1 April 2022 v2023.26.1 limited_company_frs_102_section_1a_v1_1_1 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP047041882022-04-012023-03-31047041882023-03-31047041882022-03-3104704188core:WithinOneYear2023-03-3104704188core:WithinOneYear2022-03-3104704188core:AfterOneYear2023-03-3104704188core:AfterOneYear2022-03-3104704188core:ShareCapital2023-03-3104704188core:ShareCapital2022-03-3104704188core:RetainedEarningsAccumulatedLosses2023-03-3104704188core:RetainedEarningsAccumulatedLosses2022-03-3104704188bus:Director12022-04-012023-03-3104704188bus:RegisteredOffice2022-04-012023-03-3104704188core:Goodwill2022-04-012023-03-3104704188core:FurnitureFittingsToolsEquipment2022-04-012023-03-31047041882021-04-012022-03-3104704188core:NetGoodwill2022-04-0104704188core:IntangibleAssetsOtherThanGoodwill2022-04-01047041882022-04-0104704188core:NetGoodwill2022-04-012023-03-3104704188core:NetGoodwill2023-03-3104704188core:IntangibleAssetsOtherThanGoodwill2023-03-3104704188core:NetGoodwill2022-03-3104704188core:IntangibleAssetsOtherThanGoodwill2022-03-3104704188core:PlantMachinery2022-04-0104704188core:PlantMachinery2022-04-012023-03-3104704188core:PlantMachinery2023-03-3104704188core:PlantMachinery2022-03-310470418812022-04-012023-03-3104704188countries:EnglandWales2022-04-012023-03-3104704188bus:AuditExemptWithAccountantsReport2022-04-012023-03-3104704188bus:PrivateLimitedCompanyLtd2022-04-012023-03-3104704188bus:SmallEntities2022-04-012023-03-3104704188bus:FullAccounts2022-04-012023-03-31
Company registration number:
04704188
A G Smith & Co Ltd
Unaudited Filleted Financial Statements for the year ended
31 March 2023
A G Smith & Co Ltd
Report to the board of directors on the preparation of the unaudited statutory financial statements of A G Smith & Co Ltd
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
financial statements
of
A G Smith & Co Ltd
for the year ended
31 March 2023
which comprise the income statement, statement of financial position, statement of changes in equity and related notes 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 https://www.accaglobal.com/​content/​dam/​ACCA_Global/​Members/​Doc/​rule/​2018-rulebook.pdf.
This report is made solely to the Board of Directors of
A G Smith & Co Ltd
, as a body. Our work has been undertaken solely to prepare for your approval the
financial statements
of
A G Smith & Co Ltd
and state those matters that we have agreed to state to the Board of Directors of
A G Smith & Co Ltd
, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/​content/​dam/​ACCA_Global/​Technical/​fact/​technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than
A G Smith & Co Ltd
and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that
A G Smith & Co Ltd
has kept adequate accounting records and to prepare statutory
financial statements
that give a true and fair view of the assets, liabilities, financial position and profit of
A G Smith & Co Ltd
. You consider that
A G Smith & Co Ltd
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 financial statements of A G Smith & Co Ltd. 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 financial statements.
A G Smith & Co Ltd
Chartered Certified Accountants
Unit 8, Laceby Business Park
Laceby Business Park
Grimsby
North East Lincolnshire
DN37 7DP
United Kingdom
Date:
10 November 2023
A G Smith & Co Ltd
Statement of Financial Position
31 March 2023
20232022
Note££
Fixed assets    
Intangible assets 5
124,456
 
132,640
 
Tangible assets 6
186,084
 
62,264
 
310,540
 
194,904
 
Current assets    
Debtors 7
149,258
 
233,108
 
Cash at bank and in hand
103,606
 
102,152
 
252,864
 
335,260
 
Creditors: amounts falling due within one year 8
(185,033
)
(193,466
)
Net current assets
67,831
 
141,794
 
Total assets less current liabilities 378,371   336,698  
Creditors: amounts falling due after more than one year 9
(21,667
)
(31,667
)
Provisions for liabilities
(40,363
)
(12,367
)
Net assets
316,341
 
292,664
 
Capital and reserves    
Called up share capital
90
 
50
 
Profit and loss account
316,251
 
292,614
 
Shareholders funds
316,341
 
292,664
 
For the year ending
31 March 2023
, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
  • The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
  • The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
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.
These
financial statements
were approved by the board of directors and authorised for issue on
10 November 2023
, and are signed on behalf of the board by:
A G Smith FCCA
Director
Company registration number:
04704188
A G Smith & Co Ltd
Notes to the Financial Statements
Year ended
31 March 2023

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
Unit 8, Laceby Business Park Grimsby Road
,
Laceby
,
Grimsby
,
North East Lincolnshire
,
DN37 7DP
, United Kingdom.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of Value Added Tax.

Current tax

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Intangible assets

Intangible assets are initially measured at cost and are subsequently measured at cost less any accumulated amortisation and accumulated impairment losses or at a revalued amount. However, Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Any intangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Goodwill
5-10 years.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Fixtures, fittings and equipment
3-5 years.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.

Defined contribution pension plan

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4 Average number of employees

The average number of persons employed by the company during the year was
15
(2022:
11.00
).

5 Intangible assets

GoodwillOther intangible assetsTotal
£££
Cost      
At
1 April 2022
244,079
 
3,000
 
247,079
 
Additions
13,996
  -  
13,996
 
At
31 March 2023
258,075
 
3,000
 
261,075
 
Amortisation      
At
1 April 2022
114,439
  -  
114,439
 
Charge
22,180
  -  
22,180
 
At
31 March 2023
136,619
  -  
136,619
 
Carrying amount      
At
31 March 2023
121,456
 
3,000
 
124,456
 
At 31 March 2022
129,640
 
3,000
 
132,640
 

6 Tangible assets

Plant and machinery etc.
£
Cost  
At
1 April 2022
115,206
 
Additions
150,485
 
Disposals
(14,377
)
At
31 March 2023
251,314
 
Depreciation  
At
1 April 2022
52,942
 
Charge
24,672
 
Disposals
(12,384
)
At
31 March 2023
65,230
 
Carrying amount  
At
31 March 2023
186,084
 
At 31 March 2022
62,264
 

7 Debtors

20232022
££
Trade debtors
132,811
 
77,881
 
Amounts owed by group undertakings and undertakings in which the company has a participating interest -  
142,500
 
Other debtors
16,447
 
12,727
 
149,258
 
233,108
 

8 Creditors: amounts falling due within one year

20232022
££
Bank loans and overdrafts
10,000
 
10,000
 
Trade creditors
38,121
 
2,122
 
Taxation and social security
84,586
 
103,217
 
Other creditors
52,326
 
78,127
 
185,033
 
193,466
 
The company is providing a cross-guarantee as security for a loan on behalf of AGS Property (Lincs) Limited.

9 Creditors: amounts falling due after more than one year

20232022
££
Bank loans and overdrafts
21,667
 
31,667
 
The company is providing a cross-guarantee as security for a loan on behalf of AGS Property (Lincs) Limited.