Company registration number 01874079 (England and Wales)
T SMITH (ENGINEERING) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
T SMITH (ENGINEERING) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
4 - 7
T SMITH (ENGINEERING) LIMITED
BALANCE SHEET
AS AT
31 MAY 2024
31 May 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
10,166
4,374
Investment property
4
1,570,000
1,570,000
Investments
5
50,000
152,259
1,630,166
1,726,633
Current assets
Debtors
7
9,209
-
0
Cash at bank and in hand
50,445
41,602
59,654
41,602
Creditors: amounts falling due within one year
8
(5,945)
(16,967)
Net current assets
53,709
24,635
Total assets less current liabilities
1,683,875
1,751,268
Provisions for liabilities
5,734
(823)
Net assets
1,689,609
1,750,445
Capital and reserves
Called up share capital
100
100
Revaluation reserve
1,113,520
1,113,520
Profit and loss reserves
575,989
636,825
Total equity
1,689,609
1,750,445

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

T SMITH (ENGINEERING) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MAY 2024
31 May 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 3 January 2025
Mr T G Smith
Director
Company Registration No. 01874079
T SMITH (ENGINEERING) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024
- 3 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 June 2022
100
238,520
1,502,241
1,740,861
Year ended 31 May 2023:
Profit and total comprehensive income for the year
-
-
39,584
39,584
Dividends
-
-
(30,000)
(30,000)
Other movements
-
875,000
(875,000)
-
Balance at 31 May 2023
100
1,113,520
636,825
1,750,445
Year ended 31 May 2024:
Loss and total comprehensive income for the year
-
-
(60,836)
(60,836)
Balance at 31 May 2024
100
1,113,520
575,989
1,689,609
T SMITH (ENGINEERING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 4 -
1
Accounting policies
Company information

T Smith (Engineering) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Beacon Farm, Sedgefield, County Durham, United Kingdom, TS21 3HN.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings freehold
10% straight line (land not depreciated)
Plant and machinery
20% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.3
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.4
Fixed asset investments

Investments in shares are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in profit or loss. Transaction costs are expensed to profit or loss as incurred.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

T SMITH (ENGINEERING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 5 -
1.6
Financial instruments
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are recorded at transaction price.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and preference shares that are classified as debt, are recognised at transaction price.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

 

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

T SMITH (ENGINEERING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 6 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
4
4
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 June 2023
3,385
20,069
23,454
Additions
-
0
9,382
9,382
Disposals
-
0
(20,069)
(20,069)
At 31 May 2024
3,385
9,382
12,767
Depreciation and impairment
At 1 June 2023
2,109
16,969
19,078
Depreciation charged in the year
339
800
1,139
Eliminated in respect of disposals
-
0
(17,616)
(17,616)
At 31 May 2024
2,448
153
2,601
Carrying amount
At 31 May 2024
937
9,229
10,166
At 31 May 2023
1,275
3,099
4,374
4
Investment property
2024
£
Fair value
At 1 June 2023 and 31 May 2024
1,570,000

On 6 December 2022 a formal valuation of the properties was undertaken. The revalued amounts are shown within the balance sheet. A calculation of capital gains tax has been made on the revaluation and no deferred tax is required to be provided.

5
Fixed asset investments
2024
2023
£
£
Other investments other than loans
50,000
152,259
T SMITH (ENGINEERING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
5
Fixed asset investments
(Continued)
- 7 -
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 June 2023
152,259
Disposals
(102,259)
At 31 May 2024
50,000
Carrying amount
At 31 May 2024
50,000
At 31 May 2023
152,259
6
Financial instruments
2024
2023
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
50,000
152,259
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Corporation tax recoverable
9,209
-
0
8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
-
0
520
Corporation tax
-
0
9,209
Other taxation and social security
(1,448)
(273)
Other creditors
7,393
7,511
5,945
16,967
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