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Registered number: 06508262
Sms Workshop Supplies Limited
Unaudited Financial Statements
For The Year Ended 31 March 2025
Burrow & Crowe Accountants & Business Advisers Ltd
Pegholme, Bays 61-65
Wharfebank Mills, Ilkley Road
Otley
LS21 3JP
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 06508262
2025 2024
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 8,644 10,712
8,644 10,712
CURRENT ASSETS
Stocks 5 15,000 28,082
Debtors 6 7,271 9,966
Cash at bank and in hand 2,216 2,423
24,487 40,471
Creditors: Amounts Falling Due Within One Year 7 (47,429 ) (42,889 )
NET CURRENT ASSETS (LIABILITIES) (22,942 ) (2,418 )
TOTAL ASSETS LESS CURRENT LIABILITIES (14,298 ) 8,294
Creditors: Amounts Falling Due After More Than One Year 8 (2,363 ) (12,720 )
NET LIABILITIES (16,661 ) (4,426 )
CAPITAL AND RESERVES
Called up share capital 9 1,000 1,000
Profit and Loss Account (17,661 ) (5,426 )
SHAREHOLDERS' FUNDS (16,661) (4,426)
Page 1
Page 2
For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Martin Brook
Director
04/08/2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Sms Workshop Supplies Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06508262 . The registered office is Brookland, Hill House Lane, Oxenhope, Keighley, BD22 9JH.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
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.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 33% Straight Line
Motor Vehicles 25% Reducing Balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
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Page 4
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2024: 3)
3 3
4. Tangible Assets
Plant & Machinery Motor Vehicles Total
£ £ £
Cost
As at 1 April 2024 25,920 22,025 47,945
Additions 9,660 - 9,660
As at 31 March 2025 35,580 22,025 57,605
Depreciation
As at 1 April 2024 17,107 20,126 37,233
Provided during the period 11,253 475 11,728
As at 31 March 2025 28,360 20,601 48,961
Net Book Value
As at 31 March 2025 7,220 1,424 8,644
As at 1 April 2024 8,813 1,899 10,712
5. Stocks
2025 2024
£ £
Materials 15,000 28,082
6. Debtors
2025 2024
£ £
Due within one year
Trade debtors 6,587 8,629
Other debtors 684 1,337
7,271 9,966
7. Creditors: Amounts Falling Due Within One Year
2025 2024
£ £
Trade creditors - 5,197
Bank loans and overdrafts 5,179 -
Amounts owed to participating interests 3,200 7,500
Other creditors 38,720 28,508
Taxation and social security 330 1,684
47,429 42,889
8. Creditors: Amounts Falling Due After More Than One Year
2025 2024
£ £
Bank loans 2,363 12,720
Page 4
Page 5
9. Share Capital
2025 2024
£ £
Allotted, Called up and fully paid 1,000 1,000
Page 5