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Strategic Report, Report of the Directors and |
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Financial Statements for the Year Ended 31 December 2019 |
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Smartcomm Ltd |
REGISTERED NUMBER:
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Strategic Report, Report of the Directors and |
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Financial Statements for the Year Ended 31 December 2019 |
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for |
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Smartcomm Ltd |
Smartcomm Ltd (Registered number: 03800523) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2019 |
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Page |
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Company Information | 1 |
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Strategic Report | 2 |
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Report of the Directors | 4 |
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Report of the Independent Auditors | 6 |
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Statement of Comprehensive Income | 9 |
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Balance Sheet | 10 |
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Statement of Changes in Equity | 11 |
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Cash Flow Statement | 12 |
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Notes to the Cash Flow Statement | 13 |
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Notes to the Financial Statements | 15 |
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Smartcomm Ltd |
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Company Information |
for the Year Ended 31 December 2019 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants and |
Statutory Auditors |
4 Claridge Court |
Lower Kings Road |
Berkhamsted |
Hertfordshire |
HP4 2AF |
Smartcomm Ltd (Registered number: 03800523) |
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Strategic Report |
for the Year Ended 31 December 2019 |
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The company provides specialist system design, supply, installation and maintenance of Audio Visual and IT |
solutions into the Commercial, Hotel and Prime Residential sectors. |
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RESULTS AND PERFORMANCE |
The results of the company are set out on page 6 and show a profit on ordinary activities before tax of |
£131,591 (2018: £93,403). The shareholders' funds of the Company total £1,179,904 (2018: £1,068,340). |
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The financial statements for 2019 show 8% revenue growth on 2018. Prior to the impact of Covid 19 the |
increased revenue run rate was expected to be maintained in 2020 and beyond. However, the Covid 19 |
countrywide lockdown has caused a slowdown across the UK economy and introduction of social distancing |
restrictions has caused delays in delivery of dependencies across many of our project sites; as a result 2020 |
revenue is currently forecast to be 10-15% down on 2019. Despite this the Company sales order book |
remains very strong and sales are projected to be on target by year end 2020. It is anticipated that pre |
Covid 19 revenue levels will be regained in 2021 and beyond. |
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STRATEGY |
The company continues to operate through three divisions, Commercial, Residential and Service & Support. |
This allows the optimisation of skill sets and experience into each of the three sectors as well as financial |
transparency of each division. Work continues across the business to improve processes, gain efficiencies, |
and maximise procurement opportunities with the aim of increased margins in future reporting periods. |
The profits generated continue to be re-invested in the business to fund its sustained growth. |
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In the year, the Company moved to new Headquarters premises. This was a custom-built fit out designed |
to meet all the business needs, provide an excellent environment for our team and allow the Company to |
showcase it services to clients. The move has also allowed the consolidation of our warehouse operations |
which enables more efficient logistics management, substantially increased capacity to hold stock for |
projects as well as bespoke facilities for client demonstrations onsite. This increased foot print and |
technology investment has proved invaluable in allowing the Company to react quickly to the Covid 19 |
measures and ensure the business could continue to operate effectively. |
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BUSINESS RISKS AND UNCERTAINTIES |
The sales pipeline for all three divisions moving into 2020 continues to be strong, with contracts already |
secured that run through to 2022 which gives assurance of long-term revenue. |
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The management team reacted quickly to the challenges presented by Covid 19 to ensure the impact to |
project delivery was minimised, costs were controlled, government support schemes were utilised where |
applicable and most importantly that all Smartcomm employees remained safe. The focus remains on |
ensuring the long-term future of the business, high quality project delivery for clients and maximising job |
security for our employees. Smartcomm is in a very strong position to recover revenue levels as restrictions |
are lifted, with a secure order book and a dedicated workforce, and remain confident about a positive and |
sustainable future for the business. |
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DEVELOPMENT AND PERFORMANCE |
In 2019 the management team continued to focus on process development to enhance margins on project |
delivery as well as maximising project delivery standards and customer satisfaction. |
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KEY TRADING PERFORMANCE FACTORS |
- Revenue growth 8% from 2018 with revenue at £27.5m, up from £25.5m in 2018 |
- Income from project delivery increased from 2018 by £2.4m |
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Smartcomm Ltd (Registered number: 03800523) |
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Strategic Report |
for the Year Ended 31 December 2019 |
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THE FUTURE |
In the long term the Company forecasts continued sales growth across all divisions within the business and |
intends to continue the policy of investing profits to finance future growth. As outlined above, in 2020 the |
Company results will be impacted by the Covid 19 restrictions which led to a slowdown in project delivery. |
The Company worked with our clients to minimise the impact wherever possible, quickly controlling costs |
and ensuring the company has sufficient cash resources to remain resilient and continue to deliver |
excellent projects. The management team expects revenue levels to recover to pre Covid 19 levels in 2021. |
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ON BEHALF OF THE BOARD: |
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Smartcomm Ltd (Registered number: 03800523) |
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Report of the Directors |
for the Year Ended 31 December 2019 |
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The directors present their report with the financial statements of the company for the year ended 31 December 2019. |
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PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of designing, supplying, installing |
and servicing audio visual and communication equipment and systems. |
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DIVIDENDS |
No dividends will be distributed for the year ended 31 December 2019. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2019 to the date |
of this report. |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the |
financial statements in accordance with applicable law and regulations. |
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Company law requires the directors to prepare financial statements for each financial year. Under that law |
the directors have elected to prepare the financial statements in accordance with United Kingdom |
Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), |
including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and |
Republic of Ireland'. Under company law the directors must not approve the financial statements unless |
they are 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 directors are 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 directors are 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 them to ensure that the financial statements comply with the Companies Act |
2006. They are 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. |
Smartcomm Ltd (Registered number: 03800523) |
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Report of the Directors |
for the Year Ended 31 December 2019 |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the |
Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the |
steps that he or she ought to have taken as a director in order to make himself or herself aware of any |
relevant audit information and to establish that the company's auditors are aware of that information. |
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ON BEHALF OF THE BOARD: |
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Report of the Independent Auditors to the Members of |
Smartcomm Ltd |
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Opinion |
We have audited the financial statements of Smartcomm Ltd (the 'company') for the year ended |
31 December 2019 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of |
Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial |
Statements, including a summary of significant accounting policies. The financial reporting framework that |
has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including |
Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of |
Ireland' (United Kingdom Generally Accepted Accounting Practice). |
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In our opinion the financial statements: |
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give a true and fair view of the state of the company's affairs as at 31 December 2019 and of its profit for
the year then ended; |
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting
Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and |
applicable law. Our responsibilities under those standards are further described in the Auditors' |
responsibilities for the audit of the financial statements section of our report. We are independent of the |
company in accordance with the ethical requirements that are relevant to our audit of the financial |
statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical |
responsibilities in accordance with these requirements. We believe that the audit evidence we have |
obtained is sufficient and appropriate to provide a basis for our opinion. |
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Conclusions relating to going concern |
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us |
to report to you where: |
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the directors' use of the going concern basis of accounting in the preparation of the financial statements
is not appropriate; or |
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the directors have not disclosed in the financial statements any identified material uncertainties that
may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
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Other information |
The directors are responsible for the other information. The other information comprises the information in |
the Strategic Report and the Report of the Directors, but does not include the financial statements and our |
Report of the Auditors thereon. |
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Our opinion on the financial statements does not cover the other information and, except to the extent |
otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
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In connection with our audit of the financial statements, our responsibility is to read the other information |
and, in doing so, consider whether the other information is materially inconsistent with the financial |
statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we |
identify such material inconsistencies or apparent material misstatements, we are required to determine |
whether there is a material misstatement in the financial statements or a material misstatement of the |
other information. If, based on the work we have performed, we conclude that there is a material |
misstatement of this other information, we are required to report that fact. We have nothing to report in |
this regard. |
Report of the Independent Auditors to the Members of |
Smartcomm Ltd |
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Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
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the information given in the Strategic Report and the Report of the Directors for the financial year for
which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and the Report of the Directors have been prepared in accordance with applicable
legal requirements. |
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Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the |
course of the audit, we have not identified material misstatements in the Strategic Report or the Report of |
the Directors. |
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We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to |
report to you if, in our opinion: |
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adequate accounting records have not been kept, or returns adequate for our audit have not been
received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
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Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors |
are responsible for the preparation of the financial statements and for being satisfied that they give a true |
and fair view, and for such internal control as the directors determine necessary to enable the preparation |
of financial statements that are free from material misstatement, whether due to fraud or error. |
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In preparing the financial statements, the directors are responsible for assessing the company's ability to |
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going |
concern basis of accounting unless the directors either intend to liquidate the company or to cease |
operations, or have no realistic alternative but to do so. |
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Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are |
free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that |
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit |
conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. |
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, |
they could reasonably be expected to influence the economic decisions of users taken on the basis of these |
financial statements. |
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A further description of our responsibilities for the audit of the financial statements is located on the |
Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms |
part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Smartcomm Ltd |
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Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of |
the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's |
members those matters we are required to state to them in a Report of the Auditors and for no other |
purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other |
than the company and the company's members as a body, for our audit work, for this report, or for the |
opinions we have formed. |
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for and on behalf of
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Chartered Accountants and |
Statutory Auditors |
4 Claridge Court |
Lower Kings Road |
Berkhamsted |
Hertfordshire |
HP4 2AF |
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Smartcomm Ltd (Registered number: 03800523) |
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Statement of Comprehensive Income |
for the Year Ended 31 December 2019 |
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31.12.19 | 31.12.18 |
Notes | £ | £ |
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TURNOVER |
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Cost of sales |
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GROSS PROFIT |
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Administrative expenses |
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OPERATING PROFIT | 4 |
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Interest receivable and similar income |
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242,632 | 239,578 |
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Interest payable and similar expenses | 5 |
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PROFIT BEFORE TAXATION |
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Tax on profit | 6 |
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PROFIT FOR THE FINANCIAL YEAR |
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OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR |
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Smartcomm Ltd (Registered number: 03800523) |
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Balance Sheet |
31 December 2019 |
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31.12.19 | 31.12.18 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 7 |
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CURRENT ASSETS |
Stocks | 8 |
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Debtors | 9 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 10 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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CREDITORS |
Amounts falling due after more than
one year |
11 |
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PROVISIONS FOR LIABILITIES | 15 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 16 |
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Share premium | 17 |
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Retained earnings | 17 |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Smartcomm Ltd (Registered number: 03800523) |
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Statement of Changes in Equity |
for the Year Ended 31 December 2019 |
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Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
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Balance at 1 January 2018 |
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Changes in equity |
Total comprehensive income | - |
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Balance at 31 December 2018 |
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Changes in equity |
Total comprehensive income | - |
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Balance at 31 December 2019 |
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Smartcomm Ltd (Registered number: 03800523) |
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Cash Flow Statement |
for the Year Ended 31 December 2019 |
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31.12.19 | 31.12.18 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | ( |
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Interest paid | ( |
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Interest element of hire purchase
payments paid |
( |
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( |
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Tax paid | ( |
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Net cash from operating activities | ( |
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Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
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Sale of tangible fixed assets |
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Interest received |
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Net cash from investing activities | ( |
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Cash flows from financing activities |
New loans in year |
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Loan repayments in year |
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Capital repayments in year |
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( |
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Net cash from financing activities |
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Increase in cash and cash equivalents |
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Cash and cash equivalents at beginning
of year |
2 |
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251,012 |
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Cash and cash equivalents at end of
year |
2 |
709,341 |
333,881 |
Smartcomm Ltd (Registered number: 03800523) |
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Notes to the Cash Flow Statement |
for the Year Ended 31 December 2019 |
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1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31.12.19 | 31.12.18 |
£ | £ |
Profit before taxation |
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Depreciation charges |
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Profit on disposal of fixed assets | ( |
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Finance costs | 111,042 | 146,175 |
Finance income | (1,316 | ) | - |
377,874 | 265,129 |
Increase in stocks | ( |
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Decrease in trade and other debtors |
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Decrease in trade and other creditors | ( |
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Cash generated from operations | ( |
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2. | CASH AND CASH EQUIVALENTS |
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The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in |
respect of these Balance Sheet amounts: |
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Year ended 31 December 2019 |
31.12.19 | 1.1.19 |
£ | £ |
Cash and cash equivalents | 709,341 | 333,881 |
Year ended 31 December 2018 |
31.12.18 | 1.1.18 |
£ | £ |
Cash and cash equivalents | 333,881 | 251,012 |
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Smartcomm Ltd (Registered number: 03800523) |
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Notes to the Cash Flow Statement |
for the Year Ended 31 December 2019 |
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3. | ANALYSIS OF CHANGES IN NET FUNDS/(DEBT) |
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At 1.1.19 | Cash flow | At 31.12.19 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 333,881 | 375,460 | 709,341 |
333,881 |
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709,341 |
Debt |
Finance leases | (128,107 | ) | (529,915 | ) | (658,022 | ) |
Debts falling due after 1 year | (93,000 | ) | (773,000 | ) | (866,000 | ) |
(221,107 | ) | (1,302,915 | ) | (1,524,022 | ) |
Total | 112,774 | (927,455 | ) | (814,681 | ) |
Smartcomm Ltd (Registered number: 03800523) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2019 |
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1. | STATUTORY INFORMATION |
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Smartcomm Ltd is a
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company's registered number and registered office address can be found on the Company |
Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The financial statements have been prepared on a going concern basis. The Directors have reviewed |
and considered relevant information, including the annual budget and future cash flows in making |
their assessment. In particular, in response to the COVID-19 pandemic, the Directors have tested |
their cash flow analysis to take into account the impact on their business of possible scenarios |
brought on by the impact of COVID-19, alongside the measures that they can take to mitigate the |
impact. Based on these assessments, given the measures that could be undertaken to mitigate the |
current adverse conditions, and the current resources available, the Directors have concluded that |
they can continue to adopt the going concern basis in preparing the annual report and accounts. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding |
discounts, rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
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Improvements to leasehold | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for |
obsolete and slow moving items. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of |
Comprehensive Income, except to the extent that it relates to items recognised in other |
comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been |
enacted or substantively enacted by the balance sheet date. |
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Smartcomm Ltd (Registered number: 03800523) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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2. | ACCOUNTING POLICIES - continued |
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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Timing differences arise from the inclusion of income and expenses in tax assessments in periods |
different from those in which they are recognised in financial statements. Deferred tax is measured |
using tax rates and laws that have been enacted or substantively enacted by the year end and that |
are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is |
probable that they will be recovered against the reversal of deferred tax liabilities or other future |
taxable profits. |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. |
Those held under hire purchase contracts are depreciated over their estimated useful lives. Those |
held under finance leases are depreciated over their estimated useful lives or the lease term, |
whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The |
capital element of the future payments is treated as a liability. |
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Rentals paid under operating leases are charged to profit or loss 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 profit or loss in the period to which they relate. |
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3. | EMPLOYEES AND DIRECTORS |
31.12.19 | 31.12.18 |
£ | £ |
Wages and salaries |
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Social security costs |
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Other pension costs |
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The average number of employees during the year was as follows: |
31.12.19 | 31.12.18 |
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Direct costs | 65 | 49 |
Administrative | 40 | 37 |
Directors | 4 | 4 |
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Smartcomm Ltd (Registered number: 03800523) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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3. | EMPLOYEES AND DIRECTORS - continued |
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31.12.19 | 31.12.18 |
£ | £ |
Directors' remuneration |
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Information regarding the highest paid director is as follows: |
31.12.19 | 31.12.18 |
£ | £ |
Emoluments etc |
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4. | OPERATING PROFIT |
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The operating profit is stated after charging/(crediting): |
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31.12.19 | 31.12.18 |
£ | £ |
Hire of plant and machinery |
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Depreciation - owned assets |
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Depreciation - assets on hire purchase contracts |
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Profit on disposal of fixed assets | ( |
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Auditors remuneration |
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5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.12.19 | 31.12.18 |
£ | £ |
Other loan interest |
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Hire purchase |
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6. | TAXATION |
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Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31.12.19 | 31.12.18 |
£ | £ |
Current tax: |
UK corporation tax |
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Deferred tax |
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Tax on profit |
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UK corporation tax has been charged at 19% (2018 - 19%). |
Smartcomm Ltd (Registered number: 03800523) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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7. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | Plant and | and |
leasehold | machinery | fittings | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2019 |
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Additions |
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Disposals |
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( |
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( |
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At 31 December 2019 |
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DEPRECIATION |
At 1 January 2019 |
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Charge for year |
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At 31 December 2019 |
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NET BOOK VALUE |
At 31 December 2019 |
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At 31 December 2018 |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
£ |
COST |
At 1 January 2019 |
|
Disposals | ( |
) |
At 31 December 2019 |
|
DEPRECIATION |
At 1 January 2019 |
|
Charge for year |
|
At 31 December 2019 |
|
NET BOOK VALUE |
At 31 December 2019 |
|
At 31 December 2018 |
|
Smartcomm Ltd (Registered number: 03800523) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
|
8. | STOCKS |
31.12.19 | 31.12.18 |
£ | £ |
Stocks |
|
|
|
9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.19 | 31.12.18 |
£ | £ |
Trade debtors |
|
|
Bad Debt Provision | (19,076 | ) | (6,317 | ) |
Other debtors |
|
|
Prepayments and accrued income |
|
|
|
|
|
10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.19 | 31.12.18 |
£ | £ |
Hire purchase contracts (see note 13) |
|
|
Trade creditors |
|
|
Tax |
|
|
Social security and other taxes |
|
|
VAT | 40,119 | 369,414 |
Other creditors |
|
|
Accruals and deferred income |
|
|
|
|
|
11. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.19 | 31.12.18 |
£ | £ |
Bank loans (see note 12) |
|
|
Other loans (see note 12) |
|
|
Hire purchase contracts (see note 13) |
|
|
|
|
|
Other long term creditors and loans bear interest at 12% per annum and have no fixed repayment |
terms. |
Smartcomm Ltd (Registered number: 03800523) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
|
12. | LOANS |
|
An analysis of the maturity of loans is given below: |
|
31.12.19 | 31.12.18 |
£ | £ |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
|
|
|
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
|
|
Other loans |
|
|
|
|
|
13. | LEASING AGREEMENTS |
|
Minimum lease payments fall due as follows: |
|
Hire purchase contracts |
31.12.19 | 31.12.18 |
£ | £ |
Net obligations repayable: |
Within one year |
|
|
Between one and five years |
|
|
|
|
|
Non-cancellable |
operating leases |
31.12.19 | 31.12.18 |
£ | £ |
Within one year |
|
|
Between one and five years |
|
|
|
|
|
14. | SECURED DEBTS |
|
The hire purchase contracts are secured on the assets concerned. |
|
15. | PROVISIONS FOR LIABILITIES |
31.12.19 | 31.12.18 |
£ | £ |
Deferred tax | 75,813 | 55,786 |
Smartcomm Ltd (Registered number: 03800523) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
|
15. | PROVISIONS FOR LIABILITIES - continued |
|
Deferred |
tax |
£ |
Balance at 1 January 2019 |
|
Accelerated capital allowances | 20,027 |
Change in future tax rate |
Balance at 31 December 2019 |
|
|
16. | CALLED UP SHARE CAPITAL |
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.19 | 31.12.18 |
value: | £ | £ |
|
Ordinary | £1 | 1,000 | 1,000 |
|
17. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
|
At 1 January 2019 |
|
|
1,067,340 |
Profit for the year |
|
- |
|
At 31 December 2019 |
|
|
1,178,903 |
Smartcomm Ltd (Registered number: 03800523) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
|
18. | RELATED PARTY DISCLOSURES |
|
S Worrell has provided the company's bankers with a letter of guarantee for £225,000 for which a fee |
of £12,375 (2018: £13,500) has been paid. This guarantee was released in December 2019 and |
replaced by a letter of guarantee for £160,000 to Thincats, the company's new finance provider, for |
which a fee of £1,125 has been paid. |
|
Mrs P F Worrell, a shareholder of the company, was owed £35,300 (2018: £35,300) at the year end. |
|
A Stearn, a shareholder of the company, was owed £6,000 (2018: £6,000) at the year end. |
|
A Stearn has provided the company's bankers with a letter of guarantee for £50,000 for which a fee |
of £2,750 (2018: £3,000) has been paid. This guarantee was released in December 2019. |
|
M Allen, a shareholder of the company, was owed £6,000 (2018: £6,000) at the year end. |
|
M Allen has provided the company's bankers with a letter of guarantee for £50,000 for which a fee of |
£2,750 (2018: £3,000) has been paid. This guarantee was released in December 2019 and replaced |
by a letter of guarantee for £40,000 to Thincats, the company's new finance provider, for which a fee |
of £200 has been paid. |
|
Britania Limited which is controlled by R J Kendrick who is a shareholder, was owed £45,700 (2018: |
£45,700) at the year end. |
|
R J Kendrick has provided the company's bankers with a letter of guarantee for £175,000 for which a |
fee of £9,625 (2018: £10,500) has been paid. This guarantee was released in December 2019. |