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SMOOTH ACCOUNTING LIMITED

Registered Number
09977777
(England and Wales)

Unaudited Financial Statements for the Year ended
31 May 2025

SMOOTH ACCOUNTING LIMITED
Company Information
for the year from 1 June 2024 to 31 May 2025

Director

WILLIAMS, Jeri

Registered Address

1000 Lakeside North Harbour, Western Road
Cosham
Portsmouth
PO6 3EN

Registered Number

09977777 (England and Wales)
SMOOTH ACCOUNTING LIMITED
Balance Sheet as at
31 May 2025

Notes

2025

2024

£

£

£

£

Fixed assets
Tangible assets332,94313,405
32,94313,405
Current assets
Debtors485,74597,849
Cash at bank and on hand149,098105,407
234,843203,256
Creditors amounts falling due within one year5(221,533)(168,284)
Net current assets (liabilities)13,31034,972
Total assets less current liabilities46,25348,377
Creditors amounts falling due after one year6(22,685)(27,459)
Provisions for liabilities(3,593)(2,726)
Net assets19,97518,192
Capital and reserves
Called up share capital100100
Profit and loss account19,87518,092
Shareholders' funds19,97518,192
The financial statements were approved and authorised for issue by the Director on 10 July 2025, and are signed on its behalf by:
WILLIAMS, Jeri
Director
Registered Company No. 09977777
SMOOTH ACCOUNTING LIMITED
Notes to the Financial Statements
for the year ended 31 May 2025

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
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).
Revenue from rendering of services
Revenue 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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Defined contribution pension plan
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
Borrowing costs
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges. Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
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.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)Straight line (years)
Land and buildings-10
Fixtures and fittings25-
Office Equipment-3
Trade and other 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.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
Trade and other 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.
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
Related parties
For the purposes of these financial statements, a related party could be a person or an entity. Careful consideration is given to the definition of a related party to ensure that all related party relationships, transactions and balances are identified.
2.Average number of employees

20252024
Average number of employees during the year1012
3.Tangible fixed assets

Total

£
Cost or valuation
At 01 June 2458,721
Additions26,621
At 31 May 2585,342
Depreciation and impairment
At 01 June 2445,316
Charge for year7,083
At 31 May 2552,399
Net book value
At 31 May 2532,943
At 31 May 2413,405
4.Debtors: amounts due within one year

2025

2024

££
Trade debtors / trade receivables11,56232,454
Amounts owed by associates and joint ventures / participating interests36,69823,931
Prepayments and accrued income37,48541,464
Total85,74597,849
5.Creditors: amounts due within one year

2025

2024

££
Trade creditors / trade payables29,08925,651
Bank borrowings and overdrafts5,9177,317
Amounts owed to related parties15,000-
Taxation and social security108,01885,664
Other creditors24,3255,053
Accrued liabilities and deferred income39,18444,599
Total221,533168,284
6.Creditors: amounts due after one year

2025

2024

££
Bank borrowings and overdrafts22,68527,459
Total22,68527,459
7.Obligations under finance leases
The total of future minimum lease payments under non-cancellable operating leases are as follows: 2025 (£) 2024 (£) Not later than one year 7,427 28,750 Later than one year and not later than five years - 7,427 Total 7,427 36,177
8.Related party transactions
Included in Associated Company Loans are 5 loans made to associated companies under common control of the director Jeri Williams: A loan made from Smooth Accounting Ltd to JATE Productions Ltd of £1,295.83 (FY2024: £2,739.91) A loan made from Smooth Accounting Ltd to Smooth Accounting & Consultancy International FZCO of £27,756.02 (FY2023: £22,055.80) A loan made from Smooth Accounting Ltd to Smooth AI Ltd of £117.40 (FY2024: £36.87) A loan made from Smooth Accounting Ltd to Accountants Weallth Academy Ltd of £7,141.60 (FY2024: £1,287) A loan made from Smooth Accounting Ltd to The London Collective Ltd of £387.20 (FY2024: £nil) Included in Amounts owed to related parties is: A loan owing to Smooth Accounting Holdings Ltd from Smooth Accounting Ltd of £15,000 (FY2024 : £nil) Included in Other creditors is: A loan from the director, Jeri Williams, of £23,498.12. The above loans are unsecured, interest free and repayable on demand.