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REGISTERED NUMBER: 04128658 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

FOR

W SMITHERS & SONS LIMITED

W SMITHERS & SONS LIMITED (REGISTERED NUMBER: 04128658)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


W SMITHERS & SONS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: M A Smithers
C Smithers
Mrs A Martin





SECRETARY: C Smithers





REGISTERED OFFICE: Old Mill Yard
Cowden
Kent
TN8 7JJ





REGISTERED NUMBER: 04128658 (England and Wales)





ACCOUNTANTS: Synergee Limited
Pluto House
6 Vale Avenue
Tunbridge Wells
Kent
TN1 1DJ

W SMITHERS & SONS LIMITED (REGISTERED NUMBER: 04128658)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 27,362 34,492

CURRENT ASSETS
Stocks 99,790 32,802
Debtors 5 268,628 100,262
Cash at bank and in hand 3,385 81,964
371,803 215,028
CREDITORS
Amounts falling due within one year 6 (286,984 ) (99,223 )
NET CURRENT ASSETS 84,819 115,805
TOTAL ASSETS LESS CURRENT
LIABILITIES

112,181

150,297

CREDITORS
Amounts falling due after more than one year 7 (23,265 ) (37,320 )

PROVISIONS FOR LIABILITIES 8 (5,199 ) (6,553 )
NET ASSETS 83,717 106,424

CAPITAL AND RESERVES
Called up share capital 104 104
Retained earnings 9 83,613 106,320
SHAREHOLDERS' FUNDS 83,717 106,424

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

W SMITHERS & SONS LIMITED (REGISTERED NUMBER: 04128658)

BALANCE SHEET - continued
31 MARCH 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3 October 2023 and were signed on its behalf by:





C Smithers - Director


W SMITHERS & SONS LIMITED (REGISTERED NUMBER: 04128658)

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

1. STATUTORY INFORMATION

W Smithers & Sons Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Turnover
Turnover is recognised to the extent it is probable that economic benefit will flow to the company, and that it can be reliably measured. Turnover is measured at the fair value of consideration received or receivable, net of discounts, rebates, VAT and other sales taxes.

Turnover from the provision of services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when the following conditions are satisfied:
- the amount of turnover can be measured reliably;
- it is probable that consideration due will be received;
- the stage of completion of the contract at the reporting date can be measured reliably, and
- the costs incurred, or to be incurred, can be measured reliably.

Turnover recognised but not billed at the reporting date is treated as amounts recoverable on contracts due within one year.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Tangible fixed assets are held under the cost model, and are stated at their historical cost less accumulated depreciation and impairment losses. Cost includes directly attributable expenditure in bringing the asset into the location and condition necessary for operation.

The assets' residual values; useful lives and depreciation methods are reviewed periodically and prospectively adjusted where appropriate; or where there is an indication of a significant change since the last reporting date.

Gains and losses on disposal are determined by comparing the proceeds with the carrying amount, and are recognised in the statement of income and retained earnings.

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

Cost is calculated using the cost of purchase of finished goods for resale.

At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to the estimated realisable value, and the impairment is immediately recognised in the statement of income and retained earnings.

W SMITHERS & SONS LIMITED (REGISTERED NUMBER: 04128658)

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

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors; loans from banks and other third parties; loans to related parties and investments in non-puttable ordinary shares.

Debt instruments, other than those wholly payable or receivable within one year, including loans and other accounts receivable and payable are initially measured at the present value of future cash flows, and subsequently measured at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured at the undiscounted amount of consideration expected to be paid or received. If the arrangements of a short term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not at a market rate, the financial asset or liability is initially measured at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument, and subsequently measured at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment, and such impairments is recognised in total comprehensive income.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the statement of income and retained earnings on a straight line basis over the term of the lease.

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by hire purchase are depreciated over the useful economic life. Assets acquired by finance lease are depreciated over the term of the lease, or useful economic life if shorter.

Finance leases are those where substantially all of the risks and benefits of ownership are assumed by the company. Obligations under such agreements are included in creditors, net of finance charges allocated to future periods. The finance element of the rental payment is charged to the statement of income and retained earnings so as to produce a constant, periodic rate of charge on the net obligation outstanding in each period.

W SMITHERS & SONS LIMITED (REGISTERED NUMBER: 04128658)

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

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. A defined contribution scheme is a plan under which the company pays fixed contributions into a separate legal entity. Once the contributions have been paid, the company has no further payment obligations.

Contributions payable to the company's pension scheme are recognised in the statement of income and retained earnings in the period to which they fall due. Amounts not paid by the reporting date are shown within accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2022 - 11 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 April 2022 24,470 5,775 105,988 136,233
Additions 1,080 585 - 1,665
At 31 March 2023 25,550 6,360 105,988 137,898
DEPRECIATION
At 1 April 2022 19,588 4,072 78,081 101,741
Charge for year 1,319 499 6,977 8,795
At 31 March 2023 20,907 4,571 85,058 110,536
NET BOOK VALUE
At 31 March 2023 4,643 1,789 20,930 27,362
At 31 March 2022 4,882 1,703 27,907 34,492

The net book value of assets held under hire purchase agreements as at 31/03/2023 is £12,157 (2022: £:16,208). The depreciation charged on these assets in the year was £4,052.19.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 244,611 31,493
Amounts recoverable on contract 17,943 37,317
Other debtors - 25,000
Directors' current accounts 342 -
Prepayments 5,732 6,452
268,628 100,262

W SMITHERS & SONS LIMITED (REGISTERED NUMBER: 04128658)

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

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 9,932 7,313
Hire purchase contracts - 408
Trade creditors 41,666 24,416
Tax 7,118 9,483
Social security and other taxes 10,136 8,648
VAT 115,552 38,741
Other creditors 315 389
Directors' current accounts 11,386 925
Accruals and deferred income 89,679 7,750
Accrued expenses 1,200 1,150
286,984 99,223

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans due in 1-2 years 10,181 7,495
Bank loans due in 2-5 years 13,084 29,825
23,265 37,320

8. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 5,199 6,553

Deferred
tax
£   
Balance at 1 April 2022 6,553
Credit to Statement of Income and Retained Earnings during year (1,354 )
Balance at 31 March 2023 5,199

9. RESERVES

Retained earnings represent distributable reserves of accumulated profits and losses.

W SMITHERS & SONS LIMITED (REGISTERED NUMBER: 04128658)

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

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2023 and 31 March 2022:

2023 2022
£    £   
Mrs A Martin
Balance outstanding at start of year - -
Amounts advanced 342 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 342 -

Amounts advanced to directors are unsecured, interest-free and repayable on demand.

11. RELATED PARTY DISCLOSURES

During the year, the company paid £12,000 (2022: £12,000) in rent to a member of management.

12. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is C Smithers.