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 false true false false false false false false No description of principal activity 2022-06-01 Sage Accounts Production Advanced 2023 - FRS102_2023 11,000 6,600 1,100 7,700 3,300 4,400 782 1,788 2,570 297 365 662 1,908 485 xbrli:pure xbrli:shares iso4217:GBP 09589599 2022-06-01 2023-05-31 09589599 2023-05-31 09589599 2022-05-31 09589599 2021-06-01 2022-05-31 09589599 2022-05-31 09589599 2021-05-31 09589599 core:NetGoodwill 2022-06-01 2023-05-31 09589599 core:FurnitureFittings 2022-06-01 2023-05-31 09589599 bus:Director1 2022-06-01 2023-05-31 09589599 core:NetGoodwill 2022-05-31 09589599 core:NetGoodwill 2023-05-31 09589599 core:FurnitureFittings 2022-05-31 09589599 core:FurnitureFittings 2023-05-31 09589599 core:WithinOneYear 2023-05-31 09589599 core:WithinOneYear 2022-05-31 09589599 core:ShareCapital 2023-05-31 09589599 core:ShareCapital 2022-05-31 09589599 core:RetainedEarningsAccumulatedLosses 2023-05-31 09589599 core:RetainedEarningsAccumulatedLosses 2022-05-31 09589599 core:NetGoodwill 2022-05-31 09589599 core:FurnitureFittings 2022-05-31 09589599 bus:SmallEntities 2022-06-01 2023-05-31 09589599 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 09589599 bus:SmallCompaniesRegimeForAccounts 2022-06-01 2023-05-31 09589599 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 09589599 bus:FullAccounts 2022-06-01 2023-05-31 09589599 core:KeyManagementPersonnel 2022-06-01 2023-05-31
COMPANY REGISTRATION NUMBER: 09589599
Liam Smyth Limited
Filleted Unaudited Financial Statements
31 May 2023
Liam Smyth Limited
Financial Statements
Year ended 31 May 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Liam Smyth Limited
Statement of Financial Position
31 May 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
5
3,300
4,400
Tangible assets
6
1,908
485
-------
-------
5,208
4,885
Current assets
Debtors
7
2,583
675
Cash at bank and in hand
46,271
50,480
--------
--------
48,854
51,155
Creditors: amounts falling due within one year
8
17,025
11,939
--------
--------
Net current assets
31,829
39,216
--------
--------
Total assets less current liabilities
37,037
44,101
--------
--------
Net assets
37,037
44,101
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
36,937
44,001
--------
--------
Shareholders funds
37,037
44,101
--------
--------
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 2023 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 2023
These financial statements were approved by the board of directors and authorised for issue on 8 February 2024 , 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 2023
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.
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.
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.
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. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Intangible assets
Goodwill
£
Cost
At 1 June 2022 and 31 May 2023
11,000
--------
Amortisation
At 1 June 2022
6,600
Charge for the year
1,100
--------
At 31 May 2023
7,700
--------
Carrying amount
At 31 May 2023
3,300
--------
At 31 May 2022
4,400
--------
6. Tangible assets
Fixtures and fittings
£
Cost
At 1 June 2022
782
Additions
1,788
-------
At 31 May 2023
2,570
-------
Depreciation
At 1 June 2022
297
Charge for the year
365
-------
At 31 May 2023
662
-------
Carrying amount
At 31 May 2023
1,908
-------
At 31 May 2022
485
-------
7. Debtors
2023
2022
£
£
Other debtors
2,583
675
-------
----
8. Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
5,379
9,700
Other creditors
11,646
2,239
--------
--------
17,025
11,939
--------
--------
9. Related party transactions
At the year end the company owed the director £9,372 (2022: £439).