Silverfin false 31/01/2023 01/02/2022 31/01/2023 Ian Charles Smith 14/12/2009 Shona Elizabeth Smith 14/12/2009 17 October 2023 The principal activity of the Company during the financial year continued to be that of a newsagent and convenience store. SC370069 2023-01-31 SC370069 bus:Director1 2023-01-31 SC370069 bus:Director2 2023-01-31 SC370069 2022-01-31 SC370069 core:CurrentFinancialInstruments 2023-01-31 SC370069 core:CurrentFinancialInstruments 2022-01-31 SC370069 core:Non-currentFinancialInstruments 2023-01-31 SC370069 core:Non-currentFinancialInstruments 2022-01-31 SC370069 core:ShareCapital 2023-01-31 SC370069 core:ShareCapital 2022-01-31 SC370069 core:RevaluationReserve 2023-01-31 SC370069 core:RevaluationReserve 2022-01-31 SC370069 core:RetainedEarningsAccumulatedLosses 2023-01-31 SC370069 core:RetainedEarningsAccumulatedLosses 2022-01-31 SC370069 core:LandBuildings 2022-01-31 SC370069 core:OtherPropertyPlantEquipment 2022-01-31 SC370069 core:LandBuildings 2023-01-31 SC370069 core:OtherPropertyPlantEquipment 2023-01-31 SC370069 bus:OrdinaryShareClass1 2023-01-31 SC370069 2022-02-01 2023-01-31 SC370069 bus:FullAccounts 2022-02-01 2023-01-31 SC370069 bus:SmallEntities 2022-02-01 2023-01-31 SC370069 bus:AuditExemptWithAccountantsReport 2022-02-01 2023-01-31 SC370069 bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 SC370069 bus:Director1 2022-02-01 2023-01-31 SC370069 bus:Director2 2022-02-01 2023-01-31 SC370069 core:Goodwill 2022-02-01 2023-01-31 SC370069 core:LandBuildings 2022-02-01 2023-01-31 SC370069 core:OtherPropertyPlantEquipment 2022-02-01 2023-01-31 SC370069 2021-02-01 2022-01-31 SC370069 core:CurrentFinancialInstruments 2022-02-01 2023-01-31 SC370069 core:Non-currentFinancialInstruments 2022-02-01 2023-01-31 SC370069 bus:OrdinaryShareClass1 2022-02-01 2023-01-31 SC370069 bus:OrdinaryShareClass1 2021-02-01 2022-01-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC370069 (Scotland)

I & S SMITH NEWSAGENTS LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2023
PAGES FOR FILING WITH THE REGISTRAR

I & S SMITH NEWSAGENTS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2023

Contents

I & S SMITH NEWSAGENTS LIMITED

BALANCE SHEET

AS AT 31 JANUARY 2023
I & S SMITH NEWSAGENTS LIMITED

BALANCE SHEET (continued)

AS AT 31 JANUARY 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 32,562 39,365
Investment property 4 59,000 59,000
91,562 98,365
Current assets
Stocks 55,137 42,655
Debtors 5 12,145 19,460
Cash at bank and in hand 128,616 83,806
195,898 145,921
Creditors: amounts falling due within one year 6 ( 207,237) ( 199,861)
Net current liabilities (11,339) (53,940)
Total assets less current liabilities 80,223 44,425
Creditors: amounts falling due after more than one year 7 ( 71,774) ( 83,671)
Provision for liabilities 8 ( 5,869) 0
Net assets/(liabilities) 2,580 ( 39,246)
Capital and reserves
Called-up share capital 9 100 100
Revaluation reserve 7,513 7,513
Profit and loss account ( 5,033 ) ( 46,859 )
Total shareholders' funds/(deficit) 2,580 ( 39,246)

For the financial year ending 31 January 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of I & S Smith Newsagents Limited (registered number: SC370069) were approved and authorised for issue by the Director on 17 October 2023. They were signed on its behalf by:

Ian Charles Smith
Director
I & S SMITH NEWSAGENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2023
I & S SMITH NEWSAGENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

I & S Smith Newsagents Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Axis Business Centre, Thainstone, Inverurie, AB51 5TB, United Kingdom. The trading address is 31 Main Street, Turriff, AB53 4ED.

The financial statements have been prepared under the historical cost convention, modified to include investment properties, and in accordance with Financial Reporting Standard 102 (FRS 102) applicable in the UK and Republic of Ireland issued by the Financial Reporting Council and the requirements of the Companies Act 2006.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net current liabilities of £11,339 (2022 - £53,940) and net assets of £2,580 (2022 - £39,246 net liabilities). The Company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company.

Turnover

Turnover represents amounts receivable for goods sold through the newsagent and convenience store, exclusive of value added tax. Turnover is recognised on an accruals basis at the point that the good is sold.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is 10 years.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 20 % reducing balance
Plant and machinery etc. 15 - 33 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, are initially recognised at transaction price.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 12 12

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 February 2022 33,789 132,457 166,246
Additions 0 217 217
At 31 January 2023 33,789 132,674 166,463
Accumulated depreciation
At 01 February 2022 27,819 99,062 126,881
Charge for the financial year 1,194 5,826 7,020
At 31 January 2023 29,013 104,888 133,901
Net book value
At 31 January 2023 4,776 27,786 32,562
At 31 January 2022 5,970 33,395 39,365

4. Investment property

Investment property
£
Valuation
As at 01 February 2022 59,000
As at 31 January 2023 59,000

The investment property comprises shop premises in Turriff, Aberdeenshire. The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

5. Debtors

2023 2022
£ £
Trade debtors 11,445 7,920
Deferred tax asset 0 8,991
Other debtors 700 2,549
12,145 19,460

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 11,582 10,926
Trade creditors 35,223 29,003
Taxation and social security 10,678 4,144
Other creditors 149,754 155,788
207,237 199,861

The bank loan is secured by a fixed charge over the company's investment property and a floating charge over the company's assets.

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 71,774 83,671

The bank loan is secured by a fixed charge over the company's investment property and a floating charge over the company's assets.

8. Provision for liabilities

2023 2022
£ £
Deferred tax 5,869 0

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

10. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Directors' Current Accounts (140,663) (140,663)

The amount shown above is interest free and there are no fixed terms of repayment.