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Report of the Director and |
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Unaudited Financial Statements for the Year Ended 31 March 2015 |
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SML Limited |
REGISTERED NUMBER:
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Report of the Director and |
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Unaudited Financial Statements for the Year Ended 31 March 2015 |
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for |
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SML Limited |
SML Limited (Registered number: 01747352) |
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Contents of the Financial Statements |
for the Year Ended 31 March 2015 |
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Company Information | 1 |
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Report of the Director | 2 |
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Chartered Accountants' Report | 3 |
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Profit and Loss Account | 4 |
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Balance Sheet | 5 |
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Notes to the Financial Statements | 6 |
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SML Limited |
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Company Information |
for the Year Ended 31 March 2015 |
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DIRECTOR: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants and Business Advisors |
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SML Limited (Registered number: 01747352) |
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Report of the Director |
for the Year Ended 31 March 2015 |
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The director presents his report with the financial statements of the company for the year ended 31 March 2015. |
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PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of electrical and mechanical engineers. |
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DIRECTOR |
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STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Report of the Director and the financial statements in accordance with |
applicable law and regulations. |
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Company law requires the director to prepare financial statements for each financial year. Under that law the director |
has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting |
Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not |
approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the |
company and of the profit or loss of the company for that period. In preparing these financial statements, the director is |
required to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company
will continue in business. |
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The director is responsible for keeping adequate accounting records that are sufficient to show and explain the |
company's transactions and disclose with reasonable accuracy at any time the financial position of the company and |
enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for |
safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud |
and other irregularities. |
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This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating |
to small companies. |
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ON BEHALF OF THE BOARD: |
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Chartered Accountants' Report to the Director |
on the Unaudited Financial Statements of |
SML Limited |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the |
financial statements of SML Limited for the year ended 31 March 2015 which comprise the Profit and Loss Account, |
the Balance Sheet and the related notes from the company's accounting records and from information and explanations |
you have given us. |
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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 icaew.com/membershandbook. |
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This report is made solely to the director of SML Limited in accordance with the terms of our engagement letter dated 5 August 2013. Our work has been undertaken solely to prepare for your approval the financial statements of SML Limited and state those matters that we have agreed to state to the director of SML Limited 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 the company and its director for our work or for this report. |
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It is your duty to ensure that SML Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of SML Limited. You consider that SML Limited is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of SML 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 financial statements. |
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Chartered Accountants and Business Advisors |
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2 June 2015 |
SML Limited (Registered number: 01747352) |
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Profit and Loss Account |
for the Year Ended 31 March 2015 |
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2015 | 2014 |
Notes | £ | £ |
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TURNOVER |
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Cost of sales | ( |
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GROSS PROFIT |
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Distribution costs | ( |
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Administrative expenses | ( |
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OPERATING PROFIT | 2 |
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Interest receivable and similar income |
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193,795 | 246,535 |
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Interest payable and similar charges | 3 | ( |
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PROFIT ON ORDINARY ACTIVITIES
BEFORE TAXATION |
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Tax on profit on ordinary activities | 4 | ( |
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PROFIT FOR THE FINANCIAL YEAR |
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CONTINUING OPERATIONS |
None of the company's activities were acquired or discontinued during the current year or previous year. |
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TOTAL RECOGNISED GAINS AND LOSSES |
The company has no recognised gains or losses other than the profits for the current year or previous year. |
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SML Limited (Registered number: 01747352) |
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Balance Sheet |
31 March 2015 |
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2015 | 2014 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 6 |
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CURRENT ASSETS |
Debtors | 7 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 10 |
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Profit and loss account | 11 |
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SHAREHOLDERS' FUNDS | 15 |
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The director acknowledges his responsibilities for: |
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ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
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preparing financial statements which give a true and fair view of the state of affairs of the company as at the end
of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
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The financial statements were approved by the director on
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SML Limited (Registered number: 01747352) |
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Notes to the Financial Statements |
for the Year Ended 31 March 2015 |
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1. | ACCOUNTING POLICIES |
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Compliance with accounting standards |
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards |
(United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as |
otherwise stated). |
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Accounting convention |
The financial statements have been prepared under the historical cost convention. |
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Financial reporting standard number 1 |
Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a |
small company. |
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Turnover |
Turnover represents net invoiced sales of goods, excluding value added tax. |
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Tangible fixed assets |
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Plant and machinery etc | - |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
balance sheet date. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the |
period of the lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to the profit and loss account in the period to which they relate. |
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2. | OPERATING PROFIT |
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The operating profit is stated after charging: |
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2015 | 2014 |
£ | £ |
Other operating leases | 27,500 | 27,500 |
Depreciation - owned assets |
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Pension costs |
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Director's remuneration and other benefits etc |
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3. | INTEREST PAYABLE AND SIMILAR CHARGES |
2015 | 2014 |
£ | £ |
Hire purchase | 102 | 245 |
SML Limited (Registered number: 01747352) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2015 |
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4. | TAXATION |
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Analysis of the tax charge |
The tax charge on the profit on ordinary activities for the year was as follows: |
2015 | 2014 |
£ | £ |
Current tax: |
UK corporation tax |
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Tax on profit on ordinary activities |
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Factors affecting the tax charge |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is |
explained below: |
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2015 | 2014 |
£ | £ |
Profit on ordinary activities before tax |
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Profit on ordinary activities |
multiplied by the standard rate of corporation tax |
in the UK of
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Effects of: |
Depreciation in excess of capital allowances |
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Current tax charge |
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5. | DIVIDENDS |
2015 | 2014 |
£ | £ |
Ordinary shares of £1 each |
Interim | 1,000,000 | 90,000 |
SML Limited (Registered number: 01747352) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2015 |
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6. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 April 2014 |
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Additions |
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At 31 March 2015 |
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DEPRECIATION |
At 1 April 2014 |
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Charge for year |
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At 31 March 2015 |
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NET BOOK VALUE |
At 31 March 2015 |
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At 31 March 2014 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2015 | 2014 |
£ | £ |
Trade debtors | 277,121 | 325,282 |
Other debtors | 7,052 | 6,957 |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2015 | 2014 |
£ | £ |
Hire purchase contracts (see note 9) |
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Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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9. | OBLIGATIONS UNDER HIRE PURCHASE CONTRACTS |
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2015 | 2014 |
£ | £ |
Net obligations repayable: |
Within one year | - | 1,133 |
SML Limited (Registered number: 01747352) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2015 |
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10. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2015 | 2014 |
value: | £ | £ |
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Ordinary | £1 |
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11. | RESERVES |
Profit |
and loss |
account |
£ |
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At 1 April 2014 |
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Profit for the year |
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Dividends | ( |
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At 31 March 2015 |
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12. | FINANCIAL COMMITMENTS |
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At 31 March 2015 there were no contingent liabilities other than matters arising from warranty works in the |
ordinary course of business from which it is anticipated that no material liabilities will arise. |
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13. | RELATED PARTY DISCLOSURES |
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During the year, the company paid rent totalling £27,500 (2014: £27,500) to its director. |
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14. | ULTIMATE CONTROLLING PARTY |
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The ultimate controlling party is Mr P Carroll by virtue of his ownership of 100% of the issued share capital of |
the Carroll Management Limited, which is the parent undertaking of SML Limited. |
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15. | RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS |
2015 | 2014 |
£ | £ |
Profit for the financial year |
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Dividends | ( |
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Net (reduction)/addition to shareholders' funds | ( |
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Opening shareholders' funds |
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Closing shareholders' funds |
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