Smarty Pants Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 05277967

Smarty Pants Limited

Filleted Unaudited Financial Statements

For the year ended

31 March 2025

Smarty Pants Limited

Statement of Financial Position

31 March 2025

	2025		2024
Note	£	£	£

Fixed assets

Tangible assets	5		453,368	471,911

Current assets

Stocks		31,000	31,000
Debtors	6	136,587	195,318
Cash at bank and in hand		106,391	78,563
		---------	---------
		273,978	304,881

Prepayments and accrued income	2,941		1,676

Creditors: amounts falling due within one year	7	382,553		498,960
		---------		---------
Net current liabilities			105,634	192,403
			---------	---------
Total assets less current liabilities			347,734	279,508

Creditors: amounts falling due after more than one year	8		86,489	29,630

Provisions

Taxation including deferred tax		78,195	73,254

Accruals and deferred income	4,559	7,117
	---------	---------
Net assets	178,491	169,507
	---------	---------

Capital and reserves

Called up share capital	1	1
Profit and loss account	178,490	169,506
	---------	---------
Shareholder funds	178,491	169,507
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

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.

Director's responsibilities:

- The member has 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 her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Smarty Pants Limited

Statement of Financial Position (continued)

31 March 2025

These financial statements were approved by the board of directors and authorised for issue on 30 December 2025 , and are signed on behalf of the board by:

Ms C Locke
Director

Company registration number: 05277967

Smarty Pants Limited

Notes to the Financial Statements

Year ended 31 March 2025

1. General information

The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Unit 14 Old Brewery Yard, Worksop, Nottinghamshire, S80 2DE.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The company meets its day to day working capital requirements from its own cash reserves and banking facilities. The director reviews the position continually based upon the cash requirements and ongoing work compared to the available resources. The director has monitored the profitability and concluded that the performance and future prospects provide sufficient resources to continue operations for the foreseeable future. The company has therefore prepared its financial statements on a going concern basis.

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. Significant judgements The directors did not make any significant judgements when preparing the financial statements for the year. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: The directors have estimated the useful economic lives of the fixed assets and expected residual value, based upon their past experience and the physical condition of the asset involved. The difference between the original cost and residual value is written off as depreciation over the estimated useful life of the asset.

Revenue recognition

The turnover shown in the profit and loss account represents the takings from retail sales and online platforms plus amounts invoiced during the year, exclusive of Value Added Tax.

Income tax

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 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 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.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

L'hold Improvements	-	15% reducing balance
Machinery & Equipment	-	20% & 33% reducing balance
Fixtures & Fittings	-	33% reducing balance
Motor vehicles	-	25% reducing balance

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 recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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.

Finance leases and hire purchase contracts

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.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company 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. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 11 (2024: 13 ).

5. Tangible assets

	Land and buildings	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£	£
Cost
At 1 April 2024	145,935	509,616	23,494	10,422	689,467
Additions	–	3,268	435	75,839	79,542
	---------	---------	--------	--------	---------
At 31 March 2025	145,935	512,884	23,929	86,261	769,009
	---------	---------	--------	--------	---------
Depreciation
At 1 April 2024	31,921	155,468	21,960	8,207	217,556
Charge for the year	17,103	72,088	440	8,454	98,085
	---------	---------	--------	--------	---------
At 31 March 2025	49,024	227,556	22,400	16,661	315,641
	---------	---------	--------	--------	---------
Carrying amount
At 31 March 2025	96,911	285,328	1,529	69,600	453,368
	---------	---------	--------	--------	---------
At 31 March 2024	114,014	354,148	1,534	2,215	471,911
	---------	---------	--------	--------	---------

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Plant and machinery	Motor vehicles	Total
	£	£	£
At 31 March 2025	4,740	67,939	72,679
	-------	--------	--------
At 31 March 2024	5,925	–	5,925
	-------	--------	--------

6. Debtors

	2025	2024
	£	£
Trade debtors	110,787	144,764
Other debtors	25,800	50,554
	---------	---------
	136,587	195,318
	---------	---------

7. Creditors: amounts falling due within one year

	2025	2024
	£	£
Bank loans and overdrafts	5,556	5,556
Trade creditors	56,692	59,725
Social security and other taxes	11,111	35,681
Loan from family	35,235	27,235
Other creditors	273,959	370,763
	---------	---------
	382,553	498,960
	---------	---------

Included within creditors amounts due within one year is £8,155 (2024 - £29,113) relating to assets held under finance leases. The amount is secured on the value of the assets. Also included in creditors due within one year is a bank loan of £5,556 (2024 - £5,556) being secured on the general assets of the company.

8. Creditors: amounts falling due after more than one year

	2025	2024
	£	£
Bank loans and overdrafts	24,074	29,630
Other creditors	62,415	–
	--------	--------
	86,489	29,630
	--------	--------

Included within creditors amounts falling due after more than one year is £62,415 (2024 - £nil) relating to assets held under finance leases. The amount is secured on the value of the assets. Also included in creditors amounts falling due after more than one year is a bank loan of £24,074 (2024 - £29,630), being secured on the general assets of the company.

9. 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. Cash and cash equivalents, cash is represented by cash in hand held with financial institutions. Debtors, short term debtors are measured at the transaction price less any impairment. Creditors, short and long term creditors are measured at the transaction price

10. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2025	2024
	£	£
Not later than 1 year	1,212	1,212
Later than 1 year and not later than 5 years	1,818	3,030
	-------	-------
	3,030	4,242
	-------	-------

11. Director's advances, credits and guarantees

At 1 April 2024 the company owed the director - £48,524 (1 April 2023 - £55,333), during the year the director withdrew £14,589 (2024 - £10,722), the director made further loans to the company of £nil (2024 - £1,000) and expenses paid by the director of £nil (2024 - £1,913) were credited to the loan account. Dividends of £500 (2024 - £1,000) were declared in the year and credited to the loan account. At 31 March 2025 the company owed the director £34,435 (2024 -£48,524), the amount is payable on demand and does not carry interest.

12. Related party transactions

At 31 March 2025 the company owed £35,235 (2024 - £27,535) to members of the director's family, these loans are repayable on demand and currently do not attract interest. The company has a loan from another company wholly owned by the director. The amount outstanding at the year end was £230,769 (2024 - £290,273).

13. Controlling party

The controlling party is the director having 100% of the share capital.