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Registered number: 07320870

S & K Smith Ltd Trading as Topfit towbars and Towing

ACCOUNTS
FOR THE YEAR ENDED 31 JULY 2023

Prepared By:
Stroud Accountancy and Taxation Services Ltd
Chartered Certified Accountants
Edgehill
The Broadway
Oakridge Lynch, Stroud
Gloucestershire
GL6 7NY

S & K Smith Ltd Trading as Topfit towbars and Towing

ACCOUNTS
FOR THE YEAR ENDED 31 JULY 2023
DIRECTORS
S J Smith
REGISTERED OFFICE
Edgehill
Oakridge Lynch
Stroud
Gloucestershire
GL6 7NY
COMPANY DETAILS
Private company limited by shares registered in EW - England and Wales, registered number 07320870
ACCOUNTANTS
Stroud Accountancy and Taxation Services Ltd
Chartered Certified Accountants
Edgehill
The Broadway
Oakridge Lynch, Stroud
Gloucestershire
GL6 7NY

S & K Smith Ltd Trading as Topfit towbars and Towing

ACCOUNTS
FOR THEYEARENDED31 JULY 2023
CONTENTS
Page
Directors' Report-
Statement Of Comprehensive Income-
Balance Sheet3
Notes To The Accounts4
The following do not form part of the statutory financial statements:
Trading And Profit And Loss Account-
Profit And Loss Account Summaries-
Accountants' Report-

S & K Smith Ltd Trading as Topfit towbars and Towing

BALANCE SHEET AT 31 July 2023
20232022
Notes££
FIXED ASSETS
Tangible assets325,78345,932
CURRENT ASSETS
Stock8,2987,548
Debtors51,997-
Cash at bank and in hand32,02622,775
42,32130,323
CREDITORS: Amounts falling due within one year647,33647,817
NET CURRENT LIABILITIES(5,015)(17,494)
TOTAL ASSETS LESS CURRENT LIABILITIES20,76828,438
PROVISIONS FOR LIABILITIES AND CHARGES76,4468,980
NET ASSETS14,32219,458
CAPITAL AND RESERVES
Called up share capital81212
Profit and loss account14,31019,446
SHAREHOLDERS' FUNDS14,32219,458
For the year ending 31 July 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have decided not to deliver to the registrar a copy of the company's profit and loss account.
Approved by the board on 1 March 2024 and signed on their behalf by
.............................
S J Smith
Director

S & K Smith Ltd Trading as Topfit towbars and Towing

NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 JULY 2023
1. ACCOUNTING POLICIES
1a. Basis Of Accounting
The accounts have been prepared under the historical cost convention.
The accounts have been prepared in accordance with FRS102 section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006 .
1b. Depreciation
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.
Plant and Machineryreducing balance 25%
Fixtures and Fittingsstraight line 10%
Equipmentstraight line 25%
1c. Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.
When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs.
1d. Pension Costs
The company operates a defined contribution pension scheme. The pension charge represents the amounts payable by the company to the fund in respect of the year.
1e. Leasing Commitments
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account on a straight line basis.
2. EMPLOYEES
20232022
No.No.
Average number of employees43

S & K Smith Ltd Trading as Topfit towbars and Towing

3. TANGIBLE FIXED ASSETS
Plant and
Machinery Etc.Total
££
Cost
At 1 August 2022109,607109,607
Additions2,0802,080
Disposals(23,549)(23,549)
At 31 July 202388,13888,138
Depreciation
At 1 August 202263,67563,675
Disposals(10,303)(10,303)
For the year8,9838,983
At 31 July 202362,35562,355
Net Book Amounts
At 31 July 202325,78325,783
At 31 July 202245,93245,932
Included within Plant and Machinary are assets with a NBV of £10,125 which are held under Hire purchase agreements.
4. STOCK 20232022
££
Stock comprises:
Stock- Towbars and wiring kits8,2987,548
8,2987,548
5. DEBTORS 20232022
££
Amounts falling due within one year:
Trade debtors1,997-
1,997-
6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
20232022
££
Bank loans and overdrafts-10,000
Trade creditors5,9172,248
Taxation and social security30,00219,276
Other creditors11,41716,293
47,33647,817

S & K Smith Ltd Trading as Topfit towbars and Towing

7. PROVISIONS FOR LIABILITIES 20232022
££
Deferred taxation6,4468,980
6,4468,980
8. SHARE CAPITAL 20232022
££
Allotted, issued and fully paid:
1 Ordinary A shares of £1 each11
10 Class B shares of £1 each1010
1 Class C shares of £1 each11
1212
9. CONTROLLING PARTY
The controlling party is the director, S J Smith.