Paul Smythe International Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09433223 (England and Wales)

Unaudited Financial Statements for the Year Ended 28 February 2021

for

PAUL SMYTHE INTERNATIONAL LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

Directors:

Mr P W Smythe

Mrs. S E Smythe

Registered office:

10 Stadium Business Court,

Millennium Way

Pride Park

Derby

DE24 8HP

Registered number:

09433223 (England and Wales)

Accountants:

Haines Watts (East Midlands) Ltd

10 Stadium Business Court

Millennium Way

Pride Park

Derby

Derbyshire

DE24 8HP

Fixed assets

Tangible assets

4

493

-

Current assets

Debtors

5

8,208

31,119

Cash at bank and in hand

2,326

1,082

10,534

32,201

Creditors

Amounts falling due within one year

6

3,484

24,623

Net current assets

7,050

7,578

Total assets less current liabilities

7,543

7,578

Capital and reserves

Called up share capital

100

100

Retained earnings

7,443

7,478

7,543

7,578

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2021 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 21 November 2021 and were signed on its behalf by:

Mr P W Smythe - Director

1.	STATUTORY INFORMATION

Paul Smythe International 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.

Plant and machinery etc

-

15% on cost

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

3.	EMPLOYEES AND DIRECTORS

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

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

Cost

Additions

580

At 28 February 2021

580

Depreciation

Charge for year

87

At 28 February 2021

87

Net book value

At 28 February 2021

493

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

-

31,119

Other debtors

286

-

Directors' current accounts

7,922

-

8,208

31,119

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

-

12,000

Tax

-

1,754

VAT

2,284

4,759

Directors' current accounts

-

5,510

Accruals and deferred income

1,200

600

3,484

24,623