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REGISTERED NUMBER: 02883009 (England and Wales)



















Unaudited Financial Statements

for the Year Ended 31st December 2023

for

SMITH SCIENTIFIC LIMITED

SMITH SCIENTIFIC LIMITED (REGISTERED NUMBER: 02883009)






Contents of the Financial Statements
for the year ended 31st December 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4

Chartered Accountants' Report 7

SMITH SCIENTIFIC LIMITED

Company Information
for the year ended 31st December 2023







DIRECTORS: I R Bramley
S White
R M Bramley
O C Bramley





SECRETARY: Mrs G C Bramley





REGISTERED OFFICE: Juniper Place
Fircroft Way
Edenbridge
Kent
TN8 6EL





REGISTERED NUMBER: 02883009 (England and Wales)





ACCOUNTANTS: Simpson Wreford & Partners
Chartered Accountants
Suffolk House
George Street
Croydon
Surrey
CR0 0YN

SMITH SCIENTIFIC LIMITED (REGISTERED NUMBER: 02883009)

Statement of Financial Position
31st December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 7,863 10,257
Investments 5 241,200 241,200
249,063 251,457

CURRENT ASSETS
Inventories 2,187,002 2,339,851
Debtors 6 1,597,546 1,850,655
Cash at bank and in hand 670,395 216,711
4,454,943 4,407,217
CREDITORS
Amounts falling due within one year 7 1,008,936 1,113,496
NET CURRENT ASSETS 3,446,007 3,293,721
TOTAL ASSETS LESS CURRENT LIABILITIES 3,695,070 3,545,178

CREDITORS
Amounts falling due after more than one
year

8

-

221,667
NET ASSETS 3,695,070 3,323,511

CAPITAL AND RESERVES
Called up share capital 95,000 95,000
Retained earnings 3,600,070 3,228,511
SHAREHOLDERS' FUNDS 3,695,070 3,323,511

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 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 SCIENTIFIC LIMITED (REGISTERED NUMBER: 02883009)

Statement of Financial Position - continued
31st December 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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15th August 2024 and were signed on its behalf by:





I R Bramley - Director


SMITH SCIENTIFIC LIMITED (REGISTERED NUMBER: 02883009)

Notes to the Financial Statements
for the year ended 31st December 2023

1. STATUTORY INFORMATION

Smith Scientific 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.

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.

Turnover
Revenue 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 is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Inventories 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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

SMITH SCIENTIFIC LIMITED (REGISTERED NUMBER: 02883009)

Notes to the Financial Statements - continued
for the year ended 31st December 2023

2. ACCOUNTING POLICIES - continued

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 17 (2022 - 16 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Plant and Computer
machinery equipment Totals
£    £    £   
COST
At 1st January 2023 133,501 52,620 186,121
Additions - 2,500 2,500
At 31st December 2023 133,501 55,120 188,621
DEPRECIATION
At 1st January 2023 123,245 52,619 175,864
Charge for year 4,269 625 4,894
At 31st December 2023 127,514 53,244 180,758
NET BOOK VALUE
At 31st December 2023 5,987 1,876 7,863
At 31st December 2022 10,256 1 10,257

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1st January 2023
and 31st December 2023 241,200
NET BOOK VALUE
At 31st December 2023 241,200
At 31st December 2022 241,200

SMITH SCIENTIFIC LIMITED (REGISTERED NUMBER: 02883009)

Notes to the Financial Statements - continued
for the year ended 31st December 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 531,843 774,694
Amounts owed by group undertakings 997,396 997,885
Other debtors 53,843 60,096
Prepayments and accrued income 14,464 17,980
1,597,546 1,850,655

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts - 70,000
Trade creditors 36,214 106,070
Amounts owed to group undertakings 296,828 428,974
Tax 116,377 84,066
Social security and other taxes 246,356 104,980
Other creditors 25,548 25,993
Directors' current accounts 255,639 247,882
Accruals and deferred income 31,974 45,531
1,008,936 1,113,496

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans - 1-2 years - 70,000
Bank loans - 2-5 years - 151,667
- 221,667

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Smith Scientific Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Smith Scientific Limited for the year ended 31st December 2023 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Smith Scientific Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Smith Scientific Limited and state those matters that we have agreed to state to the Board of Directors of Smith Scientific Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Smith Scientific Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Smith Scientific 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 Smith Scientific Limited. You consider that Smith Scientific 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 Smith Scientific 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.






Simpson Wreford & Partners
Chartered Accountants
Suffolk House
George Street
Croydon
Surrey
CR0 0YN


15th August 2024