BrightAccountsProduction v1.0.0 v1.0.0 2022-09-01 The company was not dormant during the period The company was trading for the entire period Unaudited Accounts Principal activity of the company is retail sale in non-specialised stores with food, beverages or tobacco predominating 23 January 2024 60 71 NI647643 2023-08-31 NI647643 2022-08-31 NI647643 2021-08-31 NI647643 2022-09-01 2023-08-31 NI647643 2021-09-01 2022-08-31 NI647643 uk-bus:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 NI647643 uk-curr:PoundSterling 2022-09-01 2023-08-31 NI647643 uk-bus:AbridgedAccounts 2022-09-01 2023-08-31 NI647643 uk-core:ShareCapital 2023-08-31 NI647643 uk-core:ShareCapital 2022-08-31 NI647643 uk-core:RetainedEarningsAccumulatedLosses 2023-08-31 NI647643 uk-core:RetainedEarningsAccumulatedLosses 2022-08-31 NI647643 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-08-31 NI647643 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2022-08-31 NI647643 uk-bus:FRS102 2022-09-01 2023-08-31 NI647643 uk-core:Goodwill 2022-09-01 2023-08-31 NI647643 uk-core:LandBuildings 2022-09-01 2023-08-31 NI647643 uk-core:PlantMachinery 2022-09-01 2023-08-31 NI647643 uk-core:FurnitureFittingsToolsEquipment 2022-09-01 2023-08-31 NI647643 uk-core:MotorVehicles 2022-09-01 2023-08-31 NI647643 uk-core:Goodwill 2022-08-31 NI647643 uk-core:Goodwill 2023-08-31 NI647643 2022-09-01 2023-08-31 NI647643 uk-bus:Director1 2022-09-01 2023-08-31 NI647643 uk-bus:AuditExempt-NoAccountantsReport 2022-09-01 2023-08-31 xbrli:pure iso4217:GBP xbrli:shares
 
 
 
Smyth's Eurospar Limited
 
Abridged Unaudited Financial Statements
 
for the financial year ended 31 August 2023



Smyth's Eurospar Limited
Company Registration Number: NI647643
ABRIDGED BALANCE SHEET
as at 31 August 2023

2023 2022
Notes £ £
 
Fixed Assets
Intangible assets 4 98,575 105,575
Tangible assets 5 1,528,786 1,545,008
───────── ─────────
1,627,361 1,650,583
───────── ─────────
 
Current Assets
Stocks 130,889 98,420
Debtors 79,051 40,975
Cash and cash equivalents 104,029 83,589
───────── ─────────
313,969 222,984
───────── ─────────
Creditors: amounts falling due within one year (469,867) (396,133)
───────── ─────────
Net Current Liabilities (155,898) (173,149)
───────── ─────────
Total Assets less Current Liabilities 1,471,463 1,477,434
 
Creditors:
amounts falling due after more than one year (1,026,589) (1,072,948)
 
Provisions for liabilities (18,653) (20,937)
───────── ─────────
Net Assets 426,221 383,549
═════════ ═════════
 
Capital and Reserves
Called up share capital 1,000 1,000
Retained earnings 425,221 382,549
───────── ─────────
Equity attributable to owners of the company 426,221 383,549
═════════ ═════════
 
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).
           
All of the members have consented to the preparation of abridged accounts in accordance with section 444(2A) of the Companies Act 2006.
           
The company has taken advantage of the exemption under section 444 not to file the Abridged Profit and Loss Account and Directors' Report.
For the financial year ended 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The directors confirm that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
           
Approved by the Board and authorised for issue on 23 January 2024 and signed on its behalf by
           
           
________________________________          
Mr. Samuel Smyth          
Director          
           



Smyth's Eurospar Limited
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS
for the financial year ended 31 August 2023

   
1. General Information
 
Smyth's Eurospar Limited is a company limited by shares incorporated and registered in Northern Ireland. The registered number of the company is NI647643. The registered office of the company is 22 John Street, Ballymoney, Co Antrim, BT53 6DS. Principal activity of the company is retail sale in non-specialised stores with food, beverages or tobacco predominating The financial statements have been presented in Pound (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the financial year ended 31 August 2023 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Turnover
Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.
 
Intangible assets
 
Goodwill
Purchased goodwill arising on the acquisition of a business represents the excess of the acquisition cost over the fair value of the identifiable net assets including other intangible fixed assets when they were acquired. Purchased goodwill is capitalised in the Balance Sheet and amortised on a straight line basis over its economic useful life of 20 years, which is estimated to be the period during which benefits are expected to arise.  On disposal of a business any goodwill not yet amortised is included in determining the profit or loss on sale of the business.
 
Tangible assets and depreciation
Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:
 
  Land and buildings freehold - 0% Straight line
  Plant and machinery - 25% Reducing Balance
  Fixtures, fittings and equipment - 25% Reducing Balance
  Motor vehicles - 25% Reducing Balance
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Leasing and hire purchases
Tangible assets held under leasing and Hire Purchases arrangements which transfer substantially all the risks and rewards of ownership to the company are capitalised and included in the Balance Sheet at their cost or valuation, less depreciation. The corresponding commitments are recorded as liabilities. Payments in respect of these obligations are treated as consisting of capital and interest elements, with interest charged to the Profit and Loss Account.
 
Stocks
Stocks are valued at the lower of cost and net realisable value. Stocks are determined on a first-in first-out basis. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition.  Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Borrowing costs
Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
 
Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Employee benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The company also operates a defined benefit pension scheme for its employees providing benefits based on final pensionable pay. The assets of this scheme are also held separately from those of the company, being invested with pension fund managers.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
       
3. Employees
 
The average monthly number of employees, including directors, during the financial year was 60, (2022 - 71).
 
  2023 2022
  Number Number
 
Staff 60 71
  ═════════ ═════════
       
4. Intangible assets
     
  Goodwill Total
  £ £
Cost
At 1 September 2022 140,000 140,000
  ───────── ─────────
 
At 31 August 2023 140,000 140,000
  ───────── ─────────
Amortisation
At 1 September 2022 34,425 34,425
Charge for financial year 7,000 7,000
  ───────── ─────────
At 31 August 2023 41,425 41,425
  ───────── ─────────
Net book value
At 31 August 2023 98,575 98,575
  ═════════ ═════════
At 31 August 2022 105,575 105,575
  ═════════ ═════════
             
5. Tangible assets
  Land and Plant and Fixtures, Motor Total
  buildings machinery fittings and vehicles  
  freehold   equipment    
  £ £ £ £ £
Cost
At 1 September 2022 1,411,459 73,232 695,139 15,365 2,195,195
Additions - 13,777 7,479 - 21,256
  ───────── ───────── ───────── ───────── ─────────
At 31 August 2023 1,411,459 87,009 702,618 15,365 2,216,451
  ───────── ───────── ───────── ───────── ─────────
Depreciation
At 1 September 2022 - 24,190 613,701 12,296 650,187
Charge for the financial year - 14,779 21,932 767 37,478
  ───────── ───────── ───────── ───────── ─────────
At 31 August 2023 - 38,969 635,633 13,063 687,665
  ───────── ───────── ───────── ───────── ─────────
Net book value
At 31 August 2023 1,411,459 48,040 66,985 2,302 1,528,786
  ═════════ ═════════ ═════════ ═════════ ═════════
At 31 August 2022 1,411,459 49,042 81,438 3,069 1,545,008
  ═════════ ═════════ ═════════ ═════════ ═════════
 
Due to periodic refurbishment of the company's property, the directors believe that the residual value would be so high that the depreciation would be inappropriate, therefore depreciation has not been provided for on Land and Buildings.
       
6. Capital commitments
 
The company had no material capital commitments at the financial year-ended 31 August 2023.
   
7. Post-Balance Sheet Events
 
There have been no significant events affecting the company since the financial year-end.