Registered number
06971356
Smartfits Installations Limited
Filleted Accounts
31 December 2024
Smartfits Installations Limited
Registered number: 06971356
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1,717,490 1,250,210
Current assets
Stocks 51,305 34,550
Debtors 4 486,934 332,142
Cash at bank and in hand 195,418 223,411
733,657 590,103
Creditors: amounts falling due within one year 5 (876,275) (597,814)
Net current liabilities (142,618) (7,711)
Total assets less current liabilities 1,574,872 1,242,499
Creditors: amounts falling due after more than one year 6 (627,655) (486,031)
Provisions for liabilities (162,926) (104,605)
Net assets 784,291 651,863
Capital and reserves
Called up share capital 100 100
Profit and loss account 784,191 651,763
Shareholder's funds 784,291 651,863
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 member has 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.
Mr T Hassall
Director
Approved by the board on 24 April 2025
Smartfits Installations Limited
Notes to the Accounts
for the year ended 31 December 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:
Motor Vehicles 25% reducing balance
Plant and machinery 25% reducing balance
Fixtures and fittings 25% straight line
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.
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 39 33
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 January 2024 290,445 1,361,736 1,652,181
Additions 65,631 674,149 739,780
Disposals - (55,600) (55,600)
At 31 December 2024 356,076 1,980,285 2,336,361
Depreciation
At 1 January 2024 138,465 263,506 401,971
Charge for the year 13,938 221,737 235,675
On disposals - (18,775) (18,775)
At 31 December 2024 152,403 466,468 618,871
Net book value
At 31 December 2024 203,673 1,513,817 1,717,490
At 31 December 2023 151,980 1,098,230 1,250,210
4 Debtors 2024 2023
£ £
Trade debtors 365,413 217,383
Other debtors 121,521 114,759
486,934 332,142
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 11,627 11,627
Obligations under finance lease and hire purchase contracts 346,121 200,778
Trade creditors 193,379 169,257
Corporation tax 45,983 16,781
Other taxes and social security costs 181,686 95,027
Other creditors 97,479 104,344
876,275 597,814
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 2,013 11,516
Obligations under finance lease and hire purchase contracts 625,642 474,515
627,655 486,031
7 Loans 2024 2023
£ £
Creditors include:
Secured hire purchase contracts and bank loans 971,763 675,293
8 Controlling party
The controlling party is the director, Mr T Hassall, by virtue of a majority shareholding.
9 Other information
Smartfits Installations Limited is a private company limited by shares and incorporated in England. Its registered office is:4 Eastgate Business Centre, Eastern Avenue, Burton-On-Trent, DE13 0AT.
Smartfits Installations Limited 06971356 false 2024-01-01 2024-12-31 2024-12-31 VT Final Accounts July 2024 Mr T Hassall No description of principal activity 06971356 2023-01-01 2023-12-31 06971356 core:WithinOneYear 2023-12-31 06971356 core:AfterOneYear 2023-12-31 06971356 core:ShareCapital 2023-12-31 06971356 core:RetainedEarningsAccumulatedLosses 2023-12-31 06971356 2024-01-01 2024-12-31 06971356 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 06971356 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 06971356 bus:Director40 2024-01-01 2024-12-31 06971356 1 2024-01-01 2024-12-31 06971356 2 2024-01-01 2024-12-31 06971356 core:PlantMachinery 2024-01-01 2024-12-31 06971356 core:Vehicles 2024-01-01 2024-12-31 06971356 countries:England 2024-01-01 2024-12-31 06971356 bus:FRS102 2024-01-01 2024-12-31 06971356 bus:FilletedAccounts 2024-01-01 2024-12-31 06971356 2024-12-31 06971356 core:WithinOneYear 2024-12-31 06971356 core:AfterOneYear 2024-12-31 06971356 core:ShareCapital 2024-12-31 06971356 core:RetainedEarningsAccumulatedLosses 2024-12-31 06971356 core:PlantMachinery 2024-12-31 06971356 core:Vehicles 2024-12-31 06971356 2023-12-31 06971356 core:PlantMachinery 2023-12-31 06971356 core:Vehicles 2023-12-31 iso4217:GBP xbrli:pure