REGISTERED NUMBER: |
SMITH MCDONALD & CO. LIMITED |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
REGISTERED NUMBER: |
SMITH MCDONALD & CO. LIMITED |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
SMITH MCDONALD & CO. LIMITED (REGISTERED NUMBER: 00995844) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
SMITH MCDONALD & CO. LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
t/as Findlay Wetherfield Scott & Co |
Chartered Accountants |
137, Station Road, |
Chingford, |
London |
E4 6AG |
BANKERS: |
Romford, Town Centre Branch, |
10, South Street, |
Romford, |
Essex, |
RM1 1RD |
SMITH MCDONALD & CO. LIMITED (REGISTERED NUMBER: 00995844) |
ABRIDGED BALANCE SHEET |
31ST DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 5 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 MCDONALD & CO. LIMITED (REGISTERED NUMBER: 00995844) |
ABRIDGED BALANCE SHEET - continued |
31ST DECEMBER 2023 |
The financial statements were approved by the Board of Directors and authorised for issue on |
SMITH MCDONALD & CO. LIMITED (REGISTERED NUMBER: 00995844) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Smith McDonald & Co. Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Investment property |
The freehold properties are investment properties. The Board has estimated the fair value of these properties as at the balance sheet date and has made due allowance for any increase as compared to the original cost. In addition, the Board has also made an allowance for the estimated tax that would be payable based on the increased valuation. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INVESTMENT PROPERTY |
Total |
£ |
Fair value |
At 1st January 2023 |
and 31st December 2023 |
Net book value |
At 31st December 2023 |
At 31st December 2022 |
SMITH MCDONALD & CO. LIMITED (REGISTERED NUMBER: 00995844) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2023 |
4. | INVESTMENT PROPERTY - continued |
Fair value at 31st December 2023 is represented by: |
£ |
Valuation in 2017 | 1,614,113 |
Valuation in 2018 | (276,615 | ) |
Cost | 162,502 |
1,500,000 |
5. | RESERVES |
Fair |
value |
reserve |
£ |
At 1st January 2023 |
and 31st December 2023 |
6. | RELATED PARTY DISCLOSURES |
No one shareholder has overall control. The directors' shareholdings are as follows: |
Mrs J.C.Smith - 7,000, B.H.McDonald - 3,000. |
Balances due to the directors as at the balance sheet date were as follows: |
J.C.Smith - £65,572 (2022 - £103,748) |
B.H.McDonald - £95 (2022 - £3) |
Net dividends paid to shareholders during the period under review were as follows: |
Estate of K.W.Smith - £ Nil (2022- £33,250) |
J.C.Smith - £106,400 (2022 - £70,350) |
B.H.McDonald - £45,600 (2022 - £44,400) |