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REGISTERED NUMBER: 00542166 (England and Wales)














Unaudited Financial Statements

for the Year Ended 31 May 2024

for

Walter Smith (Gosberton) Limited

Walter Smith (Gosberton) Limited (Registered number: 00542166)

Contents of the Financial Statements
for the Year Ended 31 May 2024










Page

Company information 1

Chartered accountants' report 2

Statement of financial position 3 to 4

Notes to the financial statements 5 to 8


Walter Smith (Gosberton) Limited

Company Information
for the Year Ended 31 May 2024







Director: T C Smith





Secretary: Mrs C A Smith





Registered office: Tull Grange
Cawood Lane
Gosberton
Spalding
Lincolnshire
PE11 4HB





Registered number: 00542166 (England and Wales)





Accountants: Moore Thompson
Bank House
Broad Street
Spalding
Lincolnshire
PE11 1TB

Chartered Accountants' Report to the Director
on the Unaudited Financial Statements of
Walter Smith (Gosberton) Limited


The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of financial position. Readers are cautioned that the Income statement and certain other primary statements and the Report of the director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Walter Smith (Gosberton) Limited for the year ended 31 May 2024 which comprise the Statement of income and retained earnings, Statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Walter Smith (Gosberton) Limited in accordance with the terms of our engagement letter dated 15 November 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Walter Smith (Gosberton) Limited and state those matters that we have agreed to state to the director of Walter Smith (Gosberton) Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Walter Smith (Gosberton) Limited and its director for our work or for this report.

It is your duty to ensure that Walter Smith (Gosberton) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Walter Smith (Gosberton) Limited. You consider that Walter Smith (Gosberton) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Walter Smith (Gosberton) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Moore Thompson
Bank House
Broad Street
Spalding
Lincolnshire
PE11 1TB


28 January 2025

Walter Smith (Gosberton) Limited (Registered number: 00542166)

Statement of Financial Position
31 May 2024

2024 2023
Notes £    £    £    £   
Fixed assets
Tangible assets 5 351,029 365,600
Investments 6 32,862 25,902
383,891 391,502

Current assets
Stocks 47,710 85,046
Debtors 7 40,802 24,408
Cash at bank 557,329 40,999
645,841 150,453
Creditors
Amounts falling due within one year 8 90,843 124,795
Net current assets 554,998 25,658
Total assets less current liabilities 938,889 417,160

Creditors
Amounts falling due after more than one
year

9

(202,454

)

(202,454

)

Provisions for liabilities (8,859 ) (9,198 )
Net assets 727,576 205,508

Capital and reserves
Called up share capital 11 15,000 15,000
Retained earnings 712,576 190,508
Shareholders' funds 727,576 205,508

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Walter Smith (Gosberton) Limited (Registered number: 00542166)

Statement of Financial Position - continued
31 May 2024


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

In accordance with Section 444 of the Companies Act 2006, the Statement of income and retained earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 28 January 2025 and were signed by:





T C Smith - Director


Walter Smith (Gosberton) Limited (Registered number: 00542166)

Notes to the Financial Statements
for the Year Ended 31 May 2024


1. Statutory information

Walter Smith (Gosberton) 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 Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. Statement of compliance

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - not depreciated
Motorised plant - 25% on reducing balance
Fixtures and office equipment - 25% on reducing balance
Motor vehicles - 20% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Walter Smith (Gosberton) Limited (Registered number: 00542166)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024


3. Accounting policies - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4. Employees and directors

The average number of employees during the year was 2 (2023 - 2 ) .

5. Tangible fixed assets
Land and Office Motorised
buildings conversion plant
£    £    £   
Cost
At 1 June 2023 290,217 9,663 302,138
Additions 10,087 - 18,800
Disposals (10,500 ) - (83,175 )
At 31 May 2024 289,804 9,663 237,763
Depreciation
At 1 June 2023 - - 252,272
Charge for year - - 13,333
Eliminated on disposal - - (67,531 )
At 31 May 2024 - - 198,074
Net book value
At 31 May 2024 289,804 9,663 39,689
At 31 May 2023 290,217 9,663 49,866

Walter Smith (Gosberton) Limited (Registered number: 00542166)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024


5. Tangible fixed assets - continued

Fixtures
and
office Motor
equipment vehicles Totals
£    £    £   
Cost
At 1 June 2023 4,480 20,995 627,493
Additions - - 28,887
Disposals - - (93,675 )
At 31 May 2024 4,480 20,995 562,705
Depreciation
At 1 June 2023 4,372 5,249 261,893
Charge for year 45 3,936 17,314
Eliminated on disposal - - (67,531 )
At 31 May 2024 4,417 9,185 211,676
Net book value
At 31 May 2024 63 11,810 351,029
At 31 May 2023 108 15,746 365,600

6. Fixed asset investments
Other
investments
other
than
loans
£   
Cost
At 1 June 2023 25,902
Additions 6,960
At 31 May 2024 32,862
Net book value
At 31 May 2024 32,862
At 31 May 2023 25,902

7. Debtors: amounts falling due within one year
2024 2023
£    £   
Trade debtors 33,082 15,643
VAT 7,720 8,765
40,802 24,408

Walter Smith (Gosberton) Limited (Registered number: 00542166)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2024


8. Creditors: amounts falling due within one year
2024 2023
£    £   
Hire purchase contracts - 3,700
Trade creditors 27,895 31,518
Corporation tax 11,917 13,199
Other creditors 43,698 43,698
Directors' loan accounts 1,383 28,980
Accruals and deferred income 5,950 3,700
90,843 124,795

9. Creditors: amounts falling due after more than one year
2024 2023
£    £   
Bank loans 154,229 154,229
Shares classed as financial
liabilities 18,225 18,225
Other creditors 30,000 30,000
202,454 202,454

10. Secured debts

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 154,229 154,229
Hire purchase contracts - 3,700
154,229 157,929

11. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
15,000 Ordinary Shares £1 15,000 15,000