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REGISTERED NUMBER: 00995844 (England and Wales)














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: J.C. Smith
B. H. McDonald
G.J. Fennell



SECRETARY: G.J. Fennell



REGISTERED OFFICE: 41 River Way
Loughton
Essex
IG10 3LJ



REGISTERED NUMBER: 00995844 (England and Wales)



ACCOUNTANTS: Cobbin Floyd Ltd
t/as Findlay Wetherfield Scott & Co
Chartered Accountants
137, Station Road,
Chingford,
London
E4 6AG



BANKERS: National Westminster Bank plc.,
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 1,500,000 1,500,000

CURRENT ASSETS
Debtors - 8,147
Cash at bank 1,559,488 1,667,071
1,559,488 1,675,218
CREDITORS
Amounts falling due within one year 110,758 146,308
NET CURRENT ASSETS 1,448,730 1,528,910
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,948,730

3,028,910

PROVISIONS FOR LIABILITIES 24,012 24,012
NET ASSETS 2,924,718 3,004,898

CAPITAL AND RESERVES
Called up share capital 10,000 10,000
Fair value reserve 5 1,313,486 1,313,486
Retained earnings 1,601,232 1,681,412
SHAREHOLDERS' FUNDS 2,924,718 3,004,898

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2023 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.

SMITH MCDONALD & CO. LIMITED (REGISTERED NUMBER: 00995844)

ABRIDGED BALANCE SHEET - continued
31ST DECEMBER 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31st December 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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 4th September 2024 and were signed on its behalf by:





G.J. Fennell - Director


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 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.

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 3 (2022 - 3 ) .

4. INVESTMENT PROPERTY
Total
£   
Fair value
At 1st January 2023
and 31st December 2023 1,500,000
Net book value
At 31st December 2023 1,500,000
At 31st December 2022 1,500,000

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 1,313,486

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)