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Registration number: 07968246

SME IT Solutions Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

SME IT Solutions Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

SME IT Solutions Limited

Company Information

Director

Mr MA Bradshaw

Registered office

16 Gildredge Road
Eastbourne
East Sussex
BN21 4LR

Accountants

Gold Accountants Limited 24 Southfield
Polegate
East Sussex
BN26 5LX

 

SME IT Solutions Limited

(Registration number: 07968246)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

16,186

13,123

Current assets

 

Stocks

5

48,548

87,548

Debtors

6

66,787

72,685

Cash at bank and in hand

 

63,145

77,772

 

178,480

238,005

Creditors: Amounts falling due within one year

7

(82,837)

(147,320)

Net current assets

 

95,643

90,685

Total assets less current liabilities

 

111,829

103,808

Creditors: Amounts falling due after more than one year

7

(22,702)

(33,183)

Net assets

 

89,127

70,625

Capital and reserves

 

Called up share capital

8

1,000

1,000

Retained earnings

88,127

69,625

Shareholders' funds

 

89,127

70,625

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

Director's 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 director acknowledges his 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 and 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 28 April 2025
 

.........................................
Mr MA Bradshaw
Director

 

SME IT Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

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

The address of its registered office is:
16 Gildredge Road
Eastbourne
East Sussex
BN21 4LR

These financial statements were authorised for issue by the director on 28 April 2025.

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).

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

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.

Tax

The tax expense for the period comprises current 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.

 

SME IT Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

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

Furniture and fittings

15% reducing balance

Computer Equipment

33% straight line

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.

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. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

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

 

SME IT Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

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.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2023 - 4).

 

SME IT Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Tangible assets

Short leasehold land and buildings
£

Fixtures and fittings
£

Motor vehicles
 £

Other tangible assets
 £

Total
£

Cost or valuation

At 1 May 2023

-

34,687

-

47,477

82,164

Additions

1,230

-

7,250

-

8,480

At 30 April 2024

1,230

34,687

7,250

47,477

90,644

Depreciation

At 1 May 2023

-

27,315

-

41,726

69,041

Charge for the year

308

2,433

1,813

863

5,417

At 30 April 2024

308

29,748

1,813

42,589

74,458

Carrying amount

At 30 April 2024

922

4,939

5,437

4,888

16,186

At 30 April 2023

-

7,372

-

5,751

13,123

Included within the net book value of land and buildings above is £922 (2023 - £Nil) in respect of short leasehold land and buildings.
 

 

SME IT Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

5

Stocks

2024
£

2023
£

Finished goods and goods for resale

48,548

87,548

6

Debtors

Current

2024
£

2023
£

Trade debtors

45,943

57,185

Prepayments

3,480

-

Other debtors

17,364

15,500

 

66,787

72,685

 

SME IT Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

5,500

6,492

Trade creditors

 

26,196

16,775

Taxation and social security

 

47,924

52,236

Accruals and deferred income

 

4,523

53,023

Other creditors

 

(1,306)

18,794

 

82,837

147,320

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

22,702

33,183

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

950

950

950

950

Ordinary A shares of £1 each

50

50

50

50

1,000

1,000

1,000

1,000

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

22,702

33,183

Current loans and borrowings

2024
£

2023
£

Bank borrowings

5,500

6,492

 

SME IT Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

10

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £22.632 (2023 - £15.789) per each Ordinary Shares

21,500

15,000