Company Registration No. 14440804 (England and Wales)
K S Smith & Sons Limited
Unaudited accounts
for the period from 25 October 2022 to 30 November 2023
K S Smith & Sons Limited
Unaudited accounts
Contents
K S Smith & Sons Limited
Company Information
for the period from 25 October 2022 to 30 November 2023
Directors
Mr K. Smith
Mr H. Smith
Mr S. Smith
Company Number
14440804 (England and Wales)
Registered Office
72 Campden Road
Shipston-On-Stour
Warwickshire
CV36 4DH
United Kingdom
Accountants
Stephen Beard Accountancy Services
10 Cheshire Road
Thame
Oxon
OX9 3LQ
K S Smith & Sons Limited
Statement of financial position
as at 30 November 2023
Cash at bank and in hand
17,764
Creditors: amounts falling due within one year
(56,708)
Net current liabilities
(22,989)
Total assets less current liabilities
55,267
Creditors: amounts falling due after more than one year
(10,114)
Provisions for liabilities
Called up share capital
150
Profit and loss account
43,333
Shareholders' funds
43,483
For the period ending 30 November 2023 the company was entitled to exemption from audit 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 10 April 2024 and were signed on its behalf by
Mr K. Smith
Director
Company Registration No. 14440804
K S Smith & Sons Limited
Notes to the Accounts
for the period from 25 October 2022 to 30 November 2023
K S Smith & Sons Limited is a private company, limited by shares, registered in England and Wales, registration number 14440804. The registered office is 72 Campden Road, Shipston-On-Stour, Warwickshire, CV36 4DH, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous period, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% Straight line basis
Motor vehicles
25% Reducing balance basis
Computer equipment
20% Straight line basis
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
K S Smith & Sons Limited
Notes to the Accounts
for the period from 25 October 2022 to 30 November 2023
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Intangible fixed assets
Goodwill
At 30 November 2023
73,000
Charge for the period
7,300
At 30 November 2023
65,700
Goodwill on incorporation is being written off over 10 years.
5
Tangible fixed assets
Plant & machinery
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 25 October 2022
-
-
-
-
Additions
582
13,376
823
14,781
At 30 November 2023
582
13,376
823
14,781
Charge for the period
122
1,938
165
2,225
At 30 November 2023
122
1,938
165
2,225
At 30 November 2023
460
11,438
658
12,556
Amounts falling due within one year
Accrued income and prepayments
729
K S Smith & Sons Limited
Notes to the Accounts
for the period from 25 October 2022 to 30 November 2023
7
Creditors: amounts falling due within one year
2023
Bank loans and overdrafts
4,441
Taxes and social security
13,116
Loans from directors
10,314
8
Creditors: amounts falling due after more than one year
2023
Accelerated capital allowances
1,670
Charged to the profit and loss account
1,670
Provision at end of period
1,670
10
Average number of employees
During the period the average number of employees was 3.