Caseware UK (AP4) 2023.0.135 2023.0.135 2024-05-312024-05-3125true24false2023-06-01No description of principal activityfalseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 00880163 2023-06-01 2024-05-31 00880163 2022-06-01 2023-05-31 00880163 2024-05-31 00880163 2023-05-31 00880163 c:Director6 2023-06-01 2024-05-31 00880163 d:Buildings d:LongLeaseholdAssets 2023-06-01 2024-05-31 00880163 d:Buildings d:ShortLeaseholdAssets 2023-06-01 2024-05-31 00880163 d:Buildings d:ShortLeaseholdAssets 2024-05-31 00880163 d:Buildings d:ShortLeaseholdAssets 2023-05-31 00880163 d:PlantMachinery 2023-06-01 2024-05-31 00880163 d:PlantMachinery 2024-05-31 00880163 d:PlantMachinery 2023-05-31 00880163 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 00880163 d:MotorVehicles 2023-06-01 2024-05-31 00880163 d:MotorVehicles 2024-05-31 00880163 d:MotorVehicles 2023-05-31 00880163 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 00880163 d:FurnitureFittings 2023-06-01 2024-05-31 00880163 d:FurnitureFittings 2024-05-31 00880163 d:FurnitureFittings 2023-05-31 00880163 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 00880163 d:ComputerEquipment 2023-06-01 2024-05-31 00880163 d:ComputerEquipment 2024-05-31 00880163 d:ComputerEquipment 2023-05-31 00880163 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 00880163 d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 00880163 d:CurrentFinancialInstruments 2024-05-31 00880163 d:CurrentFinancialInstruments 2023-05-31 00880163 d:Non-currentFinancialInstruments 2024-05-31 00880163 d:Non-currentFinancialInstruments 2023-05-31 00880163 d:CurrentFinancialInstruments d:WithinOneYear 2024-05-31 00880163 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 00880163 d:Non-currentFinancialInstruments d:AfterOneYear 2024-05-31 00880163 d:Non-currentFinancialInstruments d:AfterOneYear 2023-05-31 00880163 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-05-31 00880163 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-05-31 00880163 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-05-31 00880163 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-05-31 00880163 d:ShareCapital 2024-05-31 00880163 d:ShareCapital 2023-05-31 00880163 d:CapitalRedemptionReserve 2024-05-31 00880163 d:CapitalRedemptionReserve 2023-05-31 00880163 d:RetainedEarningsAccumulatedLosses 2024-05-31 00880163 d:RetainedEarningsAccumulatedLosses 2023-05-31 00880163 c:OrdinaryShareClass1 2023-06-01 2024-05-31 00880163 c:OrdinaryShareClass1 2024-05-31 00880163 c:OrdinaryShareClass1 2023-05-31 00880163 c:FRS102 2023-06-01 2024-05-31 00880163 c:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 00880163 c:FullAccounts 2023-06-01 2024-05-31 00880163 c:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 00880163 6 2023-06-01 2024-05-31 00880163 d:AcceleratedTaxDepreciationDeferredTax 2024-05-31 00880163 d:AcceleratedTaxDepreciationDeferredTax 2023-05-31 00880163 e:PoundSterling 2023-06-01 2024-05-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 00880163










PLOWDEN & SMITH LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MAY 2024


 
PLOWDEN & SMITH LIMITED
REGISTERED NUMBER:00880163

BALANCE SHEET
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
300,050
374,138

Investments
 5 
-
100

  
300,050
374,238

Current assets
  

Debtors: amounts falling due within one year
 6 
797,097
899,979

Cash at bank and in hand
  
810,673
512,147

  
1,607,770
1,412,126

Current liabilities
  

Creditors: amounts falling due within one year
 7 
(520,033)
(555,381)

Net current assets
  
 
 
1,087,737
 
 
856,745

Total assets less current liabilities
  
1,387,787
1,230,983

Creditors: amounts falling due after more than one year
 8 
(10,712)
(20,124)

Provisions for liabilities
  

Deferred tax
 10 
(145)
(19,351)

  
 
 
(145)
 
 
(19,351)

Net assets
  
1,376,930
1,191,508


Capital and reserves
  

Called up share capital 
 11 
500
2,000

Capital redemption reserve
  
1,500
-

Profit and loss account
  
1,374,930
1,189,508

  
1,376,930
1,191,508


Page 1

 
PLOWDEN & SMITH LIMITED
REGISTERED NUMBER:00880163

BALANCE SHEET (CONTINUED)
AS AT 31 MAY 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 comprehensive income 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 by: 




C J Hughes-Hunt
Director

Date: 13 October 2024

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
PLOWDEN & SMITH LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

Plowden & Smith Limited is a limited liability company incorporated in England and Wales. The registered office and principal place of business is Unit 5 Liongate Enterprise Park, Morden Road, Mitcham, CR4 4NY.

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 financial statements contain information about Plowden & Smith Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company has taken the option under Section 398 of the Companies Act 2006 not to prepare consolidated financial statements.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.3

Turnover

Turnover is the amount derived from the provision of goods and services both invoiced and not yet invoiced and included within amounts recoverable on contracts, and after the deduction of value added tax, but before the deduction of retentions. Turnover is recognised on delivery of the goods and services or to the extent that the company has obtained the right to consideration through its performance under contracts.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Page 3

 
PLOWDEN & SMITH LIMITED
 

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

2.Accounting policies (continued)

 
2.5

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 Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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 balance sheet 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 balance sheet 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 balance sheet date.

 
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. 

Depreciation is provided on the following basis:

Improvements to leasehold
-
10 year straight line
Office equipment
-
5 year straight line
Plant & machinery
-
8 year straight line
Motor vehicles
-
5 year straight line
Fixtures & fittings
-
8 year straight line
Computer equipment
-
5 year straight line

Page 4

 
PLOWDEN & SMITH LIMITED
 

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

2.Accounting policies (continued)

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.9

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.

Amounts recoverable on contracts, which are included in debtors, are stated at cost plus attributable profit to the extent that it is reasonably certain, after making provision for contingencies, less any losses incurred or foreseen in bringing contracts to conclusion.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not 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.

 
2.11

Creditors

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

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 5

 
PLOWDEN & SMITH LIMITED
 

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

2.Accounting policies (continued)

 
2.13

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.


3.


Employees

The average monthly number of employees, including directors, during the year was 24 (2023 - 25).

Page 6

 
PLOWDEN & SMITH LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

4.


Tangible fixed assets





Leasehold property
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total

£
£
£
£
£
£



Cost


At 1 June 2023
628,774
62,779
17,945
67,048
52,690
829,236


Additions
-
-
-
-
9,359
9,359


Disposals
-
-
-
-
(20,177)
(20,177)



At 31 May 2024

628,774
62,779
17,945
67,048
41,872
818,418



Depreciation


At 1 June 2023
325,691
28,454
16,472
38,562
45,919
455,098


Charge for the year on owned assets
63,258
7,848
1,473
8,220
2,648
83,447


Disposals
-
-
-
-
(20,177)
(20,177)



At 31 May 2024

388,949
36,302
17,945
46,782
28,390
518,368



Net book value



At 31 May 2024
239,825
26,477
-
20,266
13,482
300,050



At 31 May 2023
303,083
34,325
1,473
28,486
6,771
374,138

Page 7

 
PLOWDEN & SMITH LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

5.


Fixed asset investments





Investments in subsidiary companies

£



Cost 


At 1 June 2023
100


Disposals
(100)



At 31 May 2024
-






Net book value



At 31 May 2024
-



At 31 May 2023
100


6.


Debtors

2024
2023
£
£


Trade debtors
532,962
498,495

Other debtors
171,030
337,259

Prepayments and accrued income
93,105
64,225

797,097
899,979


Page 8

 
PLOWDEN & SMITH LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

7.


Creditors: amounts falling due within one year

2024
2023
£
£

Bank loans
10,048
10,648

Trade creditors
183,303
128,347

Amounts owed to group undertakings
-
100

Corporation tax
163,785
57,130

Other taxation and social security
85,505
83,199

Obligations under finance lease and hire purchase contracts
-
89,532

Other creditors
35,967
117,053

Accruals and deferred income
41,425
69,372

520,033
555,381


The following liabilities were secured:

2024
2023
£
£



Bank loans
10,048
10,648

10,048
10,648

Details of security provided:

HSBC Bank PLC has a fixed and floating charge over all assets.


8.


Creditors: amounts falling due after more than one year

2024
2023
£
£

Bank loans
10,712
20,124


The following liabilities were secured:

2024
2023
£
£



Bank loans
10,712
20,124

10,712
20,124

Details of security provided:

HSBC Bank PLC has a fixed and floating charge over all assets.

Page 9

 
PLOWDEN & SMITH LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
10,048
10,648

Amounts falling due 1-2 years

Bank loans
10,712
10,648

Amounts falling due 2-5 years

Bank loans
-
9,476


20,760
30,772



10.


Deferred taxation




2024


£






At beginning of year
(19,351)


Charged to profit or loss
19,206



At end of year
(145)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(145)
(19,351)

(145)
(19,351)


11.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



500 (2023 - 2,000) Ordinary shares of £1.00 each
500
2,000

The company purchased 1,500 of its own shares for the agreed sum of £250,000.


Page 10

 
PLOWDEN & SMITH LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

12.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £127,437 (2023: £24,284).
Contributions totalling £11,541 (2023: £5,323) were payable to the fund at the reporting date and are included in creditors.


13.


Related party transactions

The balance sheet included an amount of £100 owed to Anna Plowden Limited, the subsidiary undertaking (2023: £100). Since Anna Plowden Limited was dissolved at Companies House on 2 July 2024 the company wrote off the investment during  the year.
Creditors also includes amounts owed to directors and shareholders of £20,877 (2023: £20,877).


Page 11