Smart Electronic Technologies Limited - Period Ending 2016-10-31

Registration number: 04437964

Smart Electronic Technologies Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 October 2016
 

Knights
Chartered Accountants
11 Milbanke Court
Milbanke Way
Bracknell
Berkshire
RG12 1RP

Smart Electronic Technologies Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 4

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 4) have been prepared.

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Smart Electronic Technologies Limited
for the Year Ended 31 October 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Smart Electronic Technologies Limited for the year ended 31 October 2016 set out on pages 2 to 4 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Smart Electronic Technologies Limited, as a body, in accordance with the terms of our engagement letter . Our work has been undertaken solely to prepare for your approval the accounts of Smart Electronic Technologies Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Smart Electronic Technologies Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Smart Electronic Technologies Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Smart Electronic Technologies Limited. You consider that Smart Electronic Technologies Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Smart Electronic Technologies Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Knights
Chartered Accountants
11 Milbanke Court
Milbanke Way
Bracknell
Berkshire
RG12 1RP

22 March 2017

Page 1

Smart Electronic Technologies Limited
(Registration number: 04437964)
at 31 October 2016

		Note			2016 £			2015 £
Fixed assets
Intangible fixed assets					63,334			81,667
Tangible fixed assets					5,788			10,169
					69,122			91,836
Current assets
Stocks					317,500			149,734
Debtors					149,000			189,975
Cash at bank and in hand					11,676			3,646
					478,176			343,355
Creditors: Amounts falling due within one year					(417,102)			(306,869)
Net current assets					61,074			36,486
Total assets less current liabilities					130,196			128,322
Provisions for liabilities					(359)			(2,034)
Net assets					129,837			126,288
Capital and reserves
Called up share capital		3			11,000			7,400
Profit and loss account					118,837			118,888
Shareholders' funds					129,837			126,288

For the year ending 31 October 2016 the company was entitled to exemption 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 in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 22 March 2017 and signed on its behalf by:

......................................... Mr P Daly Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

Smart Electronic Technologies Limited
Notes to the Abbreviated Accounts for the Year Ended 31 October 2016
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Amortisation method and rate
Goodwill	Over 5 years straight line basis

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Motor Vehicle - van	Over 3 years straight line basis
Office equipment	Over 3 years straight line basis
Furniture and fixtures	Over 3 years straight line basis

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Foreign currency

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Page 3

Smart Electronic Technologies Limited
Notes to the Abbreviated Accounts for the Year Ended 31 October 2016
......... continued

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 November 2015		100,000			20,332			120,332
Additions		-			2,382			2,382
At 31 October 2016		100,000			22,714			122,714
Depreciation
At 1 November 2015		18,333			10,163			28,496
Charge for the year		18,333			6,763			25,096
At 31 October 2016		36,666			16,926			53,592
Net book value
At 31 October 2016		63,334			5,788			69,122
At 31 October 2015		81,667			10,169			91,836

3	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary of £1 each		7,400			7,400			7,400			7,400

Page 4