Smarter Solutions Limited
Smarter Solutions Limited
Registered number: 4167013
Unaudited Financial Statements
For The Year Ended 31 May 2017
C W Dix Limited
Accountants & Business Advisors
4 Silkwood Court
Wakefield
West Yorkshire
WF5 9TP
Smarter Solutions Limited
Unaudited Financial Statements
For The Year Ended 31 May 2017
Unaudited Financial Statements
| Contents | |
| Page | |
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| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—5 |
Smarter Solutions Limited
Balance Sheet
As at
31 May 2017
Balance Sheet
Registered number:
4167013
For the year ending 31 May 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 | 3 |
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| CURRENT ASSETS | |||||
| Stocks | 4 |
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| Debtors | 5 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 6 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 7 |
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| Capital redemption reserve |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 573,327 | 585,653 | |||
Page 1
Smarter Solutions Limited
Balance Sheet (continued)
As at
31 May 2017
Director's responsibilities
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The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The director acknowledges his 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 section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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The notes on pages 3 to 5 form part of these financial statements.
Page 2
Smarter Solutions Limited
Notes to the Financial Statements
For The Year Ended 31 May 2017
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared on the historical cost basis and in sterling, which is the functional currency of the entity.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Statement of Compliance
These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 June 2015.
Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.
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.
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:
| Motor Vehicles |
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| Fixtures & Fittings |
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| Computer Equipment |
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1.5.
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.
1.6.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Page 3
Smarter Solutions Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 May 2017
2.
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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| Manufacturing |
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3.
Tangible Assets
| Motor Vehicles | Fixtures & Fittings | Computer Equipment | Total | |
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| £ | £ | £ | £ | |
| Cost | ||||
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| Depreciation | ||||
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| Provided during the period |
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| Net Book Value | ||||
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4.
Stocks
| 2017 | 2016 | ||
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| £ | £ | ||
| Stock - materials and work in progress | 5,250 | 5,000 | |
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5.
Debtors
| 2017 | 2016 | ||
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| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Prepayments and accrued income |
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| Other debtors |
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| Director's loan account | 51,395 | 86,395 | |
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Page 4
Smarter Solutions Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 May 2017
6.
Creditors: Amounts Falling Due Within One Year
| 2017 | 2016 | ||
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| £ | £ | ||
| Trade creditors |
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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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8.
Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
| As at |
Amounts advanced | Amounts repaid | Amounts written off | As at |
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| £ | £ | £ | £ | £ | |
| Mr David Poynton |
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The above loan is unsecured, interest free and repayable on demand.
Dividends paid to directors
| 2017 | 2016 | |
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| £ | £ | |
| Mr David Poynton | 35,000 | 5,000 |
9.
Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 June 2015. No transitional adjustments were required in equity or profit or loss for the year.
10.
General Information
Smarter Solutions Limited is a private company, limited by shares, incorporated in England & Wales, registered number 4167013 . The registered office is Evans House, Monckton Road, Wakefield, West Yorkshire, WF2 7AS.
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