SMOOTH AND SHARP LIMITED


Director	SASU, Ivan


Registered Address	Apartment 33 Riverside Lodge
	208 Palatine Road
	Manchester
	M20 2WF


Registered Number	14515934 (England and Wales)

Notes to the Financial Statements
for the period ended 31 March 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. During the year, the company changed its registered office address from Flat 4 116 Daisy Bank Road Manchester M14 5QH to the new registered office which is: Apartment 33 Riverside Lodge 208 Palatine Road Manchester Lancashire M20 2WF This change was filed with Companies House and became effective on 04th February 2025.

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. During the year, the company changed its registered office address from Flat 4 116 Daisy Bank Road Manchester M14 5QH to the new registered office which is:

Apartment 33 Riverside Lodge 208 Palatine Road Manchester Lancashire M20 2WF

This change was filed with Companies House and became effective on 04th February 2025.

	Statement of compliance
	The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.

	Basis of preparation
	The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

	Functional and presentation currency
	The financial statements are presented in sterling GBP and this is the functional currency of the company.

	Going concern
	After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.

	Judgements and key sources of estimation uncertainty
	In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. These critical accounting judgements and estimations are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The critical judgements made by management that have a significant effect on the amounts recognised in the financial statements are described below.

Judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. These critical accounting judgements and estimations are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The critical judgements made by management that have a significant effect on the amounts recognised in the financial statements are described below.

	Turnover policy
	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.

	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.

	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.

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.

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.

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:

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:


		Straight line (years)
	Plant and machinery	4
	Office Equipment	4

	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.

	Financial instruments
	A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit and loss. All other investments are subsequently measured at cost less impairment. Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit and loss. All other investments are subsequently measured at cost less impairment.

Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. 

2.	Average number of employees


		2025		2023
	Average number of employees during the year	1		1

3.	Prior period adjustment
	Prior Period Adjustment – Correction of Share Capital In the financial statements for the year ended 30 November 2023, the company’s share capital was correctly described as 100 ordinary shares of £1 each, fully paid. However, due to a clerical error, the amount of share capital disclosed in the balance sheet was incorrectly stated as £1 instead of £100. This error has been identified and corrected in the current financial period. In accordance with FRS 102 Section 1A, the adjustment has been treated as a prior period adjustment and reflected in the opening balances of the current period ending 31 March 2025. The comparative figures have not been restated, but this note provides appropriate disclosure of the nature of the adjustment. The correction has no impact on the company’s net assets or profit for either the current or prior period.

Prior period adjustment

Prior Period Adjustment – Correction of Share Capital

In the financial statements for the year ended 30 November 2023, the company’s share capital was correctly described as 100 ordinary shares of £1 each, fully paid. However, due to a clerical error, the amount of share capital disclosed in the balance sheet was incorrectly stated as £1 instead of £100.

This error has been identified and corrected in the current financial period. In accordance with FRS 102 Section 1A, the adjustment has been treated as a prior period adjustment and reflected in the opening balances of the current period ending 31 March 2025.

The comparative figures have not been restated, but this note provides appropriate disclosure of the nature of the adjustment. The correction has no impact on the company’s net assets or profit for either the current or prior period.

4.	Tangible fixed assets

	Plant & machinery	Office Equipment	Total
	£	£	£
Cost or valuation
At 01 December 23	2,204	609	2,813
Additions	2,394	-	2,394
At 31 March 25	4,598	609	5,207
Depreciation and impairment
At 01 December 23	53	131	184
Charge for year	1,182	203	1,385
At 31 March 25	1,235	334	1,569
Net book value
At 31 March 25	3,363	275	3,638
At 30 November 23	2,151	478	2,629

5.	Impairment of tangible fixed assets
	At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Impairment of tangible fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). 

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

6.	Debtors: amounts due within one year

	2025	2023
	£	£
Other debtors	9,081	2,235
Total	9,081	2,235


	At the balance sheet date, Other Debtors comprised the following: Directors' Loan account - GBP 8,873.35 Prepayment and accrued income - GBP 208

7.	Creditors: amounts due within one year

	2025	2023
	£	£
Taxation and social security	21,389	9,714
Other creditors	481	452
Total	21,870	10,166


	At the balance sheet date, Other creditors comprised the following: PAYE payable for GBP 480.17

8.	Provisions for liabilities

	2025	2023
	£	£
Net deferred tax liability (asset)	764	-
Total	764	-

9.	Directors advances, credits and guarantees

	Brought forward	Amount advanced	Amount repaid	Carried forward
	£	£	£	£
SASU, Ivan	(452)	9,325	0	8,873
Overdrawn DLA
	(452)	9,325	0	8,873


	As at 31 March 2025, the director had an overdrawn loan account of £8,873. This amount was subsequently repaid on 26 August 2025, after the year-end.

10.	Share capital
	As at 31 March 2025, the company had issued 100 ordinary shares of £1 each, all paid. There has been no change in the share capital since the previous year ended 30 November 2023.

11.	Related party transactions
	During the period, there is an overdrawn DLA balance of GBP 8,873.35 and the repayment will be done within 9 months after the year end.

12.	Change in reporting period and impact on comparability
	As the current accounting period is the period ended 31 March 2025 and the previous year was the year ended 30 November 2023, the monetary amounts for these periods are not comparable.

	Notes	31 Mar 2025		30 Nov 2023
		£	£	£	£
Fixed assets
Tangible assets	4		3,638		2,629
			3,638		2,629
Current assets
Debtors	6	9,081		2,235
Cash at bank and on hand		55,723		23,109
		64,804		25,344
Creditors amounts falling due within one year	7	(21,870)		(10,166)
Net current assets (liabilities)			42,934		15,178
Total assets less current liabilities			46,572		17,807
Provisions for liabilities	8		(764)		-
Net assets			45,808		17,807
Capital and reserves
Called up share capital			100		1
Profit and loss account			45,708		17,806
Shareholders' funds			45,808		17,807