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Registered number: 03935240
T.R. Smith & Sons Builders Limited
Unaudited Financial Statements
For The Year Ended 30 November 2023
Barker Maule & Co
Chartered Accountants
27 Castle Gate
Newark
Nottinghamshire
NG24 1BA
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 03935240
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 135,820 173,563
135,820 173,563
CURRENT ASSETS
Stocks 5 33,060 47,679
Debtors 6 35,557 21,895
Cash at bank and in hand 26,910 32,194
95,527 101,768
Creditors: Amounts Falling Due Within One Year 7 (156,822 ) (117,816 )
NET CURRENT ASSETS (LIABILITIES) (61,295 ) (16,048 )
TOTAL ASSETS LESS CURRENT LIABILITIES 74,525 157,515
PROVISIONS FOR LIABILITIES
Deferred Taxation (31,845 ) (25,006 )
NET ASSETS 42,680 132,509
CAPITAL AND RESERVES
Called up share capital 8 1,000 1,000
Profit and Loss Account 41,680 131,509
SHAREHOLDERS' FUNDS 42,680 132,509
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Page 2
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Trevor Smith
Director
30 November 2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
T.R. Smith & Sons Builders Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03935240 . The registered office is Station Road, Sutton In Ashfield, Nottinghamshire, NG17 5GB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 5% Straight Line
Plant & Machinery 15% and 25% Reducing Balance
Motor Vehicles 25% Reducing Balance
Computer Equipment 25% Reducing Balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2023 2022
Office and administration 3 3
Manufacturing 14 14
17 17
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Total
£ £ £ £
Cost
As at 1 December 2022 90,554 546,524 71,657 708,735
Disposals - (1,646 ) - (1,646 )
As at 30 November 2023 90,554 544,878 71,657 707,089
...CONTINUED
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Depreciation
As at 1 December 2022 42,643 438,504 54,025 535,172
Provided during the period 4,527 28,264 3,306 36,097
As at 30 November 2023 47,170 466,768 57,331 571,269
Net Book Value
As at 30 November 2023 43,384 78,110 14,326 135,820
As at 1 December 2022 47,911 108,020 17,632 173,563
5. Stocks
2023 2022
£ £
Materials 33,060 47,679
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 7,588 7,438
Prepayments and accrued income 2,683 2,785
Other debtors 25,286 11,672
35,557 21,895
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 87,319 48,247
Bank loans and overdrafts 11,782 -
Corporation tax 12,127 12,777
Other taxes and social security 9,902 4,577
VAT 25,341 31,815
Other creditors - 1,290
Accruals and deferred income 9,744 12,585
Directors' loan accounts 607 6,525
156,822 117,816
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 1,000 1,000
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