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COMPANY REGISTRATION NUMBER: 07588082
Smith Booze Limited
Filleted Unaudited Financial Statements
31 October 2023
Smith Booze Limited
Financial Statements
Year ended 31 October 2023
Contents
Pages
Balance sheet
1 to 2
Notes to the financial statements
3 to 8
Smith Booze Limited
Balance Sheet
31 October 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
6
13,480
23,238
Current assets
Stocks
67,000
74,328
Cash at bank and in hand
72,062
61,860
---------
---------
139,062
136,188
Creditors: amounts falling due within one year
7
91,645
84,489
---------
---------
Net current assets
47,417
51,699
--------
--------
Total assets less current liabilities
60,897
74,937
Creditors: amounts falling due after more than one year
8
3,735
23,457
Provisions
Taxation including deferred tax
3,000
4,500
--------
--------
Net assets
54,162
46,980
--------
--------
Capital and reserves
Called up share capital
1
1
Profit and loss account
54,161
46,979
--------
--------
Shareholders funds
54,162
46,980
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit & loss account has not been delivered.
For the year ending 31 October 2023 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Smith Booze Limited
Balance Sheet (continued)
31 October 2023
These financial statements were approved by the board of directors and authorised for issue on 18 January 2024 , and are signed on behalf of the board by:
Mr A P Smith
Director
Company registration number: 07588082
Smith Booze Limited
Notes to the Financial Statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 447 West Street, Crewe, Cheshire, CW1 3HZ. The company registration number is 07588082 .
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.
Judgements and key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: As described in the accounting policies of the financial statements, depreciation of tangible assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take in to account actual asset lives and residual values as evidenced by disposals during current and prior accounting periods.
Revenue recognition
Turnover comprises the value of sales (exclusive of VAT) of goods provided in the normal course of business. Revenue is recognised when goods are sold as per the till records, at which point the risks and rewards of ownership pass to the buyer.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures & Fittings
-
20% reducing balance
Motor vehicles
-
20% straight line
Computer Equipment
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stock is valued at the lower of cost and net realisable value. Cost represents the purchase invoice price. Net realisable value is the estimated proceeds from the sale of stock items, less all future costs to completion, costs to be incurred in marketing, selling and distributing.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. The basic financial instruments of the company are as follows: Debtors Debtors do not carry any interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired. Cash at bank and in hand This comprises cash at bank and in hand. Trade creditors Trade creditors are not interest bearing and are stated at their nominal value.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 15 (2022: 16 ).
5. Intangible assets
Goodwill
£
Cost
At 1 November 2022 and 31 October 2023
185,000
---------
Amortisation
At 1 November 2022 and 31 October 2023
185,000
---------
Carrying amount
At 31 October 2023
---------
At 31 October 2022
---------
Goodwill relates to the transfer of the sole trader business relating to West Street in July 2011, and the acquisition of Haslington which the business acquired in November 2013, for which the director considers the useful economic life to be 5 years.
6. Tangible assets
Fixtures and fittings
Motor vehicles
Computer Equipment
Total
£
£
£
£
Cost
At 1 November 2022 and 31 October 2023
43,142
39,315
454
82,911
--------
--------
----
--------
Depreciation
At 1 November 2022
33,664
25,555
454
59,673
Charge for the year
1,895
7,863
9,758
--------
--------
----
--------
At 31 October 2023
35,559
33,418
454
69,431
--------
--------
----
--------
Carrying amount
At 31 October 2023
7,583
5,897
13,480
--------
--------
----
--------
At 31 October 2022
9,478
13,760
23,238
--------
--------
----
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
24,455
43,757
Corporation tax
21,403
15,024
Social security and other taxes
18,338
12,457
Other creditors
27,449
13,251
--------
--------
91,645
84,489
--------
--------
Included in creditors due within one year are hire purchase liabilities of £17,775 (2022 - £3,904) which are secured against the assets being financed. Natwest Bank PLC holds a fixed and floating charge over the undertaking and property at Waterloo Road, Haslington.
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
3,735
5,682
Other creditors
17,775
-------
--------
3,735
23,457
-------
--------
Natwest Bank PLC holds a fixed and floating charge over the undertaking and property at Waterloo Road, Haslington.
Included in creditors due after more than one year are hire purchase liabilities of £nil (2022 - £17,775) which are secured against the assets being financed.
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
7,200
----
-------
10. Related party transactions
The director has provided a personal guarantee of £25,000 for the bank overdraft facility. The director has provided a personal guarantee for the loan in favour of Funding Circle of £9,000. The director owns one of the properties personally from which the business trades and no rent has been paid to him during the year.