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Registered number: 07320870

S & K Smith Ltd Trading as Topfit towbars and Towing

ACCOUNTS
FOR THE YEAR ENDED 31 JULY 2024

Prepared By:
Stroud Accountancy and Taxation Services Ltd
Chartered Certified Accountants
Edgehill
The Broadway
Oakridge Lynch, Stroud
Gloucestershire
GL6 7NY

S & K Smith Ltd Trading as Topfit towbars and Towing

ACCOUNTS
FOR THE YEAR ENDED 31 JULY 2024
DIRECTORS
S J Smith
REGISTERED OFFICE
Edgehill
Oakridge Lynch
Stroud
Gloucestershire
GL6 7NY
COMPANY DETAILS
Private company limited by shares registered in EW - England and Wales, registered number 07320870
ACCOUNTANTS
Stroud Accountancy and Taxation Services Ltd
Chartered Certified Accountants
Edgehill
The Broadway
Oakridge Lynch, Stroud
Gloucestershire
GL6 7NY

S & K Smith Ltd Trading as Topfit towbars and Towing

ACCOUNTS
FOR THEYEARENDED31 JULY 2024
CONTENTS
Page
Directors' Report-
Statement Of Comprehensive Income-
Balance Sheet3
Notes To The Accounts4
The following do not form part of the statutory financial statements:
Trading And Profit And Loss Account-
Profit And Loss Account Summaries-
Accountants' Report-

S & K Smith Ltd Trading as Topfit towbars and Towing

BALANCE SHEET AT 31 July 2024
20242023
Notes££
FIXED ASSETS
Tangible assets343,22725,783
CURRENT ASSETS
Stock8,5638,298
Debtors54,6681,997
Cash at bank and in hand35,62132,026
48,85242,321
CREDITORS: Amounts falling due within one year647,99247,336
NET CURRENT ASSETS / (LIABILITIES)860(5,015)
TOTAL ASSETS LESS CURRENT LIABILITIES44,08720,768
CREDITORS: Amounts falling due after more than one year715,864-
PROVISIONS FOR LIABILITIES AND CHARGES89,0786,446
NET ASSETS19,14514,322
CAPITAL AND RESERVES
Called up share capital91212
Profit and loss account19,13314,310
SHAREHOLDERS' FUNDS19,14514,322
For the year ending 31 July 2024 the company was entitled to exemption 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 directors have decided not to deliver to the registrar a copy of the company's profit and loss account.
Approved by the board on 20 January 2025 and signed on their behalf by
.............................
S J Smith
Director

S & K Smith Ltd Trading as Topfit towbars and Towing

NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 JULY 2024
1. ACCOUNTING POLICIES
1a. Basis Of Accounting
The accounts have been prepared under the historical cost convention.
The accounts have been prepared in accordance with FRS102 section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006 .
1b. Depreciation
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.
Plant and Machineryreducing balance 25%
Fixtures and Fittingsstraight line 10%
Equipmentstraight line 25%
1c. Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.
When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs.
1d. Pension Costs
The company operates a defined contribution pension scheme. The pension charge represents the amounts payable by the company to the fund in respect of the year.
1e. Leasing Commitments
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account on a straight line basis.
2. EMPLOYEES
20242023
No.No.
Average number of employees44

S & K Smith Ltd Trading as Topfit towbars and Towing

3. TANGIBLE FIXED ASSETS
Plant and
Machinery Etc.Total
££
Cost
At 1 August 202388,13888,138
Additions25,10925,109
At 31 July 2024113,247113,247
Depreciation
At 1 August 202362,35562,355
For the year7,6657,665
At 31 July 202470,02070,020
Net Book Amounts
At 31 July 202443,22743,227
At 31 July 202325,78325,783
Included within Plant and Machinary are assets with a NBV of £23,341 which are held under Hire purchase agreements.
4. STOCK 20242023
££
Stock comprises:
Stock- Towbars and wiring kits8,5638,298
8,5638,298
5. DEBTORS 20242023
££
Amounts falling due within one year:
Trade debtors4,0681,997
Other debtors600-
4,6681,997
6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
20242023
££
Trade creditors2,6195,917
Taxation and social security22,50930,002
Other creditors22,86411,417
47,99247,336

S & K Smith Ltd Trading as Topfit towbars and Towing

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
20242023
££
Other creditors15,864-
15,864-
Included in other creditors are:
Obligations under hire purchase15,864-
8. PROVISIONS FOR LIABILITIES 20242023
££
Deferred taxation9,0786,446
9,0786,446
9. SHARE CAPITAL 20242023
££
Allotted, issued and fully paid:
1 Ordinary A shares of £1 each11
10 Class B shares of £1 each1010
1 Class C shares of £1 each11
1212
10. CONTROLLING PARTY
The controlling party is the director, S J Smith.