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REGISTERED NUMBER: 00288166 (England and Wales)















GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

WILLIAM SMITH (WAKEFIELD) LIMITED

WILLIAM SMITH (WAKEFIELD) LIMITED (REGISTERED NUMBER: 00288166)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Consolidated Profit and Loss Account 9

Consolidated Other Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 17


WILLIAM SMITH (WAKEFIELD) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: William David Smith
Christine Smith





REGISTERED OFFICE: Red House Farm
Staintondale
Scarborough
North Yorkshire
YO13 0HA





REGISTERED NUMBER: 00288166 (England and Wales)





AUDITORS: Walter Dawson & Son
Chartered Accountants
First Floor, Unit 12
Pennine Business Park
Longbow Close, Bradley
Huddersfield
West Yorkshire
HD2 1GQ

WILLIAM SMITH (WAKEFIELD) LIMITED (REGISTERED NUMBER: 00288166)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The directors present their strategic report of the company and the group for the year ended 31 March 2024.

REVIEW OF BUSINESS
The group has seen an increase in its turnover for the year ended 31st March 2024. The increase in
business was mainly due to the increase in coal and coke imports to the UK and increases in train operating services.

The gross profit level for the year is up from £5,256 to £6,948k for the year to 31 March 2024
resulting from an increase in the margins on coal and coke sales. The net trading profit is however reduced from £2,657k to £2,118k as a result of challenging operating conditions.

The reputation of the group as the UK's leading specialist train operating company continues.

The company's engineering works continue to be focused on the maintenance and upkeep of its own fleet of locomotives and rolling stock. Turnover from third party engineering contracts tends to be relatively low, due to the high demand placed on the engineering facilities by the company and group itself.

Projected turnover is difficult to establish due to the contract nature of the industry, however, the directors are confident that the company will remain profitable in the upcoming years.despite the challenges of increased labour costs.

ON BEHALF OF THE BOARD:





William David Smith - Director


31 December 2024

WILLIAM SMITH (WAKEFIELD) LIMITED (REGISTERED NUMBER: 00288166)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2024

The directors present their report with the financial statements of the company and the group for the year ended 31 March 2024.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of farming, coal merchants and rail operations.

DIVIDENDS
The total distribution of dividends for the year ended 31 March 2024 will be £ 70,000 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.

William David Smith
Christine Smith

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

WILLIAM SMITH (WAKEFIELD) LIMITED (REGISTERED NUMBER: 00288166)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2024


AUDITORS
The auditors, Walter Dawson and Son, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





William David Smith - Director


31 December 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
WILLIAM SMITH (WAKEFIELD) LIMITED

Opinion
We have audited the financial statements of William Smith (Wakefield) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Profit and Loss Account, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
WILLIAM SMITH (WAKEFIELD) LIMITED


Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
WILLIAM SMITH (WAKEFIELD) LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussion with directors and other management, and form our commercial knowledge and experience of the sector;
- we focussed on specific laws and regulations which considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was a susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and overide of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates set out in note 2 and where indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
WILLIAM SMITH (WAKEFIELD) LIMITED

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




John Richard Hall FCA (Senior Statutory Auditor)
for and on behalf of Walter Dawson & Son
Chartered Accountants
First Floor, Unit 12
Pennine Business Park
Longbow Close, Bradley
Huddersfield
West Yorkshire
HD2 1GQ

31 December 2024

WILLIAM SMITH (WAKEFIELD) LIMITED (REGISTERED NUMBER: 00288166)

CONSOLIDATED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £    £    £    £   

TURNOVER
Group and share of associates 29,788,573 25,085,568
Less:
Share of associates' turnover (3,159,415 ) (3,762,688 )
GROUP TURNOVER 26,629,158 21,322,880

Cost of sales 19,680,722 16,066,790
GROSS PROFIT 6,948,436 5,256,090

Distribution costs 1,387,125 716,738
Administrative expenses 3,683,459 1,436,518
5,070,584 2,153,256
1,877,852 3,102,834

Other operating income 16,198 13,600
GROUP OPERATING PROFIT 4 1,894,050 3,116,434

Share of operating profit in
Associates 176,814 296,358

Interest receivable and similar income 269,986 70,311
2,340,850 3,483,103
Amounts written off investments 5 100 -
PROFIT BEFORE TAXATION 2,340,750 3,483,103

Tax on profit 6 222,647 825,170
PROFIT FOR THE FINANCIAL YEAR 2,118,103 2,657,933
Profit attributable to:
Owners of the parent 2,039,780 2,524,975
Non-controlling interests 78,323 132,958
2,118,103 2,657,933

WILLIAM SMITH (WAKEFIELD) LIMITED (REGISTERED NUMBER: 00288166)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 2,118,103 2,657,933


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

2,118,103

2,657,933

Total comprehensive income attributable to:
Owners of the parent 2,039,780 2,524,975
Non-controlling interests 78,323 132,958
2,118,103 2,657,933

WILLIAM SMITH (WAKEFIELD) LIMITED (REGISTERED NUMBER: 00288166)

CONSOLIDATED BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 40,000 40,000
Tangible assets 10 4,290,733 3,904,488
Investments 11
Interest in associate 1,754,391 1,577,577
Other investments 5,581 5,581
Investment property 12 850,000 850,000
6,940,705 6,377,646

CURRENT ASSETS
Debtors 13 2,857,017 7,932,306
Cash at bank 8,426,547 7,106,274
11,283,564 15,038,580
CREDITORS
Amounts falling due within one year 14 4,104,045 9,421,565
NET CURRENT ASSETS 7,179,519 5,617,015
TOTAL ASSETS LESS CURRENT
LIABILITIES

14,120,224

11,994,661

PROVISIONS FOR LIABILITIES 15 658,986 581,526
NET ASSETS 13,461,238 11,413,135

CAPITAL AND RESERVES
Called up share capital 16 500 500
Revaluation reserve 285,901 287,337
Profit and loss account 12,617,544 10,646,328
SHAREHOLDERS' FUNDS 12,903,945 10,934,165

NON-CONTROLLING INTERESTS 557,293 478,970
TOTAL EQUITY 13,461,238 11,413,135

The financial statements were approved by the Board of Directors and authorised for issue on 31 December 2024 and were signed on its behalf by:





William David Smith - Director


WILLIAM SMITH (WAKEFIELD) LIMITED (REGISTERED NUMBER: 00288166)

COMPANY BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 40,000 40,000
Tangible assets 10 2,717,786 2,390,641
Investments 11 350,561 350,561
Investment property 12 850,000 850,000
3,958,347 3,631,202

CURRENT ASSETS
Debtors 13 2,443,954 3,551,032
Cash at bank 490,476 1,063,018
2,934,430 4,614,050
CREDITORS
Amounts falling due within one year 14 1,696,379 3,798,666
NET CURRENT ASSETS 1,238,051 815,384
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,196,398

4,446,586

PROVISIONS FOR LIABILITIES 15 517,738 434,245
NET ASSETS 4,678,660 4,012,341

CAPITAL AND RESERVES
Called up share capital 16 500 500
Profit and loss account 4,678,160 4,011,841
SHAREHOLDERS' FUNDS 4,678,660 4,012,341

Company's profit for the financial year 736,319 353,238

The financial statements were approved by the Board of Directors and authorised for issue on 30 December 2024 and were signed on its behalf by:





William David Smith - Director


WILLIAM SMITH (WAKEFIELD) LIMITED (REGISTERED NUMBER: 00288166)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024

Called up Profit
share and loss Revaluation
capital account reserve
£    £    £   
Balance at 1 April 2022 500 8,119,917 288,773

Changes in equity
Profit for the year - 2,524,975 -
Total comprehensive income - 2,524,975 -
Realisation of revaluation
reserve

-

1,436

(1,436

)
Balance at 31 March 2023 500 10,646,328 287,337

Changes in equity
Profit for the year - 2,039,780 -
Total comprehensive income - 2,039,780 -
Dividends - (70,000 ) -
Realisation of revaluation
reserve

-

1,436

(1,436

)
Balance at 31 March 2024 500 12,617,544 285,901
Non-controlling Total
Total interests equity
£    £    £   
Balance at 1 April 2022 8,409,190 346,012 8,755,202

Changes in equity
Profit for the year 2,524,975 132,958 2,657,933
Total comprehensive income 2,524,975 132,958 2,657,933
Balance at 31 March 2023 10,934,165 478,970 11,413,135

Changes in equity
Profit for the year 2,039,780 78,323 2,118,103
Total comprehensive income 2,039,780 78,323 2,118,103
Dividends (70,000 ) - (70,000 )
Balance at 31 March 2024 12,903,945 557,293 13,461,238

WILLIAM SMITH (WAKEFIELD) LIMITED (REGISTERED NUMBER: 00288166)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024

Called up Profit
share and loss Total
capital account equity
£    £    £   
Balance at 1 April 2022 500 3,658,603 3,659,103

Changes in equity
Profit for the year - 353,238 353,238
Total comprehensive income - 353,238 353,238
Balance at 31 March 2023 500 4,011,841 4,012,341

Changes in equity
Profit for the year - 736,319 736,319
Total comprehensive income - 736,319 736,319
Dividends - (70,000 ) (70,000 )
Balance at 31 March 2024 500 4,678,160 4,678,660

WILLIAM SMITH (WAKEFIELD) LIMITED (REGISTERED NUMBER: 00288166)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,467,576 4,128,818
Tax paid (463,307 ) (283,705 )
Net cash from operating activities 2,004,269 3,845,113

Cash flows from investing activities
Purchase of tangible fixed assets (935,779 ) (975,530 )
Sale of intangible fixed assets - 130,000
Interest received 269,986 70,311
Net cash from investing activities (665,793 ) (775,219 )

Cash flows from financing activities
Amount introduced by directors 70,000 2
Amount withdrawn by directors (18,203 ) -
Movement on associates loans - 130,643
Movement on related party loans - (2,006,717 )
Equity dividends paid (70,000 ) -
Net cash from financing activities (18,203 ) (1,876,072 )

Increase in cash and cash equivalents 1,320,273 1,193,822
Cash and cash equivalents at
beginning of year

2

7,106,274

5,912,452

Cash and cash equivalents at end of
year

2

8,426,547

7,106,274

WILLIAM SMITH (WAKEFIELD) LIMITED (REGISTERED NUMBER: 00288166)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
Profit before taxation 2,340,750 3,483,103
Depreciation charges 549,534 576,861
Profit on disposal of fixed assets - (130,000 )
Finance income (269,986 ) (70,311 )
2,620,298 3,859,653
Decrease in trade and other debtors 126,376 339,976
Decrease in trade and other creditors (279,098 ) (70,811 )
Cash generated from operations 2,467,576 4,128,818

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2024
31.3.24 1.4.23
£    £   
Cash and cash equivalents 8,426,547 7,106,274
Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 7,106,274 5,912,452


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.23 Cash flow At 31.3.24
£    £    £   
Net cash
Cash at bank 7,106,274 1,320,273 8,426,547
7,106,274 1,320,273 8,426,547
Total 7,106,274 1,320,273 8,426,547

WILLIAM SMITH (WAKEFIELD) LIMITED (REGISTERED NUMBER: 00288166)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

William Smith (Wakefield) 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 General 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

BASIS OF CONSOLIDATION
The consolidated financial statements comprise the accounts of the parent company and all its subsidiaries for the year ended 31 March 2023.

The results of subsidiaries acquired or disposed of during the year are included from the effective date of acquisition or up to the effective date of disposal.

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

INTANGIBLE ASSETS
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tenancy licence are being amortised evenly over their estimated useful life of ten years.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 5% on cost or valuation and 2% on cost
Permanent Way - 5% on cost
Plant and machinery - 10% on reducing balance and 10% on cost
Fixtures and fittings - 25% on reducing balance, 20% on reducing balance and 10% on cost
Motor vehicles - 25% on reducing balance

INVESTMENTS IN ASSOCIATES
Investments in associate undertakings are recognised initially at cost. They are then subsequently adjusted to reflect the group's share of the total comprehensive income and equity of the associates, less any impairment.

INVESTMENT PROPERTY
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.


WILLIAM SMITH (WAKEFIELD) LIMITED (REGISTERED NUMBER: 00288166)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued
TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Profit and Loss Account, 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.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

INCOME RECOGNITION
Income is recognised when goods have been delivered to customers such that the risks and rewards of ownership have transferred to them.

STOCKS AND WORK IN PROGRESS
Stocks and work in progress have been valued at the lower of cost and estimated selling price less costs to sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of completion.

INVESTMENTS IN SUBSIDIARIES
Investments in subsidiaries are shown in the accounts of the parent company at cost less any amounts written off for permanent diminution in value.

INVESTMENTS
Investments comprise investments in quoted and unquoted equity instruments.

The unquoted equity instruments are measured at cost.

The quoted equity investments are measured at fair value. Changes in fair value are recognised in the profit and loss account.

WILLIAM SMITH (WAKEFIELD) LIMITED (REGISTERED NUMBER: 00288166)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries - 3,726,506
Social security costs - 360,269
Other pension costs - 261,167
- 4,347,942

The average number of employees during the year was as follows:
2024 2023

Distribution and selling - 1
Production - 162
Administration 10 4
10 167

2024 2023
£    £   
Directors' remuneration - 46,980

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Depreciation - owned assets 549,534 576,862
Profit on disposal of fixed assets - (130,000 )
Auditors' remuneration 27,749 23,550

5. AMOUNTS WRITTEN OFF INVESTMENTS
2024 2023
£    £   
Amounts w/o invs 100 -

WILLIAM SMITH (WAKEFIELD) LIMITED (REGISTERED NUMBER: 00288166)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 145,187 522,558
No description - 43,657
Total current tax 145,187 566,215

Deferred tax 77,460 258,955
Tax on profit 222,647 825,170

RECONCILIATION OF TOTAL TAX CHARGE INCLUDED IN PROFIT AND LOSS
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 2,340,750 3,483,103
Profit multiplied by the standard rate of corporation tax in the UK
of 25 % (2023 - 19 %)

585,188

661,790

Effects of:
Expenses not deductible for tax purposes - 92
Income not taxable for tax purposes - (111 )
Capital allowances in excess of depreciation (21,532 ) (10,598 )
Unutilised tax losses carried forward - 552
Share of operating loss (profit) in Associate (43,727 ) (56,308 )

Depreciation on excluded assets - 74,928
covered by available capital
Adjustments to tax charge in respect of previous periods (297,282 ) 3,943
Change in corporation tax rate for deferred tax - 107,225
Over Reserve - 43,657
Total tax charge 222,647 825,170

7. INDIVIDUAL PROFIT AND LOSS ACCOUNT

As permitted by Section 408 of the Companies Act 2006, the Profit and Loss Account of the parent company is not presented as part of these financial statements.


8. DIVIDENDS
2024 2023
£    £   
Interim 70,000 -

WILLIAM SMITH (WAKEFIELD) LIMITED (REGISTERED NUMBER: 00288166)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

9. INTANGIBLE FIXED ASSETS

Group
Tenancy
licence
£   
COST
At 1 April 2023
and 31 March 2024 40,000
NET BOOK VALUE
At 31 March 2024 40,000
At 31 March 2023 40,000

Company
Tenancy
licence
£   
COST
At 1 April 2023
and 31 March 2024 40,000
NET BOOK VALUE
At 31 March 2024 40,000
At 31 March 2023 40,000

10. TANGIBLE FIXED ASSETS

Group
Freehold Permanent Plant and
property Way machinery
£    £    £   
COST
At 1 April 2023 2,105,881 34,232 10,479,196
Additions - - 822,200
At 31 March 2024 2,105,881 34,232 11,301,396
DEPRECIATION
At 1 April 2023 705,633 34,231 8,081,937
Charge for year 48,428 - 446,390
At 31 March 2024 754,061 34,231 8,528,327
NET BOOK VALUE
At 31 March 2024 1,351,820 1 2,773,069
At 31 March 2023 1,400,248 1 2,397,259

WILLIAM SMITH (WAKEFIELD) LIMITED (REGISTERED NUMBER: 00288166)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

10. TANGIBLE FIXED ASSETS - continued

Group

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 April 2023 428,228 234,501 13,282,038
Additions 74,929 38,650 935,779
At 31 March 2024 503,157 273,151 14,217,817
DEPRECIATION
At 1 April 2023 373,794 181,955 9,377,550
Charge for year 31,917 22,799 549,534
At 31 March 2024 405,711 204,754 9,927,084
NET BOOK VALUE
At 31 March 2024 97,446 68,397 4,290,733
At 31 March 2023 54,434 52,546 3,904,488

Included in cost of land and buildings freehold land of £813,768 (2023 - £813,768) which is not depreciated.

The cost of freehold land and buildings included above at a valuation of £1,315,364 (2023 - £1315,364) was £1,033,196 (2023 - £1,033,196) and the aggregate depreciation thereon would have been £527,990 (2023 - £527,990).

Company
Freehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST
At 1 April 2023 659,391 3,332,024 149,168 4,140,583
Additions - 572,200 - 572,200
At 31 March 2024 659,391 3,904,224 149,168 4,712,783
DEPRECIATION
At 1 April 2023 64,679 1,569,125 116,138 1,749,942
Charge for year 3,287 233,511 8,257 245,055
At 31 March 2024 67,966 1,802,636 124,395 1,994,997
NET BOOK VALUE
At 31 March 2024 591,425 2,101,588 24,773 2,717,786
At 31 March 2023 594,712 1,762,899 33,030 2,390,641

WILLIAM SMITH (WAKEFIELD) LIMITED (REGISTERED NUMBER: 00288166)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

10. TANGIBLE FIXED ASSETS - continued

Company

Included in cost of land and buildings is freehold land of £ 495,048 (2023 - £ 495,048 ) which is not depreciated.

11. FIXED ASSET INVESTMENTS

Group
Interest
in Listed
associate investments Totals
£    £    £   
COST OR VALUATION
At 1 April 2023 1,577,577 5,581 1,583,158
Share of profit/(loss) 176,814 - 176,814
At 31 March 2024 1,754,391 5,581 1,759,972
NET BOOK VALUE
At 31 March 2024 1,754,391 5,581 1,759,972
At 31 March 2023 1,577,577 5,581 1,583,158

Interest in associate

The group's aggregate share of associates at the year end is as follows:

2024 2023
£    £   
Profit before tax 176,814 296,358
Taxation - -
Profit after tax 176,814 296,358

Share of assets
Fixed assets 1,060,237 1,136,670
Current assets 1,327,272 1,089,888

Share of liabilities
Share of liabilities due within one year (682,842 ) (698,704 )
Share of liabilities due after one year or more - -


Share of net assets 1,704,667 1,527,854

WILLIAM SMITH (WAKEFIELD) LIMITED (REGISTERED NUMBER: 00288166)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

Group

Northern Belle (Holdings) Limited and Northern Belle Limited
The group's share of Northern Belle (Holdings) Limited and Northern Belle Limited is as follows:

2024 2023
£    £   
Turnover 3,159,415 3,762,688

Profit before tax 176,814 296,358
Taxation - -
Profit after tax 176,814 296,358

Share of assets
Fixed assets 1,060,237 531,393
Current assets 1,327,272 509,523

Share of liabilities
Liabilities due within one year (682,842 ) (326,644 )
Liabilities due after one year or more - -


Share of net assets 1,704,667 714,272

Cost or valuation at 31 March 2024 is represented by:

Interest
in Listed
associate investments Totals
£    £    £   
Valuation in 2023 1,754,391 5,581 1,759,972
Company
Shares in
group Listed
undertakings investments Totals
£    £    £   
COST OR VALUATION
At 1 April 2023
and 31 March 2024 344,980 5,581 350,561
NET BOOK VALUE
At 31 March 2024 344,980 5,581 350,561
At 31 March 2023 344,980 5,581 350,561

WILLIAM SMITH (WAKEFIELD) LIMITED (REGISTERED NUMBER: 00288166)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

11. FIXED ASSET INVESTMENTS - continued

Company

Cost or valuation at 31 March 2024 is represented by:

Shares in
group Listed
undertakings investments Totals
£    £    £   
Valuation in 2020 - 5,581 5,581
Cost 344,980 - 344,980
344,980 5,581 350,561

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

SUBSIDIARY

Steamtown Railway Museum Limited
Registered office: Jesson Way, Cragbank, Carnforth, Lancashire, LA5 9UR
Nature of business: Renovation of locomotives
%
Class of shares: holding
Ordinary 93.50
2024 2023
£    £   
Aggregate capital and reserves 2,068,947 1,751,653
Profit for the year 317,294 67,313


12. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 850,000
NET BOOK VALUE
At 31 March 2024 850,000
At 31 March 2023 850,000

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2023 850,000

WILLIAM SMITH (WAKEFIELD) LIMITED (REGISTERED NUMBER: 00288166)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

12. INVESTMENT PROPERTY - continued

Company
Total
£   
COST OR VALUATION
At 1 April 2023
and 31 March 2024 850,000
NET BOOK VALUE
At 31 March 2024 850,000
At 31 March 2023 850,000

Cost or valuation at 31 March 2024 is represented by:
£   
Valuation in 2022 850,000

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 1,686,091 1,925,267 710,317 955,443
Amounts owed by group undertakings - 4,949,380 1,221,115 -
Amounts owed by related parties 7,022 7,022 7,022 2,090,089
Other debtors 742,442 652,140 505,500 505,500
Prepayments and accrued income 421,462 398,497 - -
2,857,017 7,932,306 2,443,954 3,551,032

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade creditors 1,477,172 1,874,227 307,390 596,592
Amounts owed to group undertakings - 5,376,380 245,080 2,514,432
Amounts owed to related parties 671,582 67,301 - 39,232
Tax 200,710 518,830 163,193 215
Social security and other taxes - 72,107 - -
VAT 93,425 442,996 388,474 152,197
Other creditors 1,080,439 520,288 39,232 -
Directors' loan accounts 508,765 456,968 508,765 456,968
Accruals and deferred income 71,952 92,468 44,245 39,030
4,104,045 9,421,565 1,696,379 3,798,666

WILLIAM SMITH (WAKEFIELD) LIMITED (REGISTERED NUMBER: 00288166)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

15. PROVISIONS FOR LIABILITIES

Group Company
2024 2023 2024 2023
£    £    £    £   
Deferred tax 658,986 581,526 517,738 434,245

Group
Deferred
tax
£   
Balance at 1 April 2023 581,526
Utilised during year 77,460
Balance at 31 March 2024 658,986

Company
Deferred
tax
£   
Balance at 1 April 2023 434,245
Provided during year 83,493
Balance at 31 March 2024 517,738

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
500 Ordinary £1 500 500

17. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The assets of the pension scheme are held separately from those of the company in an independently administered fund. The pension cost represents contributions payable by the company to the fund and amounted to £Nil (2023: £261,167). Contributions totalling £Nil (2023 - £14,547) were payable to the fund at the year end and are included in creditors.

WILLIAM SMITH (WAKEFIELD) LIMITED (REGISTERED NUMBER: 00288166)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

18. RELATED PARTY DISCLOSURES

William David Smith is also a director of The Scottish Highland Railway Company Limited, Whitehouse Farm (Staintondale) Limited and the North of England Historic Railway Trust Limited.

The Scottish Highland Railway Company Limited provides the group with use of its rolling stocks. During the year ended 31 March 2024, the group charged £Nil (2023 - £427,000) for use of those assets.

Debtors includes the following amounts owed by group and related companies:

Group Company
2024 2023 2024 2023
£ £ £ £
North of England Historic Railway Trust
Limited

-

-


7,022

7,022
The Scottish Highland Railway Company
Limited

-

410,931


-

2,083067
West Coast Railway Company Limited - - 1,221,115 -

- 410,931 1,228,137 090,089

Creditors falling due within one year includes the following amounts owed to group and related companies:

Group Company
2024 2023 2024 2023
£ £ £ £
Whitehouse Farm (Staintondale)
Limited

-

-


-

39,222
The Scottish Highland Railway Company
Limited

532,813

-


-

-
Steamtown Railway Museum Limited - - 245,080 245,080

St Hoggs Property Investment Co Ltd

126,789

-

North of England Historic Railway Trust
Limited

4,978

4.978


-

-

West Coast Railway Company Limited - 269,352
664,580 4,978 245,080 553,754

Creditors falling due within one year includes the following directors' loans:

Group Company
2024 2023 2024 2023
£ £ £ £
William David Smith and Christine Smith 508,765 456,966 508,765 456,966
456,966 456,966 456,966 456,966


WILLIAM SMITH (WAKEFIELD) LIMITED (REGISTERED NUMBER: 00288166)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


The following dividends were paid to directors during the year:

2024 2023
£ £
William David Smith 70,000 -
Christine Smith - -
70,000 13,250

19. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is William David Smith.