Smart Associates Limited
Unaudited Financial Statements
For the year ended 30 June 2024
Pages for Filing with Registrar
Company Registration No. 04804996 (England and Wales)
Smart Associates Limited
Balance Sheet
As at 30 June 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
38,829
60,441
Current assets
Debtors
5
192,369
544,438
Cash at bank and in hand
906,284
501,936
1,098,653
1,046,374
Creditors: amounts falling due within one year
6
(260,753)
(249,404)
Net current assets
837,900
796,970
Total assets less current liabilities
876,729
857,411
Creditors: amounts falling due after more than one year
7
(8,113)
Net assets
876,729
849,298
Capital and reserves
Called up share capital
8
1,000
1,000
Profit and loss reserves
875,729
848,298
Total equity
876,729
849,298
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial 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.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Smart Associates Limited
Balance Sheet (Continued)
As at 30 June 2024
Page 2
The financial statements were approved by the board of directors and authorised for issue on 20 March 2025 and are signed on its behalf by:
H Ringer
Director
Company Registration No. 04804996
Smart Associates Limited
Notes to the Financial Statements
For the year ended 30 June 2024
Page 3
1
Accounting policies
Company information
Smart Associates Limited is a private company limited by shares incorporated in England and Wales. The registered office is Valley View, The Old Quarry, Haslemere, Surrey, GU27 3SS.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The company has a strong cash and reserves position at the time of approval of these financial statements. Having made enquiries, the Directors have concluded that there is a reasonable expectation that the company has adequate resources to continue in operational existence for at least 12 months from the date of approval of these financial statements. The company therefore continues to adopt the going concern basis in preparing its financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings and equipment
20% straight line
IT equipment
20% straight line
Motor vehicles
20% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand and balances held at call with banks.
1.6
Financial instruments
The company only has financial instruments classified as basic and measured at amortised cost. The company has no financial instruments classified as 'other' or financial instruments measured at fair value.
Smart Associates Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
1
Accounting policies
(Continued)
Page 4
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Smart Associates Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
1
Accounting policies
(Continued)
Page 5
Rentals payable under operating leases, including any lease incentives received, are charged to expenditure on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
3
3
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
49,533
43,774
Adjustments in respect of prior periods
(25,339)
Total current tax
24,194
43,774
Smart Associates Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
Page 6
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2023
129,469
Additions
3,332
At 30 June 2024
132,801
Depreciation and impairment
At 1 July 2023
69,028
Depreciation charged in the year
24,944
At 30 June 2024
93,972
Carrying amount
At 30 June 2024
38,829
At 30 June 2023
60,441
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
81,705
531,360
Other debtors
100,377
358
Prepayments and accrued income
10,287
12,720
192,369
544,438
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
9,149
11,943
Corporation tax
49,586
43,774
Other taxation and social security
4,285
9,018
Other creditors
8,166
12,606
Accruals and deferred income
189,567
172,063
260,753
249,404
Smart Associates Limited
Notes to the Financial Statements (Continued)
For the year ended 30 June 2024
Page 7
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
-
8,113
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
9
Related party transactions
Included within other debtors at the year end is £358 (2023: £358) owed from a director.