Registered number
06776456
Smithmichael Limited
Filleted Accounts
31 March 2025
Smithmichael Limited
Registered number: 06776456
Balance Sheet
as at 31 March 2025
Notes 2025 2024
£ £
Fixed assets
Tangible assets 3 1,961 3,172
Current assets
Stocks 2,500 500
Debtors 4 5,768 35,762
Cash at bank and in hand 43,186 44,559
51,454 80,821
Creditors: amounts falling due within one year 5 (45,303) (67,064)
Net current assets 6,151 13,757
Total assets less current liabilities 8,112 16,929
Creditors: amounts falling due after more than one year 6 (6,850) (8,401)
Provisions for liabilities (373) (603)
Net assets 889 7,925
Capital and reserves
Called up share capital 100 100
Profit and loss account 789 7,825
Shareholder's funds 889 7,925
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Michael Smith
Director
Approved by the board on 1 August 2025
Smithmichael Limited
Notes to the Accounts
for the year ended 31 March 2025
1 Accounting policies
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).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Computer Equipment 33.33% straight line method
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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.
2 Employees 2025 2024
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2024 11,372
At 31 March 2025 11,372
Depreciation
At 1 April 2024 8,200
Charge for the year 1,211
At 31 March 2025 9,411
Net book value
At 31 March 2025 1,961
At 31 March 2024 3,172
4 Debtors 2025 2024
£ £
Trade debtors 4,867 34,532
Other taxes and social securities 541 -
Other debtors 360 1,230
5,768 35,762
5 Creditors: amounts falling due within one year 2025 2024
£ £
Bank loans and overdrafts 2,862 1,897
Director's loan account 26,211 20,641
Trade creditors 130 546
Taxation and social security costs 15,575 18,625
Other creditors 525 25,355
45,303 67,064
6 Creditors: amounts falling due after one year 2025 2024
£ £
Bank loans 6,850 8,401
7 Other information
Smithmichael Limited is a private company limited by shares and incorporated in England. Its registered office is:
22 Copse Close
Weston-Super-Mare
Avon
BS24 9NU
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