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 |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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: |
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. |
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: |
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. |
for and on behalf of |
Lygon House |
50 London Road |
Bromley |
Kent |
BR1 3RA |
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 |
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 |
Investments | 12 |
CURRENT ASSETS |
Debtors | 13 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 15 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 16 |
Retained earnings | 17 | 13,586,043 |
SHAREHOLDERS' FUNDS |
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 |
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 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2023 |
Prior year adjustment | - | ( |
) | ( |
) |
As restated |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2024 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Improvements to property | - |
Fixtures, fittings & equipment | - |
Computer equipment | - |
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 |
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 |
Additions |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
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 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
The group or the company's investments at the Balance sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: United States of America |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves | ( |
) |
Profit for the year |
Registered office: India |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
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 |
Amounts owed by group undertakings | - | - |
Other debtors | 243,879 | 42,672 |
Other debtors & prepayments | 1,238,451 | 2,064,551 |
4,885,234 | 7,796,182 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
as restated | as restated |
£ | £ | £ | £ |
Trade creditors | 96,079 | 98,200 |
Taxation | 465,427 | 816,418 |
Social security and other taxes | 150,530 | 82,211 |
VAT | 365,812 | 99,507 | 365,812 | 99,507 |
Other creditors | 6,795 | 92,002 |
Accruals and deferred income | 218,174 | 383,476 |
Accrued expenses | 1,190,405 | 1,105,531 |
2,493,222 | 2,677,345 |
15. | PROVISIONS FOR LIABILITIES |
Group | Company |
2024 | 2023 | 2024 | 2023 |
as restated | as restated |
£ | £ | £ | £ |
Deferred tax |
Accelerated capital allowances | 50,663 | 47,011 |
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 |
Provided during year |
Balance at 31 March 2024 |
16. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | as restated |
£ | £ |
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 |
Prior year adjustment | ( |
) |
Profit for the year |
Dividends | ( |
) |
At 31 March 2024 |