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REGISTERED NUMBER: 01098427 (England and Wales)











FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

G. E. SMITH LIMITED

G. E. SMITH LIMITED (REGISTERED NUMBER: 01098427)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


G. E. SMITH LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: G E Smith
P M Smith





SECRETARY: P M Smith





REGISTERED OFFICE: 34 Derwent Road
York Road Industrial Estate
Malton
North Yorkshire
YO17 6YB





REGISTERED NUMBER: 01098427 (England and Wales)





ACCOUNTANTS: Lloyd Dowson Limited
Medina House
2 Station Avenue
Bridlington
East Yorkshire
YO16 4LZ

G. E. SMITH LIMITED (REGISTERED NUMBER: 01098427)

BALANCE SHEET
31 MARCH 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 708,767 790,101
Investment property 5 125,000 125,000
833,767 915,101

CURRENT ASSETS
Stocks 5,138 16,856
Debtors 6 423,089 560,919
Cash at bank and in hand 38,583 5,459
466,810 583,234
CREDITORS
Amounts falling due within one year 7 527,691 541,819
NET CURRENT (LIABILITIES)/ASSETS (60,881 ) 41,415
TOTAL ASSETS LESS CURRENT
LIABILITIES

772,886

956,516

CREDITORS
Amounts falling due after more than one
year

8

(267,764

)

(349,417

)

PROVISIONS FOR LIABILITIES (102,369 ) (146,553 )
NET ASSETS 402,753 460,546

CAPITAL AND RESERVES
Called up share capital 10 20,000 20,000
Revaluation reserve (1,572 ) (1,572 )
Retained earnings 384,325 442,118
SHAREHOLDERS' FUNDS 402,753 460,546

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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.

G. E. SMITH LIMITED (REGISTERED NUMBER: 01098427)

BALANCE SHEET - continued
31 MARCH 2024


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 Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 September 2024 and were signed on its behalf by:





P M Smith - Director


G. E. SMITH LIMITED (REGISTERED NUMBER: 01098427)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

G. E. Smith 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 as modified by the revaluation of certain assets.

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

Turnover is derived from transport services and is recognised on the satisfaction of the delivery of these services to customers.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Short leasehold - 4% on cost
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on reducing balance

Investment property
Investment property is shown at the most recent valuation. Any aggregate surplus or deficit arising from changes in fair values are recognised in the profit or loss.

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 Statement of Income and Retained Earnings, 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.

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.

G. E. SMITH LIMITED (REGISTERED NUMBER: 01098427)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

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 an auto-enrolment 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 22 (2023 - 23 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and
leasehold machinery fittings
£    £    £   
COST
At 1 April 2023 85,280 751,590 18,757
Additions - - -
Disposals - (32,480 ) -
At 31 March 2024 85,280 719,110 18,757
DEPRECIATION
At 1 April 2023 84,786 441,434 18,675
Charge for year 384 46,516 17
Eliminated on disposal - (31,132 ) -
At 31 March 2024 85,170 456,818 18,692
NET BOOK VALUE
At 31 March 2024 110 262,292 65
At 31 March 2023 494 310,156 82

G. E. SMITH LIMITED (REGISTERED NUMBER: 01098427)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

4. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 April 2023 1,368,446 2,290 2,226,363
Additions 109,645 - 109,645
Disposals - - (32,480 )
At 31 March 2024 1,478,091 2,290 2,303,528
DEPRECIATION
At 1 April 2023 889,409 1,958 1,436,262
Charge for year 142,604 110 189,631
Eliminated on disposal - - (31,132 )
At 31 March 2024 1,032,013 2,068 1,594,761
NET BOOK VALUE
At 31 March 2024 446,078 222 708,767
At 31 March 2023 479,037 332 790,101

The net book value of tangible fixed assets includes £ 312,473 (2023 - £ 417,987 ) in respect of assets held under hire purchase contracts.

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 125,000
NET BOOK VALUE
At 31 March 2024 125,000
At 31 March 2023 125,000

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2016 (26,572 )
Valuation in 2021 25,000
Cost 126,572
125,000

If investment property had not been revalued 2021 would have been included at the following historical cost:

31.3.24 31.3.23
£    £   
Cost 126,572 126,572

Investment property was valued on an open market basis on 31 March 2021 by the directors .

G. E. SMITH LIMITED (REGISTERED NUMBER: 01098427)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 376,202 410,518
Other debtors 46,887 150,401
423,089 560,919

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Hire purchase contracts 81,730 154,960
Trade creditors 164,739 125,745
Taxation and social security 91,427 58,647
Other creditors 189,795 202,467
527,691 541,819

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Hire purchase contracts 147,764 229,417
Other creditors 120,000 120,000
267,764 349,417

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Preference shares 120,000 120,000

9. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Hire purchase contracts 229,494 384,377

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
5,000 Ordinary A £1 5,000 5,000
15,000 Ordinary B £1 15,000 15,000
20,000 20,000