Smethurst Contracts Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 07094640 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2022

for

Smethurst Contracts Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

R Smethurst

REGISTERED OFFICE:

6 Station View

Hazel Grove

Stockport

SK7 5ER

REGISTERED NUMBER:

07094640 (England and Wales)

ACCOUNTANTS:

IN Accountancy Limited

6 Station View

Bramhall Moor Lane

Hazel Grove

Stockport

Cheshire

SK7 5ER

FIXED ASSETS

Intangible assets

4

8,000

10,400

Tangible assets

5

25,890

7,661

33,890

18,061

CURRENT ASSETS

Debtors

6

41,396

23,501

Cash at bank

32,011

64,984

73,407

88,485

CREDITORS

Amounts falling due within one year

7

107,471

102,064

NET CURRENT LIABILITIES

(34,064

)

(13,579

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(174

)

4,482

CREDITORS

Amounts falling due after more than one year

8

(97,856

)

(119,865

)

PROVISIONS FOR LIABILITIES

(4,919

)

(1,456

)

NET LIABILITIES

(102,949

)

(116,839

)

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

(102,950

)

(116,840

)

SHAREHOLDERS' FUNDS

(102,949

)

(116,839

)

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 29 September 2023 and were signed by:

R Smethurst - Director

1.	STATUTORY INFORMATION

Smethurst Contracts 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.

The financial statements are prepared in sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Turnover

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

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2021, is being amortised evenly over its estimated useful life of five years.

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.

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

-

25% 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 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Government grants

During the year the company has received grant monies which have been recognised on an accruals basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 37 (2021 - 24 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2022

and 31 December 2022

12,000

AMORTISATION

At 1 January 2022

1,600

Charge for year

2,400

At 31 December 2022

4,000

NET BOOK VALUE

At 31 December 2022

8,000

At 31 December 2021

10,400

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2022

8,836

Additions

31,300

Disposals

(7,990

)

At 31 December 2022

32,146

DEPRECIATION

At 1 January 2022

1,175

Charge for year

6,246

Eliminated on disposal

(1,165

)

At 31 December 2022

6,256

NET BOOK VALUE

At 31 December 2022

25,890

At 31 December 2021

7,661

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Trade debtors

25,184

11,432

Other debtors

16,212

12,069

41,396

23,501

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Bank loans and overdrafts

28,559

29,387

Trade creditors

14,183

13,382

Taxation and social security

16,585

17,043

Other creditors

48,144

42,252

107,471

102,064

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.22

31.12.21

£

£

Bank loans

71,757

103,027

Other creditors

26,099

16,838

97,856

119,865

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.22

31.12.21

£

£

Hire purchase

35,745

22,920

10.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

At the financial year end, the company was owed £11,179 (2021 - £10,422), from the directors.

11.	ULTIMATE CONTROLLING PARTY

The controlling party is R Smethurst.