Andrew Smith Commercial Practice Limited - Filleted accounts

ANDREW SMITH COMMERCIAL PRACTICE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED

29 SEPTEMBER 2022

Company Registration Number: 06687984

ANDREW SMITH COMMERCIAL PRACTICE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 SEPTEMBER 2022
CONTENTS									PAGES
Company information									1
Balance sheet									2 to 3
Notes to the financial statements									4 to 8

ANDREW SMITH COMMERCIAL PRACTICE LIMITED
COMPANY INFORMATION
FOR THE PERIOD ENDED 29 SEPTEMBER 2022
DIRECTORS
Mr A C Smith
Mrs K Smith
SECRETARY
The company does not have an appointed secretary
REGISTERED OFFICE
4 Witan Way
Witney
Oxon
OX28 6FF
COMPANY REGISTRATION NUMBER
06687984 England and Wales

ANDREW SMITH COMMERCIAL PRACTICE LIMITED
BALANCE SHEET
AS AT 29 SEPTEMBER 2022
			Notes		2022				2021
					£				£
FIXED ASSETS
Tangible assets			5				28,820				26,917
CURRENT ASSETS
Debtors			6		299,513				89,481
Cash at bank and in hand					17,258				10,831
					316,771				100,312
CREDITORS: Amounts falling due within one year			7		155,784				55,296
NET CURRENT ASSETS							160,987				45,016
TOTAL ASSETS LESS CURRENT LIABILITIES							189,807				71,933
CREDITORS: Amounts falling due after more than one year			8				35,625				45,102
Provisions for liabilities and charges							1,018				656
NET ASSETS							153,164				26,175
CAPITAL AND RESERVES
Called up share capital							1				1
Distributable profit and loss account							153,163				26,174
SHAREHOLDERS' FUNDS							153,164				26,175

ANDREW SMITH COMMERCIAL PRACTICE LIMITED
BALANCE SHEET
AS AT 29 SEPTEMBER 2022
These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial period ended 29 September 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.
Signed on behalf of the board of directors
Mr A C Smith
Director
Date approved by the board: 28 September 2023

ANDREW SMITH COMMERCIAL PRACTICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 SEPTEMBER 2022
1	GENERAL INFORMATION
	Andrew Smith Commercial Practice Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:
	4 Witan Way
	Witney
	Oxon
	OX28 6FF
	The financial statements are presented in Sterling, which is the functional currency of the company.
2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	Basis of preparation of financial statements
	These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
	Revenue recognition

	Turnover is measured at the fair value of consideration received or receivable. It is recognised in respect of consultancy services rendered as soon as there is a right to consideration and is determined by reference to the value of the work performed. Turnover is stated net of trade discounts and value added tax.
	The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.

	Grant Income
	Grant income has been recognised under the accrual model, where income is recognised on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.

ANDREW SMITH COMMERCIAL PRACTICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 SEPTEMBER 2022
2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
	Tangible fixed assets

	Fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses.

	Depreciation has been provided at the following rate so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives.
	Computer equipment					Straight line basis at 33.33% per annum
	Furniture and fittings					Straight line basis at 33.33% per annum
	Buildings					Not depreciated
	On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses.
	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 are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.

The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

	Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
	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 the profit and loss account.
	If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in the profit and loss account.

ANDREW SMITH COMMERCIAL PRACTICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 SEPTEMBER 2022
2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
	Debtors

	Short term debtors are measured at transaction price, less any impairment.

	Creditors
	Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.
	Taxation
	Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.

	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 taxable profits.
	Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

	Current and deferred tax assets and liabilities are not discounted.
3	CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

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

4	EMPLOYEES
	The average number of persons employed by the company (including directors) during the period was:
									2022		2021
	Average number of employees								2		2

ANDREW SMITH COMMERCIAL PRACTICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 SEPTEMBER 2022
5	TANGIBLE ASSETS
					Computer equipment		Furniture and fittings		Buildings		Total
					£		£		£		£
	Cost
	At 1 October 2021				5,031		3,347		25,311		33,689
	Additions				-		2,935		-		2,935
	At 29 September 2022				5,031		6,282		25,311		36,624
	Accumulated depreciation and impairments
	At 1 October 2021 (Restated)				4,053		2,719		-		6,772
	Charge for period				503		529		-		1,032
	At 29 September 2022				4,556		3,248		-		7,804
	Net book value
	At 1 October 2021 (Restated)				978		628		25,311		26,917
	At 29 September 2022				475		3,034		25,311		28,820
	The comparative depreciation and net book value figures have been restated to correctly reflect the depreciation allocation between 'Computer equipment' and 'Furniture and fittings', which was incorrectly reflected in the 2021 accounts.
6	DEBTORS
									2022		2021
									£		£
	Prepayments and accrued income								-		3,788
	Other debtors								299,513		85,693
									299,513		89,481

ANDREW SMITH COMMERCIAL PRACTICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 SEPTEMBER 2022
7	CREDITORS: Amounts falling due within one year
									2022		2021
									£		£
	Bank loans and overdrafts								9,611		5,737
	Taxation and social security								140,850		43,480
	Accruals and deferred income								2,396		2,396
	Other creditors								2,927		3,683
									155,784		55,296
8	CREDITORS: Amounts falling due after more than one year
									2022		2021
									£		£
	Bank loans and overdrafts								35,625		45,102
	Included in the amounts falling due after more than one year are the following amounts which are due in more
	than five years:
									2022		2021
									£		£
	Bank loans and overdrafts								-		12,020
9	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
	The following directors' advances, credits and guarantees took place during the period
			Balance at 1 October 2021		Amounts advanced		Amounts repaid		Amounts written off or waived		Balance at 29 September 2022
			£		£		£		£		£
	Mr A C and Mrs K Smith		85,692		278,627		118,257		-		246,062

Interest has been charged on this advance at the Beneficial Loan Arrangement Official Rate as prescribed by HM Revenue and Customs. The advance is repayable on demand.