Smart Drain UK Limited 09424755 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is Remediation activities and other waste management services Digita Accounts Production Advanced 6.30.9574.0 true true 09424755 2023-04-01 2024-03-31 09424755 2024-03-31 09424755 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-03-31 09424755 core:CurrentFinancialInstruments 2024-03-31 09424755 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 09424755 core:Non-currentFinancialInstruments 2024-03-31 09424755 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 09424755 core:MotorVehicles 2024-03-31 09424755 core:OfficeEquipment 2024-03-31 09424755 core:PlantMachinery 2024-03-31 09424755 bus:SmallEntities 2023-04-01 2024-03-31 09424755 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 09424755 bus:FilletedAccounts 2023-04-01 2024-03-31 09424755 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 09424755 bus:RegisteredOffice 2023-04-01 2024-03-31 09424755 bus:Director1 2023-04-01 2024-03-31 09424755 bus:Director2 2023-04-01 2024-03-31 09424755 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 09424755 core:MotorVehicles 2023-04-01 2024-03-31 09424755 core:OfficeEquipment 2023-04-01 2024-03-31 09424755 core:PlantMachinery 2023-04-01 2024-03-31 09424755 core:Vehicles 2023-04-01 2024-03-31 09424755 countries:EnglandWales 2023-04-01 2024-03-31 09424755 2023-03-31 09424755 core:MotorVehicles 2023-03-31 09424755 core:OfficeEquipment 2023-03-31 09424755 core:PlantMachinery 2023-03-31 09424755 2022-04-01 2023-03-31 09424755 2023-03-31 09424755 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-03-31 09424755 core:CurrentFinancialInstruments 2023-03-31 09424755 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 09424755 core:Non-currentFinancialInstruments 2023-03-31 09424755 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 09424755 core:MotorVehicles 2023-03-31 09424755 core:OfficeEquipment 2023-03-31 09424755 core:PlantMachinery 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 09424755

Smart Drain UK Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Smart Drain UK Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Smart Drain UK Limited

Company Information

Directors

Mr Richard Pash

Mrs Kirsty Pash

Registered office

5 Fellows Way
Hillmorton, Rugby
England
CV21 4JP

Accountants

MG Accountants & Tax Advisers Ltd
Chartered Accountants
166 College Road
Harrow
HA1 1BH

 

Smart Drain UK Limited

(Registration number: 09424755)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

47,895

25,447

Current assets

 

Debtors

5

555,469

475,148

Cash at bank and in hand

 

131,726

40,372

 

687,195

515,520

Creditors: Amounts falling due within one year

6

(423,168)

(366,855)

Net current assets

 

264,027

148,665

Total assets less current liabilities

 

311,922

174,112

Creditors: Amounts falling due after more than one year

6

(190,185)

(153,630)

Provisions for liabilities

(11,973)

-

Net assets

 

109,764

20,482

Capital and reserves

 

Called up share capital

10

10

Retained earnings

109,754

20,472

Shareholders' funds

 

109,764

20,482

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 10 April 2024 and signed on its behalf by:
 

 

Smart Drain UK Limited

(Registration number: 09424755)
Balance Sheet as at 31 March 2024

.........................................
Mr Richard Pash
Director

.........................................
Mrs Kirsty Pash
Director

 

Smart Drain UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
5 Fellows Way
Hillmorton, Rugby
England
CV21 4JP
England

These financial statements were authorised for issue by the Board on 10 April 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Smart Drain UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Foreign currency transactions and balances

The financial statements are presented in Sterling, which is also the functional currency of the company.Transactions in currencies, other than the functional currency of the company, are recorded at the rate ofexchange on the date the transaction occurred. Monetary items denominated in other currencies aretranslated at the rate prevailing at the end of the reporting period. All differences are taken to the profit andloss account. Non-monetary items that are measured at historic cost in a foreign currency are not retranslated

Tax

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

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & Machinery

25% Straightline method

Office equipment

25% Straightline method

Motor vehicle

25% Straightline method

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Smart Drain UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (netrealisable value). Costs, which comprise direct production costs, are based on the method most appropriate tothe type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss asincurred. Net realisable value is based on the estimated selling price less any estimated completion or sellingcosts.When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Smart Drain UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 31 (2023 - 39).

 

Smart Drain UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

68,366

2,043

13,750

84,159

Additions

10,440

-

32,875

43,315

Disposals

(36,562)

(1,136)

-

(37,698)

At 31 March 2024

42,244

907

46,625

89,776

Depreciation

At 1 April 2023

53,800

1,474

3,438

58,712

Charge for the year

8,642

569

11,656

20,867

Eliminated on disposal

(36,562)

(1,136)

-

(37,698)

At 31 March 2024

25,880

907

15,094

41,881

Carrying amount

At 31 March 2024

16,364

-

31,531

47,895

At 31 March 2023

14,566

569

10,312

25,447

5

Debtors

Current

2024
£

2023
£

Trade debtors

343,708

268,018

Prepayments

5,250

6,781

Other debtors

206,511

200,349

 

555,469

475,148

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

167,480

121,398

Trade creditors

 

10,996

47,130

Taxation and social security

 

240,552

183,292

Accruals and deferred income

 

-

700

Other creditors

 

4,140

14,335

 

423,168

366,855

 

Smart Drain UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

190,185

153,630

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

190,185

153,630

Current loans and borrowings

2024
£

2023
£

Bank borrowings

107,797

86,417

Bank overdrafts

17,259

21,420

Hire purchase contracts

42,424

13,561

167,480

121,398

8

Related party transactions

During the year company made the following related party transactions:

(Directors)
At the balance sheet date, the amount due from the directors was £114,157 (2023 was £128,956).