REGISTERED NUMBER: SC326427 (Scotland)

Smithy House Associates Limited

Unaudited Financial Statements

for the Year Ended 31st March 2026

Page

Company information

1

Balance sheet

2

to

3

Notes to the financial statements

4

to

6

Directors:

D J Wilson

Mrs P A Wilson

Registered office:

142 Galashiels Road

Stow

Galashiels

Selkirkshire

TD1 2RA

Registered number:

SC326427 (Scotland)

Accountants:

Rennie Welch LLP

Academy House

Shedden Park Road

Kelso

Roxburghshire

TD5 7AL

Fixed assets

Intangible assets

4

672

941

Tangible assets

5

334

686

1,006

1,627

Current assets

Debtors

6

11,665

23,624

Cash at bank

8,954

9,721

20,619

33,345

Creditors

Amounts falling due within one year

7

13,976

25,510

Net current assets

6,643

7,835

Total assets less current liabilities

7,649

9,462

Provisions for liabilities

-

309

Net assets

7,649

9,153

Capital and reserves

Called up share capital

2

2

Retained earnings

7,647

9,151

Shareholders' funds

7,649

9,153

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2026.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2026 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 Statement of income and retained earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19th May 2026 and were signed on its behalf by:

D J Wilson - Director

Mrs P A Wilson - Director

1.	Statutory information

Smithy House Associates Limited is a private company, limited by shares , registered in Scotland. 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.

Turnover

Turnover represents the total invoice value, excluding value added tax, of sales invoices during the year, or the fair value of services provided for amounts not invoiced at the year end.

Turnover arising from the sale of goods is recognised when the significant risks and rewards of ownership have passed to the buyer. Turnover arising from the provision of services is recognised as contract activity progresses and the right to consideration is earned. Unbilled turnover is included in debtors as amounts recoverable on contracts.

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.

Computer software is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Office equipment

-

25% on cost

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Financial instruments

The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, accruals and directors' loans.

Directors' loans (being repayable on demand), trade debtors, trade creditors and accruals are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable 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.

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.

Provisions

Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably. Where material, provisions are calculated on a discounted basis.

Employee benefits

Short term employee benefits, including holiday pay, are recognised as an expense in the Statement of Income and Retained Earnings in the period in which they are incurred.

Going concern

The directors have considered the company's financial position for a minimum period of 12 months and beyond from the date of signing these financial statements and have an expectation that the company should be in a position to continue trading in the current format for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing these financial statements.

3.	Employees and directors

The average number of employees during the year was 2 (2025 - 2 ) .

4.	Intangible fixed assets

Computer

software

£

Cost

At 1st April 2025

and 31st March 2026

1,344

Amortisation

At 1st April 2025

403

Amortisation for year

269

At 31st March 2026

672

Net book value

At 31st March 2026

672

At 31st March 2025

941

5.	Tangible fixed assets

Office

equipment

£

Cost

At 1st April 2025

and 31st March 2026

1,511

Depreciation

At 1st April 2025

825

Charge for year

352

At 31st March 2026

1,177

Net book value

At 31st March 2026

334

At 31st March 2025

686

6.

Debtors: amounts falling due within one year

2026

2025

£

£

Trade debtors

10,545

22,968

Other debtors

1,120

656

11,665

23,624

7.

Creditors: amounts falling due within one year

2026

2025

£

£

Trade creditors

926

12,126

Taxation and social security

10,256

11,901

Other creditors

2,794

1,483

13,976

25,510