Registered number
04533952
Smith and Low Ltd
Directors Report and Financial Statements
31 March 2024
Smith and Low Ltd
Registered number: 04533952
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 29,334 36,667
Tangible assets 4 46 61
29,380 36,728
Current assets
Stocks 43,682 43,121
Debtors 5 1,101 995
Bank 11,278 9,732
56,061 53,848
Creditors: amounts falling due within one year 6 (50,221) (45,042)
Net current assets 5,840 8,806
Total assets less current liabilities 35,220 45,534
Creditors: amounts falling due after more than one year 7 (11,672) (21,705)
Net assets 23,548 23,829
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 22,548 22,829
Shareholders' funds 23,548 23,829
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr K M Smith
Director
Approved by the board on 17 September 2024
Smith and Low Ltd
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. In previous years goodwill has been amortised over a ten year period. The directors are of the opinion that it is more apprpriate to amortise goodwill over fifitten years and the necessary adjustments have been made in these accounts.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 5 6
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2023 110,000
At 31 March 2024 110,000
Amortisation
At 1 April 2023 73,333
Provided during the year 7,333
At 31 March 2024 80,666
Net book value
At 31 March 2024 29,334
At 31 March 2023 36,667
Goodwill is being written off in equal annual instalments over its estimated economic life of 15 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 6,470
At 31 March 2024 6,470
Depreciation
At 1 April 2023 6,409
Charge for the year 15
At 31 March 2024 6,424
Net book value
At 31 March 2024 46
At 31 March 2023 61
5 Debtors 2024 2023
£ £
Trade debtors 1,101 995
6 Creditors: amounts falling due within one year 2024 2023
£ £
Coronavirus bounce back bank loan 9,999 9,999
Trade creditors 28,517 22,814
Other taxes and social security costs 11,705 12,229
50,221 45,042
7 Creditors: amounts falling due after one year 2024 2023
£ £
Coronavirus bounce back bank loan 11,668 21,668
Directors loan accounts - Shared 4 37
11,672 21,705
8 Controlling party
The company is under the control of the directors between them own all of the issued share capital
9 Other information
Smith and Low Ltd is a private company limited by shares and incorporated in England. Its registered office is:
107-111 Hollow Way
Cowley
Oxford
OX4 2NG
Smith and Low Ltd 04533952 false 2023-04-01 2024-03-31 2024-03-31 VT Final Accounts April 2024 Mr K M Smith No description of principal activity 04533952 2022-04-01 2023-03-31 04533952 core:WithinOneYear 2023-03-31 04533952 core:AfterOneYear 2023-03-31 04533952 core:ShareCapital 2023-03-31 04533952 core:RetainedEarningsAccumulatedLosses 2023-03-31 04533952 2023-04-01 2024-03-31 04533952 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 04533952 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 04533952 bus:Director40 2023-04-01 2024-03-31 04533952 1 2023-04-01 2024-03-31 04533952 2 2023-04-01 2024-03-31 04533952 core:Goodwill 2023-04-01 2024-03-31 04533952 core:PlantMachinery 2023-04-01 2024-03-31 04533952 countries:England 2023-04-01 2024-03-31 04533952 bus:FRS102 2023-04-01 2024-03-31 04533952 bus:FilletedAccounts 2023-04-01 2024-03-31 04533952 2024-03-31 04533952 core:WithinOneYear 2024-03-31 04533952 core:AfterOneYear 2024-03-31 04533952 core:ShareCapital 2024-03-31 04533952 core:RetainedEarningsAccumulatedLosses 2024-03-31 04533952 core:Goodwill 2024-03-31 04533952 core:PlantMachinery 2024-03-31 04533952 2023-03-31 04533952 core:Goodwill 2023-03-31 04533952 core:PlantMachinery 2023-03-31 iso4217:GBP xbrli:pure