Smart Partitions (UK) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07175728 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2022

FOR

SMART PARTITIONS (UK) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

H Karkar

REGISTERED OFFICE:

4 Grange Road

Southwick

Brighton

West Sussex

BN42 4DQ

REGISTERED NUMBER:

07175728 (England and Wales)

ACCOUNTANTS:

Parkers

Cornelius House

178-180 Church Road

Hove

East Sussex

BN3 2DJ

FIXED ASSETS

Tangible assets

4

50,234

40,930

CURRENT ASSETS

Stocks

5

775,713

673,713

Debtors

6

4,129,621

3,610,252

Cash at bank

98,636

280,690

5,003,970

4,564,655

CREDITORS

Amounts falling due within one year

7

2,689,940

2,058,028

NET CURRENT ASSETS

2,314,030

2,506,627

TOTAL ASSETS LESS CURRENT LIABILITIES

2,364,264

2,547,557

CREDITORS

Amounts falling due after more than one year

8

(950,000

)

(1,275,000

)

PROVISIONS FOR LIABILITIES

9

(9,544

)

(7,777

)

NET ASSETS

1,404,720

1,264,780

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

1,404,620

1,264,680

SHAREHOLDERS' FUNDS

1,404,720

1,264,780

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 8th July 2022 and were signed by:

H Karkar - Director

1.	STATUTORY INFORMATION

Smart Partitions (UK) 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.

Significant judgements and estimates

No significant judgements have had to be made by the directors in preparing these financial statements.

Turnover

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

Tangible fixed assets

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

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

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 items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and 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 profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Impairment of non-financial assets

At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss.

Stock and work in progress is also assessed for impairment at each reporting date. The carrying amount of each item of stock, work in progress, or group of similar items, is compared with its selling price less costs to complete and sell. If an item of stock, work in progress or group of similar items is impaired, its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in profit or loss.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2021 - 27 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1st April 2021

46,500

8,707

-

55,207

Additions

-

786

25,000

25,786

At 31st March 2022

46,500

9,493

25,000

80,993

DEPRECIATION

At 1st April 2021

11,625

2,652

-

14,277

Charge for year

8,719

1,513

6,250

16,482

At 31st March 2022

20,344

4,165

6,250

30,759

NET BOOK VALUE

At 31st March 2022

26,156

5,328

18,750

50,234

At 31st March 2021

34,875

6,055

-

40,930

5.

STOCKS

2022

2021

£

£

Raw materials

266,464

342,212

Work-in-progress

509,249

331,501

775,713

673,713

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

3,837,550

3,558,515

Other debtors

170,329

4,442

Tax

37,722

-

VAT

84,020

47,295

4,129,621

3,610,252

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

300,000

225,000

Trade creditors

1,651,603

1,410,173

Amounts owed to group undertakings

19,000

-

Tax

-

642

Social security and other taxes

419,119

211,758

Other creditors

194,261

132,849

Accrued expenses

105,957

77,606

2,689,940

2,058,028

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans - 1-2 years

300,000

300,000

Bank loans - 2-5 years

650,000

900,000

Bank loans more 5 yr by instal

-

75,000

950,000

1,275,000

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

75,000

9.	PROVISIONS FOR LIABILITIES

2022

2021

£

£

Deferred tax

9,544

7,777

Deferred

tax

£

Balance at 1st April 2021

7,777

Charge to Income Statement during year

1,767

Balance at 31st March 2022

9,544

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

100

Ordinary

£1

100

100

11.	ULTIMATE CONTROLLING PARTY

The company's ultimate parent company is Smart Group Enterprises Limited. Its registered office address is 304 Portland Road, Hove, BN3 5PL.