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REGISTERED NUMBER: 11369961 (England and Wales)















Unaudited Financial Statements

for the Year Ended 30 June 2023

for

W J SMITH & SONS LIMITED

W J SMITH & SONS LIMITED (REGISTERED NUMBER: 11369961)

Contents of the Financial Statements
for the year ended 30 June 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


W J SMITH & SONS LIMITED

Company Information
for the year ended 30 June 2023







Directors: J V Smith
Dr. H G Smith





Registered office: 3 Danebrook Court
Langford Lane
Kidlington
Oxfordshire
OX5 1LQ





Business address: Logg Mead House
Oddington
Kidlington
Oxfordshire
OX5 2QU





Registered number: 11369961 (England and Wales)





Accountants: Cooper Parry Advisory Limited
3 Danebrook Court
Langford Lane
Kidlington
Oxfordshire
OX5 1LQ

W J SMITH & SONS LIMITED (REGISTERED NUMBER: 11369961)

Balance Sheet
30 June 2023

30/6/23 30/6/22
Notes £ £ £ £
Fixed assets
Tangible assets 4 568,090 526,470

Current assets
Stocks 236,975 205,613
Debtors 5 47,069 78,438
Cash at bank and in hand 138,350 79,966
422,394 364,017
Creditors
Amounts falling due within one year 6 556,353 580,185
Net current liabilities (133,959 ) (216,168 )
Total assets less current liabilities 434,131 310,302

Provisions for liabilities 133,162 91,594
Net assets 300,969 218,708

Capital and reserves
Called up share capital 7 2 2
Retained earnings 8 300,967 218,706
Shareholders' funds 300,969 218,708

W J SMITH & SONS LIMITED (REGISTERED NUMBER: 11369961)

Balance Sheet - continued
30 June 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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.

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 5 February 2024 and were signed on its behalf by:





J V Smith - Director


W J SMITH & SONS LIMITED (REGISTERED NUMBER: 11369961)

Notes to the Financial Statements
for the year ended 30 June 2023


1. Statutory information

W J Smith & 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 financial statements are presented in Sterling, which is the functional currency of the company, rounded to the nearest £1.

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 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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 25% on reducing balance

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.

W J SMITH & SONS LIMITED (REGISTERED NUMBER: 11369961)

Notes to the Financial Statements - continued
for the year ended 30 June 2023


2. Accounting policies - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Going concern
The directors have made an assessment of the company's ability to continue as a going concern and have identified no material uncertainties that may cast a significant doubt on the ability of the company to continue as a going concern for the foreseeable future.

3. Employees and directors

The average number of employees during the year was 5 (2022 - 5 ) .

4. Tangible fixed assets
Plant and Motor Computer
machinery Tractors vehicles equipment Totals
£ £ £ £ £
Cost
At 1 July 2022 1,140,673 45,949 33,378 3,297 1,223,297
Additions 182,917 48,700 - - 231,617
Disposals (1,861 ) - - - (1,861 )
At 30 June 2023 1,321,729 94,649 33,378 3,297 1,453,053
Depreciation
At 1 July 2022 645,711 31,414 17,775 1,927 696,827
Charge for year 169,353 15,811 3,901 343 189,408
Eliminated on disposal (1,272 ) - - - (1,272 )
At 30 June 2023 813,792 47,225 21,676 2,270 884,963
Net book value
At 30 June 2023 507,937 47,424 11,702 1,027 568,090
At 30 June 2022 494,962 14,535 15,603 1,370 526,470

W J SMITH & SONS LIMITED (REGISTERED NUMBER: 11369961)

Notes to the Financial Statements - continued
for the year ended 30 June 2023


4. Tangible fixed assets - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£
Cost
Additions 40,265
At 30 June 2023 40,265
Depreciation
Charge for year 10,066
At 30 June 2023 10,066
Net book value
At 30 June 2023 30,199

5. Debtors: amounts falling due within one year
30/6/23 30/6/22
£ £
Trade debtors 12,951 41,259
Other debtors 34,118 37,179
47,069 78,438

6. Creditors: amounts falling due within one year
30/6/23 30/6/22
£ £
Bank loans and overdrafts 37,038 48,136
Hire purchase contracts 9,199 -
Trade creditors 136,781 38,698
Taxation and social security 14,688 12,471
Other creditors 358,647 480,880
556,353 580,185

Included in other creditors above are loans of £149,724 (2022 - £211,518) from J V Smith and £192,844 (2022 - £263,428) from Dr H G Smith, the company directors and shareholders.

7. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 30/6/23 30/6/22
value: £ £
2 ordinary 1 2 2



W J SMITH & SONS LIMITED (REGISTERED NUMBER: 11369961)

Notes to the Financial Statements - continued
for the year ended 30 June 2023


8. Reserves
Retained
earnings
£

At 1 July 2022 218,706
Profit for the year 82,261
At 30 June 2023 300,967

9. Other financial commitments

At 30 June 2023, the company was committed to annual expenditure of £98,740 (2022 - £98,740) in respect of farm rental.