Silverfin false false 31/01/2024 01/02/2023 31/01/2024 Ian Charles Smith 14/12/2009 Shona Elizabeth Smith 14/12/2009 29 October 2024 The principal activity of the Company during the financial year was that of a newsagent and convenience store. The company ceased to trade on 05 February 2024. SC370069 2024-01-31 SC370069 bus:Director1 2024-01-31 SC370069 bus:Director2 2024-01-31 SC370069 2023-01-31 SC370069 core:CurrentFinancialInstruments 2024-01-31 SC370069 core:CurrentFinancialInstruments 2023-01-31 SC370069 core:Non-currentFinancialInstruments 2024-01-31 SC370069 core:Non-currentFinancialInstruments 2023-01-31 SC370069 core:ShareCapital 2024-01-31 SC370069 core:ShareCapital 2023-01-31 SC370069 core:RevaluationReserve 2024-01-31 SC370069 core:RevaluationReserve 2023-01-31 SC370069 core:RetainedEarningsAccumulatedLosses 2024-01-31 SC370069 core:RetainedEarningsAccumulatedLosses 2023-01-31 SC370069 core:LeaseholdImprovements 2023-01-31 SC370069 core:PlantMachinery 2023-01-31 SC370069 core:Vehicles 2023-01-31 SC370069 core:FurnitureFittings 2023-01-31 SC370069 core:ComputerEquipment 2023-01-31 SC370069 core:LeaseholdImprovements 2024-01-31 SC370069 core:PlantMachinery 2024-01-31 SC370069 core:Vehicles 2024-01-31 SC370069 core:FurnitureFittings 2024-01-31 SC370069 core:ComputerEquipment 2024-01-31 SC370069 bus:OrdinaryShareClass1 2024-01-31 SC370069 2023-02-01 2024-01-31 SC370069 bus:FilletedAccounts 2023-02-01 2024-01-31 SC370069 bus:SmallEntities 2023-02-01 2024-01-31 SC370069 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 SC370069 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 SC370069 bus:Director1 2023-02-01 2024-01-31 SC370069 bus:Director2 2023-02-01 2024-01-31 SC370069 core:Goodwill core:TopRangeValue 2023-02-01 2024-01-31 SC370069 core:Goodwill 2023-02-01 2024-01-31 SC370069 core:LeaseholdImprovements 2023-02-01 2024-01-31 SC370069 core:PlantMachinery 2023-02-01 2024-01-31 SC370069 core:Vehicles 2023-02-01 2024-01-31 SC370069 core:FurnitureFittings 2023-02-01 2024-01-31 SC370069 core:ComputerEquipment 2023-02-01 2024-01-31 SC370069 2022-02-01 2023-01-31 SC370069 core:CurrentFinancialInstruments 2023-02-01 2024-01-31 SC370069 core:Non-currentFinancialInstruments 2023-02-01 2024-01-31 SC370069 bus:OrdinaryShareClass1 2023-02-01 2024-01-31 SC370069 bus:OrdinaryShareClass1 2022-02-01 2023-01-31 SC370069 1 2023-02-01 2024-01-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC370069 (Scotland)

I & S SMITH NEWSAGENTS LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH THE REGISTRAR

I & S SMITH NEWSAGENTS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2024

Contents

I & S SMITH NEWSAGENTS LIMITED

BALANCE SHEET

AS AT 31 JANUARY 2024
I & S SMITH NEWSAGENTS LIMITED

BALANCE SHEET (continued)

AS AT 31 JANUARY 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 0 32,562
Investment property 4 0 59,000
0 91,562
Current assets
Stocks 0 55,137
Debtors 5 82,372 12,145
Cash at bank and in hand 138,995 128,616
221,367 195,898
Creditors: amounts falling due within one year 6 ( 111,721) ( 207,237)
Net current assets/(liabilities) 109,646 (11,339)
Total assets less current liabilities 109,646 80,223
Creditors: amounts falling due after more than one year 7 0 ( 71,774)
Provision for liabilities 8 0 ( 5,869)
Net assets 109,646 2,580
Capital and reserves
Called-up share capital 9 100 100
Revaluation reserve 0 7,513
Profit and loss account 109,546 ( 5,033 )
Total shareholders' funds 109,646 2,580

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 financial statements of I & S Smith Newsagents Limited (registered number: SC370069) were approved and authorised for issue by the Board of Directors on 29 October 2024. They were signed on its behalf by:

Ian Charles Smith
Director
I & S SMITH NEWSAGENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2024
I & S SMITH NEWSAGENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

I & S Smith Newsagents Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Axis Business Centre, Thainstone, Inverurie, AB51 5TB, United Kingdom.

The financial statements have been prepared under the historical cost convention and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

In accordance with Section 390 of the Companies Act 2006, these financial statements cover the period from up to and including 05 February 2024.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The Company ceased trading on 05 February 2024 and cessation accounts have been prepared. As a result the financial statements have been prepared on a basis other than the going concern basis of preparation. The directors have included in the financial statements any provision for future costs of terminating the business, which were committed to at the balance sheet date and where appropriate the Company's assets have been written down to their net realisable value.

Turnover

Turnover represents amounts receivable for goods sold through the newsagent and convenience store, exclusive of value added tax. Turnover is recognised on an accruals basis at the point that the good is sold.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is [number] years.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 20 % reducing balance
Plant and machinery 15 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 15 % reducing balance
Computer equipment 33 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Post Balance Sheet Event

The company has ceased to trade on 05 February 2024 and these are cessation accounts.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 12 12

3. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £ £ £
Cost
At 01 February 2023 33,789 43,671 14,988 64,123 9,892 166,463
Disposals ( 33,789) ( 43,671) ( 14,988) ( 64,123) ( 9,892) ( 166,463)
At 31 January 2024 0 0 0 0 0 0
Accumulated depreciation
At 01 February 2023 29,013 32,838 11,032 52,223 8,795 133,901
Charge for the financial year 955 1,625 989 1,785 362 5,716
Disposals ( 29,968) ( 34,463) ( 12,021) ( 54,008) ( 9,157) ( 139,617)
At 31 January 2024 0 0 0 0 0 0
Net book value
At 31 January 2024 0 0 0 0 0 0
At 31 January 2023 4,776 10,833 3,956 11,900 1,097 32,562

4. Investment property

Investment property
£
Valuation
As at 01 February 2023 59,000
Disposals (59,000)
As at 31 January 2024 0

The investment property comprises shop premises in Turriff, Aberdeenshire which has been sold 5 February 2024.

5. Debtors

2024 2023
£ £
Trade debtors 7,021 11,445
Other debtors 75,351 700
82,372 12,145

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 0 11,582
Trade creditors 38,814 35,223
Taxation and social security 51,668 10,678
Other creditors 21,239 149,754
111,721 207,237

The bank loan is secured by a fixed charge over the company's investment property and a floating charge over the company's assets.

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 0 71,774

The bank loan is secured by a fixed charge over the company's investment property and a floating charge over the company's assets.

8. Provision for liabilities

2024 2023
£ £
Deferred tax 0 5,869

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

10. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Directors' Current Accounts - amounts owed by / (to) director 16,554 (140,663)

The amount shown above is interest free and there are no fixed terms of repayment.

Advances

An advance was made to the directors on 31 January 2024 for £16,554 (at interest rate of 0.00%), there are no fixed terms of repayments. £0 has been repaid, £0 has been written off, and £0 has been waived.

11. Events after the Balance Sheet date

The company has ceased to trade on 05 February 2024 and the business has been sold.