Caseware UK (AP4) 2024.0.164 2024.0.164 falsetruefalse2023-10-01Design, manufacture and distribution of readymade curtains and bed linen2937true 01456976 2023-10-01 2024-09-30 01456976 2022-10-01 2023-09-30 01456976 2024-09-30 01456976 2023-09-30 01456976 c:Director2 2023-10-01 2024-09-30 01456976 d:Buildings 2023-10-01 2024-09-30 01456976 d:Buildings 2024-09-30 01456976 d:Buildings 2023-09-30 01456976 d:Buildings d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 01456976 d:PlantMachinery 2023-10-01 2024-09-30 01456976 d:PlantMachinery 2024-09-30 01456976 d:PlantMachinery 2023-09-30 01456976 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 01456976 d:OtherPropertyPlantEquipment 2023-10-01 2024-09-30 01456976 d:OtherPropertyPlantEquipment 2024-09-30 01456976 d:OtherPropertyPlantEquipment 2023-09-30 01456976 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 01456976 d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 01456976 d:CurrentFinancialInstruments 2024-09-30 01456976 d:CurrentFinancialInstruments 2023-09-30 01456976 d:CurrentFinancialInstruments 1 2024-09-30 01456976 d:CurrentFinancialInstruments 1 2023-09-30 01456976 d:Non-currentFinancialInstruments 2024-09-30 01456976 d:Non-currentFinancialInstruments 2023-09-30 01456976 d:CurrentFinancialInstruments d:WithinOneYear 2024-09-30 01456976 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 01456976 d:Non-currentFinancialInstruments d:AfterOneYear 2024-09-30 01456976 d:Non-currentFinancialInstruments d:AfterOneYear 2023-09-30 01456976 d:ShareCapital 2024-09-30 01456976 d:ShareCapital 2023-09-30 01456976 d:SharePremium 2024-09-30 01456976 d:SharePremium 2023-09-30 01456976 d:RevaluationReserve 2024-09-30 01456976 d:RevaluationReserve 2023-09-30 01456976 d:ForeignCurrencyTranslationReserve 2024-09-30 01456976 d:ForeignCurrencyTranslationReserve 2023-09-30 01456976 d:RetainedEarningsAccumulatedLosses 2024-09-30 01456976 d:RetainedEarningsAccumulatedLosses 2023-09-30 01456976 c:FRS102 2023-10-01 2024-09-30 01456976 c:Audited 2023-10-01 2024-09-30 01456976 c:FullAccounts 2023-10-01 2024-09-30 01456976 c:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 01456976 d:CurrentFinancialInstruments 6 2024-09-30 01456976 d:CurrentFinancialInstruments 6 2023-09-30 01456976 d:HirePurchaseContracts d:WithinOneYear 2024-09-30 01456976 d:HirePurchaseContracts d:WithinOneYear 2023-09-30 01456976 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-09-30 01456976 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-09-30 01456976 c:SmallCompaniesRegimeForAccounts 2023-10-01 2024-09-30 01456976 2 2023-10-01 2024-09-30 01456976 9 2023-10-01 2024-09-30 01456976 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2024-09-30 01456976 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-09-30 01456976 f:PoundSterling 2023-10-01 2024-09-30 iso4217:GBP xbrli:pure

Registered number: 01456976









SMD Home Limited









Financial statements

Information for filing with the registrar

For the Year Ended 30 September 2024

 
SMD Home Limited
Registered number: 01456976

Balance Sheet
As at 30 September 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
623,401
597,896

Current assets
  

Stocks
 5 
1,257,254
1,604,583

Debtors: amounts falling due within one year
 6 
1,500,261
1,180,593

Cash at bank and in hand
 7 
425,945
734,490

  
3,183,460
3,519,666

Creditors: amounts falling due within one year
 8 
(876,289)
(1,217,447)

Net current assets
  
 
 
2,307,171
 
 
2,302,219

Total assets less current liabilities
  
2,930,572
2,900,115

Creditors: amounts falling due after more than one year
 9 
-
(6,512)

Provisions for liabilities
  

Deferred tax
  
(19,385)
(8,754)

Net assets
  
2,911,187
2,884,849


Capital and reserves
  

Called up share capital 
  
127,551
127,551

Share premium account
 11 
17,349
17,349

Non-distributable reserve
 11 
399,854
409,850

Cashflow hedge reserve
 11 
(68,973)
47,600

Profit and loss account
 11 
2,435,406
2,282,499

  
2,911,187
2,884,849


Page 1

 
SMD Home Limited
Registered number: 01456976
    
Balance Sheet (continued)
As at 30 September 2024

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


R J Hargreaves
Director

Date: 10 March 2025

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
SMD Home Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2024

1.


General information

SMD Home Limited is a private company limited by members capital incorporated in England. The address of the registered office and principal place of business is Pittman Way, Fulwood, Preston, PR2 9ZD. 
The nature of the company's operation and its principal activity is that of the design, manufacture and distribution of readymade curtains.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of comprehensive income within 'cost of sales'.

Page 3

 
SMD Home Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
SMD Home Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2024

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
 
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
 2%
Plant and machinery
-
20-33%
Other fixed assets
-
20-33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 5

 
SMD Home Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2024

2.Accounting policies (continued)

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. 
At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 6

 
SMD Home Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2024

2.Accounting policies (continued)

 
2.15

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention 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 receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
 
Page 7

 
SMD Home Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2024

2.Accounting policies (continued)


2.15
Financial instruments (continued)


Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Page 8

 
SMD Home Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2024

2.Accounting policies (continued)

 
2.16

Hedge accounting

The Company uses foreign currency forward contracts to manage its exposure to cash flow risk on its future foreign currency stock purchases. These derivatives are measured at fair value at each balance sheet date.

To the extent the cash flow hedge is effective, movements in fair value are recognised in other comprehensive income and presented in a separate cash flow hedge reserve. Any ineffective portions of those movements are recognised in profit or loss for the year.


3.


Employees

The average monthly number of employees, including directors, during the year was 29 (2023 - 37).




4.


Tangible fixed assets





Freehold property
Plant and machinery
Other fixed assets
Total

£
£
£
£



Cost 


At 1 October 2023
700,000
774,341
784,004
2,258,345


Additions
5,248
41,378
39,623
86,249


Disposals
-
(663,356)
(675,851)
(1,339,207)



At 30 September 2024

705,248
152,363
147,776
1,005,387



Depreciation


At 1 October 2023
158,004
744,090
758,355
1,660,449


Charge for the year
16,073
22,837
21,834
60,744


Disposals
-
(663,356)
(675,851)
(1,339,207)



At 30 September 2024

174,077
103,571
104,338
381,986



Net book value



At 30 September 2024
531,171
48,792
43,438
623,401



At 30 September 2023
541,996
30,251
25,649
597,896

Page 9

 
SMD Home Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2024

           4.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
4,981
16,164


5.


Stocks

2024
2023
£
£

Finished goods and goods for resale
1,257,254
1,604,583


An impairment gain of £21,977 (2023: £126,992) has been recognised in cost of sales against stock during the year due to slow-moving and obsolete stock.


6.


Debtors

2024
2023
£
£


Trade debtors
464,527
577,240

Amounts owed by related parties
1,006,134
533,963

Prepayments and accrued income
29,600
21,790

Financial instruments
-
47,600

1,500,261
1,180,593



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
425,945
734,490

Less: bank overdrafts
(4,626)
(9,361)

421,319
725,129


Page 10

 
SMD Home Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
4,626
9,361

Trade creditors
378,390
607,260

Amounts owed to related parties
59,514
30,476

Corporation tax
31,430
99,455

Other taxation and social security
232,608
363,318

Obligations under finance lease and hire purchase contracts
5,531
11,200

Other creditors
24,651
3,926

Accruals and deferred income
70,566
92,451

Financial instruments
68,973
-

876,289
1,217,447


Finance lease and hire purchase liabilities are secured on the assets to which they relate.
Bank overdrafts are secured against the freehold of the property at Unit 32, Pittman Way in favour of Barclays Bank PLC.


9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
-
6,512


Finance lease and hire purchase liabilities are secured on the assets to which they relate.


10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
5,531
11,200

Between 1-5 years
-
6,512

5,531
17,712

Page 11

 
SMD Home Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 30 September 2024

11.


Reserves

Share premium
The share premium account includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.
Non-distributable reserve
The non-distributable reserve includes all revaluation gains or losses on the property. 
Cashflow hedge reserve
The cashflow hedge reserve includes all gains and losses made on forward contracts. 
Profit and loss account
The profit and loss account includes all current and prior period retained profits and losses. 


12.


Contingent liabilities

A guarantee exists in favour of HM Revenue & Customs for £125,000 in relation to the group VAT registration.


13.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. Contributions totalling £4,198 (2023: £3,926) were payable to the fund at the balance sheet date. 


14.


Controlling party

SMD Home Limited is a wholly owned subsidiary of SMD Home (Holdings) Limited, company number 13495351, incorporated in England and Wales. R J Kenworthy is the majority shareholder of SMD Home (Holdings) Limited.


15.


Auditors' information

The auditors' report on the financial statements for the year ended 30 September 2024 was unqualified.

The audit report was signed on 10 March 2025 by Helen Besant-Roberts (Senior Statutory Auditor) on behalf of Hurst Accountants Limited.

 
Page 12