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REGISTERED NUMBER: 04410197 (England and Wales)















Financial Statements for the Year Ended 31 December 2023

for

George Smith Limited

George Smith Limited (Registered number: 04410197)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


George Smith Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: B J Norris
R Pond





SECRETARY: S Thompson





REGISTERED OFFICE: 587-589 Kings Road
London
SW6 2EH





REGISTERED NUMBER: 04410197 (England and Wales)





AUDITORS: Douglas Shaw Limited, Statutory Auditor
7 Brenkley Way
Blezard Business Park
Seaton Burn
Tyne and Wear
NE13 6DS

George Smith Limited (Registered number: 04410197)

Balance Sheet
31 December 2023

31.12.23 31.12.22
as restated
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 1 1
Tangible assets 5 458,667 361,177
458,668 361,178

CURRENT ASSETS
Stocks 1,234,208 911,549
Debtors 6 1,282,689 1,160,045
Cash at bank 2,589,311 2,605,135
5,106,208 4,676,729
CREDITORS
Amounts falling due within one year 7 2,123,940 1,950,160
NET CURRENT ASSETS 2,982,268 2,726,569
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,440,936

3,087,747

CREDITORS
Amounts falling due after more than
one year

8

(150,000

)

(150,000

)

PROVISIONS FOR LIABILITIES (96,888 ) (57,499 )
NET ASSETS 3,194,048 2,880,248

CAPITAL AND RESERVES
Called up share capital 9 4 4
Share premium 3,318,076 3,318,076
Retained earnings (124,032 ) (437,832 )
SHAREHOLDERS' FUNDS 3,194,048 2,880,248

George Smith Limited (Registered number: 04410197)

Balance Sheet - continued
31 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 September 2024 and were signed on its behalf by:





B J Norris - Director


George Smith Limited (Registered number: 04410197)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

George 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

The directors believe that the company is experiencing good levels of sales and profitability, and that it is well placed to manage its business risks successfully. Accordingly they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover
Turnover represents the amounts receivable in the ordinary course of business from the provision of goods and services to customers. Turnover is measured at the fair value of the right to consideration net of discounts and value added tax. The company recognises revenue at the point of despatch of goods or provision of services.

Sales order deposits represent amounts received upon orders being made and are held within creditors.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2002, is being amortised evenly over its estimated useful life of fifteen years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - Over the term of the lease
Plant and machinery - 10% on cost
Motor vehicles - 33% on cost and 25% on cost
Computer equipment - 25% on cost and 10% on cost

Tangible fixed assets are initially recognised at cost and are reviewed annually for impairment.

George Smith Limited (Registered number: 04410197)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to and from related parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for impairment. Any impairment is recognised in profit or loss.

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 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

George Smith Limited (Registered number: 04410197)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets, obtained under hire purchase contracts and finance leases, are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account on a straight-line basis, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

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 111 (2022 - 105 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 4,898,442
AMORTISATION
At 1 January 2023
and 31 December 2023 4,898,441
NET BOOK VALUE
At 31 December 2023 1
At 31 December 2022 1

George Smith Limited (Registered number: 04410197)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. TANGIBLE FIXED ASSETS
Improvements
to Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 85,943 699,253 44,950 371,376 1,201,522
Additions - 186,050 - 4,679 190,729
Disposals - (39,091 ) - - (39,091 )
At 31 December 2023 85,943 846,212 44,950 376,055 1,353,160
DEPRECIATION
At 1 January 2023 54,767 457,934 18,289 309,355 840,345
Charge for year 18,041 51,123 10,477 13,598 93,239
Eliminated on disposal - (39,091 ) - - (39,091 )
At 31 December 2023 72,808 469,966 28,766 322,953 894,493
NET BOOK VALUE
At 31 December 2023 13,135 376,246 16,184 53,102 458,667
At 31 December 2022 31,176 241,319 26,661 62,021 361,177

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
as restated
£    £   
Trade debtors 123,076 73,329
Amounts owed by related parties 905,980 873,206
Other debtors 253,633 213,510
1,282,689 1,160,045

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
as restated
£    £   
Payments on account 1,252,950 1,139,849
Trade creditors 295,145 133,997
Amounts owed to group undertakings 65,918 -
Tax 77,384 17,102
Social security and other taxes 163,768 222,317
Other creditors 68,088 53,262
Accruals and deferred income 199,678 382,287
Deferred government grants 1,009 1,346
2,123,940 1,950,160

George Smith Limited (Registered number: 04410197)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.12.23 31.12.22
as restated
£    £   
Directors' loan accounts 150,000 150,000

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: as
restated
£    £   
4 Ordinary Shares £1 4 4

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Graham Douglas (Senior Statutory Auditor)
for and on behalf of Douglas Shaw Limited, Statutory Auditor

11. ULTIMATE CONTROLLING PARTY

The company is jointly owned and controlled by Henley Limited Partnership II and Mr. B. J. Norris.

Henley Limited Partnership II is incorporated and registered in the United States.