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 | |||||||||||
SECRETARY | |||||||||||
REGISTERED OFFICE | |||||||||||
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 | ||||||||||
CURRENT ASSETS | |||||||||||
Stock | |||||||||||
Debtors | 6 | ||||||||||
Cash at bank and in hand | |||||||||||
CREDITORS: Amounts falling due within one year | 7 | ||||||||||
NET CURRENT ASSETS | |||||||||||
TOTAL ASSETS LESS CURRENT LIABILITIES | |||||||||||
CREDITORS: Amounts falling due after more than one year | 8 | ||||||||||
Provisions for liabilities and charges | |||||||||||
NET ASSETS | |||||||||||
CAPITAL AND RESERVES | |||||||||||
Called up share capital | |||||||||||
Distributable profit and loss account | |||||||||||
Revaluation reserve | |||||||||||
SHAREHOLDERS' FUNDS | |||||||||||
MARK SMITH & CO. LIMITED | |||||||||||
BALANCE SHEET | |||||||||||
AS AT 29 FEBRUARY 2024 | |||||||||||
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: |
|||||||||||
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 | |||||||||||
2 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||||
Basis of preparation of financial statements | |||||||||||
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 | |||||||||||
Plant and machinery | |||||||||||
Furniture and fittings | |||||||||||
Motor vehicles | |||||||||||
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 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 | |||||||||||
Taxation | |||||||||||
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. | |||||||||||
Pensions | |||||||||||
3 | CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS | ||||||||||
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 | |||||||||||
5 | TANGIBLE ASSETS | ||||||||||
Land and buildings | Plant and machinery | Furniture and fittings | Motor vehicles | Total | |||||||
£ | £ | £ | £ | £ | |||||||
Cost | |||||||||||
At 1 March 2023 | |||||||||||
Additions | - | - | - | ||||||||
At 29 February 2024 | |||||||||||
Accumulated depreciation and impairments | |||||||||||
At 1 March 2023 | |||||||||||
Charge for year | |||||||||||
At 29 February 2024 | |||||||||||
Net book value | |||||||||||
At 1 March 2023 | |||||||||||
At 29 February 2024 | |||||||||||
6 | DEBTORS | ||||||||||
2024 | 2023 | ||||||||||
£ | £ | ||||||||||
Trade debtors | |||||||||||
Other debtors | |||||||||||
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 | |||||||||||
Trade creditors | |||||||||||
Taxation and social security | |||||||||||
Accruals and deferred income | |||||||||||
Other creditors | |||||||||||
125,232 | 124,253 | ||||||||||
8 | CREDITORS: Amounts falling due after more than one year | ||||||||||
2024 | 2023 | ||||||||||
£ | £ | ||||||||||
Bank loans and overdrafts | |||||||||||
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 | |||||||||||
9 | SECURED DEBTS | ||||||||||
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 | |||||||
£ | £ | £ | £ | £ | |||||||
- | |||||||||||
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. |