Registered number
05203651
Smart Touch (UK) Limited
Unaudited Filleted Accounts
31 August 2024
Smart Touch (UK) Limited
Report and accounts
Contents
Page
Company information 1
Directors' report 2
Chartered Accountants' report 3
Balance sheet 4
Notes to the accounts 5
Smart Touch (UK) Limited
Company Information
Directors
J Clabon
A Crowe
Secretary
A Crowe
Accountants
Cochrane & Co Accountants Limited
38 Kings Road
Lee-on-the-Solent
Hampshire
PO13 9NU
Registered office
22 Taswell Road
Southsea
England
PO5 2RG
Registered number
05203651
Smart Touch (UK) Limited
Registered number: 05203651
Directors' Report
The directors present their report and accounts for the year ended 31 August 2024.
Principal activities
The company's principal activity during the year continued to be that of car body repairs.
Directors
The following persons served as directors during the year:
J Clabon
A Crowe
Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
This report was approved by the board on 19 May 2025 and signed on its behalf.
J Clabon
Director
Smart Touch (UK) Limited
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of Smart Touch (UK) Limited for the year ended 31 August 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Smart Touch (UK) Limited for the year ended 31 August 2024 which comprise of the Profit and Loss Account, the Balance Sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at
www.icaew.com/en/members/regulations-standards-and-guidance
Our work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF.
Cochrane & Co Accountants Limited
Chartered Accountants
38 Kings Road
Lee-on-the-Solent
Hampshire
PO13 9NU
20 May 2025
Smart Touch (UK) Limited
Registered number: 05203651
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 2,420 3,227
Current assets
Debtors 5 8,706 5,706
Cash at bank and in hand 567 3,118
9,273 8,824
Creditors: amounts falling due within one year 6 (12,835) (11,352)
Net current liabilities (3,562) (2,528)
Total assets less current liabilities (1,142) 699
Provisions for liabilities (460) (613)
Net (liabilities)/assets (1,602) 86
Capital and reserves
Called up share capital 3 3
Profit and loss account (1,605) 83
Shareholders' funds (1,602) 86
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
J Clabon
Director
Approved by the board on 19 May 2025
Smart Touch (UK) Limited
Notes to the Accounts
for the year ended 31 August 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. Goodwill is being written off over 10 years.
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, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Motor vehicles 25% reducing balance
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.
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.
Going concern
Despite the negative net asset position, the directors are confident that this will have no impact on future trading and has prepared the accounts on a going concern basis. They are aware that the dividends drawn are partially 'illegal' under the Companies Act but are happy that the following year will address this position.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Intangible fixed assets £
Goodwill:
Cost
At 1 September 2023 8,000
At 31 August 2024 8,000
Amortisation
At 1 September 2023 8,000
At 31 August 2024 8,000
Net book value
At 31 August 2024 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 September 2023 8,097 10,200 18,297
At 31 August 2024 8,097 10,200 18,297
Depreciation
At 1 September 2023 8,097 6,973 15,070
Charge for the year - 807 807
At 31 August 2024 8,097 7,780 15,877
Net book value
At 31 August 2024 - 2,420 2,420
At 31 August 2023 - 3,227 3,227
5 Debtors 2024 2023
£ £
Trade debtors 8,706 5,706
6 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 11,657 10,017
Other creditors 1,178 1,335
12,835 11,352
7 Controlling party
The company is controlled by the directors by virtue of their shareholdings.
8 Other information
Smart Touch (UK) Limited is a private company limited by shares and incorporated in England. Its registered office is:
22 Taswell Road
Southsea
England
PO5 2RG
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