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COMPANY REGISTRATION NUMBER: 07672226
SMITCO LIMITED
Unaudited Financial Statements
30 June 2024
SMITCO LIMITED
Financial Statements
Year ended 30 June 2024
Contents
Page
Director's report
1
Chartered certified accountants report to the director on the preparation of the unaudited statutory financial statements
2
Statement of income and retained earnings
3
Statement of financial position
4
Notes to the financial statements
6
SMITCO LIMITED
Director's Report
Year ended 30 June 2024
The director presents his report and the unaudited financial statements of the company for the year ended 30 June 2024 .
Director
The director who served the company during the year was as follows:
Ms S. Kitheriedathil
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 27 May 2025 and signed on behalf of the board by:
Ms S. Kitheriedathil
Director
SMITCO LIMITED
Chartered Certified Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of SMITCO LIMITED
Year ended 30 June 2024
As described on the statement of financial position, the director of the company is responsible for the preparation of the financial statements for the year ended 30 June 2024, which comprise the statement of income and retained earnings, statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
VAGHELA & CO. (SERVICES) LTD. Chartered Certified Accountants
P.O. Box 10901 Birmingham B1 1ZQ
27 May 2025
SMITCO LIMITED
Statement of Income and Retained Earnings
Year ended 30 June 2024
2024
2023
Note
£
£
Turnover
4
66,815
69,572
--------
--------
Gross profit
66,815
69,572
Administrative expenses
69,313
72,294
--------
--------
Operating loss
( 2,498)
( 2,722)
Other interest receivable and similar income
147
57
Interest payable and similar expenses
314
424
--------
--------
Loss before taxation
7
( 2,665)
( 3,089)
Tax on loss
-------
-------
Loss for the financial year and total comprehensive income
( 2,665)
( 3,089)
-------
-------
Retained earnings at the start of the year
66,170
69,259
--------
--------
Retained earnings at the end of the year
63,505
66,170
--------
--------
All the activities of the company are from continuing operations.
SMITCO LIMITED
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
8
231
294
Current assets
Debtors
9
33,219
47,600
Cash at bank and in hand
91,627
91,447
---------
---------
124,846
139,047
Creditors: amounts falling due within one year
10
56,167
63,288
---------
---------
Net current assets
68,679
75,759
--------
--------
Total assets less current liabilities
68,910
76,053
Creditors: amounts falling due after more than one year
11
5,305
9,783
--------
--------
Net assets
63,605
66,270
--------
--------
Capital and reserves
Called up share capital
12
100
100
Profit and loss account
63,505
66,170
--------
--------
Shareholders funds
63,605
66,270
--------
--------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 30 June 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
SMITCO LIMITED
Statement of Financial Position (continued)
30 June 2024
These financial statements were approved by the board of directors and authorised for issue on 27 May 2025 , and are signed on behalf of the board by:
Ms S. Kitheriedathil
Director
Company registration number: 07672226
SMITCO LIMITED
Notes to the Financial Statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 60 Fowgay Drive, Solihull, West Midlands, B91 3PH, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
15 % straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
4. Turnover
Turnover arises from:
2024
2023
£
£
Rendering of services
66,815
69,572
--------
--------
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
6. Director's remuneration
The director's aggregate remuneration in respect of qualifying services was:
2024
2023
£
£
Remuneration
66,617
69,361
--------
--------
7. Profit before taxation
Profit before taxation is stated after charging:
2024
2023
£
£
Depreciation of tangible assets
63
63
----
----
8. Tangible assets
Equipment
Total
£
£
Cost
At 1 July 2023 and 30 June 2024
662
662
----
----
Depreciation
At 1 July 2023
368
368
Charge for the year
63
63
----
----
At 30 June 2024
431
431
----
----
Carrying amount
At 30 June 2024
231
231
----
----
At 30 June 2023
294
294
----
----
9. Debtors
2024
2023
£
£
Other debtors
33,219
47,600
--------
--------
10. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
4,792
4,791
Social security and other taxes
15,554
9,267
Other creditors
33,821
Other creditors
2,000
49,230
--------
--------
56,167
63,288
--------
--------
11. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
5,305
9,783
-------
-------
12. Called up share capital
Authorised share capital
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
1,000
1,000
1,000
1,000
-------
-------
-------
-------
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
13. Director's advances, credits and guarantees
At 30th June 2024, other debtors include the following amounts due to the company:- Ms S Kitheriedathil £33,219 (2023 - £13,408) The loans are interest free and repayable on demand