Smithfield & Associates Limited
Unaudited Financial Statements
For Filing with Registrar
For the year ended 31 March 2019
Company Registration No. 07210416 (England and Wales)
Smithfield & Associates Limited
Company Information
Directors
P Sutton
D Gray-Smith
A Shoefield
(Appointed 13 August 2018)
Company number
07210416
Registered office
20 - 24 Ground Floor
Kirby Street
London
EC1N 8TS
Accountants
Moore Kingston Smith LLP
Charlotte Building
17 Gresse Street
London
W1T 1QL
Business address
20 - 24 Ground Floor
Kirby Street
London
EC1N 8TS
Smithfield & Associates Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
Smithfield & Associates Limited
Balance Sheet
As at 31 March 2019
31 March 2019
Page 1
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
65,699
23,927
Current assets
Debtors
4
777,919
398,760
Cash at bank and in hand
7,005
31,193
784,924
429,953
Creditors: amounts falling due within one year
5
(489,545)
(228,005)
Net current assets
295,379
201,948
Total assets less current liabilities
361,078
225,875
Provisions for liabilities
7
(4,494)
(118)
Net assets
356,584
225,757
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
356,484
225,657
Total equity
356,584
225,757
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 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act 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.
Smithfield & Associates Limited
Balance Sheet (Continued)
As at 31 March 2019
31 March 2019
Page 2
The financial statements were approved by the board of directors and authorised for issue on 6 December 2019 and are signed on its behalf by:
A Shoefield
Director
Company Registration No. 07210416
Smithfield & Associates Limited
Notes to the Financial Statements
For the year ended 31 March 2019
Page 3
1
Accounting policies
Company information
Smithfield & Associates Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
20 - 24 Ground Floor, Kirby Street, London EC1N 8TS.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of “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 pound.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
A
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for
services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
1.4
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:
Leasehold improvements
Over the life of the lease
Computers
20% straight line
Motor vehicles
20% straight line
Office Equipment
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
.
Smithfield & Associates Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2019
1
Accounting policies
(Continued)
Page 4
1.5
Cash and cash equivalents
Cash at bank and in hand
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 basic financial instruments measures at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.
1.7
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 when the
company
has 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.
1.8
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.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Smithfield & Associates Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2019
Page 5
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 21 (2018 - 15).
3
Tangible fixed assets
Leasehold Improvements
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2018
-
46,125
46,125
Additions
24,495
31,571
56,066
At 31 March 2019
24,495
77,696
102,191
Depreciation and impairment
At 1 April 2018
-
22,198
22,198
Depreciation charged in the year
4,199
10,095
14,294
At 31 March 2019
4,199
32,293
36,492
Carrying amount
At 31 March 2019
20,296
45,403
65,699
At 31 March 2018
-
23,927
23,927
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
38,778
59,255
Other debtors
739,141
339,505
777,919
398,760
5
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
151,938
69,463
Corporation tax
83,462
44,899
Other taxation and social security
127,007
99,265
Other creditors
127,138
14,378
489,545
228,005
Smithfield & Associates Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2019
Page 6
6
Provisions for liabilities
2019
2018
£
£
Deferred tax liabilities
7
4,494
118
7
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
2019
2018
Balances:
£
£
ACAs
4,494
118
2019
Movements in the year:
£
Liability at 1 April 2018
118
Charge to profit or loss
4,376
Liability at 31 March 2019
4,494
8
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
100
100
Smithfield & Associates Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2019
Page 7
9
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:
2019
2018
£
£
Within one year
49,728
-
Between two and five years
67,672
-
117,400
-
10
Related party transactions
During the year, a dividend of £45,000 (2018:£nil) was paid to one of the directors of the company.
At the year end, other debtors contained a balance of £151,711 (2018: £54,221 owed from) owed from a director of the company.