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Registered number: 03075985
Smiffy's Ltd.
Unaudited Financial Statements
For The Year Ended 31 August 2024
Sadler Davies
Top Floor
West Hill House
Dartford
Kent
DA1 2EU
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 03075985
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 48,263 55,671
48,263 55,671
CURRENT ASSETS
Debtors 6 34,372 9,521
Cash at bank and in hand 13,284 39,408
47,656 48,929
Creditors: Amounts Falling Due Within One Year 7 (52,312 ) (67,983 )
NET CURRENT ASSETS (LIABILITIES) (4,656 ) (19,054 )
TOTAL ASSETS LESS CURRENT LIABILITIES 43,607 36,617
Creditors: Amounts Falling Due After More Than One Year 8 (12,752 ) (23,056 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (12,066 ) (10,574 )
NET ASSETS 18,789 2,987
CAPITAL AND RESERVES
Called up share capital 10 120 120
Profit and Loss Account 18,669 2,867
SHAREHOLDERS' FUNDS 18,789 2,987
Page 1
Page 2
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs. S A Smith
Director
28th May 2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Smiffy's Ltd. is a private company, limited by shares, incorporated in England & Wales, registered number 03075985 . The registered office is Top Floor, West Hill House, Dartford, Kent, DA1 2EU.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 1 year.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 2% on cost
Plant & Machinery 10% on cost
Motor Vehicles 25% on reducing balance
Computer Equipment 25% on reducing balance
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
Tax is recognised in the profit and loss account except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.
Deferred Tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the Balance Sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
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.
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Page 4
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2023: NIL)
- -
4. Intangible Assets
Goodwill
£
Cost
As at 1 September 2023 1
As at 31 August 2024 1
Amortisation
As at 1 September 2023 1
As at 31 August 2024 1
Net Book Value
As at 31 August 2024 -
As at 1 September 2023 -
5. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £ £
Cost
As at 1 September 2023 53,777 55,250 4,200 39,921 153,148
As at 31 August 2024 53,777 55,250 4,200 39,921 153,148
Depreciation
As at 1 September 2023 17,908 38,675 4,119 36,775 97,477
Provided during the period 1,076 5,525 20 787 7,408
As at 31 August 2024 18,984 44,200 4,139 37,562 104,885
Net Book Value
As at 31 August 2024 34,793 11,050 61 2,359 48,263
As at 1 September 2023 35,869 16,575 81 3,146 55,671
6. Debtors
2024 2023
£ £
Due within one year
Amounts owed by participating interests 27,000 -
Other debtors 7,372 9,521
34,372 9,521
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Page 5
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 6,703 6,703
Bank loans and overdrafts 3,597 3,597
Other creditors 34,041 54,116
Taxation and social security 7,971 3,567
52,312 67,983
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 10,054 16,761
Bank loans 2,698 6,295
12,752 23,056
9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 6,703 6,703
Later than one year and not later than five years 10,054 16,761
16,757 23,464
16,757 23,464
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 120 120
Page 5