REGISTERED NUMBER: 07240581 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025

FOR

SMART MERCHANTS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M P Watts

R H Marsh

REGISTERED OFFICE:

54 Sun Street

Waltham Abbey

Essex

EN9 1EJ

REGISTERED NUMBER:

07240581 (England and Wales)

ACCOUNTANTS:

KNIGHT WHEELER LIMITED

Chartered Accountants

54 Sun Street

Waltham Abbey

Essex

EN9 1EJ

FIXED ASSETS

Intangible assets

4

8,000

10,000

Tangible assets

5

43,381

42,245

51,381

52,245

CURRENT ASSETS

Stocks

992,038

902,974

Debtors

6

1,654,452

1,446,606

Cash at bank and in hand

249,302

209,079

2,895,792

2,558,659

CREDITORS

Amounts falling due within one year

7

(1,369,457

)

(1,413,201

)

NET CURRENT ASSETS

1,526,335

1,145,458

TOTAL ASSETS LESS CURRENT LIABILITIES

1,577,716

1,197,703

CREDITORS

Amounts falling due after more than one year

8

(59,833

)

(51,458

)

PROVISIONS FOR LIABILITIES

10

(10,845

)

(10,177

)

NET ASSETS

1,507,038

1,136,068

CAPITAL AND RESERVES

Called up share capital

102

102

Retained earnings

1,506,936

1,135,966

SHAREHOLDERS' FUNDS

1,507,038

1,136,068

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 August 2025 and were signed on its behalf by:

R H Marsh - Director

M P Watts - Director

1.	STATUTORY INFORMATION

Smart Merchants Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

The financial statements are presented in sterling (£) which is also the functional currency for the company and rounded to the nearest £.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover represents net invoiced electrical wholesales.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2019, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to property

-

10% on cost

Plant and machinery

-

20% on cost

Fixtures and fittings

-

10% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Trade and other receivables

Trade and Other Payables

Trade and other payables are measured at their transaction price unless the arrangement constitutes a financing transaction in which case the transaction is measured at present value of future payments discounted at prevailing market rate of interest.

Cash and cash equivalents

Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and any short term deposits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2024 - 20 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 May 2024

and 30 April 2025

20,000

AMORTISATION

At 1 May 2024

10,000

Charge for year

2,000

At 30 April 2025

12,000

NET BOOK VALUE

At 30 April 2025

8,000

At 30 April 2024

10,000

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 May 2024

24,209

6,775

14,610

Additions

-

-

-

Disposals

-

-

-

Transfer to ownership

-

-

-

Reclassification/transfer

-

-

-

At 30 April 2025

24,209

6,775

14,610

DEPRECIATION

At 1 May 2024

22,672

6,769

11,779

Charge for year

1,536

-

1,461

Eliminated on disposal

-

-

-

Transfer to ownership

-

-

-

Reclassification/transfer

-

-

-

At 30 April 2025

24,208

6,769

13,240

NET BOOK VALUE

At 30 April 2025

1

6

1,370

At 30 April 2024

1,537

6

2,831

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 May 2024

114,960

36,771

197,325

Additions

29,499

1,857

31,356

Disposals

(13,000

)

-

(13,000

)

Transfer to ownership

(31,995

)

-

(31,995

)

Reclassification/transfer

31,995

-

31,995

At 30 April 2025

131,459

38,628

215,681

DEPRECIATION

At 1 May 2024

80,711

33,149

155,080

Charge for year

24,122

3,101

30,220

Eliminated on disposal

(13,000

)

-

(13,000

)

Transfer to ownership

(23,996

)

-

(23,996

)

Reclassification/transfer

23,996

-

23,996

At 30 April 2025

91,833

36,250

172,300

NET BOOK VALUE

At 30 April 2025

39,626

2,378

43,381

At 30 April 2024

34,249

3,622

42,245

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 May 2024

31,995

Additions

29,499

Transfer to ownership

(31,995

)

At 30 April 2025

29,499

DEPRECIATION

At 1 May 2024

23,996

Charge for year

7,375

Transfer to ownership

(23,996

)

At 30 April 2025

7,375

NET BOOK VALUE

At 30 April 2025

22,124

At 30 April 2024

7,999

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

1,560,134

1,352,424

Other debtors

64,789

62,536

Smart Trans Supplies Ltd

2,525

1,995

Prepayments

27,004

29,651

1,654,452

1,446,606

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

11,458

68,750

Hire purchase contracts

7,000

4,607

Trade creditors

882,748

913,682

Factoring account

161,897

161,424

Tax

169,814

101,179

Social security and other taxes

16,634

34,368

VAT

78,701

60,379

Other creditors

22,585

32,770

Credit card

2,095

1,030

Pension fund

2,441

3,932

Directors' current accounts

3,261

25,665

Accrued expenses

10,823

5,415

1,369,457

1,413,201

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans - 1-2 years

-

11,458

Hire purchase contracts

19,833

-

Other creditors

40,000

40,000

59,833

51,458

9.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Bank loans

11,458

80,208

The factoring account is secured by way of a debenture which provides a fixed and floating charge over the assets of the company.

10.	PROVISIONS FOR LIABILITIES

2025

2024

£

£

Deferred tax

10,845

10,177

Deferred

tax

£

Balance at 1 May 2024

10,177

Provided during year

668

Balance at 30 April 2025

10,845

11.	RELATED PARTY DISCLOSURES