Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-3121trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-04-01falseNo description of principal activity19falsefalse SC094396 2023-04-01 2024-03-31 SC094396 2022-04-01 2023-03-31 SC094396 2024-03-31 SC094396 2023-03-31 SC094396 c:CompanySecretary1 2023-04-01 2024-03-31 SC094396 c:Director1 2023-04-01 2024-03-31 SC094396 c:Director2 2023-04-01 2024-03-31 SC094396 c:Director3 2023-04-01 2024-03-31 SC094396 c:Director5 2023-04-01 2024-03-31 SC094396 c:RegisteredOffice 2023-04-01 2024-03-31 SC094396 d:Buildings 2023-04-01 2024-03-31 SC094396 d:Buildings 2024-03-31 SC094396 d:Buildings 2023-03-31 SC094396 d:Buildings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 SC094396 d:PlantMachinery 2023-04-01 2024-03-31 SC094396 d:PlantMachinery 2024-03-31 SC094396 d:PlantMachinery 2023-03-31 SC094396 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 SC094396 d:MotorVehicles 2023-04-01 2024-03-31 SC094396 d:MotorVehicles 2024-03-31 SC094396 d:MotorVehicles 2023-03-31 SC094396 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 SC094396 d:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 SC094396 d:OtherPropertyPlantEquipment 2024-03-31 SC094396 d:OtherPropertyPlantEquipment 2023-03-31 SC094396 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 SC094396 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 SC094396 d:Goodwill 2023-04-01 2024-03-31 SC094396 d:Goodwill 2024-03-31 SC094396 d:Goodwill 2023-03-31 SC094396 d:CurrentFinancialInstruments 2024-03-31 SC094396 d:CurrentFinancialInstruments 2023-03-31 SC094396 d:Non-currentFinancialInstruments 2024-03-31 SC094396 d:Non-currentFinancialInstruments 2023-03-31 SC094396 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 SC094396 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 SC094396 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 SC094396 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 SC094396 d:ShareCapital 2024-03-31 SC094396 d:ShareCapital 2023-03-31 SC094396 d:RetainedEarningsAccumulatedLosses 2024-03-31 SC094396 d:RetainedEarningsAccumulatedLosses 2023-03-31 SC094396 c:OrdinaryShareClass1 2023-04-01 2024-03-31 SC094396 c:OrdinaryShareClass1 2024-03-31 SC094396 c:OrdinaryShareClass1 2023-03-31 SC094396 c:FRS102 2023-04-01 2024-03-31 SC094396 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 SC094396 c:FullAccounts 2023-04-01 2024-03-31 SC094396 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC094396 6 2023-04-01 2024-03-31 SC094396 d:Goodwill d:OwnedIntangibleAssets 2023-04-01 2024-03-31 SC094396 e:PoundSterling 2023-04-01 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: SC094396










COLIN M SMITH LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

 
COLIN M SMITH LIMITED
 

COMPANY INFORMATION


DIRECTORS
A M Smith 
Mrs P J Smith 
Mr J M Smith 
Mr C Mitchell 




COMPANY SECRETARY
A M Smith



REGISTERED NUMBER
SC094396



REGISTERED OFFICE
139 Castle Street

Forfar

Angus

DD8 3HN




ACCOUNTANTS
EQ Accountants Limited
Chartered Accountants

Westby

64 West High Street

Forfar

Angus

DD8 1BJ





 
COLIN M SMITH LIMITED
REGISTERED NUMBER: SC094396

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
£
£

FIXED ASSETS
  

Intangible assets
 4 
90,000
135,000

Tangible assets
 5 
767,171
841,884

Investments
 6 
250
250

  
857,421
977,134

CURRENT ASSETS
  

Stocks
  
398,063
429,154

Debtors
 7 
962,018
965,959

Cash at bank and in hand
  
319,528
267,283

  
1,679,609
1,662,396

Creditors: amounts falling due within one year
 8 
(365,686)
(510,378)

NET CURRENT ASSETS
  
 
 
1,313,923
 
 
1,152,018

TOTAL ASSETS LESS CURRENT LIABILITIES
  
2,171,344
2,129,152

Creditors: amounts falling due after more than one year
 9 
-
(20,648)

  

NET ASSETS
  
2,171,344
2,108,504


CAPITAL AND RESERVES
  

Called up share capital 
 10 
59,500
59,500

Profit and loss account
  
2,111,844
2,049,004

  
2,171,344
2,108,504


Page 1

 
COLIN M SMITH LIMITED
REGISTERED NUMBER: SC094396

STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 August 2024.



A M Smith
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
COLIN M SMITH LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


GENERAL INFORMATION

The entity is a private company, limited by shares, incorporated in Scotland with the registration number SC094396. The registered office is 139 Castle Street, Forfar, DD8 3HN and this is also the principal place of business.
The financial statements are presented in Sterling which is the functional currency of the Company and rounded to the nearest £.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

TURNOVER

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

BORROWING COSTS

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
COLIN M SMITH LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.4

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.5

TAXATION

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.6

INTANGIBLE ASSETS

GOODWILL

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of income and retained earnings over its useful economic life.

OTHER INTANGIBLE ASSETS

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 4

 
COLIN M SMITH LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.7

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows.

Depreciation is provided on the following basis:

Freehold land and buildings
-
Nil
Plant and equipment
-
12.5%
straight line
Motor vehicles
-
25.0%
reducing balance
TVs, VCRs & DVDs for rental
-
25.0%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

VALUATION OF INVESTMENTS

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.9

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is 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.

 
2.10

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 21 (2023 - 19).

Page 5

 
COLIN M SMITH LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


INTANGIBLE ASSETS




Goodwill

£



COST


At 1 April 2023
450,000



At 31 March 2024

450,000



AMORTISATION


At 1 April 2023
315,000


Charge for the year on owned assets
45,000



At 31 March 2024

360,000



NET BOOK VALUE



At 31 March 2024
90,000



At 31 March 2023
135,000



Page 6

 
COLIN M SMITH LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


TANGIBLE FIXED ASSETS





Freehold property
Plant & machinery
Motor vehicles
Other fixed assets
Total

£
£
£
£
£



COST OR VALUATION


At 1 April 2023
731,607
132,209
109,084
24,863
997,763


Additions
36,000
3,510
27,500
218
67,228


Disposals
(106,428)
-
-
(393)
(106,821)



At 31 March 2024

661,179
135,719
136,584
24,688
958,170



DEPRECIATION


At 1 April 2023
-
76,313
60,291
19,275
155,879


Charge for the year on owned assets
-
15,943
17,823
1,354
35,120



At 31 March 2024

-
92,256
78,114
20,629
190,999



NET BOOK VALUE



At 31 March 2024
661,179
43,463
58,470
4,059
767,171



At 31 March 2023
731,607
55,896
48,793
5,588
841,884

Page 7

 
COLIN M SMITH LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


FIXED ASSET INVESTMENTS





Other fixed asset investments

£



COST OR VALUATION


At 1 April 2023
250



At 31 March 2024
250





7.


DEBTORS

2024
2023
£
£

DUE AFTER MORE THAN ONE YEAR

Amounts owed by joint ventures and associated undertakings
873,300
871,760

873,300
871,760

DUE WITHIN ONE YEAR

Trade debtors
84,529
90,010

Other debtors
4,189
4,189

962,018
965,959



8.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Bank loans
-
7,458

Trade creditors
91,409
109,259

Other taxation and social security
84,238
76,210

Other creditors
187,039
314,359

Accruals and deferred income
3,000
3,092

365,686
510,378


Page 8

 
COLIN M SMITH LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024
2023
£
£

Bank loans
-
20,648

-
20,648



10.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



59,500 (2023 - 59,500) Ordinary shares of £1.00 each
59,500
59,500



Page 9