R.Smith(Windermere)Limited 00618090 false 2023-02-01 2024-01-31 2024-01-31 The principal activity of the company is that of commercial property development. Digita Accounts Production Advanced 6.30.9574.0 true 00618090 2023-02-01 2024-01-31 00618090 2024-01-31 00618090 bus:OrdinaryShareClass1 2024-01-31 00618090 core:RetainedEarningsAccumulatedLosses 2024-01-31 00618090 core:ShareCapital 2024-01-31 00618090 core:CurrentFinancialInstruments 2024-01-31 00618090 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 00618090 core:BetweenTwoFiveYears 2024-01-31 00618090 core:WithinOneYear 2024-01-31 00618090 bus:SmallEntities 2023-02-01 2024-01-31 00618090 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 00618090 bus:FullAccounts 2023-02-01 2024-01-31 00618090 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 00618090 bus:RegisteredOffice 2023-02-01 2024-01-31 00618090 bus:CompanySecretary1 2023-02-01 2024-01-31 00618090 bus:Director1 2023-02-01 2024-01-31 00618090 bus:Director2 2023-02-01 2024-01-31 00618090 bus:Director3 2023-02-01 2024-01-31 00618090 bus:OrdinaryShareClass1 2023-02-01 2024-01-31 00618090 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 00618090 bus:Agent1 2023-02-01 2024-01-31 00618090 core:LandBuildings 2023-02-01 2024-01-31 00618090 core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment 2023-02-01 2024-01-31 00618090 core:PlantMachinery 2023-02-01 2024-01-31 00618090 countries:EnglandWales 2023-02-01 2024-01-31 00618090 2022-02-01 2023-01-31 00618090 2023-01-31 00618090 bus:OrdinaryShareClass1 2023-01-31 00618090 core:RetainedEarningsAccumulatedLosses 2023-01-31 00618090 core:ShareCapital 2023-01-31 00618090 core:CurrentFinancialInstruments 2023-01-31 00618090 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 00618090 core:BetweenTwoFiveYears 2023-01-31 00618090 core:WithinOneYear 2023-01-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 00618090

R.Smith(Windermere)Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

R.Smith(Windermere)Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 9

 

R.Smith(Windermere)Limited

Company Information

Directors

Mr D N Smith

Mr G W Smith

Mrs C H Jenson

Company secretary

Mrs S Williams

Registered office

Ground Floor, Seneca House
Links Point, Amy Johnson Way
Blackpool
Lancashire
FY4 2FF

Accountants

Crossley & Davis Chartered Accountants
Ground Floor, Seneca House
Links Point, Amy Johnson Way
Blackpool
Lancashire
FY4 2FF

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
R.Smith(Windermere)Limited
for the Year Ended 31 January 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of R.Smith(Windermere)Limited for the year ended 31 January 2024 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of R.Smith(Windermere)Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of R.Smith(Windermere)Limited and state those matters that we have agreed to state to the Board of Directors of R.Smith(Windermere)Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than R.Smith(Windermere)Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that R.Smith(Windermere)Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of R.Smith(Windermere)Limited. You consider that R.Smith(Windermere)Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of R.Smith(Windermere)Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Crossley & Davis Chartered Accountants
Ground Floor, Seneca House
Links Point, Amy Johnson Way
Blackpool
Lancashire
FY4 2FF

21 October 2024

 

R.Smith(Windermere)Limited

(Registration number: 00618090)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Current assets

 

Stocks

4

341,501

236,313

Debtors

5

3,862,464

5,030,645

Cash at bank and in hand

 

3,278,180

2,213,898

 

7,482,145

7,480,856

Creditors: Amounts falling due within one year

6

(2,169,674)

(2,021,150)

Net assets

 

5,312,471

5,459,706

Capital and reserves

 

Called up share capital

7

1,000

1,000

Retained earnings

5,311,471

5,458,706

Shareholders' funds

 

5,312,471

5,459,706

For the financial year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 21 October 2024 and signed on its behalf by:
 

.........................................
Mr D N Smith
Director

 

R.Smith(Windermere)Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Ground Floor, Seneca House
Links Point, Amy Johnson Way
Blackpool
Lancashire
FY4 2FF
England

These financial statements were authorised for issue by the Board on 21 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government grants include amounts that became receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the company with no future related cost and are recognised in income in the period in which they became receivable.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

R.Smith(Windermere)Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% on cost

Freehold land and buildings

No depreciation provided

Improvements to property

Over lease-term

The directors believe that the policy of not providing depreciation on freehold property is necessary in order for the financial statements to give a true and fair view. The directors confirm that buildings are maintained to high standards of condition and the fair value is not significantly impaired by the passage of time. Consequently, any element of depreciation is not considered to be material. The directors review the market value with sufficient regularity to enable them to identify any material diminution in value, should that occur.

Investment property

Investment property is initially recognised at cost which includes purchase cost and any directly attributable expenditure. Investment property is subsequently carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

 

R.Smith(Windermere)Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for vehicles sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. Included in stock are items consigned and owned by the entity but manufactured and held elsewhere. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

R.Smith(Windermere)Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 13).

4

Stocks

2024
£

2023
£

Work in progress

341,501

231,313

New and used cars

-

5,000

341,501

236,313

5

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

(6,334)

(4,038)

Amounts owed by related parties

197,776

186,776

Prepayments

 

16,641

10,073

Other debtors

 

3,654,381

4,837,834

   

3,862,464

5,030,645

 

R.Smith(Windermere)Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

2,765

4,841

Amounts owed to group undertakings and undertakings in which the company has a participating interest

320,776

320,776

Taxation and social security

 

82,083

82,380

Accruals and deferred income

 

28,087

65,964

Other creditors

 

1,735,963

1,547,189

 

2,169,674

2,021,150

Other creditors includes amounts secured of £1,012,120 (2023: £nil). The amounts are secured by a fixed and floating charge over all the property or undertaking of the company and contains a negative pledge.

 

R.Smith(Windermere)Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

7

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary Shares of £1 each

1,000

1,000

1,000

1,000

         

8

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

64,360

77,274

Later than one year and not later than five years

-

64,360

64,360

141,634

The amount of non-cancellable operating lease payments recognised as an expense during the year was £77,274 (2023 - £77,274).