Liam Smyth Limited Filleted accounts for Companies House (small and micro)

Liam Smyth Limited Filleted accounts for Companies House (small and micro)


1 false false false false false false false false false true false false false false false false No description of principal activity 2019-06-01 Sage Accounts Production Advanced 2020 - FRS102_2019 11,000 3,300 1,100 4,400 6,600 7,700 353 353 35 35 318 xbrli:pure xbrli:shares iso4217:GBP 09589599 2019-06-01 2020-05-31 09589599 2020-05-31 09589599 2019-05-31 09589599 2018-06-01 2019-05-31 09589599 2019-05-31 09589599 core:NetGoodwill 2019-06-01 2020-05-31 09589599 core:FurnitureFittings 2019-06-01 2020-05-31 09589599 bus:Director1 2019-06-01 2020-05-31 09589599 core:NetGoodwill 2019-05-31 09589599 core:NetGoodwill 2020-05-31 09589599 core:FurnitureFittings 2020-05-31 09589599 core:WithinOneYear 2020-05-31 09589599 core:WithinOneYear 2019-05-31 09589599 core:ShareCapital 2020-05-31 09589599 core:ShareCapital 2019-05-31 09589599 core:RetainedEarningsAccumulatedLosses 2020-05-31 09589599 core:RetainedEarningsAccumulatedLosses 2019-05-31 09589599 core:NetGoodwill 2019-05-31 09589599 bus:SmallEntities 2019-06-01 2020-05-31 09589599 bus:AuditExemptWithAccountantsReport 2019-06-01 2020-05-31 09589599 bus:FullAccounts 2019-06-01 2020-05-31 09589599 bus:SmallCompaniesRegimeForAccounts 2019-06-01 2020-05-31 09589599 bus:PrivateLimitedCompanyLtd 2019-06-01 2020-05-31
COMPANY REGISTRATION NUMBER: 09589599
Liam Smyth Limited
Filleted Unaudited Financial Statements
31 May 2020
Liam Smyth Limited
Financial Statements
Year ended 31 May 2020
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Liam Smyth Limited
Statement of Financial Position
31 May 2020
2020
2019
Note
£
£
£
Fixed assets
Intangible assets
5
6,600
7,700
Tangible assets
6
318
-------
-------
6,918
7,700
Current assets
Debtors
7
9,594
11,090
Cash at bank and in hand
77,624
44,835
--------
--------
87,218
55,925
Creditors: amounts falling due within one year
8
43,323
22,253
--------
--------
Net current assets
43,895
33,672
--------
--------
Total assets less current liabilities
50,813
41,372
--------
--------
Net assets
50,813
41,372
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
50,713
41,272
--------
--------
Shareholders funds
50,813
41,372
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 May 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Liam Smyth Limited
Statement of Financial Position (continued)
31 May 2020
These financial statements were approved by the board of directors and authorised for issue on 16 February 2021 , and are signed on behalf of the board by:
L Smyth
Director
Company registration number: 09589599
Liam Smyth Limited
Notes to the Financial Statements
Year ended 31 May 2020
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Rose Cottage, Bilsington Road, Ruckinge, Ashford, TN26 2PD, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2019: 1 ).
5. Intangible assets
Goodwill
£
Cost
At 1 June 2019 and 31 May 2020
11,000
--------
Amortisation
At 1 June 2019
3,300
Charge for the year
1,100
--------
At 31 May 2020
4,400
--------
Carrying amount
At 31 May 2020
6,600
--------
At 31 May 2019
7,700
--------
6. Tangible assets
Fixtures and fittings
£
Cost
At 1 June 2019
Additions
353
----
At 31 May 2020
353
----
Depreciation
At 1 June 2019
Charge for the year
35
----
At 31 May 2020
35
----
Carrying amount
At 31 May 2020
318
----
At 31 May 2019
----
7. Debtors
2020
2019
£
£
Other debtors
9,594
11,090
-------
--------
8. Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans and overdrafts
22,811
Corporation tax
10,725
13,328
Other creditors
9,787
8,925
--------
--------
43,323
22,253
--------
--------
9. Related party transactions
At the year end the company owed the director £2,939 (2019: £3,402).