Caseware UK (AP4) 2023.0.135 2023.0.135 2023-04-302023-04-30falsetrue342022-05-01falseNo description of principal activity34trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 00758857 2022-05-01 2023-04-30 00758857 2021-05-01 2022-04-30 00758857 2023-04-30 00758857 2022-04-30 00758857 c:Director1 2022-05-01 2023-04-30 00758857 c:Director2 2022-05-01 2023-04-30 00758857 d:PlantMachinery 2022-05-01 2023-04-30 00758857 d:PlantMachinery 2023-04-30 00758857 d:PlantMachinery 2022-04-30 00758857 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 00758857 d:MotorVehicles 2022-05-01 2023-04-30 00758857 d:MotorVehicles 2023-04-30 00758857 d:MotorVehicles 2022-04-30 00758857 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 00758857 d:FurnitureFittings 2022-05-01 2023-04-30 00758857 d:FurnitureFittings 2023-04-30 00758857 d:FurnitureFittings 2022-04-30 00758857 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 00758857 d:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 00758857 d:FreeholdInvestmentProperty 2023-04-30 00758857 d:FreeholdInvestmentProperty 2022-04-30 00758857 d:CurrentFinancialInstruments 2023-04-30 00758857 d:CurrentFinancialInstruments 2022-04-30 00758857 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 00758857 d:CurrentFinancialInstruments d:WithinOneYear 2022-04-30 00758857 d:ShareCapital 2023-04-30 00758857 d:ShareCapital 2022-04-30 00758857 d:CapitalRedemptionReserve 2023-04-30 00758857 d:CapitalRedemptionReserve 2022-04-30 00758857 d:InvestmentPropertiesRevaluationReserve 2023-04-30 00758857 d:InvestmentPropertiesRevaluationReserve 2022-04-30 00758857 d:RetainedEarningsAccumulatedLosses 2023-04-30 00758857 d:RetainedEarningsAccumulatedLosses 2022-04-30 00758857 d:AcceleratedTaxDepreciationDeferredTax 2023-04-30 00758857 d:AcceleratedTaxDepreciationDeferredTax 2022-04-30 00758857 c:FRS102 2022-05-01 2023-04-30 00758857 c:AuditExempt-NoAccountantsReport 2022-05-01 2023-04-30 00758857 c:FullAccounts 2022-05-01 2023-04-30 00758857 c:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 00758857 e:PoundSterling 2022-05-01 2023-04-30 iso4217:GBP xbrli:pure
Registered number: 00758857









H. SMITH & SONS (HONINGHAM) LIMITED

UNAUDITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2023

 
H. SMITH & SONS (HONINGHAM) LIMITED
REGISTERED NUMBER: 00758857

BALANCE SHEET
AS AT 30 APRIL 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
395,802
415,481

Investment property
 5 
635,000
635,000

  
1,030,802
1,050,481

Current assets
  

Stocks
  
14,000
14,000

Debtors: amounts falling due within one year
 6 
2,900,600
2,157,129

Cash at bank and in hand
  
28,212
231,440

  
2,942,812
2,402,569

Creditors: amounts falling due within one year
 7 
(2,390,254)
(1,592,155)

Net current assets
  
 
 
552,558
 
 
810,414

Total assets less current liabilities
  
1,583,360
1,860,895

Provisions for liabilities
  

Deferred tax
 8 
(3,967)
(3,967)

Net assets
  
1,579,393
1,856,928


Capital and reserves
  

Called up share capital 
  
1,050
1,050

Capital redemption reserve
  
450
450

Investment property reserve
  
327,978
327,978

Profit and loss account
  
1,249,915
1,527,450

  
1,579,393
1,856,928


Page 1

 
H. SMITH & SONS (HONINGHAM) LIMITED
REGISTERED NUMBER: 00758857

BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 April 2024.




J E Smith
A G H Smith
Director
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
H. SMITH & SONS (HONINGHAM) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

1.


General information

H Smith & Sons (Honingham) Limited is a private company, limited by shares, domiciled in England and Wales, registration number 00758857. The registered office is Quarry Works, Honingham, Norwich, Norfolk, NR9 5AP.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3

 
H. SMITH & SONS (HONINGHAM) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)


2.3
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Plant and machinery
-
20%
per annum on the reducing balance basis
Motor vehicles
-
25%
per annum on the reducing balance basis
Fixtures and fittings
-
15%
per annum on the reducing balance basis

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.4

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 4

 
H. SMITH & SONS (HONINGHAM) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.6

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

 
2.7

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Profit and Loss Account in the same period as the related expenditure.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 5

 
H. SMITH & SONS (HONINGHAM) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.10

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.11

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.12

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Employees

The average monthly number of employees, including directors, during the year was 34 (2022 - 34).

Page 6

 
H. SMITH & SONS (HONINGHAM) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 May 2022
454,787
481,761
32,910
969,458


Additions
10,370
72,830
-
83,200


Disposals
-
(58,577)
-
(58,577)



At 30 April 2023

465,157
496,014
32,910
994,081



Depreciation


At 1 May 2022
294,104
237,829
22,044
553,977


Charge for the year on owned assets
27,770
60,316
1,630
89,716


Disposals
-
(45,414)
-
(45,414)



At 30 April 2023

321,874
252,731
23,674
598,279



Net book value



At 30 April 2023
143,283
243,283
9,236
395,802



At 30 April 2022
160,683
243,932
10,866
415,481


5.


Investment property


Freehold investment property

£



Valuation


At 1 May 2022
635,000



At 30 April 2023
635,000

The 2023 valuations were made by the directors', on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
303,055
303,055

Page 7

 
H. SMITH & SONS (HONINGHAM) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

6.


Debtors

2023
2022
£
£


Trade debtors
1,200,993
432,168

Other debtors
75,182
188,294

Prepayments and accrued income
57,270
45,297

Amounts recoverable on long-term contracts
1,567,155
1,491,370

2,900,600
2,157,129



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Payments received on account
190,577
38,929

Trade creditors
1,523,617
1,177,297

Amounts owed to other participating interests
185,173
51,224

Other taxation and social security
144,554
76,692

Other creditors
290,520
187,705

Accruals and deferred income
55,813
60,308

2,390,254
1,592,155



8.


Deferred taxation




2023


£






At beginning of year
3,967



At end of year
3,967

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Potential capital gain
3,967
3,967

Page 8

 
H. SMITH & SONS (HONINGHAM) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

9.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £34,289 (2022 - £34,080). Contributions totalling £5,378 (2022 - £3,565) were payable to the fund at the balance sheet date and are included in creditors.


10.


Related party transactions

The company operates a loan account with the directors, as at 30 April 2023 an amount of £284,875 (2022: £183,807) was due to them. The loan is interest free and repayable on demand.


Page 9