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REGISTERED NUMBER: 01799644 (England and Wales)















Financial Statements for the Year Ended 31 March 2024

for

J. Smith Metals Limited

J. Smith Metals Limited (Registered number: 01799644)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


J. Smith Metals Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: Mrs K J Guy
C J Smith





REGISTERED OFFICE: Parkfield Road
Ettingshall
Wolverhampton
West Midlands
WV4 6EL





REGISTERED NUMBER: 01799644 (England and Wales)





ACCOUNTANTS: Haines Watts Wolverhampton Limited
Keepers Lane
The Wergs
Wolverhampton
West Midlands
WV6 8UA

J. Smith Metals Limited (Registered number: 01799644)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 354,005 431,715

CURRENT ASSETS
Stocks 100,293 153,755
Debtors 5 362,580 525,413
Cash at bank and in hand 285,318 159,375
748,191 838,543
CREDITORS
Amounts falling due within one year 6 390,262 402,685
NET CURRENT ASSETS 357,929 435,858
TOTAL ASSETS LESS CURRENT
LIABILITIES

711,934

867,573

CREDITORS
Amounts falling due after more than one
year

7

(151,609

)

(243,722

)

PROVISIONS FOR LIABILITIES (88,501 ) (107,929 )
NET ASSETS 471,824 515,922

CAPITAL AND RESERVES
Called up share capital 10 13,334 13,334
Capital redemption reserve 6,666 6,666
Retained earnings 451,824 495,922
SHAREHOLDERS' FUNDS 471,824 515,922

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

J. Smith Metals Limited (Registered number: 01799644)

Balance Sheet - continued
31 March 2024


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

In accordance with Section 444 of the Companies Act 2006, the Profit and loss has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 November 2024 and were signed on its behalf by:





C J Smith - Director


J. Smith Metals Limited (Registered number: 01799644)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

J. Smith Metals Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

J. Smith Metals Limited (Registered number: 01799644)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - NIL ) .

4. TANGIBLE FIXED ASSETS
Freehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST
At 1 April 2023 58,353 652,950 122,450 833,753
Additions - 40,750 - 40,750
Disposals - (5,750 ) - (5,750 )
At 31 March 2024 58,353 687,950 122,450 868,753
DEPRECIATION
At 1 April 2023 58,353 287,560 56,125 402,038
Charge for year - 101,836 16,580 118,416
Eliminated on disposal - (5,706 ) - (5,706 )
At 31 March 2024 58,353 383,690 72,705 514,748
NET BOOK VALUE
At 31 March 2024 - 304,260 49,745 354,005
At 31 March 2023 - 365,390 66,325 431,715

J. Smith Metals Limited (Registered number: 01799644)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 April 2023
and 31 March 2024 284,500 89,950 374,450
DEPRECIATION
At 1 April 2023 89,500 33,700 123,200
Charge for year 48,750 14,062 62,812
At 31 March 2024 138,250 47,762 186,012
NET BOOK VALUE
At 31 March 2024 146,250 42,188 188,438
At 31 March 2023 195,000 56,250 251,250

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 226,572 357,895
Other debtors 136,008 167,518
362,580 525,413

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 40,000 40,000
Hire purchase contracts (see note 8) 51,915 51,970
Trade creditors 77,188 172,296
Taxation and social security 163,662 120,457
Other creditors 57,497 17,962
390,262 402,685

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 38,150 86,667
Hire purchase contracts (see note 8) 113,459 157,055
151,609 243,722

J. Smith Metals Limited (Registered number: 01799644)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 51,915 51,970
Between one and five years 113,459 157,055
165,374 209,025

Non-cancellable operating leases
2024 2023
£    £   
Within one year 6,013 6,560
Between one and five years - 6,013
6,013 12,573

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 78,150 126,667
Hire purchase contracts 165,374 209,025
243,524 335,692

Bank loans are secured by fixed and floating charges over the undertaking and all property and assets.

Hire purchase is secured against the asset to which the liability relates.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
6,667 Ordinary A 1 6,667 6,667
6,667 Ordinary B 1 6,667 6,667
13,334 13,334

J. Smith Metals Limited (Registered number: 01799644)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
C J Smith
Balance outstanding at start of year 63,766 17,576
Amounts advanced 4,641 46,190
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 68,407 63,766