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Registration number: 01323036

Smithsons (Motor Factors) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Smithsons (Motor Factors) Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Smithsons (Motor Factors) Limited

(Registration number: 01323036)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fiixed assets

 

Tangible assets

4

93,496

98,271

Other financial assets

25,844

25,844

 

119,340

124,115

Current assets

 

Stocks

5

286,451

231,881

Debtors

6

217,355

200,241

Cash at bank and in hand

 

398,467

368,863

 

902,273

800,985

Creditors: Amounts falling due within one year

7

(476,505)

(442,660)

Net current assets

 

425,768

358,325

Total assets less current liabilities

 

545,108

482,440

Provisions for liabilities

(430)

(549)

Net assets

 

544,678

481,891

Capital and reserves

 

Called up share capital

8

2,000

2,000

Revaluation reserve

75,507

75,507

Retained earnings

467,171

404,384

Shareholders' funds

 

544,678

481,891

For the financial year ending 31 March 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.

Approved and authorised by the Board on 14 December 2023 and signed on its behalf by:
 

 

Smithsons (Motor Factors) Limited

(Registration number: 01323036)
Balance Sheet as at 31 March 2023

.........................................
Mr D Hurst
Director

 

Smithsons (Motor Factors) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

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

The address of its registered office is:
Uttoxeter Road
Longton
Stoke-on-Trent
Staffordshire
ST3 1PX

These financial statements were authorised for issue by the Board on 14 December 2023.

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.

Tax

The tax expense for the period comprises current and 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.

 

Smithsons (Motor Factors) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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

Freehold Property

Staight Line 2%

Plant & Machinery

Reducing Balance 20%

Motor Vehicles

Reducing Balance 25%

Computer Equipment

Reducing Balance 25%

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

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

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

 

Smithsons (Motor Factors) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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. The shar capital shown on the balance sheet is allocated, called up and fully paid.

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 directors) during the year, was 6 (2022 - 6).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Cost or valuation

At 1 April 2022

207,500

56,770

13,900

71,619

At 31 March 2023

207,500

56,770

13,900

71,619

Depreciation

At 1 April 2022

111,930

55,621

13,336

70,631

Charge for the year

4,150

287

141

197

At 31 March 2023

116,080

55,908

13,477

70,828

Carrying amount

At 31 March 2023

91,420

862

423

791

At 31 March 2022

95,570

1,149

564

988

 

Smithsons (Motor Factors) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Total
£

Cost or valuation

At 1 April 2022

349,789

At 31 March 2023

349,789

Depreciation

At 1 April 2022

251,518

Charge for the year

4,775

At 31 March 2023

256,293

Carrying amount

At 31 March 2023

93,496

At 31 March 2022

98,271

Included within the net book value of land and buildings above is £91,420 (2022 - £95,570) in respect of freehold land and buildings.
 

5

Stocks

2023
£

2022
£

Other inventories

286,451

231,881

6

Debtors

Current

2023
£

2022
£

Trade debtors

213,355

196,241

Prepayments

4,000

4,000

 

217,355

200,241

 

Smithsons (Motor Factors) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

171,006

153,163

Taxation and social security

37,869

32,344

Accruals and deferred income

3,887

3,465

Other creditors

263,743

253,688

476,505

442,660

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary share of £1 each

2,000

2,000

2,000

2,000