REGISTERED NUMBER:
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SMART GRAPHICS (UK) LTD. |
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2019 |
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REGISTERED NUMBER:
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SMART GRAPHICS (UK) LTD. |
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2019 |
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SMART GRAPHICS (UK) LTD. (REGISTERED NUMBER: SC262961) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2019 |
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Page |
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Balance Sheet | 1 |
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Notes to the Financial Statements | 3 |
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SMART GRAPHICS (UK) LTD. (REGISTERED NUMBER: SC262961) |
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BALANCE SHEET |
31 AUGUST 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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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 |
8 |
( |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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The director acknowledges her responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
SMART GRAPHICS (UK) LTD. (REGISTERED NUMBER: SC262961) |
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BALANCE SHEET - continued |
31 AUGUST 2019 |
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In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
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The financial statements were approved by the director and authorised for issue on
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SMART GRAPHICS (UK) LTD. (REGISTERED NUMBER: SC262961) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2019 |
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1. | STATUTORY INFORMATION |
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Smart Graphics (UK) Ltd. is a private company, limited by shares, registered in Scotland. The company's |
registered address is 9 The Alpha Centre, Rothesay Business Park, South Douglas Street, Clydebank, G81 1PD. |
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The presentation currency of the financial statements is Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" |
of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of |
Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost |
convention. There were no material departures from that standard. |
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Judgements |
The company considers on an annual basis the judgements that are made by management when applying its |
significant accounting policies that would have the most significant effect on amounts that are recognised in the |
financial statements. The director considers there are no such significant judgements that require to be |
individually disclosed. |
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Going concern |
The financial statements have been prepared on a going concern basis. The company is dependent on turnover |
and customer payments which may be adversely affected by the consequences of the Covid-19 pandemic. |
However, as the company has sufficient net current assets to meet obligations as they fall due, the director has |
concluded that it is appropriate to prepare the financial statements on a going concern basis. |
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Turnover |
Turnover represents net invoiced sales of services, excluding value added tax. The company's policy is to |
recognise a sale when substantively all the risks and rewards in connection with the services have been passed to |
the buyer. |
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Goodwill |
Positive purchased goodwill arising on acquisitions is capitalised, classified as an asset on the balance sheet and |
amortised over its estimated useful life up to a maximum of 20 years. This length of time is presumed to be the |
maximum useful life of purchased goodwill because it is difficult to make projections beyond this period. |
Goodwill is reviewed for impairment at the end of the first full financial year following each acquisition and |
subsequently, as and when necessary, if circumstances emerge that indicate that the carrying value may not be |
recoverable. |
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Goodwill, being the amount paid in the connection with the acquisition of a business in 2007, was being |
amortised over its estimated useful life of 10 years which expired in the year ended 31 August 2016. |
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Tangible fixed assets |
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Plant and machinery etc | - |
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Tangible fixed assets are stated a cost less accumulated depreciation and accumulated impairment losses. |
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Impairment of non-financial assets |
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and |
equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an |
indication of possible impairment, the recoverable amount which is the higher in use and the fair value less cost |
to sell, is estimated and compared with the carrying amount. If the recoverable amount is lower, the carrying |
amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in |
profit and loss. |
SMART GRAPHICS (UK) LTD. (REGISTERED NUMBER: SC262961) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2019 |
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2. | ACCOUNTING POLICIES - continued |
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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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Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial |
assets and liabilities like loans to related parties, trade and other accounts receivable and payable. |
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Debt instruments like trade and other accounts receivable and payable are initially measured at present value of |
the future payments and subsequently at amortised cost using the effective interest method. Debt instruments |
that are payable or receivable within one year, typically other debtors and creditors, are measured, initially and |
subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received. |
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Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence |
of impairment and if found, an impairment loss is recognised in profit or loss. |
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Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is |
discharged, cancelled or expires. |
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Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid |
investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when |
applicable, are shown within borrowings in current liabilities. |
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Taxation |
Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is |
calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. |
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The charge for taxation takes into account taxation deferred as a result of timing differences between the |
treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in |
respect of all timing differences that have originated but not reversed at the balance sheet date. However, |
deferred tax assets are recognised only to the extent that the director considers that it is more likely than not that |
there will be suitable taxable profits from which the future reversal of the underlying timing differences can be |
deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in |
the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted |
at the balance sheet date. |
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With the exception of changes arising on the initial recognition of a business combination, the tax expense is |
presented either in profit or loss, other comprehensive income or statement of changes in equity depending on the |
transaction that resulted in the tax expense. |
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Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. |
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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 the 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. |
SMART GRAPHICS (UK) LTD. (REGISTERED NUMBER: SC262961) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Provisions |
Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a |
result of a past event, it is probable that the company will be required to settle the obligation and the amount of |
the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to |
settle the obligation at the reporting date. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 September 2018 |
and 31 August 2019 |
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AMORTISATION |
At 1 September 2018 |
and 31 August 2019 |
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NET BOOK VALUE |
At 31 August 2019 |
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At 31 August 2018 |
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5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 September 2018 |
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Additions |
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At 31 August 2019 |
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DEPRECIATION |
At 1 September 2018 |
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Charge for year |
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At 31 August 2019 |
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NET BOOK VALUE |
At 31 August 2019 |
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At 31 August 2018 |
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SMART GRAPHICS (UK) LTD. (REGISTERED NUMBER: SC262961) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2019 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Hire purchase contracts are secured over the assets to which they relate. The invoice financing agreement with |
Royal Bank of Scotland has a floating charge secured over all property and assets present and future of the |
company. |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2019 | 2018 |
£ | £ |
Hire purchase contracts |
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Other creditors |
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9. | CONTINGENT LIABILITIES |
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The company has resumed its discussions with HMRC on the liabilities arising from employee remuneration |
payments following the government review of such schemes. It remains not possible at this time to quantify the |
potential liabilities which will fall due on the company but it is likely that these will have a material impact on its |
financial position. |
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10. | OTHER FINANCIAL COMMITMENTS |
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The company has future operating lease commitments of £139,173 (2018: £185,863). |