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Company registration number: 00537264
P and I Smith Limited
Unaudited filleted financial statements
31 July 2023
P and I Smith Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
P and I Smith Limited
Directors and other information
Directors Mr B M Patel
Mrs S B Patel
Secretary Mrs S B Patel
Company number 00537264
Registered office 60 Rockingham Road
Kettering
Northants
NN16 8JT
Business address 63-65 Gold Street
Kettering
Northants
NN16 8JB
Accountants Pandit & Associates Limited
Portland House
228 Portland Crescent
Stanmore
Middlesex
HA7 1LS
Bankers Lloyds TSB Bank Plc
Fenlands House
Manor Grove Centre
Vicarage Farm Road
Peterborough PE1 5UH
P and I Smith Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of P and I Smith Limited
Year ended 31 July 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of P and I Smith Limited for the year ended 31 July 2023 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of P and I Smith Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of P and I Smith Limited and state those matters that we have agreed to state to the board of directors of P and I Smith Limited as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than P and I Smith Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that P and I Smith Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of P and I Smith Limited. You consider that P and I Smith Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of P and I Smith Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Pandit & Associates Limited
Chartered Certified Accountants
Portland House
228 Portland Crescent
Stanmore
Middlesex
HA7 1LS
7 March 2024
P and I Smith Limited
Statement of financial position
31 July 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 33,899 37,629
_______ _______
33,899 37,629
Current assets
Stocks 74,879 61,173
Debtors 6 697,390 648,749
Cash at bank and in hand 73,653 182,995
_______ _______
845,922 892,917
Creditors: amounts falling due
within one year 7 ( 224,356) ( 295,492)
_______ _______
Net current assets 621,566 597,425
_______ _______
Total assets less current liabilities 655,465 635,054
_______ _______
Net assets 655,465 635,054
_______ _______
Capital and reserves
Called up share capital 2,000 2,000
Other reserves 3,509 3,509
Profit and loss account 649,956 629,545
_______ _______
Shareholders funds 655,465 635,054
_______ _______
For the year ending 31 July 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 07 March 2024 , and are signed on behalf of the board by:
Mr B M Patel Mrs S B Patel
Director Director
Company registration number: 00537264
P and I Smith Limited
Statement of changes in equity
Year ended 31 July 2023
Called up share capital Other Reserves Profit and loss account Total
£ £ £ £
At 1 August 2021 2,000 3,509 711,703 717,212
Profit for the year 107,842 107,842
_______ _______ _______ _______
Total comprehensive income for the year - - 107,842 107,842
Dividends paid and payable ( 190,000) ( 190,000)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 190,000) ( 190,000)
_______ _______ _______ _______
At 31 July 2022 and 1 August 2022 2,000 3,509 629,545 635,054
Profit for the year 190,411 190,411
_______ _______ _______ _______
Total comprehensive income for the year - - 190,411 190,411
Dividends paid and payable ( 170,000) ( 170,000)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 170,000) ( 170,000)
_______ _______ _______ _______
At 31 July 2023 2,000 3,509 649,956 655,465
_______ _______ _______ _______
P and I Smith Limited
Notes to the financial statements
Year ended 31 July 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 60 Rockingham Road, Kettering, Northants, NN16 8JT.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 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.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Plant and machinery - 15 % reducing balance
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 11 (2022: 14 ).
5. Tangible assets
Short leasehold property Plant and machinery Fixtures, fittings and equipment Total
£ £ £ £
Cost
At 1 August 2022 22,985 3,507 156,860 183,352
Additions - - 2,252 2,252
_______ _______ _______ _______
At 31 July 2023 22,985 3,507 159,112 185,604
_______ _______ _______ _______
Depreciation
At 1 August 2022 22,985 3,479 119,259 145,723
Charge for the year - 4 5,978 5,982
_______ _______ _______ _______
At 31 July 2023 22,985 3,483 125,237 151,705
_______ _______ _______ _______
Carrying amount
At 31 July 2023 - 24 33,875 33,899
_______ _______ _______ _______
At 31 July 2022 - 28 37,601 37,629
_______ _______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors 141,579 137,086
Amounts owed by group undertakings and undertakings in which the company has a participating interest 525,649 485,749
Other debtors 30,162 25,914
_______ _______
697,390 648,749
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 204,682 259,133
Corporation tax 113 22,218
Social security and other taxes 3,854 4,571
Other creditors 15,707 9,570
_______ _______
224,356 295,492
_______ _______
8. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr B M Patel ( 1,560) ( 1,660) - ( 3,220)
Mrs S B Patel ( 2,900) ( 3,010) - ( 5,910)
_______ _______ _______ _______
( 4,460) ( 4,670) - ( 9,130)
_______ _______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr B M Patel ( 4,560) ( 1,560) 4,560 ( 1,560)
Mrs S B Patel ( 4,915) ( 2,900) 4,915 ( 2,900)
_______ _______ _______ _______
( 9,475) ( 4,460) 9,475 ( 4,460)
_______ _______ _______ _______
9. Controlling party
During the year the company was under the control of Mr. B M Patel and Mrs. S B Patel the directors of the company.