Caseware UK (AP4) 2024.0.164 2024.0.164 2024-03-312024-03-31trueOther telecommunications activities2023-04-01false1918trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 00624430 2023-04-01 2024-03-31 00624430 2022-04-01 2023-03-31 00624430 2024-03-31 00624430 2023-03-31 00624430 2022-04-01 00624430 c:Director1 2023-04-01 2024-03-31 00624430 d:Buildings 2023-04-01 2024-03-31 00624430 d:Buildings 2024-03-31 00624430 d:Buildings 2023-03-31 00624430 d:Buildings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00624430 d:PlantMachinery 2023-04-01 2024-03-31 00624430 d:PlantMachinery 2024-03-31 00624430 d:PlantMachinery 2023-03-31 00624430 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00624430 d:MotorVehicles 2023-04-01 2024-03-31 00624430 d:MotorVehicles 2024-03-31 00624430 d:MotorVehicles 2023-03-31 00624430 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00624430 d:FurnitureFittings 2023-04-01 2024-03-31 00624430 d:FurnitureFittings 2024-03-31 00624430 d:FurnitureFittings 2023-03-31 00624430 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00624430 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 00624430 d:CurrentFinancialInstruments 2024-03-31 00624430 d:CurrentFinancialInstruments 2023-03-31 00624430 d:CurrentFinancialInstruments 1 2024-03-31 00624430 d:CurrentFinancialInstruments 1 2023-03-31 00624430 d:Non-currentFinancialInstruments 2024-03-31 00624430 d:Non-currentFinancialInstruments 2023-03-31 00624430 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 00624430 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 00624430 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 00624430 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 00624430 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-03-31 00624430 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 00624430 d:ShareCapital 2024-03-31 00624430 d:ShareCapital 2023-03-31 00624430 d:CapitalRedemptionReserve 2024-03-31 00624430 d:CapitalRedemptionReserve 2023-03-31 00624430 d:RetainedEarningsAccumulatedLosses 2024-03-31 00624430 d:RetainedEarningsAccumulatedLosses 2023-03-31 00624430 c:OrdinaryShareClass1 2023-04-01 2024-03-31 00624430 c:OrdinaryShareClass1 2024-03-31 00624430 c:OrdinaryShareClass1 2023-03-31 00624430 c:OrdinaryShareClass2 2023-04-01 2024-03-31 00624430 c:OrdinaryShareClass2 2024-03-31 00624430 c:OrdinaryShareClass2 2023-03-31 00624430 c:FRS102 2023-04-01 2024-03-31 00624430 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 00624430 c:FullAccounts 2023-04-01 2024-03-31 00624430 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 00624430 2 2023-04-01 2024-03-31 00624430 6 2023-04-01 2024-03-31 00624430 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 00624430 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 00624430 f:PoundSterling 2023-04-01 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 00624430









SMYE-RUMSBY LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
SMYE-RUMSBY LIMITED
REGISTERED NUMBER: 00624430

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
24,464
39,107

Investments
 5 
15,003
15,003

  
39,467
54,110

Current assets
  

Stocks
 6 
297,667
290,947

Debtors: amounts falling due within one year
 7 
513,098
369,000

Cash at bank and in hand
 8 
11,219
400

  
821,984
660,347

Creditors: amounts falling due within one year
 9 
(630,515)
(571,853)

Net current assets
  
 
 
191,469
 
 
88,494

Total assets less current liabilities
  
230,936
142,604

Creditors: amounts falling due after more than one year
 10 
(13,000)
(44,207)

Provisions for liabilities
  

Deferred tax
 12 
(6,116)
(9,777)

  
 
 
(6,116)
 
 
(9,777)

Net assets
  
211,820
88,620


Capital and reserves
  

Called up share capital 
 13 
12,600
12,600

Capital redemption reserve
  
12,500
12,500

Profit and loss account
  
186,720
63,520

  
211,820
88,620


Page 1

 
SMYE-RUMSBY LIMITED
REGISTERED NUMBER: 00624430
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




P E Smye-Rumsby Esq
Director

Date: 21 March 2025

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
SMYE-RUMSBY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Smye-Rumsby Limited is a private company limited by shares, incorporated in England & Wales. The registered office is situated at 123/125 Snargate Street, Dover, Kent CT17 9AP. The principal activity is the supply of communications equipment, maritime electronic equipment and communications services and provision of marine and land based communication and electronics engineering services.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
SMYE-RUMSBY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

 
SMYE-RUMSBY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.9

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 
SMYE-RUMSBY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
2% Straight line
Plant & machinery etc
-
10-50% Straight line
Motor vehicles
-
25% Straight line
Fixtures & fittings
-
15% Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

  
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 6

 
SMYE-RUMSBY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

  
2.17

Invoice discounting

The company utilises invoice discounting facilities. The company retains the risk and rewards of all assigned debts, accordingly the gross amount of the assigned debts are recorded as current assets of the company with a corresponding liability (being proceeds received from the factor) shown within current liabilities.

 
2.18

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Employees

The average monthly number of employees, including directors, during the year was 19 (2023 - 18).


4.


Tangible fixed assets





Freehold property
Plant & machinery
Motor vehicles
Fixtures & fittings
Total

£
£
£
£
£



Cost or valuation


At 1 April 2023
3,069
122,637
25,441
340,882
492,029


Additions
-
-
-
952
952



At 31 March 2024

3,069
122,637
25,441
341,834
492,981



Depreciation


At 1 April 2023
3,068
112,152
13,248
324,454
452,922


Charge for the year 
-
1,907
6,360
7,328
15,595



At 31 March 2024

3,068
114,059
19,608
331,782
468,517



Net book value



At 31 March 2024
1
8,578
5,833
10,052
24,464



At 31 March 2023
1
10,485
12,193
16,428
39,107

Page 7

 
SMYE-RUMSBY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Fixed asset investments





Investments in subsidiary companies
Other fixed asset investments
Total

£
£
£



Cost or valuation


At 1 April 2023
13,000
2,003
15,003



At 31 March 2024
13,000
2,003
15,003





6.


Stocks

2024
2023
£
£

Finished goods and goods for resale
297,667
290,947

297,667
290,947



7.


Debtors

2024
2023
£
£


Trade debtors
454,460
299,430

Other debtors
4,370
7,799

Prepayments and accrued income
54,268
61,771

513,098
369,000



8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
11,219
400

Less: bank overdrafts
-
(5,724)

11,219
(5,324)


Page 8

 
SMYE-RUMSBY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
-
5,724

Bank loans
31,481
34,886

Trade creditors
245,257
186,101

Corporation tax
51,271
7,012

Other taxation and social security
46,812
52,137

Obligations under finance lease and hire purchase contracts
361
7,572

Proceeds of factored debts
59,447
71,670

Other creditors
178,344
193,084

Accruals and deferred income
17,542
13,667

630,515
571,853



10.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
-
31,207

Other creditors
13,000
13,000

13,000
44,207


Secured loans
Bank overdrafts and invoice discounting facilities are secured by way of a debenture in favour of HSBC Bank Plc, including a first fixed and floating charge over certain assets.
Obligations under finance leases are secured against the assets to which they relate.

Page 9

 
SMYE-RUMSBY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
31,481
34,886

Amounts falling due 2-5 years

Bank loans
-
31,207

31,481
66,093


Page 10

 
SMYE-RUMSBY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

12.


Deferred taxation




2024
2023


£

£






At beginning of year
(9,777)
(9,919)


Charged to profit or loss
3,661
142



At end of year
(6,116)
(9,777)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
6,116
9,777

6,116
9,777


13.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



12,500 (2023 - 12,500) Ordinary shares of £1.00 each
12,500
12,500
100 (2023 - 100) Ordinary B shares of £1.00 each
100
100

12,600

12,600



14.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company  in an independently administered fund. The pension cost charge represents contributions payable by the company  to the fund and amounted to £28,926 (2023 - £26,870). Contributions totalling £3,448 (2023 - £7,188) were payable to the fund at the balance sheet date and are included in other creditors due within one year.


15.


Related party transactions

The company's premises are owned by the Smye-Rumsby Retirement Benefit Scheme. The director P E Smye-Rumsby Esq is a member of the scheme. During the year the company paid rent to the scheme amounting to £25,000 (2023: £25,833). 
 

 
Page 11