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Registrar

Registration number: 00930506

Smith & Watts Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2023

 

Smith & Watts Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Smith & Watts Limited

Company Information

Directors

P J Wright

P J Wright

S J Olymbios

Company secretary

P J Wright

Registered office

3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

Bankers

Lloyds plc
1 Legg Street
Chelmsford
Essex
CM1 1JS

Accountants

Lambert Chapman LLP
Chartered accountants
3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

 

Smith & Watts Limited

(Registration number: 00930506)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

346,522

354,895

Investments

5

1,181,444

1,144,927

 

1,527,966

1,499,822

Current assets

 

Stocks

6

6,694

7,260

Debtors

7

126,165

108,710

Cash at bank and in hand

 

856,223

834,888

 

989,082

950,858

Creditors: Amounts falling due within one year

8

(232,367)

(199,547)

Net current assets

 

756,715

751,311

Total assets less current liabilities

 

2,284,681

2,251,133

Provisions for liabilities

(11,630)

(10,430)

Net assets

 

2,273,051

2,240,703

Capital and reserves

 

Called up share capital

9

12,766

12,766

Share premium reserve

154,146

154,146

Retained earnings

2,106,139

2,073,791

Shareholders' funds

 

2,273,051

2,240,703

For the financial year ended 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Smith & Watts Limited

(Registration number: 00930506)
Balance Sheet as at 30 September 2023

Approved and authorised by the Board on 16 February 2024 and signed on its behalf by:
 

P J Wright
Company secretary and director

 

Smith & Watts Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is: 3 Warners Mill, Silks Way, Braintree, Essex, CM7 3GB, United Kingdom.

The principal place of business is: Smith & Watts Ltd, Ipswich Road, Kingsland Road, Colchester, Essex, CO4 0AD, United Kingdom.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

These financial statements are presented in Sterling (£), which is the company's functional currency.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of printing services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
- the amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity;
- and specific criteria have been met for each of the company's activities.

 

Smith & Watts Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Tax

Current Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on material temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.

Depreciation

Depreciation is charged so as to write off the cost or valuation of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% Reducing balance

Fixtures and fittings

10% Reducing balance

Motor vehicles

25% Reducing balance

Land and Buildings have not been depreciated. Although this is a departure from the Companies Act, the directors consider that the depreciation would be immaterial to the accounts and the market value would be in excess of the original cost in the accounts.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from customers for printing services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

 

Smith & Watts Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Share capital

Ordinary shares are classified as equity.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2022 - 9).

4

Tangible assets

Land and buildings
£

Fixtures and fittings
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 October 2022

300,000

22,243

27,996

640,993

991,232

Additions

-

-

-

5,000

5,000

At 30 September 2023

300,000

22,243

27,996

645,993

996,232

Depreciation

At 1 October 2022

-

18,574

20,886

596,877

636,337

Charge for the year

-

359

1,777

11,237

13,373

At 30 September 2023

-

18,933

22,663

608,114

649,710

Carrying amount

At 30 September 2023

300,000

3,310

5,333

37,879

346,522

At 30 September 2022

300,000

3,669

7,110

44,116

354,895

In the opinion of the directors, the market value of the freehold land and buildings is considered not to be less than the book value as shown in these accounts.

 

Smith & Watts Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

5

Investments

2023
£

2022
£

FA Investment - brought forward

1,144,927

1,380,157

FA Investment - revaluation during the year

9,501

(224,683)

FA investment - additions

144,670

75,868

FA investment - disposals

(117,654)

(86,415)

1,181,444

1,144,927

Fixed asset investments were valued on an open market basis on 30 September 2023 by Walker Crips Stockbrokers Limited.

6

Stocks

2023
£

2022
£

Stocks

6,694

7,260

7

Debtors

2023
£

2022
£

Trade debtors

45,047

24,648

Prepayments

19,830

18,089

Other debtors

61,288

65,973

126,165

108,710

 

Smith & Watts Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

25,067

36,841

Taxation and social security

15,502

4,156

Accruals and deferred income

4,845

4,059

Other creditors

186,953

154,491

232,367

199,547

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

12,766

12,766

12,766

12,766

         

10

Related party transactions

During the year the company bought services from a partnership comprising two of the directors totalling £5,800 (2022: £8,900). As at the balance sheet date the company owed the partnership £5,000 (2022: £4,800).