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REGISTERED NUMBER: 04132445 (England and Wales)











SMITH STONE WALTERS LTD

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






SMITH STONE WALTERS LTD (REGISTERED NUMBER: 04132445)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 March 2024




Page

Company information 1

Group strategic report 2

Report of the directors 3

Report of the independent auditors 4

Consolidated income statement 7

Consolidated other comprehensive income 8

Consolidated balance sheet 9

Company balance sheet 10

Consolidated statement of changes in equity 11

Company statement of changes in equity 12

Consolidated cash flow statement 13

Notes to the consolidated cash flow statement 14

Notes to the consolidated financial statements 15


SMITH STONE WALTERS LTD

COMPANY INFORMATION
for the year ended 31 March 2024







DIRECTORS: D A Hugkulstone
G Smith
J A Walters





SECRETARY: D A Hugkulstone





REGISTERED OFFICE: Lygon House
50 London Road
Bromley
Kent
BR1 3RA





REGISTERED NUMBER: 04132445 (England and Wales)





AUDITORS: Berringers LLP
Lygon House
50 London Road
Bromley
Kent
BR1 3RA

SMITH STONE WALTERS LTD (REGISTERED NUMBER: 04132445)

GROUP STRATEGIC REPORT
for the year ended 31 March 2024

The directors present their strategic report of the company and the group for the year ended 31 March 2024.

REVIEW OF BUSINESS
The consolidated accounts provide a comprehensive overview of the business for the financial year ending March 31, 2024, showcasing the company's performance, core business activities, and significant challenges faced. Our primary emphasis is on delivering outstanding immigration services while expanding our global capabilities for both new and existing clients. The acquisition of new clients during this period underscores Smith Stone Walters' sustained competitiveness in the market. Nevertheless, this year has seen global economic conditions prompt many clients to reduce their hiring and international relocation of assignees.

We recognize a growing trend among blue-chip organizations to seek a reliable, comprehensive global immigration service rather than engage multiple country-specific vendors. Thus, the future growth of Smith Stone Walters is closely linked to our ability to enhance our offerings of an integrated and dependable global immigration service. This will bolster our capacity to expand our client base, strengthen our reputation, and improve profitability. The establishment of our Frankfurt operation marks an important initial step in this direction.

Throughout the past year, we have maintained our focus on key performance indicators to assess our financial health and operational efficiency. Disappointingly, revenue growth and profit margins have decreased compared to the previous year. While the previous period benefited from the surge in global mobility post-COVID, the last 12 months have experienced a slight decline in client activity across all sectors, attributable to current economic conditions. We recognise that our cost of sales have not decreased proportionately with the reduction in revenue over the reporting period. However, we are now beginning to implement a reduction in our overall headcount, which we anticipate will lead to improved margins in the upcoming financial year.

Smith Stone Walters remains steadfast in its commitment to providing superior immigration services to the corporate sector while navigating the challenges and opportunities within our industry. We will continue to prioritize transparency and accountability in our financial reporting and strategic management.

PRINCIPAL RISKS AND UNCERTAINTIES
The main financial risks arising from the company's activities are credit risk, interest rate risk, currency risk and liquidity risk. These are monitored by the board of directors.

The company's policy in respect of credit risk is to require appropriate credit checks on new customers before sales are made. The information from these credit ratings is then factored into future dealings with the customers.

The company's policy in respect of interest rate and liquidity risk is to maintain a mixture of long term and short-term
debt finance and readily accessible bank deposit accounts to ensure that the group has sufficient funds for operations.

The company's policy in respect of currency risk is to forward purchase currency to settle trading transactions and
thereby minimise any exchange rate exposure.

ON BEHALF OF THE BOARD:





D A Hugkulstone - Director


15 October 2024

SMITH STONE WALTERS LTD (REGISTERED NUMBER: 04132445)

REPORT OF THE DIRECTORS
for the year ended 31 March 2024

The directors present their report with the financial statements of the company and the group for the year ended 31 March 2024.

DIVIDENDS
Interim dividends totalling £1463.04 per share were paid during the year. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 March 2024 will be £ 1,463,040 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.

D A Hugkulstone
G Smith
J A Walters

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group strategic report, the Report of the directors 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 company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Berringers LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





D A Hugkulstone - Director


15 October 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SMITH STONE WALTERS LTD

Opinion
We have audited the financial statements of Smith Stone Walters Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated income statement, Consolidated other comprehensive income, Consolidated balance sheet, Company balance sheet, Consolidated statement of changes in equity, Company statement of changes in equity, Consolidated cash flow statement and Notes to the consolidated cash flow statement, Notes to the financial statements, including a summary of 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 the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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.

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 the 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 directors are responsible for the other information. The other information comprises the information in the Group strategic report and the Report of the directors, but does not include the financial statements and our Report of the auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:
- the information given in the Group strategic report and the Report of the directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group strategic report and the Report of the directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SMITH STONE WALTERS LTD


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 its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Report of the directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of directors' responsibilities set out on page three, 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 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 group's and 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 a Report of the auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and error, we
considered the following:
- the nature of the industry, control environment and business performance;
- results of our enquiries to management about their own assessment of the risks of fraud and error;
- the matters discussed among the audit engagement team regarding how and where fraud may occur in the financial statements and any potential indicators of fraud.

Our procedures to respond to risk include the following:
- reviewing the financial statement disclosures and testing to supporting documentation;
- performing analytical procedures to identify any unusual or unexpected areas that may indicate risks of material
misstatement due to fraud or error;
- addressing the risk of fraud and error through management override of controls, testing the appropriateness of journals,
assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SMITH STONE WALTERS LTD


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 a Report of the auditors 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.




Paul Allan BSocSc FCA (Senior Statutory Auditor)
for and on behalf of Berringers LLP
Lygon House
50 London Road
Bromley
Kent
BR1 3RA

15 October 2024

SMITH STONE WALTERS LTD (REGISTERED NUMBER: 04132445)

CONSOLIDATED
INCOME STATEMENT
for the year ended 31 March 2024

2024 2023
as restated
Notes £    £   

TURNOVER 8,193,168 12,164,491

Cost of sales 2,767,940 3,380,633
GROSS PROFIT 5,425,228 8,783,858

Administrative expenses 2,336,197 1,568,203
OPERATING PROFIT 4 3,089,031 7,215,655

Interest receivable and similar income 363,211 17,052
3,452,242 7,232,707

Interest payable and similar expenses 6 47,213 247
PROFIT BEFORE TAXATION 3,405,029 7,232,460

Tax on profit 7 946,939 1,261,601
PROFIT FOR THE FINANCIAL YEAR 2,458,090 5,970,859
Profit attributable to:
Owners of the parent 2,458,090 5,970,859

SMITH STONE WALTERS LTD (REGISTERED NUMBER: 04132445)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
for the year ended 31 March 2024

2024 2023
as restated
Notes £    £   

PROFIT FOR THE YEAR 2,458,090 5,970,859


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

2,458,090

5,970,859
Note
Prior year adjustment 10 (428,867 )
TOTAL COMPREHENSIVE INCOME
SINCE LAST ANNUAL REPORT

2,029,223

Total comprehensive income attributable to:
Owners of the parent 2,029,223 5,970,859

SMITH STONE WALTERS LTD (REGISTERED NUMBER: 04132445)

CONSOLIDATED BALANCE SHEET
31 March 2024

2024 2023
as restated
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 11 202,865 189,055
Investments 12 - -
202,865 189,055

CURRENT ASSETS
Debtors 13 4,885,234 7,796,182
Cash at bank and in hand 12,054,350 8,342,633
16,939,584 16,138,815
CREDITORS
Amounts falling due within one year 14 2,493,222 2,677,345
NET CURRENT ASSETS 14,446,362 13,461,470
TOTAL ASSETS LESS CURRENT
LIABILITIES

14,649,227

13,650,525

PROVISIONS FOR LIABILITIES 15 50,663 47,011
NET ASSETS 14,598,564 13,603,514

CAPITAL AND RESERVES
Called up share capital 16 1,000 1,000
Retained earnings 17 14,597,564 13,602,514
SHAREHOLDERS' FUNDS 14,598,564 13,603,514

The financial statements were approved by the Board of Directors and authorised for issue on 15 October 2024 and were signed on its behalf by:





D A Hugkulstone - Director


SMITH STONE WALTERS LTD (REGISTERED NUMBER: 04132445)

COMPANY BALANCE SHEET
31 March 2024

2024 2023
as restated
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 11 202,838 188,987
Investments 12 31,230 31,230
234,068 220,217

CURRENT ASSETS
Debtors 13 4,811,250 7,905,818
Cash at bank and in hand 11,999,467 8,175,257
16,810,717 16,081,075
CREDITORS
Amounts falling due within one year 14 2,485,623 2,667,245
NET CURRENT ASSETS 14,325,094 13,413,830
TOTAL ASSETS LESS CURRENT
LIABILITIES

14,559,162

13,634,047

PROVISIONS FOR LIABILITIES 15 50,710 47,004
NET ASSETS 14,508,452 13,587,043

CAPITAL AND RESERVES
Called up share capital 16 1,000 1,000
Retained earnings 17 14,507,452 13,586,043
SHAREHOLDERS' FUNDS 14,508,452 13,587,043

Company's profit for the financial year 2,384,449 5,589,447

The financial statements were approved by the Board of Directors and authorised for issue on 15 October 2024 and were signed on its behalf by:





D A Hugkulstone - Director


SMITH STONE WALTERS LTD (REGISTERED NUMBER: 04132445)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the year ended 31 March 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 April 2022 1,000 8,501,655 8,502,655

Changes in equity
Dividends - (870,000 ) (870,000 )
Total comprehensive income - 6,399,726 6,399,726
Balance at 31 March 2023 1,000 14,031,381 14,032,381
Prior year adjustment - (428,867 ) (428,867 )
As restated 1,000 13,602,514 13,603,514

Changes in equity
Dividends - (1,463,040 ) (1,463,040 )
Total comprehensive income - 2,458,090 2,458,090
Balance at 31 March 2024 1,000 14,597,564 14,598,564

SMITH STONE WALTERS LTD (REGISTERED NUMBER: 04132445)

COMPANY STATEMENT OF CHANGES IN EQUITY
for the year ended 31 March 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 April 2022 1,000 8,866,596 8,867,596

Changes in equity
Dividends - (870,000 ) (870,000 )
Total comprehensive income - 6,018,314 6,018,314
Balance at 31 March 2023 1,000 14,014,910 14,015,910
Prior year adjustment - (428,867 ) (428,867 )
As restated 1,000 13,586,043 13,587,043

Changes in equity
Dividends - (1,463,040 ) (1,463,040 )
Total comprehensive income - 2,384,449 2,384,449
Balance at 31 March 2024 1,000 14,507,452 14,508,452

SMITH STONE WALTERS LTD (REGISTERED NUMBER: 04132445)

CONSOLIDATED CASH FLOW STATEMENT
for the year ended 31 March 2024

2024 2023
as restated
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 6,280,257 7,126,907
Interest paid (47,213 ) (247 )
Tax paid (1,294,279 ) (886,066 )
Net cash from operating activities 4,938,765 6,240,594

Cash flows from investing activities
Purchase of tangible fixed assets (64,942 ) (125,608 )
Loans made in year (62,277 ) -
Interest received 363,211 17,052
Net cash from investing activities 235,992 (108,556 )

Cash flows from financing activities
Equity dividends paid (1,463,040 ) (870,000 )
Net cash from financing activities (1,463,040 ) (870,000 )

Increase in cash and cash equivalents 3,711,717 5,262,038
Cash and cash equivalents at beginning of
year

2

8,342,633

3,080,595

Cash and cash equivalents at end of year 2 12,054,350 8,342,633

SMITH STONE WALTERS LTD (REGISTERED NUMBER: 04132445)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
for the year ended 31 March 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2024 2023
as restated
£    £   
Profit before taxation 3,405,029 7,232,460
Depreciation charges 51,133 53,162
Finance costs 47,213 247
Finance income (363,211 ) (17,052 )
3,140,164 7,268,817
Decrease in stocks - 350,000
Decrease/(increase) in trade and other debtors 2,973,225 (741,609 )
Increase in trade and other creditors 166,868 249,699
Cash generated from operations 6,280,257 7,126,907

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash flow statement in respect of cash and cash equivalents are in respect of these Balance sheet amounts:

Year ended 31 March 2024
31.3.24 1.4.23
£    £   
Cash and cash equivalents 12,054,350 8,342,633
Year ended 31 March 2023
31.3.23 1.4.22
as restated
£    £   
Cash and cash equivalents 8,342,633 3,080,595


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.23 Cash flow At 31.3.24
£    £    £   
Net cash
Cash at bank and in hand 8,342,633 3,711,717 12,054,350
8,342,633 3,711,717 12,054,350
Total 8,342,633 3,711,717 12,054,350

SMITH STONE WALTERS LTD (REGISTERED NUMBER: 04132445)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 March 2024

1. STATUTORY INFORMATION

Smith Stone Walters Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Basis of consolidation
The consolidated financial statements contain information about Smith Stone Walters Limited and its wholly owned subsidiaries Smith Stone Walters Ltd based in the USA, and Smith Stone Walters PVT Ltd, based in India.

Going concern
After reviewing the group's forecasts and projections, the directors have a reasonable expectation that the group has adequate resources, and support from the group, to continue in operational existence for the foreseeable future. The group therefore continues to adopt the going concern basis in preparing its financial statements.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenditures during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. Management do not consider that there is a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial period.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - over period of lease
Fixtures, fittings & equipment - 20% on reducing balance
Computer equipment - 20% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


SMITH STONE WALTERS LTD (REGISTERED NUMBER: 04132445)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Functional currency and presentation currency
The financial statements are presented in sterling (£), the currency of the primary economic environment in which the group operates (its functional currency).

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Cash and cash equivalents
Cash is represented by deposits with financial intuitions repayable without penalty on notice of more than 24
hours, Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured
initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3. EMPLOYEES AND DIRECTORS
2024 2023
as restated
£    £   
Wages and salaries 3,377,045 3,123,619
Social security costs 10,080 11,047
Other pension costs 187,337 140,674
3,574,462 3,275,340

SMITH STONE WALTERS LTD (REGISTERED NUMBER: 04132445)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

3. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2024 2023
as restated

Directors 3 3
Administration 9 6
Office 50 51
62 60

The average number of employees by undertakings that were proportionately consolidated during the year was 8 (2023 - 8 ) .

2024 2023
as restated
£    £   
Directors' remuneration 77,968 76,312

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
as restated
£    £   
Depreciation - owned assets 51,132 52,589
Auditors remuneration 769 827
Foreign exchange differences 6,277 (19,300 )

5. EXCEPTIONAL ITEMS
2024 2023
as restated
£    £   
Exceptional items (128,865 ) -

Exceptional items relates to an amount written off in the year, in respect of intercompany balances with Smith Stone Walters GmBH, a company with mutual directors, £128,865.

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
as restated
£    £   
HMRC interest 47,213 247

SMITH STONE WALTERS LTD (REGISTERED NUMBER: 04132445)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
as restated
£    £   
Current tax:
UK corporation tax 921,911 1,238,255
Foreign tax 21,377 4,978
Total current tax 943,288 1,243,233

Deferred taxation 3,651 18,368
Tax on profit 946,939 1,261,601

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income statement of the parent company is not presented as part of these financial statements.


9. DIVIDENDS
2024 2023
as restated
£    £   
Final 1,463,040 870,000

10. PRIOR YEAR ADJUSTMENT

During the course of the audit, it was discovered that there were adjustments required to the treatment of the
disbursements in advance and refunds received. As a result, backdated adjustments have been made to the
financial statements for the year ended 31 March 2023.

SMITH STONE WALTERS LTD (REGISTERED NUMBER: 04132445)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

11. TANGIBLE FIXED ASSETS

Group
Improvements Fixtures,
to fittings Computer
property & equipment equipment Totals
£    £    £    £   
COST
At 1 April 2023 106,855 161,287 364,556 632,698
Additions - 43,365 21,577 64,942
At 31 March 2024 106,855 204,652 386,133 697,640
DEPRECIATION
At 1 April 2023 85,484 135,612 222,547 443,643
Charge for year 10,685 7,702 32,745 51,132
At 31 March 2024 96,169 143,314 255,292 494,775
NET BOOK VALUE
At 31 March 2024 10,686 61,338 130,841 202,865
At 31 March 2023 21,371 25,675 142,009 189,055

Company
Improvements Fixtures,
to fittings Computer
property & equipment equipment Totals
£    £    £    £   
COST
At 1 April 2023 106,855 159,489 364,488 630,832
Additions - 43,365 21,576 64,941
At 31 March 2024 106,855 202,854 386,064 695,773
DEPRECIATION
At 1 April 2023 85,484 133,814 222,547 441,845
Charge for year 10,685 7,702 32,703 51,090
At 31 March 2024 96,169 141,516 255,250 492,935
NET BOOK VALUE
At 31 March 2024 10,686 61,338 130,814 202,838
At 31 March 2023 21,371 25,675 141,941 188,987

SMITH STONE WALTERS LTD (REGISTERED NUMBER: 04132445)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 April 2023
and 31 March 2024 31,230
NET BOOK VALUE
At 31 March 2024 31,230
At 31 March 2023 31,230

The group or the company's investments at the Balance sheet date in the share capital of companies include the following:

Subsidiaries

Smith Stone Walters, Limited
Registered office: United States of America
Nature of business: Immigration services
%
Class of shares: holding
Ordinary shares 100.00
2024 2023
£    £   
Aggregate capital and reserves 44,827 (47,934 )
Profit for the year 72,262 379,805

Smith Stone Walters Pvt Limited
Registered office: India
Nature of business: Immigration services
%
Class of shares: holding
Equity shares 100.00
2024 2023
£    £   
Aggregate capital and reserves 94,100 89,451
Profit for the year 7,938 7,029


SMITH STONE WALTERS LTD (REGISTERED NUMBER: 04132445)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
as restated as restated
£    £    £    £   
Trade debtors 3,402,904 5,688,959 3,402,904 5,688,959
Amounts owed by group undertakings - - 31,407 151,308
Other debtors 243,879 42,672 138,488 1,000
Other debtors & prepayments 1,238,451 2,064,551 1,238,451 2,064,551
4,885,234 7,796,182 4,811,250 7,905,818

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
as restated as restated
£    £    £    £   
Trade creditors 96,079 98,200 96,075 98,198
Taxation 465,427 816,418 464,627 813,157
Social security and other taxes 150,530 82,211 150,530 82,211
VAT 365,812 99,507 365,812 99,507
Other creditors 6,795 92,002 - 85,165
Accruals and deferred income 218,174 383,476 218,174 383,476
Accrued expenses 1,190,405 1,105,531 1,190,405 1,105,531
2,493,222 2,677,345 2,485,623 2,667,245

15. PROVISIONS FOR LIABILITIES

Group Company
2024 2023 2024 2023
as restated as restated
£    £    £    £   
Deferred tax
Accelerated capital allowances 50,663 47,011 50,710 47,004

Group
Deferred
tax
£   
Balance at 1 April 2023 47,011
Provided during year 3,652
Balance at 31 March 2024 50,663

SMITH STONE WALTERS LTD (REGISTERED NUMBER: 04132445)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the year ended 31 March 2024

15. PROVISIONS FOR LIABILITIES - continued

Company
Deferred
tax
£   
Balance at 1 April 2023 47,004
Provided during year 3,706
Balance at 31 March 2024 50,710

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: as restated
£    £   
1,000 Ordinary £1 1,000 1,000

17. RESERVES

Group
Retained
earnings
£   

At 1 April 2023 14,031,381
Prior year adjustment (428,867 )
13,602,514
Profit for the year 2,458,090
Dividends (1,463,040 )
At 31 March 2024 14,597,564

Company
Retained
earnings
£   

At 1 April 2023 14,014,910
Prior year adjustment (428,867 )
13,586,043
Profit for the year 2,384,449
Dividends (1,463,040 )
At 31 March 2024 14,507,452