Smart Office Solution Limited - Period Ending 2016-07-31
Smart Office Solution Limited - Period Ending 2016-07-31
Smart Office Solution Limited
for the Year Ended 31 July 2016
Chartered Certified Accountants
The Corner House
2 High Street
Aylesford
Kent
ME20 7BG
Smart Office Solution Limited
Contents
Company Information |
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Accountants' Report |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Smart Office Solution Limited
Company Information
Directors |
Mr G S Smart Mr G M Nebbeling Mrs MJ Smart |
Company secretary |
Mrs MJ Smart |
Registered office |
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Accountants |
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Page 1 |
Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Smart Office Solution Limited
for the Year Ended 31 July 2016
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Smart Office Solution Limited for the year ended 31 July 2016 as set out on pages 3 to 12 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://www.accaglobal.com/gb/en/discover/public-value/rulebook.html.
This report is made solely to the Board of Directors of Smart Office Solution Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Smart Office Solution Limited and state those matters that we have agreed to state to the Board of Directors of Smart Office Solution Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Smart Office Solution Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Smart Office Solution Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Smart Office Solution Limited. You consider that Smart Office Solution Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Smart Office Solution 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 accounts.
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Chartered Certified Accountants
2 High Street
Aylesford
Kent
ME20 7BG
Page 2 |
Smart Office Solution Limited
Statement of Comprehensive Income for the Year Ended 31 July 2016
Note |
2016 |
2015 |
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Profit for the year |
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Total comprehensive income for the year |
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Page 3 |
Smart Office Solution Limited
(Registration number: 06122002)
Balance Sheet as at 31 July 2016
Note |
2016 |
2015 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 July 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Page 4 |
Smart Office Solution Limited
(Registration number: 06122002)
Balance Sheet as at 31 July 2016
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Mr G S Smart
Director
Page 5 |
Smart Office Solution Limited
Statement of Changes in Equity for the Year Ended 31 July 2016
Share capital |
Profit and loss account |
Total |
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At 1 August 2015 |
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Profit for the year |
- |
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Total comprehensive income |
- |
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At 31 July 2016 |
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Share capital |
Profit and loss account |
Total |
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At 1 August 2014 |
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Profit for the year |
- |
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Total comprehensive income |
- |
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Dividends |
- |
( |
( |
At 31 July 2015 |
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Page 6 |
Smart Office Solution Limited
Notes to the Financial Statements for the Year Ended 31 July 2016
General information |
The company is a private company limited by share capital incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures and fittings |
25% on reducing balance |
Motor vehicles |
25% on reducing balance |
Computer equipment |
25% on reducing balance |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Page 7 |
Smart Office Solution Limited
Notes to the Financial Statements for the Year Ended 31 July 2016
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Page 8 |
Smart Office Solution Limited
Notes to the Financial Statements for the Year Ended 31 July 2016
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Page 9 |
Smart Office Solution Limited
Notes to the Financial Statements for the Year Ended 31 July 2016
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Other property, plant and equipment |
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Cost or valuation |
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At 1 August 2015 |
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- |
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Additions |
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At 31 July 2016 |
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Depreciation |
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At 1 August 2015 |
- |
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- |
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Charge for the year |
- |
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At 31 July 2016 |
- |
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Carrying amount |
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At 31 July 2016 |
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At 31 July 2015 |
- |
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- |
Total |
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Cost or valuation |
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At 1 August 2015 |
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Additions |
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At 31 July 2016 |
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Depreciation |
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At 1 August 2015 |
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Charge for the year |
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At 31 July 2016 |
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Carrying amount |
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At 31 July 2016 |
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At 31 July 2015 |
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Included within the net book value of land and buildings above is £Nil (2015 - £Nil) in respect of freehold land and buildings and £208,325 (2015 - £Nil) in respect of long leasehold land and buildings.
Page 10 |
Smart Office Solution Limited
Notes to the Financial Statements for the Year Ended 31 July 2016
Stocks |
2016 |
2015 |
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Other inventories |
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Debtors |
Note |
2016 |
2015 |
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Trade debtors |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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- |
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Other debtors |
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Creditors |
Note |
2016 |
2015 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Page 11 |
Smart Office Solution Limited
Notes to the Financial Statements for the Year Ended 31 July 2016
Loans and borrowings |
2016 |
2015 |
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Current loans and borrowings |
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Bank borrowings |
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Bank overdrafts |
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- |
Other borrowings |
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FRS 102 first year adoption |
The financial statements for the year ending 30 June 2015 were prepared in accordance with United Kingdom Generally Accepted Accounting Practise (UK GAAP). The transition to Section 1A “Small Entities” of FRS 102 has had no impact on its reported financial position or financial performance. Accordingly, no reconciliations of its equity determined under old UK GAAP to its equity under Section 1A “Small Entities” of FRS 102 at 30 June 2015, or its profit determined under old UK GAAP at 30 June 2015 to its profit determined in accordance with Section 1A “Small Entities” of FRS 102 have been presented.
Page 12 |