I.M.S. of Smithfield Limited
Unaudited Financial Statements
For the year ended 30 September 2021
PAGES FOR FILING WITH REGISTRAR
Company Registration No. 00975191 (England and Wales)
I.M.S. of Smithfield Limited
Company Information
Directors
R. Raggio
A. Raggio
Secretary
R. Raggio
Company number
00975191
Registered office
27 Cedar Way Industrial Estate
Camley Street
London
N1C 4PD
Accountants
Moore Kingston Smith LLP
Betchworth House
57-65 Station Road
Redhill
Surrey
RH1 1DL
Bankers
NatWest Bank Plc
No. 2 Waterhouse Square
138-142 Holborn
London
EC1N 2TH
I.M.S. of Smithfield Limited
Balance Sheet
As at 30 September 2021
Page 1
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
4
281,490
314,455
Current assets
Stock
263,598
105,374
Debtors
5
2,209,922
1,110,844
Cash at bank and in hand
799,669
724,344
3,273,189
1,940,562
Creditors: amounts falling due within one year
6
(2,270,116)
(1,212,179)
Net current assets
1,003,073
728,383
Total assets less current liabilities
1,284,563
1,042,838
Creditors: amounts falling due after more than one year
7
(500,000)
Provisions for liabilities
8
(36,615)
(40,909)
Net assets
747,948
1,001,929
Capital and reserves
Called up share capital
10
10,000
10,000
Profit and loss reserves
737,948
991,929
Total equity
747,948
1,001,929
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 September 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
I.M.S. of Smithfield Limited
Balance Sheet (Continued)
As at 30 September 2021
Page 2
The financial statements were approved by the board of directors and authorised for issue on 17 June 2022 and are signed on its behalf by:
R. Raggio
Director
Company Registration No. 00975191
I.M.S. of Smithfield Limited
Statement of Changes in Equity
For the year ended 30 September 2021
Page 3
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 October 2019
10,000
1,386,693
1,396,693
Year ended 30 September 2020:
Loss and total comprehensive income for the year
-
(394,764)
(394,764)
Balance at 30 September 2020
10,000
991,929
1,001,929
Year ended 30 September 2021:
Loss and total comprehensive income for the year
-
(253,981)
(253,981)
Balance at 30 September 2021
10,000
737,948
747,948
I.M.S. Of Smithfield Limited
I.M.S. of Smithfield Limited
Notes to the Financial Statements
For the year ended 30 September 2021
Page 4
1
Accounting policies
Company information
I.M.S. of Smithfield Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
27 Cedar Way Industrial Estate, Camley Street, London, N1C 4PD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents the invoiced value of goods and services provided net of value added tax and discounts allowed.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Short leasehold land & buildings
Straight line over the period of the lease
Plant and machinery
10% reducing balance
Fixtures and fittings
10% and 20% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Stock
Stock
are stated at the lower of cost and
estimated selling price less costs to complete and sell.
1.5
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company only has financial instruments classified as basic and measured at amortised cost. The company has no financial instruments that are classified as 'other' or financial instruments measured at fair value.
I.M.S. Of Smithfield Limited
I.M.S. of Smithfield Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2021
1
Accounting policies
(Continued)
Page 5
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset
if, and only if, there is
a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
The pension scheme of the Company is funded by the Company at rates determined by the Company. Such contributions are held in trustee administered funds completely independent of the Company's finances. The contributions made by the Company are charged against profits on an accruals basis.
1.11
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
I.M.S. Of Smithfield Limited
I.M.S. of Smithfield Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2021
1
Accounting policies
(Continued)
Page 6
1.12
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
79
51
3
Taxation
2021
2020
£
£
Deferred tax
Tax losses
(57,121)
(88,615)
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 October 2020
174,414
846,704
1,021,118
Additions
7,425
7,425
At 30 September 2021
174,414
854,129
1,028,543
Depreciation and impairment
At 1 October 2020
155,680
550,983
706,663
Depreciation charged in the year
1,337
39,053
40,390
At 30 September 2021
157,017
590,036
747,053
Carrying amount
At 30 September 2021
17,397
264,093
281,490
At 30 September 2020
18,734
295,721
314,455
I.M.S. Of Smithfield Limited
I.M.S. of Smithfield Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2021
Page 7
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
1,824,948
820,836
Other debtors
204,386
162,247
2,029,334
983,083
Deferred tax asset (Note 8)
155,588
102,761
2,184,922
1,085,844
2021
2020
Amounts falling due after more than one year:
£
£
Other debtors
25,000
25,000
Total debtors
2,209,922
1,110,844
6
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
252,349
Trade creditors
1,404,787
608,895
Taxation and social security
67,760
161,499
Other creditors
545,220
441,785
2,270,116
1,212,179
7
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
500,000
8
Provisions for liabilities
2021
2020
£
£
Deferred tax liabilities (Note 8)
36,615
40,909
I.M.S. Of Smithfield Limited
I.M.S. of Smithfield Limited
Notes to the Financial Statements (Continued)
For the year ended 30 September 2021
Page 8
9
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
Assets
Assets
2021
2020
2021
2020
Balances:
£
£
£
£
ACAs
36,615
40,909
-
-
Tax losses
-
-
155,588
102,761
36,615
40,909
155,588
102,761
2021
Movements in the year:
£
Asset at 1 October 2020
(61,852)
Credit to profit or loss
(57,121)
Asset at 30 September 2021
(118,973)
10
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
10,000
10,000
10,000
10,000
11
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2021
2020
£
£
7,112
55,829
12
Directors' transactions
Mr R. Raggio, a director of the company, had a personal account with the company with a year end credit balance of £
32,
891
(
20
20
:
£
32,
891).
13
Parent company
The ultimate controlling party is the Raggio family.