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REGISTERED NUMBER: 00473755 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

FOR

SMITH & MUNSON LIMITED

SMITH & MUNSON LIMITED (REGISTERED NUMBER: 00473755)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SMITH & MUNSON LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2023







DIRECTORS: N Munson
Mrs B M Munson
S J Munson
Mrs J F Munson
E J Munson





SECRETARY: Mrs J F Munson





REGISTERED OFFICE: Glenfield House
Gedney
Spalding
Lincolnshire
PE12 0GA





REGISTERED NUMBER: 00473755 (England and Wales)





ACCOUNTANTS: Wheelers
Chartered Accountants & Tax Consultants
27-29 Old Market
Wisbech
Cambridgeshire
PE13 1NE

SMITH & MUNSON LIMITED (REGISTERED NUMBER: 00473755)

BALANCE SHEET
31 OCTOBER 2023

31.10.23 31.10.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 873,810 979,190

CURRENT ASSETS
Stocks 116,396 166,435
Debtors 5 190,781 191,007
Cash at bank 344,463 364,073
651,640 721,515
CREDITORS
Amounts falling due within one year 6 249,983 390,319
NET CURRENT ASSETS 401,657 331,196
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,275,467

1,310,386

CREDITORS
Amounts falling due after more than one year 7 (488,037 ) (447,718 )

PROVISIONS FOR LIABILITIES (102,400 ) (119,100 )
NET ASSETS 685,030 743,568

CAPITAL AND RESERVES
Called up share capital 10 84,459 5,000
Retained earnings 600,571 738,568
685,030 743,568

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each 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.

SMITH & MUNSON LIMITED (REGISTERED NUMBER: 00473755)

BALANCE SHEET - continued
31 OCTOBER 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 July 2024 and were signed on its behalf by:





S J Munson - Director


SMITH & MUNSON LIMITED (REGISTERED NUMBER: 00473755)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1. STATUTORY INFORMATION

Smith & Munson Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The directors believe that the company is well placed to manage its financial risks successfully and have reasonable expectation that it has adequate resources to continue in operational existence for the foreseeable future. Consequently, it continues to adopt the going concern basis of accounting in preparing the annual financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation has been computed to write off the cost of tangible fixed assets on a reducing balance basis over their expected useful lives using the following rates:

Improvement to property- 10% per annum and 4% straight line
Plant & machinery- 25% per annum and 5% straight line
Motor vehicles- 25% per annum

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


SMITH & MUNSON LIMITED (REGISTERED NUMBER: 00473755)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

SMITH & MUNSON LIMITED (REGISTERED NUMBER: 00473755)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

4. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and Motor
property property machinery vehicles Totals
£    £    £    £    £   
COST
At 1 November 2022 77,024 1,448,177 1,670,428 79,508 3,275,137
Additions - - 47,036 - 47,036
Disposals - - (68,216 ) - (68,216 )
At 31 October 2023 77,024 1,448,177 1,649,248 79,508 3,253,957
DEPRECIATION
At 1 November 2022 - 951,723 1,306,201 38,023 2,295,947
Charge for year - 43,315 90,556 10,372 144,243
Eliminated on disposal - - (60,043 ) - (60,043 )
At 31 October 2023 - 995,038 1,336,714 48,395 2,380,147
NET BOOK VALUE
At 31 October 2023 77,024 453,139 312,534 31,113 873,810
At 31 October 2022 77,024 496,454 364,227 41,485 979,190

Included in cost of land and buildings is freehold land of £ 77,024 (2022 - £ 77,024 ) which is not depreciated.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 November 2022
and 31 October 2023 54,334
DEPRECIATION
At 1 November 2022 16,980
Charge for year 9,339
At 31 October 2023 26,319
NET BOOK VALUE
At 31 October 2023 28,015
At 31 October 2022 37,354

SMITH & MUNSON LIMITED (REGISTERED NUMBER: 00473755)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Trade debtors 107,982 117,168
Other debtors 82,799 73,839
190,781 191,007

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Bank loans and overdrafts 18,617 17,926
Hire purchase contracts (see note 8) 1,533 1,479
Trade creditors 107,304 132,449
Taxation and social security 28,850 20,853
Other creditors 93,679 217,612
249,983 390,319

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.10.23 31.10.22
£    £   
Bank loans 358,978 377,668
Hire purchase contracts (see note 8) 23,518 25,050
Other creditors 105,541 45,000
488,037 447,718

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 277,090 298,817

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.10.23 31.10.22
£    £   
Net obligations repayable:
Within one year 1,533 1,479
Between one and five years 23,518 25,050
25,051 26,529

SMITH & MUNSON LIMITED (REGISTERED NUMBER: 00473755)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

8. LEASING AGREEMENTS - continued

Non-cancellable operating leases
31.10.23 31.10.22
£    £   
Within one year 2,700 2,700

9. SECURED DEBTS

The following secured debts are included within creditors:

31.10.23 31.10.22
£    £   
Bank loans 377,595 395,594
Hire purchase contracts 25,051 26,529
402,646 422,123

The bank loans are secured by a fixed charge over the freehold land at King's Gale, Gedney.

The obligations under hire purchase agreements are secured over the assets to which they relate.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal value: 31.10.23 31.10.22
£ £
5,000 Ordinary £1 5,000 5,000
140,000 Redeemable preference £1 79,459 -
141,992 100

During the year the company issued 140,000 4% redeemable cumulative preference shares of £1 each, redeemable at the option of the company.

11. CAPITAL COMMITMENTS
31.10.23 31.10.22
£    £   
Contracted but not provided for in the
financial statements 41,713 -