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Registration number: 09867284

S & A Smith Limited

Filleted Unaudited Financial Statements

for the Year Ended 30 November 2023

 

S & A Smith Limited
(Registration number: 09867284)

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 7

 

S & A Smith Limited
(Registration number: 09867284)

Company Information

Directors

Mr S Smith

Mrs A Smith

Registered office

1 Colleton Crescent
Exeter
Devon
EX2 4DG

Accountants

Thompson Jenner LLP
Chartered Accountants
1 Colleton Crescent
Exeter
Devon
EX2 4DG

 

S & A Smith Limited
(Registration number: 09867284)

Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

5,867

6,052

Investment property

5

50,547

-

 

56,414

6,052

Current assets

 

Stocks

6

-

16

Debtors

7

23

89

Cash at bank and in hand

 

85,826

132,669

 

85,849

132,774

Creditors: Amounts falling due within one year

8

(10,935)

(14,549)

Net current assets

 

74,914

118,225

Total assets less current liabilities

 

131,328

124,277

Provisions for liabilities

(796)

(761)

Net assets

 

130,532

123,516

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

130,432

123,416

Total equity

 

130,532

123,516

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:

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 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 Board on 31 August 2024 and signed on its behalf by:
 

.........................................
Mr S Smith
Director

.........................................
Mrs A Smith
Director

 

S & A Smith Limited
(Registration number: 09867284)

Notes to the Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1 Colleton Crescent
Exeter
Devon
EX2 4DG

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.

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

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. 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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 December 2022

10,630

7,814

18,444

Additions

-

1,779

1,779

At 30 November 2023

10,630

9,593

20,223

Depreciation

At 1 December 2022

10,040

2,352

12,392

Charge for the year

181

1,783

1,964

At 30 November 2023

10,221

4,135

14,356

Carrying amount

At 30 November 2023

409

5,458

5,867

At 30 November 2022

590

5,462

6,052

5

Investment properties

2023
£

Additions

50,547

At 30 November

50,547

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

6

Stocks

2023
£

2022
£

Other stocks

-

16

7

Debtors

2023
£

2022
£

Prepayments and accrued income

23

89

Total current trade and other debtors

23

89

8

Creditors

2023
£

2022
£

Due within one year

Trade creditors

309

-

Taxation and social security

4,132

8,087

Other creditors

4,994

5,112

Accrued expenses

1,500

1,350

10,935

14,549