Registered number
04533952
Smith and Low Ltd
Directors Report and Financial Statements
31 March 2023
Smith and Low Ltd
Registered number: 04533952
Directors' Report
The directors present their report and accounts for the year ended 31 March 2023.
Principal activities
The company's principal activity during the year continued to be electrical and hardwrae retailers.
Directors
The following persons served as directors during the year:
Mr M A Smith
Mr K A Smith
Mrs J E Smith
Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
This report was approved by the board on 11 September 2023 and signed on its behalf.
Mr M A Smith
Director
Smith and Low Ltd
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of Smith and Low Ltd for the year ended 31 March 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Smith and Low Ltd for the year ended 31 March 2023 which comprise of the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at
icaew.com/membershandbook.
Our work has been undertaken in accordance with AAF 2/10 as detailed at icaew.com/compilation.
Bunting & Co
Chartered Accountants
Punches Barn
Waterperry Road
Holton
Oxford
OX33 1PR
11 September 2023
Smith and Low Ltd
Registered number: 04533952
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 36,667 44,000
Tangible assets 4 61 82
36,728 44,082
Current assets
Stocks 43,121 43,902
Debtors 5 995 680
9,732 15,105
53,848 59,687
Creditors: amounts falling due within one year 6 (66,710) (80,270)
Net current liabilities (12,862) (20,583)
Total assets less current liabilities 23,866 23,499
Creditors: amounts falling due after more than one year 7 (37) (127)
Net assets 23,829 23,372
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 22,829 22,372
Shareholders' funds 23,829 23,372
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr K M Smith
Director
Approved by the board on 11 September 2023
Smith and Low Ltd
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. In previous years goodwill has been amortised over a ten year period. The directors are of the opinion that it is more apprpriate to amortise goodwill over fifitten years and the necessary adjustments have been made in these accounts.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 6 6
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2022 110,000
At 31 March 2023 110,000
Amortisation
At 1 April 2022 66,000
Provided during the year 7,333
At 31 March 2023 73,333
Net book value
At 31 March 2023 36,667
At 31 March 2022 44,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 15 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022 6,470
At 31 March 2023 6,470
Depreciation
At 1 April 2022 6,388
Charge for the year 21
At 31 March 2023 6,409
Net book value
At 31 March 2023 61
At 31 March 2022 82
5 Debtors 2023 2022
£ £
Trade debtors 995 680
6 Creditors: amounts falling due within one year 2023 2022
£ £
Coronavirus bounce back bank loan 31,667 41,667
Trade creditors 22,814 22,183
Corporation tax 4,235 6,681
Other taxes and social security costs 7,994 9,739
66,710 80,270
7 Creditors: amounts falling due after one year 2023 2022
£ £
Directors loan accounts 37 127
8 Controlling party
The company is under the control of the directors between them own all of the issued share capital
9 Other information
Smith and Low Ltd is a private company limited by shares and incorporated in England. Its registered office is:
107-111 Hollow Way
Cowley
Oxford
OX4 2NG
Smith and Low Ltd 04533952 false 2022-04-01 2023-03-31 2023-03-31 VT Final Accounts October 2023 Mr K M Smith 04533952 2021-04-01 2022-03-31 04533952 core:WithinOneYear 2022-03-31 04533952 core:AfterOneYear 2022-03-31 04533952 core:ShareCapital 2022-03-31 04533952 core:RetainedEarningsAccumulatedLosses 2022-03-31 04533952 2022-04-01 2023-03-31 04533952 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 04533952 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 04533952 bus:Director1 2022-04-01 2023-03-31 04533952 bus:Director2 2022-04-01 2023-03-31 04533952 bus:Director3 2022-04-01 2023-03-31 04533952 bus:Director40 2022-04-01 2023-03-31 04533952 1 2022-04-01 2023-03-31 04533952 2 2022-04-01 2023-03-31 04533952 core:Goodwill 2022-04-01 2023-03-31 04533952 core:PlantMachinery 2022-04-01 2023-03-31 04533952 countries:England 2022-04-01 2023-03-31 04533952 bus:FRS102 2022-04-01 2023-03-31 04533952 bus:FullAccounts 2022-04-01 2023-03-31 04533952 2023-03-31 04533952 core:WithinOneYear 2023-03-31 04533952 core:AfterOneYear 2023-03-31 04533952 core:ShareCapital 2023-03-31 04533952 core:RetainedEarningsAccumulatedLosses 2023-03-31 04533952 core:Goodwill 2023-03-31 04533952 core:PlantMachinery 2023-03-31 04533952 2022-03-31 04533952 core:Goodwill 2022-03-31 04533952 core:PlantMachinery 2022-03-31 iso4217:GBP xbrli:pure