Company registration number SC112964 (Scotland)
SMYTH COMPOSITES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
SMYTH COMPOSITES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
SMYTH COMPOSITES LIMITED
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
5
114,064
99,464
Investments
6
100,000
100,000
214,064
199,464
Current assets
Stocks
124,518
113,887
Debtors
7
470,543
480,303
Cash at bank and in hand
338,543
218,018
933,604
812,208
Creditors: amounts falling due within one year
8
(272,465)
(262,995)
Net current assets
661,139
549,213
Total assets less current liabilities
875,203
748,677
Creditors: amounts falling due after more than one year
9
(43,642)
(53,733)
Provisions for liabilities
(7,866)
(11,361)
Net assets
823,695
683,583
Capital and reserves
Called up share capital
11
455
455
Capital redemption reserve
12
545
545
Profit and loss reserves
13
822,695
682,583
Total equity
823,695
683,583
SMYTH COMPOSITES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2025
31 March 2025
- 2 -

For the financial year ended 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he 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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 29 October 2025
Mr M Smyth
Director
Company registration number SC112964 (Scotland)
SMYTH COMPOSITES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
1
Accounting policies
Company information

Smyth Composites Limited is a private company limited by shares incorporated in Scotland. The registered office is Panmure Industrial Estate, Carnoustie, ANGUS, DD7 7NP.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

A true t the time of approving the financial statements, t he director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

The turnover shown in the profit and loss account represents the invoiced value of goods dispatched during the year, exclusive of Value Added Tax.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
15% reducing balance
Motor vehicles
25% reducing balance
1.5
Fixed asset investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

1.6
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 estimated recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

SMYTH COMPOSITES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 4 -
1.7
Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

1.8
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 the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets held as equity instruments are recognised initially at the transaction price (including transaction costs).

At the end of each reporting period, unlisted equity investments are recorded at fair value, where appropriate, or at cost less impairment if their fair value cannot be reliably measured. Objective evidence of the impairment of financial assets is assessed at each period end and any impairment loss recognised in the profit or loss immediately. Impairment loss is calculated as the difference between the carrying amount of the instrument and the best estimate of the cash flows expected to be derived from the asset (including sales proceeds if sold) at the balance sheet date.

Investment income is recognised in the financial statements when the company becomes entitled to its share of profits from the financial instrument.

1.9
Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.

Current tax

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

1.10
Retirement benefits

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

SMYTH COMPOSITES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 5 -
1.11
Leases
As lessee

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

As lessor

Lease payments are recognised as an expense over the lease term on a straight-line basis.

2
Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
30
27
4
Director's remuneration
2025
2024
£
£
Remuneration paid to directors
28,679
20,303
SMYTH COMPOSITES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 6 -
5
Tangible fixed assets
Plant and equipment
Motor vehicles
Total
£
£
£
Cost
At 1 April 2024
271,732
100,228
371,960
Additions
14,199
40,362
54,561
Disposals
-
0
(32,243)
(32,243)
At 31 March 2025
285,931
108,347
394,278
Depreciation and impairment
At 1 April 2024
231,251
41,245
272,496
Depreciation charged in the year
10,629
23,337
33,966
Eliminated in respect of disposals
-
0
(26,248)
(26,248)
At 31 March 2025
241,880
38,334
280,214
Carrying amount
At 31 March 2025
44,051
70,013
114,064
At 31 March 2024
40,481
58,983
99,464
6
Fixed asset investments
2025
2024
£
£
Other investments other than loans
100,000
100,000
7
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
435,981
443,742
Other debtors
34,562
36,561
470,543
480,303
8
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
83,742
83,737
Corporation tax
100,009
58,711
Other taxation and social security
54,826
51,815
Other creditors
33,888
68,732
272,465
262,995
SMYTH COMPOSITES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 7 -
9
Creditors: amounts falling due after more than one year
2025
2024
£
£
Other creditors
43,642
53,733
10
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
8,081
11,361
2025
Movements in the year:
£
Liability at 1 April 2024
11,361
Credit to profit or loss
(3,280)
Liability at 31 March 2025
8,081

The deferred tax liability set out above is expected to reverse within [12 months] and relates to accelerated capital allowances that are expected to mature within the same period.

11
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of £1 each
455
455
455
455
12
Capital redemption reserve

This reserve records the nominal value of shares repurchased by the company.

13
Profit and loss reserves

This reserve records retained earnings and accumulated losses.

SMYTH COMPOSITES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -
14
Directors' transactions

The company was under the control of Mr M Ross Smyth throughout the current and previous year. Mr Smyth is the managing director and beneficial owner.

During the year, Mr Smyth was paid dividends of £74,250 (202 4 - £38,640).

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