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Registered Number: 05545376
England and Wales

 

 

 


Abridged Accounts

for the year ended 31 August 2023

for

P & C DALEY-SMITH LTD

Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of P & C Daley-Smith Ltd for the year ended 31 August 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of P & C Daley-Smith Ltd for the year ended 31 August 2023 which comprise of the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the companys 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 www.icaew.com/en/members/regulations-standards-and-guidance.
This report is made solely to the Board of Directors of P & C Daley-Smith Ltd , as a body, in accordance with the terms of our engagement letter dated 13 March 2024.

Our work has been undertaken solely to prepare for your approval the accounts of P & C Daley-Smith Ltd and state those matters that we have agreed to state to the Board of Directors of P & C Daley-Smith Ltd , as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than P & C Daley-Smith Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that P & C Daley-Smith Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of P & C Daley-Smith Ltd . You consider that P & C Daley-Smith 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 accounts of P & C Daley-Smith 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 accounts



....................................................
J W Smith & Co Ltd - Scarborough
Hopper Hill Road
Scarborough Business Park
Scarborough
North Yorkshire
YO11 3YS
13 March 2024
1
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Intangible fixed assets 3 195,551   
Tangible fixed assets 4 219,944    159,361 
415,495    159,361 
Current assets      
Stocks 60,000    35,000 
Debtors 195,338    193,078 
Cash at bank and in hand 52,929    113,425 
308,267    341,503 
Creditors: amount falling due within one year (346,623)   (140,164)
Net current liabilities (38,356)   201,339 
 
Total assets less current liabilities 377,139    360,700 
Creditors: amount falling due after more than one year (43,625)   (55,428)
Provisions for liabilities (168)  
Net assets 333,346    305,272 
 

Capital and reserves
     
Called up share capital 100    100 
Profit and loss account 333,246    305,172 
Shareholder's funds 333,346    305,272 
 


For the year ended 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. 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.
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 to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 13 March 2024 and were signed on its behalf by:


-------------------------------
Paul Daley Smith
Director
2
General Information
P & C Daley-Smith Ltd is a private company, limited by shares, registered in England and Wales, registration number 05545376, registration address J W S Hopper Hill Road , Scarborough Business Park , Scarborough, North Yorkshire , YO11 3YS.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
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 (as applied to small entities by Section 1A of the standard)
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Goodwill
Acquired goodwill is stated at cost less amortisation. The directors evaluate the value of goodwill at each year aned and any diminution in value is taken directly to profit and loss account.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Motor Vehicles 25 Reducing Balance
Fixtures and Fittings 15 Reducing Balance
Computer Equipment 33 Reducing Balance
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and depreciated over the shorter of the lease term and their estimated expected useful lives.
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 8 (2022 : 4).
3.

Intangible fixed assets

Cost Goodwill   Patents   Total
  £   £   £
At 01 September 2022 40,602    6,000    46,602 
Additions 195,551      195,551 
Disposals    
At 31 August 2023 236,153    6,000    242,153 
Amortisation
At 01 September 2022 40,602    6,000    46,602 
Charge for year    
On disposals    
At 31 August 2023 40,602    6,000    46,602 
Net book values
At 31 August 2023 195,551      195,551 
At 31 August 2022    


4.

Tangible fixed assets

Cost or valuation Motor Vehicles   Fixtures and Fittings   Computer Equipment   Total
  £   £   £   £
At 01 September 2022 316,104    43,769    3,497    363,370 
Additions 146,127    17,852    867    164,846 
Disposals (37,934)       (37,934)
At 31 August 2023 424,297    61,621    4,364    490,282 
Depreciation
At 01 September 2022 176,213    24,299    3,497    204,009 
Charge for year 80,242    5,598    286    86,126 
On disposals (19,797)       (19,797)
At 31 August 2023 236,658    29,897    3,783    270,338 
Net book values
Closing balance as at 31 August 2023 187,639    31,724    581    219,944 
Opening balance as at 01 September 2022 139,891    19,470      159,361 


3