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Registered number: 00844451










WILLIAM SMITH GROUP 1832 LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
WILLIAM SMITH GROUP 1832 LIMITED
 
 
COMPANY INFORMATION


Directors
Mrs N L Smith 
Mr M A Smith 
Mrs L A Hennedy 
Mr R J Smith 
Mrs L Smith 
Miss N Smith 




Company secretary
Mrs L Smith



Registered number
00844451



Registered office
Grove Works
Queen Street

Barnard Castle

County Durham

DL12 8JQ




Independent auditors
Ryecroft Glenton
Chartered Accountants & Statutory Auditor

32 Portland Terrace

Newcastle upon Tyne

NE2 1QP




Bankers
Barclays Bank Plc
Teesdale Business Park

Stockton on Tees

TS17 6YJ




Solicitors
Meikles Solicitors
38 Horsemarket

Barnard Castle

County Durham

DL12 8NA





 
WILLIAM SMITH GROUP 1832 LIMITED
 

CONTENTS



Page
Strategic report
1
Directors' report
2 - 4
Independent auditors' report
5 - 8
Statement of income and retained earnings
9
Balance sheet
10
Statement of cash flows
11 - 12
Analysis of net debt
12
Notes to the financial statements
13 - 28


 
WILLIAM SMITH GROUP 1832 LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

Introduction
 
The Directors present the strategic report for the year ended 31 March 2024

Business review
 
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.

Principal risks and uncertainties
 
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.

Financial key performance indicators
 
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.

Research and development
 
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.



................................................
Mr R J Smith
Director

Page 1

 
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.

Principal activity

The principal activity of the company continued to be that of a sign manufacturer and vinyl distributor.

Results and dividends

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. 

Directors

The directors who served during the year were:

Mrs N L Smith 
Mr M A Smith 
Mrs L A Hennedy 
Mr R J Smith 
Mrs L Smith 
Miss N Smith 

Future developments

The Directors are satisfied with the current level of trading activity, and do not envisage major change in the nature of trade. 

Page 2

 
WILLIAM SMITH GROUP 1832 LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 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 2006They 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.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

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.

Page 3

 
WILLIAM SMITH GROUP 1832 LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

This report was approved by the board on 20 November 2024 and signed on its behalf.
 





................................................
Mr R J Smith
Director

Page 4

 
WILLIAM SMITH GROUP 1832 LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WILLIAM SMITH GROUP 1832 LIMITED
 

Opinion


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 policiesThe 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).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 March 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


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.


Conclusions relating to going concern


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.


Page 5

 
WILLIAM SMITH GROUP 1832 LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WILLIAM SMITH GROUP 1832 LIMITED (CONTINUED)


Other information


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 ReportOur 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.


Opinion on other matters prescribed by the Companies Act 2006
 

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.


Matters on which we are required to report by exception
 

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.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
WILLIAM SMITH GROUP 1832 LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WILLIAM SMITH GROUP 1832 LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

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.
 
Page 7

 
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.


Use of our 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 2006Our 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.





Deborah Graham (Senior statutory auditor)
for and on behalf of
Ryecroft Glenton
Chartered Accountants & Statutory Auditor
32 Portland Terrace
Newcastle upon Tyne
NE2 1QP

20 November 2024
Page 8

 
WILLIAM SMITH GROUP 1832 LIMITED
 
 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MARCH 2024

As restated
2024
2023
Note
£
£

  

Turnover
 4 
27,013,833
24,700,387

Cost of sales
  
(20,146,780)
(17,931,657)

Gross profit
  
6,867,053
6,768,730

Administrative expenses
  
(6,766,398)
(5,445,406)

Other operating income
 5 
5,194
3,486

Operating profit
 6 
105,849
1,326,810

Interest receivable and similar income
 9 
60,332
23,971

Interest payable and similar expenses
 10 
(913)
(1,715)

Profit before tax
  
165,268
1,349,066

Tax on profit
 11 
74,111
67,127

Profit after tax
  
239,379
1,416,193

  

  

Retained earnings at the beginning of the year
  
8,599,220
7,183,027

  
8,599,220
7,183,027

Profit for the year
  
239,379
1,416,193

Retained earnings at the end of the year
  
8,838,599
8,599,220
There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of income and retained earnings.

The notes on pages 13 to 28 form part of these financial statements.

Page 9

 
WILLIAM SMITH GROUP 1832 LIMITED
REGISTERED NUMBER: 00844451

BALANCE SHEET
AS AT 31 MARCH 2024

As restated
2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 12 
69,741
10,167

Tangible assets
 13 
893,839
865,298

  
963,580
875,465

Current assets
  

Stocks
 14 
4,517,049
4,219,597

Debtors: amounts falling due within one year
 15 
5,333,951
5,433,592

Cash at bank and in hand
 16 
1,501,816
1,311,455

  
11,352,816
10,964,644

Creditors: amounts falling due within one year
 17 
(3,400,037)
(3,184,532)

Net current assets
  
 
 
7,952,779
 
 
7,780,112

Total assets less current liabilities
  
8,916,359
8,655,577

Provisions for liabilities
  

Deferred tax
 19 
(67,760)
(46,357)

  
 
 
(67,760)
 
 
(46,357)

Net assets
  
8,848,599
8,609,220


Capital and reserves
  

Called up share capital 
 20 
10,000
10,000

Profit and loss account
 21 
8,838,599
8,599,220

  
8,848,599
8,609,220


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 November 2024.




................................................
Mr R J Smith
Director

The notes on pages 13 to 28 form part of these financial statements.

Page 10

 
WILLIAM SMITH GROUP 1832 LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

As restated
2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
239,379
1,416,193

Adjustments for:

Amortisation of intangible assets
11,646
-

Depreciation of tangible assets
180,139
197,403

Loss on disposal of tangible assets
7,684
(15,988)

Interest paid
913
1,715

Interest received
(60,332)
(23,971)

Taxation charge
(74,111)
(67,127)

(Increase) in stocks
(297,452)
(842,225)

Decrease/(increase) in debtors
99,641
(109,641)

Increase/(decrease) in creditors
301,396
(220,839)

Corporation tax received
-
62,780

Net cash generated from operating activities

408,903
398,300


Cash flows from investing activities

Purchase of intangible fixed assets
(71,220)
-

Purchase of tangible fixed assets
(384,224)
(385,860)

Sale of tangible fixed assets
183,233
192,207

Interest received
60,332
23,971

Net cash from investing activities

(211,879)
(169,682)

Cash flows from financing activities

Repayment of finance leases
(5,750)
(11,501)

Interest paid
(913)
(1,715)

Net cash used in financing activities
(6,663)
(13,216)

Net increase in cash and cash equivalents
190,361
215,402

Cash and cash equivalents at beginning of year
1,311,455
1,096,053

Cash and cash equivalents at the end of year
1,501,816
1,311,455


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,501,816
1,311,455

1,501,816
1,311,455

Page 11

 
WILLIAM SMITH GROUP 1832 LIMITED
 


ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MARCH 2024




At 1 April 2023
Cash flows
At 31 March 2024
£

£

£

Cash at bank and in hand

1,311,455

190,361

1,501,816

Debt due within 1 year

(671)

(1,492)

(2,163)

Finance leases

(5,750)

5,750

-


1,305,034
194,619
1,499,653

The notes on pages 13 to 28 form part of these financial statements.

Page 12

 
WILLIAM SMITH GROUP 1832 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

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

 
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 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:

 
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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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.

Page 13

 
WILLIAM SMITH GROUP 1832 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
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

Interest income

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

 
2.5

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.

 
2.6

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 Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 14

 
WILLIAM SMITH GROUP 1832 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.7

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 balance sheet 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 balance sheet 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 balance sheet date.

 
2.8

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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:

Website costs
-
25%
straight line

 
2.9

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 15

 
WILLIAM SMITH GROUP 1832 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.9
Tangible fixed assets (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:

Freehold property
-
4%
Straight line over buildings
Plant and machinery
-
20%
- 25% Straight Line
Motor vehicles
-
25%
Reducing Balance
Fixtures and fittings
-
20%
Straight Line
Computer equipment
-
25%
- 50% 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.

 
2.10

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 where applicable.

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.

 
2.11

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.

 
2.12

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.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.13

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.

Page 16

 
WILLIAM SMITH GROUP 1832 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.14

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.
 
Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.15

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.

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.
Page 17

 
WILLIAM SMITH GROUP 1832 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.15
Financial instruments (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.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimated and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
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.


4.


Turnover

2024
2023
£
£

Turnover
27,013,833
24,700,387


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
26,953,934
24,632,841

Rest of Europe
46,230
48,364

Rest of the world
13,669
19,182

27,013,833
24,700,387


Page 18

 
WILLIAM SMITH GROUP 1832 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Other operating income

2024
2023
£
£

Other operating income
5,194
3,486



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Research & development charged as an expense
-
84,101

Exchange differences
1,382
-

Other operating lease rentals
256,721
(231,027)

Fees payable to the companies auditor for the audit of the company's financial statements
25,900
16,500

Depreciation
180,135
191,593

Amortisation
11,646
5,810

(Profit)/loss on disposal of tangible fixed assets
7,684
(15,987)


7.


Employees

Staff costs, including directors' remuneration, were as follows:


As restated
2024
2023
£
£

Wages and salaries
4,945,265
4,108,815

Social security costs
489,895
416,213

Cost of defined contribution scheme
296,889
294,329

5,732,049
4,819,357


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Operating and clerical
63
62



Sales and management
60
60

123
122

Page 19

 
WILLIAM SMITH GROUP 1832 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Directors' remuneration

As restated
2024
2023
£
£

Directors' emoluments
506,610
307,081

Company contributions to defined contribution pension schemes
9,375
8,018

515,985
315,099


During the year retirement benefits were accruing to 2 directors (2023 - 2) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £225,812 (2023 - £137,665).


9.


Interest receivable

2024
2023
£
£


Bank Interest Receivable
60,332
23,971


10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
553
995

Finance leases and hire purchase contracts
360
720

913
1,715

Page 20

 
WILLIAM SMITH GROUP 1832 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
1,947
(53,616)

Adjustments in respect of previous periods
(116,364)
-


(114,417)
(53,616)


Total current tax
(114,417)
(53,616)

Deferred tax


Origination and reversal of timing differences
40,306
(13,511)

Total deferred tax
40,306
(13,511)


Tax on profit
(74,111)
(67,127)
Page 21

 
WILLIAM SMITH GROUP 1832 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 19% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
165,268
1,349,066


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2023 - 19%)
31,400
256,323

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
4,911
1,227

Capital allowances for year in excess of depreciation
(20,335)
(3,121)

Utilisation of tax losses
(11,591)
(48,248)

Adjustments to tax charge in respect of prior periods
(116,364)
(249,034)

Non-taxable income less expenses not deductible for tax purposes, other than goodwill and impairment
-
(1,117)

Change in corporation tax rate
-
11,127

Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge
-
(20,773)

Changes in provisions leading to an increase (decrease) in the tax charge
(2,438)
-

Deferred tax movement
40,306
(13,511)

Total tax charge for the year
(74,111)
(67,127)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 22

 
WILLIAM SMITH GROUP 1832 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

12.


Intangible assets




Development expenditure
Computer software
Total

£
£
£



Cost


At 1 April 2023
-
23,240
23,240


Additions
31,200
40,020
71,220



At 31 March 2024

31,200
63,260
94,460



Amortisation


At 1 April 2023
-
13,073
13,073


Charge for the year on owned assets
-
11,646
11,646



At 31 March 2024

-
24,719
24,719



Net book value



At 31 March 2024
31,200
38,541
69,741



At 31 March 2023
-
10,167
10,167



Page 23

 
WILLIAM SMITH GROUP 1832 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

13.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Computer equipment
Assets under Constru-ction
Total

£
£
£
£
£
£



Cost or valuation


At 1 April 2023
548,016
1,741,794
339,702
620,919
191,714
3,442,145


Additions
-
188,327
-
72,473
123,424
384,224


Disposals
-
(29,266)
(23,924)
(18,612)
(160,635)
(232,437)



At 31 March 2024

548,016
1,900,855
315,778
674,780
154,503
3,593,932



Depreciation


At 1 April 2023
350,961
1,465,302
216,666
543,917
-
2,576,846


Charge for the year on owned assets
11,803
103,122
25,374
39,836
-
180,135


Disposals
-
(20,107)
(20,689)
(16,092)
-
(56,888)



At 31 March 2024

362,764
1,548,317
221,351
567,661
-
2,700,093



Net book value



At 31 March 2024
185,252
352,538
94,427
107,119
154,503
893,839



At 31 March 2023
197,055
276,492
123,036
77,002
191,714
865,299




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Freehold
185,252
197,054


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


2024
2023
£
£



Motor vehicles
-
24,801

Page 24

 
WILLIAM SMITH GROUP 1832 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

14.


Stocks

2024
2023
£
£

Raw materials and consumables
4,422,135
4,129,631

Work in progress
49,738
47,730

Finished goods and goods for resale
45,176
42,236

4,517,049
4,219,597



15.


Debtors

As restated
2024
2023
£
£


Trade debtors
4,540,120
4,541,969

Other debtors
7,481
7,015

Prepayments and accrued income
786,350
884,608

5,333,951
5,433,592



16.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1,501,816
1,311,455


Page 25

 
WILLIAM SMITH GROUP 1832 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

17.


Creditors: Amounts falling due within one year

As restated
2024
2023
£
£

Trade creditors
2,352,400
2,055,656

Corporation tax
1,947
111,697

Other taxation and social security
611,701
766,229

Obligations under finance lease and hire purchase contracts
-
5,750

Other creditors
2,163
671

Accruals and deferred income
431,826
244,529

3,400,037
3,184,532


The company's banking facilities are secured by a debenture on the bank's standard form dated 10 July 2020. As at 31 March 2024 there are no liabilities outstanding under this security.


18.


Financial instruments

As restated
2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
1,501,816
1,311,455


Financial liabilities


Financial liabilities measured at amortised cost
2,786,389
2,300,856


Financial assets measured at fair value through profit or loss comprises of cash and bank.


Financial liabilities measured at amortised cost comprise


19.


Deferred taxation




2024


£






At beginning of year
(46,357)


Utilised in year
(21,403)



At end of year
(67,760)

Page 26

 
WILLIAM SMITH GROUP 1832 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
19.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(79,384)
(64,861)

Other timing difference
11,624
18,504

(67,760)
(46,357)


20.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



10,000 (2023 - 10,000) Ordinary shares shares of £1.00 each
10,000
10,000



21.


Reserves

Profit and loss account

The profit and loss account balance represents cumulative retained profits and losses. 


22.


Prior year adjustment

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.


23.


Pension commitments

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.

Page 27

 
WILLIAM SMITH GROUP 1832 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

24.


Commitments under operating leases

At 31 March 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
198,004
159,891

Later than 1 year and not later than 5 years
194,573
310,298

392,577
470,189


25.


Related party transactions

During the year the Company paid £92,000 (2023: £92,000) rent to a pension fund of which  one of the Directors is a beneficiary.
Remuneration of key management personnel
The Directors are considered to be the only key management personnel.


26.


Controlling party

The Company is a wholly owned subsidiary of WS Group Holdings Ltd, a company registered in England and Wales, CRN 14837097.

 
Page 28