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Registration number: 05688296

David A Smith Ltd

Annual Report and Unaudited Financial Statements

For The Year Ended 31 January 2024

 

David A Smith Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

David A Smith Ltd

(Registration number: 05688296)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

           

Fixed assets

   

 

Tangible assets

5

 

40,612

 

11,392

Current assets

   

 

Stocks

6

400

 

400

 

Debtors

7

6,025

 

10,014

 

Cash at bank and in hand

 

1,020

 

3,435

 

 

7,445

 

13,849

 

Creditors: Amounts falling due within one year

8

(6,818)

 

(13,511)

 

Net current assets

   

627

 

338

Total assets less current liabilities

   

41,239

 

11,730

Creditors: Amounts falling due after more than one year

8

 

(33,301)

 

(9,366)

Provisions for liabilities

 

(7,716)

 

(2,164)

Net assets

   

222

 

200

Capital and reserves

   

 

Called up share capital

9

1

 

1

 

Profit and loss account

221

 

199

 

Total equity

   

222

 

200

 

David A Smith Ltd

(Registration number: 05688296)
Balance Sheet as at 31 January 2024

For the financial year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 10 April 2024
 

.........................................
Mr David Andrew Smith
Director

 

David A Smith Ltd

Notes to the Unaudited Financial Statements For The Year Ended 31 January 2024

1

General information

The company is a private company limited by share capital, incorporated in Other.

The address of its registered office is:
11 Hayton Wood View
Aberford
Leeds
Yorkshire
LS25 3AN

The principal place of business is:
11 Hayton Wood View
Aberford
Leeds
Yorkshire
LS25 3AN

These financial statements were authorised for issue by the director on 10 April 2024.

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 except that as disclosed in the accounting policies certain items are shown at fair value.

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 sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/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.

 

David A Smith Ltd

Notes to the Unaudited Financial Statements For The Year Ended 31 January 2024

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, 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 in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

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

Asset class

Depreciation method and rate

Commercial motor vehicles

25% Reducing balance

Office equipment

25% Straight line

Plant & machinery

15% Reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

 

David A Smith Ltd

Notes to the Unaudited Financial Statements For The Year Ended 31 January 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2023 - 1).

 

David A Smith Ltd

Notes to the Unaudited Financial Statements For The Year Ended 31 January 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 February 2023

5,000

5,000

At 31 January 2024

5,000

5,000

Amortisation

At 1 February 2023

5,000

5,000

At 31 January 2024

5,000

5,000

Carrying amount

At 31 January 2024

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 February 2023

1,624

25,199

7,523

34,346

Additions

-

53,388

-

53,388

Disposals

-

(25,199)

-

(25,199)

At 31 January 2024

1,624

53,388

7,523

62,535

Depreciation

At 1 February 2023

1,105

14,569

7,280

22,954

Charge for the year

130

13,347

61

13,538

Eliminated on disposal

-

(14,569)

-

(14,569)

At 31 January 2024

1,235

13,347

7,341

21,923

Carrying amount

At 31 January 2024

389

40,041

182

40,612

At 31 January 2023

519

10,630

243

11,392

 

David A Smith Ltd

Notes to the Unaudited Financial Statements For The Year Ended 31 January 2024

6

Stocks

2024
£

2023
£

Other inventories

400

400

7

Debtors

Current

2024
£

2023
£

Trade debtors

1,333

214

Other debtors

4,692

9,800

 

6,025

10,014

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Loans and borrowings

5,798

5,847

Taxation and social security

-

6,644

Other creditors

1,020

1,020

6,818

13,511

Due after one year

Loans and borrowings

33,301

9,366

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

33,301

9,366

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

1

1

1

1