Company Registration No. 00598051 (England and Wales)
SMETHWICK MAINTENANCE COMPANY LIMITED
CONSOLIDATED ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
SMETHWICK MAINTENANCE COMPANY LIMITED
COMPANY INFORMATION
DIRECTORS
Mr M L Cooper
Mr G M Cooper
COMPANY NUMBER
00598051
REGISTERED OFFICE
336 Spon Lane South
West Bromwich
West Midlands
B70 6AZ
AUDITOR
JW Hinks LLP
Chartered Accountants
19 Highfield Road
Edgbaston
Birmingham
B15 3BH
SMETHWICK MAINTENANCE COMPANY LIMITED
CONTENTS
PAGE
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 28
SMETHWICK MAINTENANCE COMPANY LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 1 -

The directors present the strategic report for the year ended 30 November 2023.

REVIEW OF THE BUSINESS

The Group operates from two sites, one in West Bromwich, West Midlands and the other in Smethwick, West Midlands.

 

The West Bromwich site provides industrial contracting services and also manages an industrial estate. The Group's site at Smethwick manufactures and installs electrical doors and roller shutters.

 

The analysis of turnover by each sector is as follows:

 

Turnover by sector              2023 (£)             2022 (£)

Industrial contracting                     351,611         294,320

Income from industrial estate                 168,754          151,442

Manufacture and installation of electrical doors         5,962,249     6,225,803

 

Total                             6,482,614      6,671,565

    

The Group this year has reported a loss before taxation of £36,386 (2022: group profit of £199,248). Whilst the manufacture and installation of electrical doors has seen good results, the industrial contracting sector results were disappointing.

 

The Group prides itself on its healthy balance sheet and maintains a strong cash position to enable it to take advantage of any new business opportunities.

On behalf of the board

Mr M L Cooper
DIRECTOR
19 September 2024
SMETHWICK MAINTENANCE COMPANY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 2 -

The directors present their annual report and financial statements for the year ended 30 November 2023.

PRINCIPAL ACTIVITIES

The principal activity of the company and group continued to be that of industrial contracting, manufacture and installation of electrical doors, manufacture and maintenance of rolling mills and other special purpose machines and managing its industrial estate.

RESULTS AND DIVIDENDS

The results for the year are set out on page 7.

The total distribution of dividends for the year ended 30 November 2023 was £100,000 (2022: £100,000).

DIRECTORS

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr M L Cooper
Mr G M Cooper

The company's Articles of Association do not require the director's to retire by rotation.

AUDITOR

In accordance with the company's articles, a resolution proposing that JW Hinks LLP be reappointed as auditor of the group will be put at a General Meeting.

STATEMENT OF DISCLOSURE TO AUDITOR

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
Mr M L Cooper
DIRECTOR
19 September 2024
SMETHWICK MAINTENANCE COMPANY LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 3 -

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

SMETHWICK MAINTENANCE COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SMETHWICK MAINTENANCE COMPANY LIMITED
- 4 -
QUALIFIED OPINION

We have audited the financial statements of Smethwick Maintenance Company Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2023 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, except for the effects of the matter described in the Basis for Qualified Opinion paragraph, the financial statements:

BASIS FOR OPINION

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

BASIS OF QUALIFIED OPINION ON FINANCIAL STATEMENTS

The audit evidence available to us was limited because the directors of the company have not formally assessed the carrying value of the investment properties in the financial statements to 30 November 2023. The last external professional valuation was undertaken in 2008 and we consider that the directors have not taken adequate steps to satisfy themselves that the carrying value in the financial statements of £1,108,877 is consistent with current market values.

CONCLUSIONS RELATING TO GOING CONCERN

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

OTHER INFORMATION

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

OPINIONS ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006

In our opinion, based on the work undertaken in the course of our audit:

SMETHWICK MAINTENANCE COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SMETHWICK MAINTENANCE COMPANY LIMITED
- 5 -
MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

RESPONSIBILITIES OF DIRECTORS

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

 

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements and discussed the policies and procedures regarding compliance.

Specific areas considered were as follows:

 

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards.

This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

SMETHWICK MAINTENANCE COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SMETHWICK MAINTENANCE COMPANY LIMITED
- 6 -
USE OF OUR REPORT

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

NEAL ASTON ACA ACCA (SENIOR STATUTORY AUDITOR)
FOR AND ON BEHALF OF
JW HINKS LLP
JW Hinks LLP
CHARTERED ACCOUNTANTS AND REGISTERED AUDITOR
19 Highfield Road
Edgbaston
Birmingham
B15 3BH
19 September 2024
SMETHWICK MAINTENANCE COMPANY LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 7 -
2023
2022
Notes
£
£
TURNOVER
3
6,482,614
6,671,565
Cost of sales
(4,687,835)
(4,792,826)
GROSS PROFIT
1,794,779
1,878,739
Distribution costs
(233,149)
(226,126)
Administrative expenses
(1,620,834)
(1,457,772)
Other operating income
9,962
3,139
OPERATING (LOSS)/PROFIT
4
(49,242)
197,980
Interest receivable and similar income
8
12,856
1,268
(LOSS)/PROFIT BEFORE TAXATION
(36,386)
199,248
Tax on (loss)/profit
9
-
0
(80,235)
(LOSS)/PROFIT FOR THE FINANCIAL YEAR
(36,386)
119,013
(Loss)/profit for the financial year is attributable to:
- Owners of the parent company
(34,116)
120,766
- Non-controlling interests
(2,270)
(1,753)
(36,386)
119,013

The profit and loss account has been prepared on the basis that all operations are continuing operations.

SMETHWICK MAINTENANCE COMPANY LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 8 -
2023
2022
£
£
(LOSS)/PROFIT FOR THE YEAR
(36,386)
119,013
OTHER COMPREHENSIVE INCOME
-
-
Cash flow hedges gain arising in the year
-
0
-
0
TOTAL COMPREHENSIVE INCOME FOR THE YEAR
(36,386)
119,013
Total comprehensive income for the year is attributable to:
- Owners of the parent company
(34,116)
120,766
- Non-controlling interests
(2,270)
(1,753)
(36,386)
119,013
SMETHWICK MAINTENANCE COMPANY LIMITED
GROUP BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 9 -
2023
2022
Notes
£
£
£
£
FIXED ASSETS
Tangible assets
12
709,056
699,470
Investment property
13
1,108,877
1,108,877
Investments
14
1,300
1,300
1,819,233
1,809,647
CURRENT ASSETS
Stocks
16
973,248
972,513
Debtors
17
1,548,040
1,402,254
Cash at bank and in hand
1,022,480
1,539,646
3,543,768
3,914,413
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
18
(1,434,557)
(1,659,230)
NET CURRENT ASSETS
2,109,211
2,255,183
TOTAL ASSETS LESS CURRENT LIABILITIES
3,928,444
4,064,830
PROVISIONS FOR LIABILITIES
Deferred tax liability
19
167,346
167,346
(167,346)
(167,346)
NET ASSETS
3,761,098
3,897,484
CAPITAL AND RESERVES
Called up share capital
21
500,005
500,005
Share premium account
3,000
3,000
Revaluation reserve
776,915
776,915
Capital redemption reserve
499,995
499,995
Profit and loss reserves
2,011,868
2,145,984
EQUITY ATTRIBUTABLE TO OWNERS OF THE PARENT COMPANY
3,791,783
3,925,899
NON-CONTROLLING INTERESTS
(30,685)
(28,415)
3,761,098
3,897,484
The financial statements were approved by the board of directors and authorised for issue on 19 September 2024 and are signed on its behalf by:
19 September 2024
Mr M L Cooper
Mr G M Cooper
DIRECTOR
DIRECTOR
Company registration number 00598051 (England and Wales)
SMETHWICK MAINTENANCE COMPANY LIMITED
COMPANY BALANCE SHEET
AS AT 30 NOVEMBER 2023
30 November 2023
- 10 -
2023
2022
Notes
£
£
£
£
FIXED ASSETS
Tangible assets
12
612,785
635,918
Investment properties
13
1,108,877
1,108,877
Investments
14
175,106
175,106
1,896,768
1,919,901
CURRENT ASSETS
Debtors
17
2,024,145
1,949,918
Cash at bank and in hand
519,627
503,128
2,543,772
2,453,046
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
18
(1,310,778)
(1,146,844)
NET CURRENT ASSETS
1,232,994
1,306,202
TOTAL ASSETS LESS CURRENT LIABILITIES
3,129,762
3,226,103
PROVISIONS FOR LIABILITIES
Deferred tax liability
19
165,946
165,946
(165,946)
(165,946)
NET ASSETS
2,963,816
3,060,157
CAPITAL AND RESERVES
Called up share capital
21
500,005
500,005
Share premium account
3,000
3,000
Revaluation reserve
778,447
778,447
Capital redemption reserve
499,995
499,995
Profit and loss reserves
1,182,369
1,278,710
TOTAL EQUITY
2,963,816
3,060,157

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £3,659 (2022 - £26,155 profit).

The financial statements were approved by the board of directors and authorised for issue on 19 September 2024 and are signed on its behalf by:
19 September 2024
Mr M L Cooper
Mr G M Cooper
DIRECTOR
DIRECTOR
COMPANY REGISTRATION NO. 00598051
SMETHWICK MAINTENANCE COMPANY LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 11 -
Share capital
Share premoum account
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total controlling interests
Non-controlling interests
Total
Notes
£
£
£
£
£
£
£
£
BALANCE AT 1 DECEMBER 2021
500,005
3,000
812,861
499,995
2,089,272
3,905,133
(26,662)
3,878,471
YEAR ENDED 30 NOVEMBER 2022:
Profit and total comprehensive income
-
-
-
-
120,766
120,766
(1,753)
119,013
Dividends
10
-
-
-
-
(100,000)
(100,000)
-
(100,000)
Transfers
-
-
(35,946)
-
35,946
-
-
-
BALANCE AT 30 NOVEMBER 2022
500,005
3,000
776,915
499,995
2,145,984
3,925,899
(28,415)
3,897,484
YEAR ENDED 30 NOVEMBER 2023:
Loss and total comprehensive income
-
-
-
-
(34,116)
(34,116)
(2,270)
(36,386)
Dividends
10
-
-
-
-
(100,000)
(100,000)
-
(100,000)
BALANCE AT 30 NOVEMBER 2023
500,005
3,000
776,915
499,995
2,011,868
3,791,783
(30,685)
3,761,098
SMETHWICK MAINTENANCE COMPANY LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 12 -
Share capital
Share premium account
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
BALANCE AT 1 DECEMBER 2021
500,005
3,000
814,393
499,995
1,316,609
3,134,002
YEAR ENDED 30 NOVEMBER 2022:
Profit and total comprehensive income for the year
-
-
-
-
26,155
26,155
Dividends
10
-
-
-
-
(100,000)
(100,000)
Transfers
-
-
(35,946)
-
35,946
-
BALANCE AT 30 NOVEMBER 2022
500,005
3,000
778,447
499,995
1,278,710
3,060,157
YEAR ENDED 30 NOVEMBER 2023:
Profit and total comprehensive income
-
-
-
-
3,659
3,659
Dividends
10
-
-
-
-
(100,000)
(100,000)
BALANCE AT 30 NOVEMBER 2023
500,005
3,000
778,447
499,995
1,182,369
2,963,816
SMETHWICK MAINTENANCE COMPANY LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 13 -
2023
2022
Notes
£
£
£
£
CASH FLOWS FROM OPERATING ACTIVITIES
Cash (absorbed by)/generated from operations
26
(349,674)
226,896
Income taxes paid
(44,298)
(10,891)
NET CASH (OUTFLOW)/INFLOW FROM OPERATING ACTIVITIES
(393,972)
216,005
INVESTING ACTIVITIES
Purchase of tangible fixed assets
(53,774)
-
Proceeds from disposal of tangible fixed assets
17,724
-
Interest received
12,856
1,268
NET CASH (USED IN)/GENERATED FROM INVESTING ACTIVITIES
(23,194)
1,268
FINANCING ACTIVITIES
Dividends paid to equity shareholders
(100,000)
(100,000)
NET CASH USED IN FINANCING ACTIVITIES
(100,000)
(100,000)
NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS
(517,166)
117,273
Cash and cash equivalents at beginning of year
1,539,646
1,422,373
CASH AND CASH EQUIVALENTS AT END OF YEAR
1,022,480
1,539,646
SMETHWICK MAINTENANCE COMPANY LIMITED
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 14 -
1
ACCOUNTING POLICIES
COMPANY INFORMATION

Smethwick Maintenance Company Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 336 Spon Lane South, West Bromwich, West Midlands, B70 6AZ.

 

The group consists of Smethwick Maintenance Company Limited and all of its subsidiaries.

1.1
ACCOUNTING CONVENTION

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £3,659 (2022 - £26,155 profit).

1.2
BASIS OF CONSOLIDATION

The consolidated financial statements incorporate those of Smethwick Maintenance Company Limited and all of its subsidiaries (i.e. entities that the Group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes. All financial statements are made up to 30 November 2023.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

 

Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the Group.

 

The cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill.

 

The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date.

SMETHWICK MAINTENANCE COMPANY LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
ACCOUNTING POLICIES
(Continued)
- 15 -
1.3
GOING CONCERN

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
TURNOVER

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

 

Turnover is recognised when a right to consideration has been obtained through performance under each contract and reflects the contract activity during the year having regard to the stage of completion of each contract and the relative uncertainty of predicting ultimate profitability on long term assignments.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.5
TANGIBLE FIXED ASSETS

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Freehold
2% on cost
Land and buildings Leasehold
over period of lease
Plant and machinery
10% and 20% on cost
Fixtures, fittings & equipment
15% on reducing balance
Computer equipment
33% on cost
Motor vehicles
25% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.6
INVESTMENT PROPERTIES

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

 

Where fair value cannot be achieved without undue cost or effort, investment property is accounted for based on the latest available professional valuation.

1.7
IMPAIRMENT OF FIXED ASSETS

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

SMETHWICK MAINTENANCE COMPANY LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
ACCOUNTING POLICIES
(Continued)
- 16 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.8
STOCKS

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Contracts in progress at the balance sheet date have been recognised as turnover, based on an assessment of the fair value of the contract completed at the balance sheet date as a proportion of the total value of the contract. Provision is made against uninvoiced amounts on those contracts where the right to receive payment is contingent on factors outside the control of the company. Amounts recoverable on contracts are included in debtors.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.9
CASH AND CASH EQUIVALENTS

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
FINANCIAL INSTRUMENTS

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and 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 measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

SMETHWICK MAINTENANCE COMPANY LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
ACCOUNTING POLICIES
(Continued)
- 17 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, 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. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised 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. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.11
EQUITY INSTRUMENTS

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.12
TAXATION

The tax expense represents the sum of the tax currently payable and deferred tax.

SMETHWICK MAINTENANCE COMPANY LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
ACCOUNTING POLICIES
(Continued)
- 18 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.13
EMPLOYEE BENEFITS

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
RETIREMENT BENEFITS

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15
LEASING

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

1.16
INVESTMENTS

Fixed asset statements are stated at cost less provision for diminution in value.

1.17
FOREIGN CURRENCY TRANSLATION

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of transaction. All differences are taken to profit and loss account.

2
JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

SMETHWICK MAINTENANCE COMPANY LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 19 -
3
TURNOVER AND OTHER REVENUE

An analysis of the group's turnover is as follows:

2023
2022
£
£
TURNOVER ANALYSED BY CLASS OF BUSINESS
Industrial contracting
6,313,860
6,520,123
Income from industrial units
168,754
151,442
6,482,614
6,671,565
2023
2022
£
£
TURNOVER ANALYSED BY GEOGRAPHICAL MARKET
United Kingdom
6,482,614
6,671,565
2023
2022
£
£
OTHER REVENUE
Interest income
12,856
1,268
4
OPERATING (LOSS)/PROFIT
2023
2022
£
£
Operating (loss)/profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
36,661
39,454
Profit on disposal of tangible fixed assets
(10,197)
-
5
AUDITOR'S REMUNERATION
2023
2022
Fees payable to the company's auditor and associates:
£
£
FOR AUDIT SERVICES
Audit of the financial statements of the group and company
11,250
10,750
Audit of the financial statements of the company's subsidiaries
21,750
20,750
33,000
31,500
SMETHWICK MAINTENANCE COMPANY LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 20 -
6
EMPLOYEES

The average monthly number of persons (including directors) employed by the group and company during the year was:

2023
2022
Number
Number
Administration
23
25
Production
34
35
57
60

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
1,790,439
1,667,856
Social security costs
191,181
173,123
Pension costs
38,069
33,899
2,019,689
1,874,878
7
DIRECTORS' REMUNERATION
2023
2022
£
£
Remuneration for qualifying services
109,003
108,123
Company pension contributions to defined contribution schemes
1,321
1,318
110,324
109,441

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2022: 1).

8
INTEREST RECEIVABLE AND SIMILAR INCOME
2023
2022
£
£
INTEREST INCOME
Interest on bank deposits
4,010
301
Other interest income
8,846
967
Total income
12,856
1,268
9
TAXATION
2023
2022
£
£
CURRENT TAX
UK corporation tax on profits for the current period
-
0
44,298
Adjustments in respect of prior periods
-
0
(9)
Total current tax
-
0
44,289
SMETHWICK MAINTENANCE COMPANY LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
9
TAXATION
2023
2022
£
£
(Continued)
- 21 -
DEFERRED TAX
Origination and reversal of timing differences
-
0
35,946
Total tax charge
-
0
80,235

The actual charge for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
(Loss)/profit before taxation
(36,386)
199,248
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2022: 19.00%)
(9,097)
37,857
Tax effect of expenses that are not deductible in determining taxable profit
1,436
681
Unutilised tax losses carried forward
16,453
-
0
Adjustments in respect of prior years
-
0
(9)
Permanent capital allowances in excess of depreciation
(7,979)
5,760
Other non-reversing timing differences
(789)
-
0
Deferred tax adjustments in respect of prior years
-
0
35,946
Charitable donations relief
(24)
-
0
Taxation charge
-
80,235
10
DIVIDENDS
2023
2022
Recognised as distributions to equity holders:
£
£
Interim paid
100,000
100,000
11
INTANGIBLE FIXED ASSETS
GROUP
Goodwill
£
COST
At 1 December 2022 and 30 November 2023
29,706
AMORTISATION AND IMPAIRMENT
At 1 December 2022 and 30 November 2023
29,706
SMETHWICK MAINTENANCE COMPANY LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
11
INTANGIBLE FIXED ASSETS
(Continued)
- 22 -
CARRYING AMOUNT
At 30 November 2023
-
0
At 30 November 2022
-
0
12
TANGIBLE FIXED ASSETS
GROUP
Land and buildings freehold
Land and buildings leasehold
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
£
COST
At 1 December 2022
981,368
47,393
590,807
6,448
22,371
393,181
2,041,568
Additions
-
0
-
0
-
0
-
0
12,005
41,769
53,774
Disposals
-
0
-
0
-
0
-
0
-
0
(62,474)
(62,474)
At 30 November 2023
981,368
47,393
590,807
6,448
34,376
372,476
2,032,868
DEPRECIATION AND IMPAIRMENT
At 1 December 2022
393,724
39,815
524,129
6,254
22,370
355,806
1,342,098
Depreciation charged in the year
18,307
-
0
8,109
29
501
9,715
36,661
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
-
0
(54,947)
(54,947)
At 30 November 2023
412,031
39,815
532,238
6,283
22,871
310,574
1,323,812
CARRYING AMOUNT
At 30 November 2023
569,337
7,578
58,569
165
11,505
61,902
709,056
At 30 November 2022
587,644
7,578
66,678
194
1
37,375
699,470
SMETHWICK MAINTENANCE COMPANY LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
12
TANGIBLE FIXED ASSETS
(Continued)
- 23 -
COMPANY
Land and buildings Freehold
Land and buildings Leasehold
Plant and machinery
Motor vehicles
Total
£
£
£
£
£
COST
At 1 December 2022 and 30 November 2023
981,368
22,768
445,707
29,500
1,479,343
DEPRECIATION AND IMPAIRMENT
At 1 December 2022
393,724
22,767
397,444
29,490
843,425
Depreciation charged in the year
18,307
-
0
4,826
-
0
23,133
At 30 November 2023
412,031
22,767
402,270
29,490
866,558
CARRYING AMOUNT
At 30 November 2023
569,337
1
43,437
10
612,785
At 30 November 2022
587,644
1
48,263
10
635,918

Included in cost of land and buildings is freehold land of £66,000 (2022 - £66,000) which is not depreciated.

13
INVESTMENT PROPERTY
Group
Company
2023
2023
£
£
FAIR VALUE
At 1 December 2022 and 30 November 2023
1,108,877
1,108,877

If investment property had not been revalued it would have been included at an historical cost of £237,442 (2022: £237,442).

 

Investment property is included at directors' valuation. The last formal external valuation was performed on an open market basis on 12 September 2008 by Martin Bloomer Associates.

 

14
FIXED ASSET INVESTMENTS
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
173,806
173,806
Listed investments
1,300
1,300
1,300
1,300
1,300
1,300
175,106
175,106
LISTED INVESTMENT INCLUDED ABOVE:
Listed investments carrying amount
1,300
1,300
1,300
1,300
SMETHWICK MAINTENANCE COMPANY LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
14
FIXED ASSET INVESTMENTS
(Continued)
- 24 -
MOVEMENTS IN FIXED ASSET INVESTMENTS
GROUP
Shares
£
COST OR VALUATION
At 1 December 2022 and 30 November 2023
1,300
CARRYING AMOUNT
At 30 November 2023
1,300
At 30 November 2022
1,300
MOVEMENTS IN FIXED ASSET INVESTMENTS
COMPANY
Shares
£
COST OR VALUATION
At 1 December 2022 and 30 November 2023
175,106
CARRYING AMOUNT
At 30 November 2023
175,106
At 30 November 2022
175,106
15
SUBSIDIARIES

Details of the company's subsidiaries at 30 November 2023 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
K C Hickson Limited
England
Electrical contractors
Ordinary
97.00
Smethwick Fabrications Limited
England
Manufacture of fabrications
Ordinary
100.00
Smethwick Industrial Services Limited
England
Industrial contractors
Ordinary
100.00
The Priory Shutter & Door Company Limited
England
Manufacture of industrial doors
Ordinary
100.00
SMETHWICK MAINTENANCE COMPANY LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
15
SUBSIDIARIES
(Continued)
- 25 -

In addition to the above trading subsidiaries, the following companies remained dormant throughout the year to 30 November 2023. All are wholly owned and are incorporated in England.

 

George Jones Engineering Services Limited

Shutter Door Repair and Maintenance Limited

Worson Die Cushions Limited

The Priory Door Group Limited

E & M Limited

S.I.S. Group Limited

Smethwick Security Services Limited

Smethwick Crane and Plant Hire Limited

Dudley Factory Doors Limited

Jones of Smethwick Limited (a wholly owned subsidiary of George Jones Engineering Services Limited)

Neway Doors Limited

 

 

MINORITY INTEREST

Minority Interest in the financial statements relates to 3% of the Net Liabilities of K C Hickson Limited.

 

16
STOCKS
Group
Company
2023
2022
2023
2022
£
£
£
£
Stocks
973,248
972,513
-
-
17
DEBTORS
Group
Company
2023
2022
2023
2022
AMOUNTS FALLING DUE WITHIN ONE YEAR:
£
£
£
£
Trade debtors
1,458,044
1,323,938
100,638
78,108
Amounts recoverable on long term contracts
28,603
32,272
-
0
-
0
Amounts due from subsidiary undertakings
-
0
-
0
1,897,644
1,843,599
Other debtors
35,935
19,098
8,348
12,995
Prepayments and accrued income
25,458
26,946
17,515
15,216
1,548,040
1,402,254
2,024,145
1,949,918
SMETHWICK MAINTENANCE COMPANY LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 26 -
18
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade creditors
1,081,332
1,153,360
7,988
10,775
Amounts owed to group undertakings
-
0
-
0
1,177,986
995,614
Amounts owed to undertakings in which the group has a participating interest
-
0
-
0
96,127
96,127
Corporation tax payable
-
0
44,298
-
0
-
0
Other taxation and social security
126,136
251,037
3,296
3,296
Other creditors
39,231
57,565
10,833
10,995
Accruals and deferred income
187,858
152,970
14,548
30,037
1,434,557
1,659,230
1,310,778
1,146,844
19
DEFERRED TAXATION

Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2023
2022
GROUP
£
£
ACAs
18,400
18,400
Investment property
148,946
148,946
167,346
167,346
Liabilities
Liabilities
2023
2022
COMPANY
£
£
ACAs
17,000
17,000
Investment property
148,946
148,946
165,946
165,946
There were no deferred tax movements in the year.
SMETHWICK MAINTENANCE COMPANY LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 27 -
20
RETIREMENT BENEFIT SCHEMES
2023
2022
DEFINED CONTRIBUTION SCHEMES
£
£
Charge to profit and loss in respect of defined contribution schemes
38,069
33,899

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

21
SHARE CAPITAL
GROUP AND COMPANY
2023
2022
2023
2022
ORDINARY SHARE CAPITAL
Number
Number
£
£
ISSUED AND FULLY PAID
Ordinary of £1 each
500,005
500,005
500,005
500,005
22
OPERATING LEASE COMMITMENTS

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
-
450
-
-

 

23
DIRECTORS' TRANSACTIONS

As at 30 November 2023 an amount of £331 (2022: £331) remained due to Smethwick Maintenance Limited from the director, Mr G M Cooper. The loan is interest free and has no fixed repayment terms.

24
RELATED PARTY TRANSACTIONS
REMUNERATION OF KEY MANAGEMENT PERSONNEL

The remuneration of key management personnel is as follows.

2023
2022
£
£
Aggregate compensation
149,837
164,543
OTHER INFORMATION
SMETHWICK MAINTENANCE COMPANY LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
24
RELATED PARTY TRANSACTIONS
(Continued)
- 28 -

GROUP

The brother-in-law of one of the directors was paid £465 (2022: £350) by the Group during the year for the provision of IT services.

 

During the year, the brother-in-law of one of the directors owed the group £nil (2022: £184).

 

 

COMPANY

During the year dividends totalling £100,000 (2022: £100,000) were paid to Mr M L Cooper, director of Smethwick Maintenance Company Limited.

25
CONTROLLING PARTY

The company is controlled by M L Cooper, director and shareholder.

26
CASH (ABSORBED BY)/GENERATED FROM GROUP OPERATIONS
2023
2022
£
£
(Loss)/profit for the year after tax
(36,386)
119,013
ADJUSTMENTS FOR:
Taxation charged
-
0
80,235
Investment income
(12,856)
(1,268)
Gain on disposal of tangible fixed assets
(10,197)
-
Depreciation and impairment of tangible fixed assets
36,661
39,454
MOVEMENTS IN WORKING CAPITAL:
Increase in stocks
(735)
(329,647)
(Increase)/decrease in debtors
(145,786)
48,710
(Decrease)/increase in creditors
(180,375)
270,399
CASH (ABSORBED BY)/GENERATED FROM OPERATIONS
(349,674)
226,896
27
ANALYSIS OF CHANGES IN NET FUNDS - GROUP
1 December 2022
Cash flows
30 November 2023
£
£
£
Cash at bank and in hand
1,539,646
(517,166)
1,022,480
2023-11-302022-12-01falseCCH SoftwareCCH Accounts Production 2024.200Mr M L CooperMr G M CooperMrs S  Cox 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