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 2021

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

40,930

5,109

CURRENT ASSETS

Stocks

5

673,713

800,387

Debtors

6

3,610,252

3,907,522

Cash at bank

280,690

440,207

4,564,655

5,148,116

CREDITORS

Amounts falling due within one year

7

2,058,028

2,706,062

NET CURRENT ASSETS

2,506,627

2,442,054

TOTAL ASSETS LESS CURRENT LIABILITIES

2,547,557

2,447,163

CREDITORS

Amounts falling due after more than one year

8

(1,275,000

)

-

PROVISIONS FOR LIABILITIES

9

(7,777

)

(1,000

)

NET ASSETS

1,264,780

2,446,163

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

1,264,680

2,446,063

SHAREHOLDERS' FUNDS

1,264,780

2,446,163

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2021 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 29th November 2021 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.

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.

Fixtures and fittings

-

25% on reducing balance

Government grants

Government grants are recorded on the accruals basis and are released to the profit and loss account on receipt.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 27 (2020 - 27 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

machinery

fittings

Totals

£

£

£

COST

At 1st April 2020

-

5,742

5,742

Additions

46,500

2,965

49,465

At 31st March 2021

46,500

8,707

55,207

DEPRECIATION

At 1st April 2020

-

633

633

Charge for year

11,625

2,019

13,644

At 31st March 2021

11,625

2,652

14,277

NET BOOK VALUE

At 31st March 2021

34,875

6,055

40,930

At 31st March 2020

-

5,109

5,109

5.

STOCKS

2021

2020

£

£

Stocks

-

3,009

Raw materials

342,212

469,418

Work-in-progress

331,501

327,960

673,713

800,387

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

3,558,515

3,398,641

Other debtors

4,442

7,334

Tax

-

344,961

VAT

47,295

156,586

3,610,252

3,907,522

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

225,000

-

Trade creditors

1,410,173

1,557,993

Amounts owed to group undertakings

-

350,000

Tax

642

197,185

Social security and other taxes

211,758

208,425

Other creditors

132,849

119,641

Accrued expenses

77,606

272,818

2,058,028

2,706,062

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans - 1-2 years

300,000

-

Bank loans - 2-5 years

900,000

-

Bank loans more 5 yr by instal

75,000

-

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

2021

2020

£

£

Deferred tax

7,777

1,000

Deferred

tax

£

Balance at 1st April 2020

1,000

Provided during year

6,777

Balance at 31st March 2021

7,777

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

100

Ordinary

£1

100

100