Registered number:
FOR THE YEAR ENDED 31 MARCH 2024
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WILLIAM SMITH GROUP 1832 LIMITED
COMPANY INFORMATION
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WILLIAM SMITH GROUP 1832 LIMITED
CONTENTS
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WILLIAM SMITH GROUP 1832 LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
The Directors present the strategic report for the year ended 31 March 2024
The results for the year show turnover increasing by 9% (2023: 13%) with a reduction in net profit of 83% (2023: improvement in net profit of 122%). Distribution revenue grew by 12% (2023: 13%), with net profit reducing by 53% (2023: 3%).
This was a very positive year from a sales point of view, our product offering, stock holding and customer satisfaction, which have all shone through. The year was a challenging due to heightened and aggressive activity from competitors, seeing us lose significant gross margin across our product range. Along with gross margin, we’ve had numerous non-operational costs that impact the net profit further. These additional, non-operational costs are not a reflection on the business’s performance. Manufacturing experienced a year of unsteady sales, making it difficult to forecast accurate revenue numbers and appropriate staffing levels. The introduction of two external sales positions to improve our pipeline has helped to an extent, but the marketplace still experiences significant peaks and troughs. Despite the above the business continues to see an improvement in cash and net assets at the year end which stands us in good stead leading in to our new financial year where we continue to look to grow and invest in our business infrastructure and teams.
Competition in the marketplace is significant, but manageable. The projections are that we’ll continue to grow our sales, however the costs we incur need to be tightly controlled as margins become squeezed.
The company monitors its performance using a number of measures. These include the following key performance indicators: stock days, gross and net profit margin, debtor days, creditors days, days in production and production errors.
KPI’s are presented at Board meetings and reviewed with the monthly management accounts. Management monitors progress on all KPI’s against overall company strategy and they are used as a performance management tool to ensure that targets set by the board are met and improvements can be made where appropriate.
The company continues to invest in Research and Development projects in order to enhance the company’s activities, improve efficiencies and bring new products to market.
This report was approved by the board on 20 November 2024 and signed on its behalf.
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WILLIAM SMITH GROUP 1832 LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
The directors present their report and the financial statements for the year ended 31 March 2024.
The profit for the year, after taxation, amounted to £239,379 (2023 - £1,416,193).
No interim dividends were paid. The Directors do not recommend payment of a final dividend.
The directors who served during the year were:
The Directors are satisfied with the current level of trading activity, and do not envisage major change in the nature of trade.
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WILLIAM SMITH GROUP 1832 LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
The directors are responsible for preparing the Strategic report, the Directors' report and the 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 Company's financial statements 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 transactions and disclose with reasonable accuracy at any time the financial position of the Company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
There have been no significant events affecting the Company since the year end.
The auditors, Ryecroft Glenton were appointed in the year. Ryecroft Glenton will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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WILLIAM SMITH GROUP 1832 LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
This report was approved by the board on
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WILLIAM SMITH GROUP 1832 LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WILLIAM SMITH GROUP 1832 LIMITED
We have audited the financial statements of William Smith Group 1832 Limited (the 'Company') for the year ended 31 March 2024, which comprise the Statement of income and retained earnings, the Balance sheet, the 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company 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 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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WILLIAM SMITH GROUP 1832 LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WILLIAM SMITH GROUP 1832 LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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 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 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 Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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WILLIAM SMITH GROUP 1832 LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WILLIAM SMITH GROUP 1832 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 Auditors' 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 financial statements.
The extent to which the audit was considered capable of detecting irregularities including fraud
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: • the responsible individual ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non compliance with applicable laws and regulations; • we identified the laws and regulations applicable to the Company through discussions with directors and other management, and from our commercial knowledge and experience of the sector; • we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, including Companies Act 2006; • we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence where relevant; and • identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non compliance throughout the audit. We assessed the susceptibility of the Company’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. To address the risk of fraud through management bias and override of controls, we: • performed analytical procedures to identify any unusual or unexpected relationships; and • tested journal entries to identify unusual transactions. 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; • reading the minutes of meetings of those charged with governance; • enquiring of management as to actual and potential litigation and claims; and • reviewing correspondence with HMRC and relevant regulators (where applicable). There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
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WILLIAM SMITH GROUP 1832 LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WILLIAM SMITH GROUP 1832 LIMITED (CONTINUED)
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
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 Auditors' 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 Auditors' 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
32 Portland Terrace
NE2 1QP
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WILLIAM SMITH GROUP 1832 LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MARCH 2024
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WILLIAM SMITH GROUP 1832 LIMITED
REGISTERED NUMBER: 00844451
BALANCE SHEET
AS AT 31 MARCH 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 13 to 28 form part of these financial statements.
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WILLIAM SMITH GROUP 1832 LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
Page 11
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WILLIAM SMITH GROUP 1832 LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2024
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WILLIAM SMITH GROUP 1832 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
William Smith Group 1832 Limited is a private company limited by shares incorporated in England and Wales with registration number 00844451. The registered office is Grove Works, Queen Street, Barnard Castle, County Durham, England DL12 8JQ.
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.
Monetary amounts in these financial statements are rounded to the nearest £1.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
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WILLIAM SMITH GROUP 1832 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
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WILLIAM SMITH GROUP 1832 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Amortisation is provided on the following bases:
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WILLIAM SMITH GROUP 1832 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 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, using both the straight-line method and on a reducing balance 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.
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WILLIAM SMITH GROUP 1832 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 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.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.
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 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.
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WILLIAM SMITH GROUP 1832 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
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.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Analysis of turnover by country of destination:
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WILLIAM SMITH GROUP 1832 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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WILLIAM SMITH GROUP 1832 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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WILLIAM SMITH GROUP 1832 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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WILLIAM SMITH GROUP 1832 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
11.Taxation (continued)
There were no factors that may affect future tax charges.
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WILLIAM SMITH GROUP 1832 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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WILLIAM SMITH GROUP 1832 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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WILLIAM SMITH GROUP 1832 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Page 25
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WILLIAM SMITH GROUP 1832 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Page 26
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WILLIAM SMITH GROUP 1832 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
19.Deferred taxation (continued)
Profit and loss account
The financial statements include a number of reclassifications to the prior year figures, for the year ended 31 March 2023. This was necessary to correctly allocate costs within more appropriate cost lines. In addition, a number of assets under construction were reclassified to fixed assets. There is no impact to the profit and loss and no impact on brought forward reserves.
The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £296,889 (2023: £294,329). Contributions totalling £35,626 (2023: £74,017) were payable to the fund at the balance sheet date and are included in creditors.
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WILLIAM SMITH GROUP 1832 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Page 28
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