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Registration number: NI007733

Smith's Engineering Works (Northern Ireland) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

Smith's Engineering Works (Northern Ireland) Limited

(Registration number: NI007733)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

2,755,254

2,182,367

Investment property

5

75,000

75,000

 

2,830,254

2,257,367

Current assets

 

Stocks

6

454,047

516,274

Debtors

7

1,105,400

1,316,504

Cash at bank and in hand

 

7,480

575

 

1,566,927

1,833,353

Creditors: Amounts falling due within one year

8

(1,853,108)

(1,747,132)

Net current (liabilities)/assets

 

(286,181)

86,221

Total assets less current liabilities

 

2,544,073

2,343,588

Creditors: Amounts falling due after more than one year

8

(1,496,380)

(1,113,242)

Provisions for liabilities

(207,907)

(172,239)

Net assets

 

839,786

1,058,107

Capital and reserves

 

Called up share capital

10

20,000

20,000

Revaluation reserve

302,410

311,828

Retained earnings

517,376

726,279

Shareholders' funds

 

839,786

1,058,107

For the financial year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Smith's Engineering Works (Northern Ireland) Limited

(Registration number: NI007733)
Balance Sheet as at 31 October 2023

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 18 July 2024
 

.........................................
Mr Darwin Smith
Director

 

Smith's Engineering Works (Northern Ireland) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is: Pennybridge Industrial Estate, Larne Road, Ballymena, Co Antrim, BT42 3HB.

These financial statements were authorised for issue by the director on 18 July 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Tax

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

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

 

Smith's Engineering Works (Northern Ireland) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets (other than freehold hold property) are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Freehold property is carried at fair value.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold Property

2.5% straight line of the revalued amount

Plant and machinery

25% reducing balance

Motor vehicles

25% reducing balance

Office equipment

25% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate revalued on an annual basis. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Short-term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in operating expenses.

 

Smith's Engineering Works (Northern Ireland) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Smith's Engineering Works (Northern Ireland) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 46 (2022 - 42).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 November 2022

450,000

222,326

61,347

3,754,577

4,488,250

Additions

-

1,928

-

963,668

965,596

Disposals

-

-

-

(319,000)

(319,000)

At 31 October 2023

450,000

224,254

61,347

4,399,245

5,134,846

Depreciation

At 1 November 2022

56,250

162,145

52,762

2,034,726

2,305,883

Charge for the year

11,250

15,530

2,146

242,326

271,252

Eliminated on disposal

-

-

-

(197,543)

(197,543)

At 31 October 2023

67,500

177,675

54,908

2,079,509

2,379,592

Carrying amount

At 31 October 2023

382,500

46,579

6,439

2,319,736

2,755,254

At 31 October 2022

393,750

60,181

8,585

1,719,851

2,182,367

 

Smith's Engineering Works (Northern Ireland) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Revaluation of fixed assets

The directors had valued the freehold premises at £450,000 at 31st October 2018, taking into account professional valuations obtained in December 2018.

The premises' historical cost was £101,790.

5

Investment properties

2023
£

At 1 November

75,000

At 31 October

75,000

There has been no valuation of investment property by an independent valuer. In the directors opinion, market value of the investment property is £75,000.

6

Stocks

2023
£

2022
£

Stock and work in progress

454,047

516,274

7

Debtors

Current

2023
£

2022
£

Trade debtors

907,174

1,070,952

Prepayments

13,101

92,856

Other debtors

185,125

152,696

 

1,105,400

1,316,504

 

Smith's Engineering Works (Northern Ireland) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Loans and borrowings

439,764

9,553

Trade creditors

393,832

828,113

Hire purchase

497,492

505,010

Taxation and social security

150,560

23,437

Other creditors

371,460

381,019

1,853,108

1,747,132

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

Loans and borrowings

1,496,380

1,113,242

 

Smith's Engineering Works (Northern Ireland) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

9

Taxation

2023
 £

2022
 £

Tax on profit on ordinary activities

Current tax

Current year

-

(89,997)

Previous year

(177,150)

-

UK Corporation tax

(177,150)

(89,997)

Deferred tax

Origination and reversal of timing differences

35,668

80,371

Total tax on profit on ordinary activities

(141,482)

(9,626)

The corporation tax credit in respect of the current and previous years has arose in connection with a research and development claim.

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

20,000

20,000

20,000

20,000

         
 

Smith's Engineering Works (Northern Ireland) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

11

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

96,854

34,424

Hire purchase

1,399,526

1,078,818

1,496,380

1,113,242

2023
£

2022
£

Current loans and borrowings

Bank borrowings

22,511

4,250

Bank overdrafts

417,253

5,303

Hire purchase

497,492

505,010

937,256

514,563

Company bank borrowings are secured by a mortgage debenture incorporating a fixed and floating charge over all company assets present and future, including a specific charge over the business premises at Unit 16, Pennybridge Industrial Estate, Ballymena.

12

Reserves

2023
 £

2022
 £

Distributable

517,376

726,279

Non-distributable

302,410

311,828

819,786

1,038,107

13

Parent and ultimate parent undertaking

The company's immediate parent is Semac Holdings Ltd, incorporated in Northern Ireland.

 The ultimate controlling party is Mr Darwin Smith.