Registration number:
S & A Smith Limited
for the Year Ended 30 November 2023
S & A Smith Limited
(Registration number: 09867284)
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
S & A Smith Limited
(Registration number: 09867284)
Company Information
Directors |
Mr S Smith Mrs A Smith |
Registered office |
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Accountants |
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S & A Smith Limited
(Registration number: 09867284)
Balance Sheet as at 30 November 2023
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Fixed assets |
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Tangible assets |
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Investment property |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
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.
S & A Smith Limited
(Registration number: 09867284)
Balance Sheet as at 30 November 2023
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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S & A Smith Limited
(Registration number: 09867284)
Notes to the Financial Statements for the Year Ended 30 November 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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.
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.
Government grants
The Coronavirus Job Retention Scheme Grant and Small Business Grant have been recognised under the accrual model and are credited to other income over the periods in which the compensated costs have been recognised.
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.
S & A Smith Limited
(Registration number: 09867284)
Notes to the Financial Statements for the Year Ended 30 November 2023
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
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 |
Fixtures and fittings |
20% Straight line |
Plant and machinery |
20% Straight line |
Investment property
The Investment property held in the company is currently under construction and is therefore recognised at cost until completion, when it will be recognised at fair value.
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.
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.
S & A Smith Limited
(Registration number: 09867284)
Notes to the Financial Statements for the Year Ended 30 November 2023
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.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Furniture, fittings and equipment |
Other tangible assets |
Total |
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Cost or valuation |
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At 1 December 2022 |
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Additions |
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At 30 November 2023 |
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Depreciation |
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At 1 December 2022 |
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Charge for the year |
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At 30 November 2023 |
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Carrying amount |
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At 30 November 2023 |
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At 30 November 2022 |
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Investment properties |
2023 |
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Additions |
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At 30 November |
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There has been no valuation of investment property by an independent valuer.
S & A Smith Limited
(Registration number: 09867284)
Notes to the Financial Statements for the Year Ended 30 November 2023
Stocks |
2023 |
2022 |
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Other stocks |
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Debtors |
2023 |
2022 |
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Prepayments and accrued income |
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Total current trade and other debtors |
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Creditors |
2023 |
2022 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Accrued expenses |
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