


For the year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006 the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 03 March 2025 and were signed on its behalf by:


-------------------------------
Colin Peter Smythe
Director
2
General Information
Colin Smythe Limited is a private company, limited by shares, registered in England and Wales, registration number 00864714, registration address Cornerways, 38 Mill Lane, Gerrards Cross, SL9 8BA.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
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 comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 3 years Straight Line
Fixtures and Fittings 7 years Straight Line
Computer Equipment 3 years Straight Line
Stocks
Stocks are stated the lower of cost and estimated selling price less cot to complete and sell. 
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less cost to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment l losses are also recognised in profit or loss. 
Financial instruments
The company has elected to apply the provisions of Section 11 Basic Financial Instruments and Section 12 Other Financial Instruments Issues of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. 

Basic financial liabilities
Basic financial liabilities include trade and other creditors which are initially recognised at the transaction price and are subsequently measured at amortised cost. Financial liabilities payable within one year are not amortised. 
2.

Average number of employees

Average number of employees during the year was 4 (2023 : 4).
3.

Tangible fixed assets

Cost or valuation Plant and Machinery   Fixtures and Fittings   Computer Equipment   Total
  £   £   £   £
At 01 July 2023 1,089    8,680    5,317    15,086 
Additions      
Disposals      
At 30 June 2024 1,089    8,680    5,317    15,086 
Depreciation
At 01 July 2023 1,089      13,997    15,086 
Charge for year      
On disposals      
At 30 June 2024 1,089      13,997    15,086 
Net book values
Closing balance as at 30 June 2024   8,680    (8,680)  
Opening balance as at 01 July 2023   291      291 


4.

Share Capital

Allotted, called up and fully paid
2024
£
  2023
£
30,400 Class A shares of £1.00 each 30,400    30,400 
30,400    30,400 

5.

Advances and Credits



C.P Smythe


L.C. Hayward


Current year (2024)
Brought Forward
£
Amount
£
Interest
£
Repaid
£
Written Off
£
Waived
£
Carry Forward
£
C.P Smythe72,735 51,772 69,153 55,354 
L.C. Hayward1,037,325 63,694 65,000 1,036,019 
11100601154660134153001091373
Previous year (2023)
Brought Forward
£
Amount
£
Interest
£
Repaid
£
Written Off
£
Waived
£
Carry Forward
£
C.P Smythe134,365 20,590 82,220 72,735 
L.C. Hayward981,711 55,719 105 1,037,325 
111607676309082325001110060
6.

Employee Benefits

The cost of short-term employee benefits are recognised as a liability and as expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits. 
3