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Registration number: 661550

Alfred Smith & Son (Penzance) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Alfred Smith & Son (Penzance) Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Alfred Smith & Son (Penzance) Limited

Company Information

Directors

Mrs Susan Fiona Jane Calvert

Mr Marcus Wilkinson

Miss Henrietta Mary Wilkinson

Mr Benjamin Wilkinson

Company secretary

Mrs Susan Fiona Jane Calvert

Registered office

31 Clarence Street
Penzance
Cornwall
TR18 2NU

 

Alfred Smith & Son (Penzance) Limited

(Registration number: 661550)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,116,274

1,131,763

Current assets

 

Stocks

5

409,345

401,319

Debtors

6

70,793

68,994

Cash at bank and in hand

 

156,664

185,214

 

636,802

655,527

Creditors: Amounts falling due within one year

7

(367,162)

(416,190)

Net current assets

 

269,640

239,337

Total assets less current liabilities

 

1,385,914

1,371,100

Creditors: Amounts falling due after more than one year

7

(14,167)

(24,167)

Provisions for liabilities

(32,641)

(35,398)

Net assets

 

1,339,106

1,311,535

Capital and reserves

 

Called up share capital

8

17,850

17,850

Other reserves

1,695

1,695

Retained earnings

1,319,561

1,291,990

Shareholders' funds

 

1,339,106

1,311,535

For the financial year ending 31 December 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 19 September 2024 and signed on its behalf by:
 

.........................................
Mr Marcus Wilkinson
Director

 

Alfred Smith & Son (Penzance) Limited

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

1

General information

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

The address of its registered office is:
31 Clarence Street
Penzance
Cornwall
TR18 2NU

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.

Going concern

The financial statements have been prepared on a going concern basis.

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

Government grants comprise of COVID-19 business support measures including 'The Coronavirus Job Retention Scheme', the 'Business Interruption Payment' under the Bounce Back Loan Scheme, 'The Retail, Hospitality and Leisure Grant Fund' and the 'Local Restrictions Business Support Grant Fund'.

The company recognises government grants at fair value in line with the accruals model under FRS 102 when:
There is reasonable assurance that the company will comply with the conditions attaching to them; and
the grants will be received.

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.

 

Alfred Smith & Son (Penzance) Limited

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Buildings

2% straight line basis

Land

Not depreciated due to indefinite useful economic life

Furniture, fittings and equipment

15% to 50% on written down value

Motor vehicles

25% on written down value

Storage/shipping container

20% straight line basis

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

 

Alfred Smith & Son (Penzance) Limited

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Alfred Smith & Son (Penzance) Limited

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

Financial instruments

Classification
Financial assets are classified into either basic or other financial assets. Financial liabilities are classified into either basic or other financial liabilities. These classifications depend on certain criteria determined at the time of recognition.

The company holds only basic financial instruments.

 Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method, unless the arrangement constitutes a financing transaction, where the transaction is initially measured at the present value of the future receipts discounted at a market rate of interest and subsequently held at amortised cost.

Basic financial liabilities, including trade and other payables are initially measured at transaction price, unless the arrangement constitutes a financing transaction where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. They are subsequently measured at amortised cost using the effective interest method, with interest expense recognised on an effective yield basis.

The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate discounts estimated future cash payments through the expected life of the financial liability to the net carrying amount on initial recognition.

 Impairment
Basic financial assets are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in profit or loss.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2022 - 9).

 

Alfred Smith & Son (Penzance) Limited

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

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

1,396,218

75,617

62,213

1,534,048

Additions

-

294

16,950

17,244

At 31 December 2023

1,396,218

75,911

79,163

1,551,292

Depreciation

At 1 January 2023

296,836

48,760

56,689

402,285

Charge for the year

22,906

4,207

5,620

32,733

At 31 December 2023

319,742

52,967

62,309

435,018

Carrying amount

At 31 December 2023

1,076,476

22,944

16,854

1,116,274

At 31 December 2022

1,099,382

26,857

5,524

1,131,763

Included within the net book value of land and buildings above is £1,076,476 (2022 - £1,099,382) in respect of freehold land and buildings.

5

Stocks

2023
£

2022
£

Other inventories

409,345

401,319

6

Debtors

Current

2023
£

2022
£

Trade debtors

59,386

52,569

Prepayments

8,926

8,762

Other debtors

2,481

7,663

 

70,793

68,994

 

Alfred Smith & Son (Penzance) Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

10,000

10,000

Trade creditors

 

67,090

69,841

Taxation and social security

 

46,001

57,498

Accruals and deferred income

 

12,294

14,300

Other creditors

 

231,777

264,551

 

367,162

416,190

Creditors include a director's loan which are secured of £165,783 (2022 - £190,646). The loans are secured on the company's assets.

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

14,167

24,167

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

17,850

17,850

17,850

17,850

       
 

Alfred Smith & Son (Penzance) Limited

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

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

14,167

24,167

Current loans and borrowings

2023
£

2022
£

Bank borrowings

10,000

10,000

Bank borrowings

Bounce Back Loan is denominated in £ with a nominal interest rate of 2.5%, and the final instalment is due on 28 May 2026. The carrying amount at year end is £24,167 (2022 - £34,167).

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £51,283 (2022 - £63,726). In respect of operating leases for a telephone system.