MARK SMITH & CO. LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
29 FEBRUARY 2024
Company Registration Number: 03626236
MARK SMITH & CO. LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
CONTENTS PAGES
Company information 1
Balance sheet 2 to 3
Notes to the financial statements 4 to 8
MARK SMITH & CO. LIMITED
COMPANY INFORMATION
FOR THE YEAR ENDED 29 FEBRUARY 2024
DIRECTOR
M J Stewart
SECRETARY
The MGroup Secretarial Services Limited
REGISTERED OFFICE
C9 Glyme Court
Oxford Office Village
Langford Lane
Kidlington
Oxford
OX5 1LQ
COMPANY REGISTRATION NUMBER
03626236 England and Wales
MARK SMITH & CO. LIMITED
BALANCE SHEET
AS AT 29 FEBRUARY 2024
Notes 2024 2023
£ £
FIXED ASSETS
Tangible assets 5 564,862 568,161
CURRENT ASSETS
Stock 70,000 60,000
Debtors 6 96,252 145,885
Cash at bank and in hand 565,854 469,097
732,106 674,982
CREDITORS: Amounts falling due within one year 7 125,232 124,253
NET CURRENT ASSETS 606,874 550,729
TOTAL ASSETS LESS CURRENT LIABILITIES 1,171,736 1,118,890
CREDITORS: Amounts falling due after more than one year 8 182,353 188,991
Provisions for liabilities and charges 4,258 3,271
NET ASSETS 985,125 926,628
CAPITAL AND RESERVES
Called up share capital 50,003 50,003
Distributable profit and loss account 775,818 717,321
Revaluation reserve 159,304 159,304
SHAREHOLDERS' FUNDS 985,125 926,628
MARK SMITH & CO. LIMITED
BALANCE SHEET
AS AT 29 FEBRUARY 2024
These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial year ended 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.
Signed on behalf of the board
M J Stewart
Director
Date approved by the board: 28 November 2024
MARK SMITH & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
1 GENERAL INFORMATION
Mark Smith & Co. Limited is a private company limited by shares and incorporated in England and Wales. Its registered office and principal place of business are:
Registered office Principal place of business
C9 Glyme Court Unit 2A Wedgewood Road
Oxford Office Village Bicester
Langford Lane Oxon
Kidlington OX26 4UL
Oxford
OX5 1LQ
The financial statements are presented in Sterling, which is the functional currency of the company.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation of financial statements
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
Revenue recognition
Turnover is measured at the fair value of consideration received or receivable. It is recognised in respect of servicing and repair of motor vehicles as soon as there is a right to consideration and is determined by reference to the value of the work performed. Turnover is stated net of trade discounts and value added tax.
The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.
Tangible fixed assets
Fixed assets, other than those stated below, are carried at cost less accumulated depreciation and accumulated impairment losses.
Depreciation has been provided at the following rate so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives.
Land and buildings Straight line basis at 2% and 20% per annum
Plant and machinery 25% reducing balance basis per annum
Furniture and fittings 25% reducing balance basis per annum
Motor vehicles 25% reducing balance basis per annum
On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses.
MARK SMITH & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Financial Instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit and loss account.
Stocks are assessed for impairment at each reporting date. The carrying amount of each item of stock, or group of similar items, is compared with its selling price less cost to complete and sell. If an item of stock, or group of similar items, is impaired its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in the profit and loss account.
If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in the profit and loss account.
Stock
Stock has been valued at the lower of cost and estimated selling price less cost to complete and sell, after making due allowance for obsolete and slow-moving items. Cost comprises the cost of goods purchased valued on a first in first out basis.
The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised
MARK SMITH & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Debtors
Short term debtors are measured at transaction price, less any impairment.
Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.
Taxation
Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 taxable profits.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Current and deferred tax assets and liabilities are not discounted.
Pensions
The company operates a defined contribution pension scheme. The amount charged to the profit and loss account in respect of pension costs and other post-retirement benefits is the amount payable in the year. Differences between contributions payable and contributions actually paid in the year are shown as either accruals or prepayments in the balance sheet.
3 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
The director has made key assumptions in determination of the fair value of an investment property in respect of the state of the property market in the location where the property is situated and in respect of the range of reasonable fair value estimates of the asset.
MARK SMITH & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
4 EMPLOYEES
The average number of persons employed by the company (including directors) during the year was:
2024 2023
Average number of employees 4 4
5 TANGIBLE ASSETS
Land and buildings Plant and machinery Furniture and fittings Motor vehicles Total
£ £ £ £ £
Cost
At 1 March 2023 653,980 78,210 25,920 8,177 766,287
Additions - 6,470 - - 6,470
At 29 February 2024 653,980 84,680 25,920 8,177 772,757
Accumulated depreciation and impairments
At 1 March 2023 101,100 64,895 24,085 8,046 198,126
Charge for year 4,604 4,673 459 33 9,769
At 29 February 2024 105,704 69,568 24,544 8,079 207,895
Net book value
At 1 March 2023 552,880 13,315 1,835 131 568,161
At 29 February 2024 548,276 15,112 1,376 98 564,862
6 DEBTORS
2024 2023
£ £
Trade debtors 14,264 22,676
Other debtors 81,988 123,209
96,252 145,885
MARK SMITH & CO. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
7 CREDITORS: Amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 8,949 8,633
Trade creditors 43,309 48,090
Taxation and social security 68,827 63,537
Accruals and deferred income 2,890 2,889
Other creditors 1,257 1,104
125,232 124,253
8 CREDITORS: Amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 182,353 188,991
Included in the amounts falling due after more than one year are the following amounts which are due in more
than five years:
2024 2023
£ £
Bank loans and overdrafts 152,731 160,416
9 SECURED DEBTS
The company has a mortgage with Santander which is secured on the freehold property. The remaining term is 15 years and the interest rate is 5%.
10 DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
The following director's advances, credits and guarantees took place during the year
Balance at 1 March 2023 Amounts advanced Amounts repaid Amounts written off or waived Balance at 29 February 2024
£ £ £ £ £
M J Stewart 45,838 112,828 148,380 - 10,286
Interest has been charged on this advance at the Beneficial Loan Arrangement Official Rate as prescribed by HM Revenue and Customs. The advance is repayable on demand.
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