Smarter Services Ltd
Smarter Services Ltd
Registered number: 05719596
Unaudited Financial Statements
For The Year Ended
28 February 2022
de Jong Phillips Ltd
Chartered Accountants
Suite 7, Epsom Workhub
6-7 Derby Square, High Street
Epsom
Surrey
KT19 8AG
Smarter Services Ltd
Unaudited Financial Statements
For The Year Ended
28 February 2022
Unaudited Financial Statements
Contents | |
Page | |
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Statement of Financial Position | 1—2 |
Notes to the Financial Statements | 3—7 |
Smarter Services Ltd
Statement of Financial Position
As at
28 February 2022
Statement of Financial Position
Registered number:
05719596
For the year ending 28 February 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
2022 | 2021 | ||||
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Notes | £ | £ | £ | £ | |
FIXED ASSETS | |||||
Intangible Assets | 4 |
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Tangible Assets | 5 |
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CURRENT ASSETS | |||||
Inventories | 6 |
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Debtors | 7 |
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Cash at bank and in hand |
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Creditors: Amounts Falling Due Within One Year | 8 |
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NET CURRENT ASSETS (LIABILITIES) |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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Creditors: Amounts Falling Due After More Than One Year | 9 |
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PROVISIONS FOR LIABILITIES | |||||
Deferred Taxation |
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NET ASSETS |
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CAPITAL AND RESERVES | |||||
Called up share capital | 11 |
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Income Statement |
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SHAREHOLDERS' FUNDS | 364,648 | 264,896 | |||
Smarter Services Ltd
Statement of Financial Position (continued)
As at
28 February 2022
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Director
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The notes on pages 3 to 7 form part of these financial statements.
Smarter Services Ltd
Notes to the Financial Statements
For The Year Ended
28 February 2022
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
The Covid-19 pandemic has not created any significant operational and financial pressures on the company. Having considered the contingency plans in place, the support to businesses announced by the UK Government and having reviewed updated cashflow forecasts, the directors consider the adoption of the going concern basis in preparing these financial statements is appropriate.
1.3.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover form the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.4.
Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to income statement over its estimated economic life of 10 years.
1.5.
Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are relating to Computer Software. Computer Software is amortised to income statement over its estimated economic life of 5 years.
1.6.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery |
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Motor Vehicles |
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Office Equipment |
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1.7.
Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the income statement so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to income statement as incurred.
1.8.
Stocks and Work in Progress
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 stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
Smarter Services Ltd
Notes to the Financial Statements (continued)
For The Year Ended
28 February 2022
1.9.
Financial Instruments
The company accounts for its financial transactions in accordance with Section 11 and Section 12 of FRS 102.
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, and loans to related parties.
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 the Profit and Loss Account.
Short term debtors and creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
1.10.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
1.11.
Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the income statement as they become payable in accordance with the rules of the scheme.
1.12.
Government Grant
Government grants are recognised in the income statement and are presented within “Other income".
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the income statement. Grants towards general activities of the entity over a specific period are recognised in the income statement over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the income statement over the useful life of the asset concerned.
All grants in the income statement are recognised when all conditions for receipt have been complied with.
2.
Average Number of Employees
Average number of employees, including directors, during the year was: 335 (2021: 230)
Smarter Services Ltd
Notes to the Financial Statements (continued)
For The Year Ended
28 February 2022
4.
Intangible Assets
Goodwill | Other | Total | |
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£ | £ | £ | |
Cost | |||
As at
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Additions |
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Disposals | (40,000) |
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As at
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Amortisation | |||
As at
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Provided during the period |
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Impairment losses |
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Disposals | (40,000) |
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As at
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Net Book Value | |||
As at
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As at
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5.
Tangible Assets
Plant & Machinery | Motor Vehicles | Office Equipment | Total | |
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£ | £ | £ | £ | |
Cost | ||||
As at
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Additions |
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Disposals |
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As at
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Depreciation | ||||
As at
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Provided during the period |
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Disposals |
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As at
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Net Book Value | ||||
As at
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As at
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6.
Inventories
2022 | 2021 | ||
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£ | £ | ||
Stock - materials |
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Smarter Services Ltd
Notes to the Financial Statements (continued)
For The Year Ended
28 February 2022
7.
Debtors
2022 | 2021 | ||
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£ | £ | ||
Due within one year | |||
Trade debtors |
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Prepayments and accrued income |
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Other debtors |
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Directors' loan accounts |
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8.
Creditors: Amounts Falling Due Within One Year
2022 | 2021 | ||
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£ | £ | ||
Net obligations under finance lease and hire purchase contracts |
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Trade creditors |
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Bank loans and overdrafts |
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Other taxes and social security |
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VAT |
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Net wages | - | 1,509 | |
Other creditors |
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Directors' loan accounts | - |
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9.
Creditors: Amounts Falling Due After More Than One Year
2022 | 2021 | ||
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£ | £ | ||
Net obligations under finance lease and hire purchase contracts |
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Bank loans |
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Other creditors |
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10.
Obligations Under Finance Leases and Hire Purchase
2022 | 2021 | ||
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£ | £ | ||
The maturity of these amounts is as follows: | |||
Amounts Payable: | |||
Within one year |
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Between one and five years |
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Smarter Services Ltd
Notes to the Financial Statements (continued)
For The Year Ended
28 February 2022
12.
Other Commitments
The total of future minimum lease payments under non-cancellable operating and finance leases are as following:
Other | ||
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2022 | 2021 | |
£ | £ | |
Within 1 year | 188,592 | 81,128 |
Between 1 and 5 years | 241,299 | 70,727 |
429,891 | 151,855 | |
13.
Directors Advances, Credits and Guarantees
Included within Debtors are loans to directors of £80,766 (2021: £85,602). £4,836 was paid by director's in the year.
They are unsecured repayable on demand. Interest is charged at the official rate of interest.
14.
General Information
Smarter Services Ltd
is a private company, limited by shares, incorporated in England & Wales, registered number
05719596
. The registered office is Lancaster House, 11 Churchfield Road, Walton Upon Thames, Surrey, KT12 2TY.