Caseware UK (AP4) 2023.0.135 2023.0.135 2023-10-312023-10-312022-11-01falseNo description of principal activity1917truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 12258699 2022-11-01 2023-10-31 12258699 2021-11-01 2022-10-31 12258699 2023-10-31 12258699 2022-10-31 12258699 c:Director1 2022-11-01 2023-10-31 12258699 d:Buildings 2022-11-01 2023-10-31 12258699 d:Buildings 2023-10-31 12258699 d:Buildings 2022-10-31 12258699 d:Buildings d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 12258699 d:Buildings d:LeasedAssetsHeldAsLessee 2022-11-01 2023-10-31 12258699 d:PlantMachinery 2022-11-01 2023-10-31 12258699 d:PlantMachinery 2023-10-31 12258699 d:PlantMachinery 2022-10-31 12258699 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 12258699 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2022-11-01 2023-10-31 12258699 d:MotorVehicles 2022-11-01 2023-10-31 12258699 d:MotorVehicles 2023-10-31 12258699 d:MotorVehicles 2022-10-31 12258699 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 12258699 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-11-01 2023-10-31 12258699 d:OfficeEquipment 2022-11-01 2023-10-31 12258699 d:OfficeEquipment 2023-10-31 12258699 d:OfficeEquipment 2022-10-31 12258699 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 12258699 d:OfficeEquipment d:LeasedAssetsHeldAsLessee 2022-11-01 2023-10-31 12258699 d:ComputerEquipment 2022-11-01 2023-10-31 12258699 d:ComputerEquipment 2023-10-31 12258699 d:ComputerEquipment 2022-10-31 12258699 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 12258699 d:ComputerEquipment d:LeasedAssetsHeldAsLessee 2022-11-01 2023-10-31 12258699 d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 12258699 d:LeasedAssetsHeldAsLessee 2022-11-01 2023-10-31 12258699 d:CurrentFinancialInstruments 2023-10-31 12258699 d:CurrentFinancialInstruments 2022-10-31 12258699 d:Non-currentFinancialInstruments 2023-10-31 12258699 d:Non-currentFinancialInstruments 2022-10-31 12258699 d:CurrentFinancialInstruments d:WithinOneYear 2023-10-31 12258699 d:CurrentFinancialInstruments d:WithinOneYear 2022-10-31 12258699 d:Non-currentFinancialInstruments d:AfterOneYear 2023-10-31 12258699 d:Non-currentFinancialInstruments d:AfterOneYear 2022-10-31 12258699 d:ShareCapital 2023-10-31 12258699 d:ShareCapital 2022-10-31 12258699 d:RetainedEarningsAccumulatedLosses 2023-10-31 12258699 d:RetainedEarningsAccumulatedLosses 2022-10-31 12258699 c:FRS102 2022-11-01 2023-10-31 12258699 c:AuditExempt-NoAccountantsReport 2022-11-01 2023-10-31 12258699 c:FullAccounts 2022-11-01 2023-10-31 12258699 c:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 12258699 2 2022-11-01 2023-10-31 12258699 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-10-31 12258699 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-10-31 12258699 d:LeasedAssetsHeldAsLessee 2023-10-31 12258699 d:LeasedAssetsHeldAsLessee 2022-10-31 12258699 e:PoundSterling 2022-11-01 2023-10-31 iso4217:GBP xbrli:pure

Registered number: 12258699










E M SMITH CONSTRUCTION LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 OCTOBER 2023

 
E M SMITH CONSTRUCTION LIMITED
REGISTERED NUMBER: 12258699

STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
292,935
280,881

  
292,935
280,881

Current assets
  

Stocks
  
502,665
1,137,544

Debtors: amounts falling due within one year
 5 
1,590,626
275,765

Cash at bank and in hand
  
351,528
100,465

  
2,444,819
1,513,774

Creditors: amounts falling due within one year
 6 
(1,339,555)
(960,499)

Net current assets
  
 
 
1,105,264
 
 
553,275

Total assets less current liabilities
  
1,398,199
834,156

Creditors: amounts falling due after more than one year
 7 
(5,676)
(8,771)

Provisions for liabilities
  

Deferred tax
  
(12,894)
(10,838)

Net assets
  
1,379,629
814,547


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
1,379,529
814,447

  
1,379,629
814,547


Page 1

 
E M SMITH CONSTRUCTION LIMITED
REGISTERED NUMBER: 12258699
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 OCTOBER 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 






E M Smith
Director

Date: 30 October 2024

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
E M SMITH CONSTRUCTION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1.


General information

E M Smith Construction Limited (registered number 12258699), is a private company limited by shares and incorporated in England & Wales. Its registered address is: Wey Court West, Union Road, Farnham, Surrey, GU9 7PT.
 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3

 
E M SMITH CONSTRUCTION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold property
-
2%
Straight line
Plant and machinery
-
Motor vehicles
-
25%
Reducing balance
Office equipment
-
15%
Reducing balance
Computer equipment
-
33%
Straight line

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.

 
2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting 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.

 
2.6

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.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Financial instruments

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

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless
Page 4

 
E M SMITH CONSTRUCTION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)


2.8
Financial instruments (continued)

the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

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

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 Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans 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 receipts 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 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.

 
2.9

Creditors

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

 
2.10

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.11

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.12

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 5

 
E M SMITH CONSTRUCTION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.13

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.14

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.15

Provisions for liabilities

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

Page 6

 
E M SMITH CONSTRUCTION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 19 (2022 - 17).

Page 7

 
E M SMITH CONSTRUCTION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

4.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Office equipment
Computer equipment

£
£
£
£
£



Cost or valuation


At 1 November 2022
255,839
-
40,580
3,200
3,238


Additions
-
15,495
7,995
2,020
3,666


Disposals
-
-
(361)
-
-



At 31 October 2023

255,839
15,495
48,214
5,220
6,904



Depreciation


At 1 November 2022
5,548
-
14,105
862
1,461


Charge for the year on owned assets
5,117
1,495
5,592
783
1,629


Charge for the year on financed assets
-
-
2,310
-
-


Disposals
-
-
(165)
-
-



At 31 October 2023

10,665
1,495
21,842
1,645
3,090



Net book value



At 31 October 2023
245,174
14,000
26,372
3,575
3,814



At 31 October 2022
250,291
-
26,475
2,338
1,777
Page 8

 
E M SMITH CONSTRUCTION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

           4.Tangible fixed assets (continued)


Total

£



Cost or valuation


At 1 November 2022
302,857


Additions
29,176


Disposals
(361)



At 31 October 2023

331,672



Depreciation


At 1 November 2022
21,976


Charge for the year on owned assets
14,616


Charge for the year on financed assets
2,310


Disposals
(165)



At 31 October 2023

38,737



Net book value



At 31 October 2023
292,935



At 31 October 2022
280,881

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Motor vehicles
6,930
9,240

6,930
9,240

Page 9

 
E M SMITH CONSTRUCTION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

5.


Debtors

2023
2022
£
£


Trade debtors
324,819
252,628

Other debtors
1,000
22,504

Prepayments and accrued income
1,264,807
633

1,590,626
275,765



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other loans
255,841
255,839

Trade creditors
598,479
434,598

Corporation tax
178,790
125,424

Other taxation and social security
208,061
88,683

Obligations under finance lease and hire purchase contracts
3,096
3,096

Other creditors
1,128
626

Accruals and deferred income
94,160
52,233

1,339,555
960,499



7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
5,676
8,771

5,676
8,771


 
Page 10