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Registered number:  00339722














J.J. SMITH & CO. (WOODWORKING MACHINERY) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


 
J.J. SMITH & CO. (WOODWORKING MACHINERY) LIMITED
REGISTERED NUMBER: 00339722

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
14,044
21,067

Tangible assets
 5 
662,075
455,798

  
676,119
476,865

Current assets
  

Stocks
 8 
1,785,728
1,978,004

Debtors: amounts falling due within one year
 9 
430,712
1,351,694

Cash at bank and in hand
 10 
2,058,551
2,195,346

  
4,274,991
5,525,044

Creditors: amounts falling due within one year
 11 
(2,549,161)
(3,791,468)

Net current assets
  
 
 
1,725,830
 
 
1,733,576

Total assets less current liabilities
  
2,401,949
2,210,441

Creditors: amounts falling due after more than one year
  
(39,776)
-

Provisions for liabilities
  

Deferred tax
 15 
(142,089)
(97,978)

  
 
 
(142,089)
 
 
(97,978)

Pension asset
  
352,000
352,000

Net assets
  
2,572,084
2,464,463


Capital and reserves
  

Called up share capital 
  
342,900
342,900

Capital redemption reserve
  
52,500
52,500

Profit and loss account
  
2,176,684
2,069,063

  
2,572,084
2,464,463


Page 1

 
J.J. SMITH & CO. (WOODWORKING MACHINERY) LIMITED
REGISTERED NUMBER: 00339722
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 March 2024.




Dr R H Baker
Director

The notes on pages 5 to 22 form part of these financial statements.

Page 2

 
J.J. SMITH & CO. (WOODWORKING MACHINERY) LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£

At 1 January 2023
342,900
52,500
2,069,063
2,464,463


Comprehensive income for the year

Profit for the year

-
-
148,913
148,913

Actuarial losses on pension scheme
-
-
(30,750)
(30,750)


Other comprehensive income for the year
-
-
(30,750)
(30,750)


Total comprehensive income for the year
-
-
118,163
118,163


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(10,542)
(10,542)


Total transactions with owners
-
-
(10,542)
(10,542)


At 31 December 2023
342,900
52,500
2,176,684
2,572,084


The notes on pages 5 to 22 form part of these financial statements.

Page 3

 
J.J. SMITH & CO. (WOODWORKING MACHINERY) LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£

At 1 January 2022
342,900
52,500
1,823,600
2,219,000


Comprehensive income for the year

Profit for the year

-
-
307,755
307,755

Actuarial losses on pension scheme
-
-
(51,750)
(51,750)


Other comprehensive income for the year
-
-
(51,750)
(51,750)


Total comprehensive income for the year
-
-
256,005
256,005


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(10,542)
(10,542)


Total transactions with owners
-
-
(10,542)
(10,542)


At 31 December 2022
342,900
52,500
2,069,063
2,464,463


The notes on pages 5 to 22 form part of these financial statements.

Page 4

 
J.J. SMITH & CO. (WOODWORKING MACHINERY) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

J. J. Smith & Co. (Woodworking Machinery) Limited is a private company limited by shares and is registered and incorporated in England and Wales. The registered office is Moorgate Road, Knowsley Industrial Park, Kirkby, Liverpool, L33 7DR.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 5

 
J.J. SMITH & CO. (WOODWORKING MACHINERY) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Operating leases: the Company as lessee

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

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 6

 
J.J. SMITH & CO. (WOODWORKING MACHINERY) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Defined benefit pension plan

The Company operates a defined benefit plan for certain employees. A defined benefit plan defines the pension benefit that the employee will receive on retirement, usually dependent upon several factors including but not limited to age, length of service and remuneration. A defined benefit plan is a pension plan that is not a defined contribution plan.

The liability recognised in the Balance sheet in respect of the defined benefit plan is the present value of the defined benefit obligation at the end of the balance sheet date less the fair value of plan assets at the balance sheet date (if any) out of which the obligations are to be settled.

The fair value of plan assets is measured in accordance with the FRS102 fair value hierarchy and in accordance with the Company's policy for similarly held assets. This includes the use of appropriate valuation techniques.

Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income. These amounts together with the return on plan assets, less amounts included in net interest, are disclosed as 'Remeasurement of net defined benefit liability'.

The cost of the defined benefit plan, recognised in profit or loss as employee costs, except where included in the cost of an asset, comprises:

a) the increase in net pension benefit liability arising from employee service during the period; and

b) the cost of plan introductions, benefit changes, curtailments and settlements.

The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is recognised in profit or loss as a 'finance expense'.

Page 7

 
J.J. SMITH & CO. (WOODWORKING MACHINERY) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 8

 
J.J. SMITH & CO. (WOODWORKING MACHINERY) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
Nil
Long-term leasehold property
-
10 - 50%
Plant and machinery
-
5 - 33%
Motor vehicles
-
25%
Fixtures and fittings
-
5 - 33%

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

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 9

 
J.J. SMITH & CO. (WOODWORKING MACHINERY) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.16

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the
Page 10

 
J.J. SMITH & CO. (WOODWORKING MACHINERY) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.16
Financial instruments (continued)

impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 11

 
J.J. SMITH & CO. (WOODWORKING MACHINERY) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Employees
40
38


4.


Intangible assets




Website costs

£



Cost


At 1 January 2023
28,090



At 31 December 2023

28,090



Amortisation


At 1 January 2023
7,023


Charge for the year on owned assets
7,023



At 31 December 2023

14,046



Net book value



At 31 December 2023
14,044



At 31 December 2022
21,067



Page 12

 
J.J. SMITH & CO. (WOODWORKING MACHINERY) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Freehold property
Leasehold improve
Plant and machinery
Motor vehicles
Fixtures and fittings

£
£
£
£
£



Cost or valuation


At 1 January 2023
4,000
92,140
120,101
679,045
253,923


Additions
-
42,288
3,115
347,049
14,516


Disposals
-
-
-
(173,532)
-



At 31 December 2023

4,000
134,428
123,216
852,562
268,439



Depreciation


At 1 January 2023
-
30,657
100,168
387,894
174,693


Charge for the year on owned assets
-
8,946
12,947
131,532
23,766


Charge for the year on financed assets
-
-
-
1,947
-


Disposals
-
-
-
(151,980)
-



At 31 December 2023

-
39,603
113,115
369,393
198,459



Net book value



At 31 December 2023
4,000
94,825
10,101
483,169
69,980



At 31 December 2022
4,000
61,483
19,934
291,151
79,230
Page 13

 
J.J. SMITH & CO. (WOODWORKING MACHINERY) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

           5.Tangible fixed assets (continued)


Total

£



Cost or valuation


At 1 January 2023
1,149,209


Additions
406,968


Disposals
(173,532)



At 31 December 2023

1,382,645



Depreciation


At 1 January 2023
693,412


Charge for the year on owned assets
177,191


Charge for the year on financed assets
1,947


Disposals
(151,980)



At 31 December 2023

720,570



Net book value



At 31 December 2023
662,075



At 31 December 2022
455,798

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Motor vehicles
48,973
-

48,973
-

Page 14

 
J.J. SMITH & CO. (WOODWORKING MACHINERY) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:
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7.


Joint ventures

Details of the company's joint ventures at 31 December 2023 are as follows:
ole7e63.png


8.


Stocks

2023
2022
£
£

Finished goods and goods for resale
1,785,728
1,978,004

1,785,728
1,978,004



9.


Debtors

2023
2022
£
£


Trade debtors
273,695
1,216,131

Other debtors
54,009
59,474

Prepayments and accrued income
103,008
76,089

430,712
1,351,694


Page 15

 
J.J. SMITH & CO. (WOODWORKING MACHINERY) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
2,058,551
2,195,346

2,058,551
2,195,346



11.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
190,613
491,010

Other taxation and social security
611,971
438,225

Obligations under finance lease and hire purchase contracts
8,915
-

Other creditors
713,336
1,887,521

Accruals and deferred income
1,024,326
974,712

2,549,161
3,791,468



12.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
39,776
-

39,776
-


The following liabilities were secured:

2023
2022
£
£



Net obligations under finance leases and hire purchase contracts
48,691
-

48,691
-

Details of security provided:

Net obligations under finance leases and hire purchase contracts are secured on the asset concerned.

Page 16

 
J.J. SMITH & CO. (WOODWORKING MACHINERY) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
9,747
-

Between 1-5 years
41,164
-

50,911
-


14.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
2,058,551
2,195,346




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.

Page 17

 
J.J. SMITH & CO. (WOODWORKING MACHINERY) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Deferred taxation




2023
2022


£

£






At beginning of year
(97,978)
(28,794)


Charged to profit or loss
(54,361)
(86,434)


Charged to other comprehensive income
10,250
17,250



At end of year
(142,089)
(97,978)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
69,087
67,669

Short term timing differences
100,502
86,159

Retirement benefit obligations
(27,500)
(55,850)

142,089
97,978


16.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



330,000 (2022 - 330,000) A Ordinary shares of £1.00 each
330,000
330,000
12,900 (2022 - 12,900) Cumulative Preference shares of £1.00 each
12,900
12,900

342,900

342,900



17.


Reserves

Capital redemption reserve

The capital redemption reserve is a non-distributable reserve that comprises the par value of share capital redeemed by the company.

Profit and loss account

The profit and loss reserves comprise earnings net of distributions to owners.

Page 18

 
J.J. SMITH & CO. (WOODWORKING MACHINERY) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.


Pension commitments

The Company operates a defined contributions pension scheme. 
The assets of the scheme are held separately from those of the Company in an independently administered fund. 
The pension cost charge represents contributions payable by the Company  to the fund and amounted to £38,134 (2022 - £34,822) . 
Contributions totalling £7,879 (2022 - £7,364) were payable to the fund at the balance sheet date and are included in creditors.

The Company operates a Defined benefit pension scheme for qualifying employees..

No other post-retirement benefits are provided.
The scheme is closed to future accrual.
The most recent comprehensive actuarial valuation of the plan assets and the present value of the defined benefit obligation was carried out at 31st December 2023.



Reconciliation of present value of plan liabilities:


2023
2022
£
£

Reconciliation of present value of plan liabilities


At the beginning of the year
5,556,000
6,528,000

Interest cost
248,000
122,000

Actuarial gains/losses
35,000
(882,000)

Benefits paid
(377,000)
(212,000)

At the end of the year
5,462,000
5,556,000


Composition of plan liabilities:


2023
2022
£
£


Wholly or partly funded obligations
5,462,000
5,556,000

Total plan liabilities
5,462,000
5,556,000


Page 19

 
J.J. SMITH & CO. (WOODWORKING MACHINERY) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
18.Pension commitments (continued)


Reconciliation of present value of plan assets:


2023
2022
£
£


At the beginning of the year
5,908,000
6,844,000

Current service cost
264,000
129,000

Actuarial gains/losses
(6,000)
(951,000)

Contributions
25,000
98,000

Benefits paid
(377,000)
(212,000)

At the end of the year
5,814,000
5,908,000


Composition of plan assets:


2023
2022
£
£


Equity instruments
4,850,000
4,910,000

Cash
12,000
12,000

Annuities
952,000
986,000

Total plan assets
5,814,000
5,908,000

2023
2022
£
£


Fair value of plan assets
5,814,000
5,908,000

Present value of plan liabilities
(5,462,000)
(5,556,000)

Net pension scheme asset
352,000
352,000

Page 20

 
J.J. SMITH & CO. (WOODWORKING MACHINERY) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
18.Pension commitments (continued)



2023
2022
£
£

The amounts recognised in profit or loss are as follows:


Net interest on net defined benefit liability/(asset)
(16,000)
(7,000)

Total
(16,000)
(7,000)

Amounts taken to other comprehensive income


Actual return on scheme assets
(258,000)
822,000

Calculated interest element
264,000
129,000

Actuarial changes related to obligations
35,000
(882,000)

Total costs/(income)
41,000
69,000





Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):

2023
2022
%
%
Discount rate


4.3

4.8
 
Expected rates of increase of pensions in payment


3.1

3.2
 
Inflation: RPI


3.4

3.5
 
Statutory revaluation: CPI


2.2

2.0
 
Mortality assumptions



 
Assumed life expectations on retirement at age


77.2

77.7
 





Page 21

 
J.J. SMITH & CO. (WOODWORKING MACHINERY) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

19.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
46,377
38,556

Later than 1 year and not later than 5 years
60,423
76,167

106,800
114,723


20.


Related party transactions

During the year the company entered into the following transactions with related parties:


2023
Sales
2023
Purchases
2022
Sales
2022
Purchases
£
£
£
£

Entities over which the entity has control, joint
control or significant influence
1,156,556
13,649
1,390,859
26,826

 
Page 22