Smarter Services Ltd
Smarter Services Ltd
Registered number: 05719596
Unaudited Financial Statements
For The Year Ended 28 February 2017
de Jong & Phillips LLP
Chartered Accountants
1 Ashlea
Hook
Hampshire
RG27 9RQ
Smarter Services Ltd
Unaudited Financial Statements
For The Year Ended 28 February 2017
Unaudited Financial Statements
| Contents | |
| Page | |
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| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—7 |
Smarter Services Ltd
Balance Sheet
As at
28 February 2017
Balance Sheet
Registered number:
05719596
For the year ending 28 February 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 2017 | 2016 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 9 |
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| CURRENT ASSETS | |||||
| Stocks | 10 |
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| Debtors | 11 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 12 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 13 |
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| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation | 15 |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 16 |
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| Profit and loss account |
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| SHAREHOLDERS' FUNDS | 10,309 | 21,729 | |||
Page 1
Smarter Services Ltd
Balance Sheet (continued)
As at
28 February 2017
Directors' responsibilities:
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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 and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The Company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the Profit and Loss Account
On behalf of the board
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The notes on pages 3 to 7 form part of these financial statements.
Page 2
Smarter Services Ltd
Notes to the Unaudited Accounts
For The Year Ended 28 February 2017
Notes to the Unaudited Accounts
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
1.3.
Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
1.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Plant & Machinery |
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| Motor Vehicles |
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| Computer Equipment |
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1.5.
Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
1.6.
Stocks and Work in Progress
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 stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
1.7.
Deferred Taxation
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the balance sheet date.
1.8.
Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
Page 3
Smarter Services Ltd
Notes to the Unaudited Accounts (continued)
For The Year Ended 28 February 2017
1.9.
Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account. The notes which are not included have been hidden but original note numbering has remained the same for those that are present.
4.
Average number of employees
Average number of employees, including directors, during the year was as follows:
| 2017 | 2016 | ||
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| Office and administration |
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| Sales, marketing and distribution |
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| Manufacturing |
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8.
Intangible Assets
| Goodwill | |||
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| Amortisation | |||
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| Net Book Value | |||
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Page 4
Smarter Services Ltd
Notes to the Unaudited Accounts (continued)
For The Year Ended 28 February 2017
9.
Tangible Assets
| Plant & Machinery | Motor Vehicles | Computer Equipment | Total | |
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| £ | £ | £ | £ | |
| Cost | ||||
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| Additions |
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| Disposals |
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| Depreciation | ||||
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| Provided during the period |
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| Disposals |
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| Net Book Value | ||||
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Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
| 2017 | 2016 | ||
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| £ | £ | ||
| Motor Vehicles |
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10.
Stocks
| 2017 | 2016 | ||
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| £ | £ | ||
| Stock - materials |
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Smarter Services Ltd
Notes to the Unaudited Accounts (continued)
For The Year Ended 28 February 2017
11.
Debtors
| 2017 | 2016 | ||
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| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Amounts recoverable on contracts |
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| Prepayments and accrued income |
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| Other debtors |
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| Factored debts outstanding |
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| Net wages | 50 | - | |
| Directors' loan accounts | - | 117,481 | |
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12.
Creditors: Amounts Falling Due Within One Year
| 2017 | 2016 | ||
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| £ | £ | ||
| Net obligations under finance lease and hire purchase contracts |
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| Trade creditors |
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| Bank loans and overdrafts |
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| Corporation tax |
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| Other taxes and social security |
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| VAT |
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| Other creditors |
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| Accruals and deferred income |
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| Directors' loan accounts |
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13.
Creditors: Amounts Falling Due After More Than One Year
| 2017 | 2016 | ||
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| £ | £ | ||
| Net obligations under finance lease and hire purchase contracts |
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| Other creditors |
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Secured Creditors
Of the creditors falling due within and after more than one year the following amounts are secured.
| 2017 | 2016 | ||
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| £ | £ | ||
| Bank loans and overdrafts | 5,220 | - |
Page 6
Smarter Services Ltd
Notes to the Unaudited Accounts (continued)
For The Year Ended 28 February 2017
14.
Obligations Under Finance Leases and Hire Purchase
| 2017 | 2016 | ||
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| £ | £ | ||
| The maturity of these amounts is as follows: | |||
| Amounts Payable: | |||
| Within one year |
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| Between one and five years |
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15.
Deferred Taxation
| 2017 | 2016 | ||
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| £ | £ | ||
| As at |
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| Deferred taxation |
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| Deferred tax |
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The provision for deferred taxation is made up of accelerated capital allowances
17.
Transactions With and Loans to Directors
Included within Debtors are the following loans to directors:
| As at |
Amounts advanced | Amounts repaid | As at |
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| £ | £ | £ | £ | |
| Miss Ella Oates |
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| Mr Jason Southwell |
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The above loan was unsecured repayable on demand. Intetest is charged at the official rate of interest.
18.
Ultimate Controlling Party
The company's ultimate controlling party is J Southwell and E Oates by virtue of their ownership of 100% of the issued share capital in the company.
19.
General Information
Smarter Services Ltd Registered number 05719596 is a limited by shares company incorporated in England & Wales. The Registered Office is Lancaster House, 11 Churchfield Road, Walton Upon Thames, Surrey, KT12 2TY.
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