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REGISTERED NUMBER: SC026074 (Scotland)













UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2023

FOR

R.C. SMITH & COMPANY LIMITED

R.C. SMITH & COMPANY LIMITED (REGISTERED NUMBER: SC026074)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


R.C. SMITH & COMPANY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2023







DIRECTORS: K Wilson
S E Wilson





REGISTERED OFFICE: 6th Floor, Gordon Chambers
90 Mitchell Street
Glasgow
G1 3NQ





REGISTERED NUMBER: SC026074 (Scotland)





ACCOUNTANTS: Cornerstone Accountants
6th Floor
Gordon Chambers
90 Mitchell Street
Glasgow
Lanarkshire
G1 3NQ

R.C. SMITH & COMPANY LIMITED (REGISTERED NUMBER: SC026074)

BALANCE SHEET
31 JANUARY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 362,085 377,061

CURRENT ASSETS
Stocks 530,093 328,568
Debtors 5 20,053 23,560
Cash at bank and in hand 122,272 198,975
672,418 551,103
CREDITORS
Amounts falling due within one year 6 663,075 654,548
NET CURRENT ASSETS/(LIABILITIES) 9,343 (103,445 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

371,428

273,616

PROVISIONS FOR LIABILITIES 4,858 6,003
NET ASSETS 366,570 267,613

CAPITAL AND RESERVES
Called up share capital 8 16,500 16,500
Capital redemption reserve 2 2
Other reserves 222,218 227,627
Retained earnings 127,850 23,484
SHAREHOLDERS' FUNDS 366,570 267,613

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

R.C. SMITH & COMPANY LIMITED (REGISTERED NUMBER: SC026074)

BALANCE SHEET - continued
31 JANUARY 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 June 2023 and were signed on its behalf by:





K Wilson - Director


R.C. SMITH & COMPANY LIMITED (REGISTERED NUMBER: SC026074)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

1. STATUTORY INFORMATION

R.C. Smith & Company Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on a straight line basis
Plant and machinery - 15% on a reducing balance basis
Motor vehicles - 25% on a reducing balance basis
Computer equipment - 33% on a straight line basis

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2022 - 22 ) .

R.C. SMITH & COMPANY LIMITED (REGISTERED NUMBER: SC026074)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST OR VALUATION
At 1 February 2022 400,000 336,548 736,548
Additions - 1,209 1,209
At 31 January 2023 400,000 337,757 737,757
DEPRECIATION
At 1 February 2022 64,000 295,487 359,487
Charge for year 8,000 8,185 16,185
At 31 January 2023 72,000 303,672 375,672
NET BOOK VALUE
At 31 January 2023 328,000 34,085 362,085
At 31 January 2022 336,000 41,061 377,061

Cost or valuation at 31 January 2023 is represented by:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
Valuation in 2018 270,467 - 270,467
Cost 129,533 337,757 467,290
400,000 337,757 737,757

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 20,053 23,560

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 143,059 63,706
Amounts owed to group undertakings 474,542 500,000
Taxation and social security 39,172 79,965
Other creditors 6,302 10,877
663,075 654,548

7. SECURED DEBTS

There is in place a floating charge which covers all property and undertakings of the company.

R.C. SMITH & COMPANY LIMITED (REGISTERED NUMBER: SC026074)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
16,500 Ordinary £1 16,500 16,500