Company No:
Contents
| DIRECTORS | Ms R C J Goodwin |
| Mr J K Gray | |
| Mr N S Walters |
| REGISTERED OFFICE | Edison Gate |
| Unit 10a Hopkinson Way | |
| Hopkinson Way | |
| Andover | |
| SP10 3ZE | |
| United Kingdom |
| COMPANY NUMBER | 03516884 (England and Wales) |
| ACCOUNTANT | Shaw Gibbs Limited |
| 264 Banbury Road | |
| Oxford | |
| OX2 7DY | |
| United Kingdom |
| Note | 2024 | 2023 | ||
| £ | £ | |||
| Fixed assets | ||||
| Tangible assets | 4 |
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| 18,072 | 27,671 | |||
| Current assets | ||||
| Stocks |
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| Debtors | 5 |
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| Cash at bank and in hand |
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| 1,256,007 | 1,403,007 | |||
| Creditors: amounts falling due within one year | 6 | (
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| Net current assets | 715,948 | 722,816 | ||
| Total assets less current liabilities | 734,020 | 750,487 | ||
| Provision for liabilities | (
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| Net assets |
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| Capital and reserves | ||||
| Called-up share capital | 7 |
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| Profit and loss account |
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| Total shareholders' funds |
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Directors' responsibilities:
These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of SML Supplies Limited (registered number:
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Mr N S Walters
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
SML Supplies Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Edison Gate, Unit 10a Hopkinson Way, Hopkinson Way, Andover, SP10 3ZE.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement 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.
| Goodwill |
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| Land and buildings | depreciated over the life of the lease |
| Plant and machinery |
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| Fixtures and fittings |
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| Office equipment |
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The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances and amounts owed to group undertakings are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Basic financial liabilities
Basic financial liabilities, including trade and other creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
| 2024 | 2023 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including directors |
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| Goodwill | Total | ||
| £ | £ | ||
| Cost | |||
| At 01 November 2023 |
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| At 31 October 2024 |
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| Accumulated amortisation | |||
| At 01 November 2023 |
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| At 31 October 2024 |
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| Net book value | |||
| At 31 October 2024 |
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| At 31 October 2023 |
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| Land and buildings | Plant and machinery | Fixtures and fittings | Office equipment | Total | |||||
| £ | £ | £ | £ | £ | |||||
| Cost | |||||||||
| At 01 November 2023 |
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| Additions |
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| At 31 October 2024 |
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| Accumulated depreciation | |||||||||
| At 01 November 2023 |
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| Charge for the financial year |
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| At 31 October 2024 |
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| Net book value | |||||||||
| At 31 October 2024 |
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| At 31 October 2023 |
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| 2024 | 2023 | ||
| £ | £ | ||
| Trade debtors |
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| Amounts owed by Parent undertakings |
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| Other debtors |
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| 2024 | 2023 | ||
| £ | £ | ||
| Trade creditors |
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| Amounts owed to Parent undertakings |
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| Taxation and social security |
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| Other creditors |
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| 2024 | 2023 | ||
| £ | £ | ||
| Allotted, called-up and fully-paid | |||
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| 50,000 | 50,000 |
Commitments
| 2024 | 2023 | ||
| £ | £ | ||
| Total future minimum lease payments under non-cancellable operating lease |
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