Registered number:
FOR THE YEAR ENDED 31 MAY 2024
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FREDERIC SMART & SON LIMITED
COMPANY INFORMATION
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FREDERIC SMART & SON LIMITED
CONTENTS
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FREDERIC SMART & SON LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2024
The Directors present their Strategic Report and business review, which includes the principal risks and uncertainties of the business, and key performance indicators.
Turnover in the year has decreased by 15% against the prior year from £53.4m to £45.5m, reflecting the return of grain prices to traditional levels.
Trading margins remained stable in the agricultural business, and the impact of some slowing in the commodity goods sector has been offset by a revaluation adjustment to the Group’s investment property of £0.6m. The resulting Profit before Tax for the year of £2.455m is in line with the previous year’s figure of £2.415m. This continued stable profitability and consequent positive cash flow has led to a further strengthening of the balance sheet at the year end, and the Directors remain confident that the Group’s ongoing performance, together with existing cash resources, will meet envisaged working capital requirements as well as ongoing investment. The Board of Directors plan to continue to invest and further develop the business across all areas.
The Group’s grain trading activities are subject to global market fluctuations. To mitigate risk in this area, forward price commitments are hedged through purchase and sale of Wheat Futures.
The Group has robust credit control procedures and controls to minimise the risk of customer defaults on overdue debtors.
The Directors monitor a number of KPIs, principally profitability and turnover. Performance against these indicators is discussed above.
This report was approved by the Board of Directors and signed on its behalf by:
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FREDERIC SMART & SON LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2024
The Directors present their report and the financial statements for the year ended 31 May 2024.
The profit for the year, after taxation, amounted to £1,853,170 (2023 - £1,878,384).
During the year the Group paid an interim dividend amounting to £98,137 (2023 - £98,137). The Directors do not recommend the payment of a final dividend (2023 - £Nil).
The Directors who served during the year, and to the date of this report, were:
The Directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the Directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent; and
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to 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.
The Board plan to continue to invest and further develop the business across all areas.
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FREDERIC SMART & SON LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
The Group has exposure to three main areas of risk - currency risk, liquidity risk and credit risk. To a lesser extent the Group is exposed to interest rate risk. The most significant financial risks to which the Group is exposed are described below:
Currency risk The Group is exposed to currency exchange rate risk due to a proportion of its trade debtors, and trade creditors, being denominated in non-sterling currencies. The net exposure is monitored by management of a regular basis. Liquidity risk The Group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs. The Group expects to meet its financial obligations through operating cash flows. Credit risk The Group’s principal financial assets are cash and trade debtors, with the main risk arising from its trade debtors. Policies and procedures exist to ensure that customers have an appropriate credit history. Overall, the Group considers that it is not exposed to a significant amount of credit risk. Interest rate risk The Group previously financed its operations through bank borrowings with fixed interest rates, which were fully repaid on 4 June 2024.
On 4 June 2024, the Group repaid its bank loan in full. There have been no other significant events affecting the Group since the year end to the date of this report requiring disclosure.
Under Section 487(2) of the Companies Act 2006, Peters Elworthy & Moore will be deemed to have been reappointed as auditor 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the Board of Directors and signed on its behalf by:
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FREDERIC SMART & SON LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FREDERIC SMART & SON LIMITED
We have audited the financial statements of Frederic Smart & Son Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 May 2024, which comprise of the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity, the Consolidated Statement of Cash Flows, and the related notes, 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).
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 Auditor's 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 United Kingdom, including the Financial Reporting Council'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.
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 or 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.
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FREDERIC SMART & SON LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FREDERIC SMART & SON LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The Directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
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 Directors' Report.
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FREDERIC SMART & SON LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FREDERIC SMART & SON LIMITED (CONTINUED)
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 an Auditor's Report 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 consolidated financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
Audit procedures performed by the engagement team to identify and assess the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, were as follows:
∙we identified the laws and regulations applicable to the Group through discussions with management, and from our commercial knowledge and experience of the agricultural sector;
∙we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements, including FRS 102, the Companies Act 2006 and taxation legislation, or the operations of the Group including data protection, employment and health and safety legislation;
∙we obtained an understanding of the Group’s policies and procedures on compliance with laws and regulations, including documentation of any instances of non-compliance;
∙we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and
∙identified laws and regulations were communicated within the audit engagement team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the Group’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.
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FREDERIC SMART & SON LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF FREDERIC SMART & SON LIMITED (CONTINUED)
AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS (CONTINUED)
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of fraud through management bias and override of controls. In addressing the risk of fraud through management bias and override of controls we:
∙tested the appropriateness of journal entries and other adjustments;
∙designed procedures to identify unexpected and unusual journal entries and performed testing to confirm the validity of such postings;
∙assessed whether the accounting judgements made in the financial statements were indicative of potential bias; and
∙evaluated the business rationale of any significant transactions that were unusual or outside the normal course of business.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
∙agreeing financial statement disclosures to underlying supporting documentation; and
∙enquiring of management as to actual and potential litigation and claims.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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 Auditor's 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 an Auditor's Report 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
Chartered Accountants
Statutory Auditor
Salisbury House
Station Road
CB1 2LA
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FREDERIC SMART & SON LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2024
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FREDERIC SMART & SON LIMITED
REGISTERED NUMBER: 00879929
CONSOLIDATED BALANCE SHEET
AS AT 31 MAY 2024
The financial statements were approved and authorised for issue by the Board of Directors and were signed on its behalf by:
The notes on pages 17 to 39 form part of these financial statements.
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FREDERIC SMART & SON LIMITED
REGISTERED NUMBER: 00879929
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024
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FREDERIC SMART & SON LIMITED
REGISTERED NUMBER: 00879929
COMPANY BALANCE SHEET
AS AT 31 MAY 2024
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FREDERIC SMART & SON LIMITED
REGISTERED NUMBER: 00879929
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024
The profit after tax of the Parent Company for the year was £1,570,836 (2023 - £1,858,021).
The financial statements were approved and authorised for issue by the Board of Directors and were signed on its behalf by:
The notes on pages 17 to 39 form part of these financial statements.
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FREDERIC SMART & SON LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024
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FREDERIC SMART & SON LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024
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FREDERIC SMART & SON LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MAY 2024
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FREDERIC SMART & SON LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
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FREDERIC SMART & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
Frederic Smart & Son Limited (the "Company") is a private company limited by shares and incorporated in England and Wales. Its registered office is 7 Papworth Business Park, Stirling Way, Papworth Everard, Cambridge CB23 3GY.
2.ACCOUNTING POLICIES
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under Section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries (together the "Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
The Directors have adopted the going concern basis in preparing these financial statements. In assessing whether the going concern assumption is appropriate, the Directors have taken into account all relevant information about the current status of the Group's operations and its liquidity.
Based on their review the Directors have a reasonable expectation that the Group and the Company will continue to trade and have sufficient funds to meet their liabilities as they fall due for the foreseeable future, being at least 12 months from the date of approval of these financial statements. This expectation is arrived at following consideration of the future development, performance, cash flows and financial position along with the current and forecast liquidity. The Directors monitor the cash position of the Group and the Company regularly, taking account of the current trading, they consider that the assumptions made are appropriate and are satisfied
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FREDERIC SMART & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
2.ACCOUNTING POLICIES (CONTINUED)
Functional and presentation currency
Transactions and balances
Turnover from the sale of goods is recognised (exclusive of Value added Tax and trade discounts), when all of the following conditions are satisfied: Turnover from rendering of services is recognised (exclusive of Value added Tax and trade discounts) in the period in which the services are provided, when all of the following conditions are satisfied:
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FREDERIC SMART & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
2.ACCOUNTING POLICIES (CONTINUED)
Rental income from investment property
Rental income from the investment property is recognised (exclusive of Value added Tax and trade discounts) as Other Operating Income on a straight-line basis over the term of the lease.
The Group operates defined contribution pension schemes for its employees. A defined contribution pension scheme is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Other Creditors as a liability in the Consolidated Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.
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FREDERIC SMART & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
2.ACCOUNTING POLICIES (CONTINUED)
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 the Group's share 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 Consolidated Statement of Comprehensive Income over its useful economic life of 10 years.
At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
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FREDERIC SMART & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
2.ACCOUNTING POLICIES (CONTINUED)
Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following basis.
Depreciation is provided on the following basis:
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.
At each balance sheet 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.
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FREDERIC SMART & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
2.ACCOUNTING POLICIES (CONTINUED)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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FREDERIC SMART & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
2.ACCOUNTING POLICIES (CONTINUED)
Financial instruments are recognised in the Group's Balance Sheet when the Group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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 Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are
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FREDERIC SMART & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
2.ACCOUNTING POLICIES (CONTINUED)
initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.
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FREDERIC SMART & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
Information about assumptions and estimation uncertainties that have significant risk of resulting in material adjustment within the next financial year are included below. Critical judgements that management has made in the process of applying accounting policies disclosed herein and that have a significant effect on the amounts recognised in the financial statements relate to the following: Useful economic lives of tangible fixed assets The annual depreciation charge for tangible fixed assets is sensitive to changes in the useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually based on industry knowledge and historical useful economic lives of previously owned tangible fixed assets. In making this assessment, management has taken into consideration industry conditions, the expected use period and the resale market for second hand assets. Investment property valuation The Directors have considered professional advice from local property experts and a judgement has been made as to the fair value of the investment property. Valuation of investments The Directors have applied judgements and estimates in respect of the valuation of the investment in its subsidiary undertaking. The Group acquired a business for which part of the consideration is contingent on future performance over a three year earn-out period. A financial liability for contingent consideration has been recognised as management has applied judgement and concluded that a payment is probable and that a reliable estimate can be made. The key assumptions applied in estimating the related liability are the expected performance of the acquired business against the earn-out target. The Directors have considered whether there are any indicators of impairment and are satisfied that the carrying value is appropriate and in line with the accounting policies set. Recoverable amount of goodwill Goodwill is amortised over its useful economic life, which is estimated to be 10 years in line with accounting policy 2.13. An assessment of the valuation of goodwill has been undertaken by the Directors in conjunction with a detailed impairment review. The Directors are satisfied that the carrying value is appropriate and in line with the accounting policies set.
An analysis of turnover by activity and geographical region has not been disclosed as, in the opinion of the Directors, such disclosure would be detrimental to the interests of the Group.
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FREDERIC SMART & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
Page 26
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FREDERIC SMART & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
Page 27
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FREDERIC SMART & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
Page 28
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FREDERIC SMART & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
12.TAXATION (CONTINUED)
There are no factors that may affect future tax charges.
The Company has taken advantage of the exemption allowed under Section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit after tax of the Parent Company for the year was £
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FREDERIC SMART & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
Page 30
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FREDERIC SMART & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
Page 31
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FREDERIC SMART & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
16.TANGIBLE FIXED ASSETS (CONTINUED)
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FREDERIC SMART & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
Page 33
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FREDERIC SMART & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
As at 31 May 2024, the Directors undertook a valuation of the investment property, on an open market value for existing use basis, based on professional advice received.
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FREDERIC SMART & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
Page 35
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FREDERIC SMART & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
Page 36
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FREDERIC SMART & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
Page 37
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FREDERIC SMART & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
Capital Redemption Reserve
Profit and Loss Account
The Group operates defined contribution pension schemes for its employees. The assets of the schemes are held separately from those of the Group in independently administered funds. The pension cost charge represents contributions payable by the Group to the funds and amounted to £49,507 (2023 - £33,939). Contributions amounting to £5,930 (2023 - £3,017) were payable to the funds at the year end and are included in Other Creditors.
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FREDERIC SMART & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
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