Caseware UK (AP4) 2023.0.135 2023.0.135 2024-10-312024-10-310falsefalse2023-11-01No description of principal activity1111trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 04736391 2023-11-01 2024-10-31 04736391 2022-11-01 2023-10-31 04736391 2024-10-31 04736391 2023-10-31 04736391 2022-11-01 04736391 1 2023-11-01 2024-10-31 04736391 d:CompanySecretary1 2023-11-01 2024-10-31 04736391 d:Director1 2023-11-01 2024-10-31 04736391 d:Director2 2023-11-01 2024-10-31 04736391 d:RegisteredOffice 2023-11-01 2024-10-31 04736391 c:MotorVehicles 2023-11-01 2024-10-31 04736391 c:MotorVehicles 2024-10-31 04736391 c:MotorVehicles 2023-10-31 04736391 c:MotorVehicles c:OwnedOrFreeholdAssets 2023-11-01 2024-10-31 04736391 c:FurnitureFittings 2023-11-01 2024-10-31 04736391 c:FurnitureFittings 2024-10-31 04736391 c:FurnitureFittings 2023-10-31 04736391 c:FurnitureFittings c:OwnedOrFreeholdAssets 2023-11-01 2024-10-31 04736391 c:ComputerEquipment 2023-11-01 2024-10-31 04736391 c:ComputerEquipment 2024-10-31 04736391 c:ComputerEquipment 2023-10-31 04736391 c:ComputerEquipment c:OwnedOrFreeholdAssets 2023-11-01 2024-10-31 04736391 c:OwnedOrFreeholdAssets 2023-11-01 2024-10-31 04736391 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-11-01 2024-10-31 04736391 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-10-31 04736391 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-10-31 04736391 c:CurrentFinancialInstruments 2024-10-31 04736391 c:CurrentFinancialInstruments 2023-10-31 04736391 c:CurrentFinancialInstruments 2 2024-10-31 04736391 c:CurrentFinancialInstruments 2 2023-10-31 04736391 c:CurrentFinancialInstruments c:WithinOneYear 2024-10-31 04736391 c:CurrentFinancialInstruments c:WithinOneYear 2023-10-31 04736391 c:ShareCapital 2024-10-31 04736391 c:ShareCapital 2023-10-31 04736391 c:RetainedEarningsAccumulatedLosses 2023-11-01 2024-10-31 04736391 c:RetainedEarningsAccumulatedLosses 2024-10-31 04736391 c:RetainedEarningsAccumulatedLosses 2023-10-31 04736391 d:OrdinaryShareClass1 2023-11-01 2024-10-31 04736391 d:OrdinaryShareClass1 2024-10-31 04736391 d:OrdinaryShareClass1 2023-10-31 04736391 d:PreferenceShareClass1 2023-11-01 2024-10-31 04736391 d:PreferenceShareClass1 2024-10-31 04736391 d:PreferenceShareClass1 2023-10-31 04736391 d:FRS102 2023-11-01 2024-10-31 04736391 d:AuditExempt-NoAccountantsReport 2023-11-01 2024-10-31 04736391 d:FullAccounts 2023-11-01 2024-10-31 04736391 d:PrivateLimitedCompanyLtd 2023-11-01 2024-10-31 04736391 c:WithinOneYear 2024-10-31 04736391 c:WithinOneYear 2023-10-31 04736391 c:BetweenOneFiveYears 2024-10-31 04736391 c:BetweenOneFiveYears 2023-10-31 04736391 c:AcceleratedTaxDepreciationDeferredTax 2024-10-31 04736391 c:AcceleratedTaxDepreciationDeferredTax 2023-10-31 04736391 f:PoundSterling 2023-11-01 2024-10-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 04736391










SMITHIE (UK) LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 OCTOBER 2024



 
SMITHIE (UK) LIMITED
 

COMPANY INFORMATION


Directors
S Hilden 
A Hilden 




Company secretary
S Hilden



Registered number
04736391



Registered office
Unit C1
Morse Road

West Ham Industrial Estate

Basingstoke

Hampshire

RG22 6NE




Accountants
James Cowper Kreston
Chartered Accountants

2 Communications Road

Greenham Business Park

Greenham

Newbury

Berkshire

RG19 6AB





 
SMITHIE (UK) LIMITED
 

CONTENTS



Page
Balance sheet
 
1 - 2
Notes to the financial statements
 
3 - 12





 
SMITHIE (UK) LIMITED
REGISTERED NUMBER: 04736391

BALANCE SHEET
AS AT 31 OCTOBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
30,569
36,685

  
30,569
36,685

Current assets
  

Stocks
 6 
2,590,649
2,709,416

Debtors: amounts falling due within one year
 7 
1,475,578
1,837,519

Cash at bank and in hand
 8 
78,966
6,364

  
4,145,193
4,553,299

Creditors: amounts falling due within one year
 9 
(2,744,821)
(3,268,809)

Net current assets
  
 
 
1,400,372
 
 
1,284,490

Total assets less current liabilities
  
1,430,941
1,321,175

Provisions for liabilities
  

Deferred tax
 10 
-
(2,925)

  
 
 
-
 
 
(2,925)

Net assets
  
1,430,941
1,318,250


Capital and reserves
  

Called up share capital 
 11 
100
100

Profit and loss account
 12 
1,430,841
1,318,150

  
1,430,941
1,318,250


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
 
Page 1

 
SMITHIE (UK) LIMITED
REGISTERED NUMBER: 04736391

BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2024


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


S Hilden
Director
Date: 10 February 2025

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
SMITHIE (UK) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

1.


General information

Smithie (UK) Limited is a private company limited by share capital and incorporated in England and Wales.  The address of the registered office and principal place of business is Unit C1, Morse Road, West Ham Industrial Estate, Basingstoke, Hampshire, RG22 6NE. 
The principal activity of the Company is that of the distribution of information technology hardware. 
The financial statements have been rounded to the nearest Pound Sterling.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

The directors have prepared forecasts and projections using what the directors considered to be reasonable assumptions relating to the Company’s financial performance, current financial position and existing financial resources for a period of at least 12 months from signing of the financial statements which show the Company to be a going concern.
Based on the above, the directors are of the opinion that the going concern principle is applicable and that the Company has the necessary resources to continue as a going concern for the foreseeable future.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 3

 
SMITHIE (UK) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.4

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Development expenditure
-
3 years

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.


Motor vehicles
-
20%
Fixtures, fittings & office equipment
-
10%
Computer equipment
-
20%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 4

 
SMITHIE (UK) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties.
Debt instruments  (other than those wholly repayable  or receivable  within one year), including  loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured. initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or  received.  However,  if  the  arrangements   of  a  short-term  instrument  constitute  a  financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured. initially at the present  value  of future cash flows  discounted  at a market  rate of interest  for a similar debt instrument  and subsequently  at amortised  cost, unless it qualifies  as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets  that  are measured  at cost  and  amortised  cost are assessed  at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
For financial assets measured at amortised cast. the impairment loss is measured as the diflerence between an asset’s carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for  measuring  any  impairment  loss  is  the  current  effective  interest  rate  determined  under  the contract.
Financial  assets  and  liabilities  are  offset  and the net  amount reported  in the Balance  sheet  when there is an enforceable right to set off the recognised amounts and there is an intention to settle the asset and settle the liablitiy simultaneously.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
SMITHIE (UK) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.11

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.12

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.13

Dividends

Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

 
2.14

Operating leases

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.15

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 6

 
SMITHIE (UK) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.16

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.17

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Employees

The average monthly number of employees, including directors, during the year was 11 (2023 - 11).

Page 7

 
SMITHIE (UK) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

4.


Intangible assets




Development expenditure

£



Cost


At 1 November 2023
18,268



At 31 October 2024

18,268



Amortisation


At 1 November 2023
18,268



At 31 October 2024

18,268



Net book value



At 31 October 2024
-



At 31 October 2023
-



Page 8

 
SMITHIE (UK) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

5.


Tangible fixed assets





Motor vehicles
Fixtures, fittings & office equipment
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 November 2023
14,920
188,568
188,629
392,117


Additions
-
-
4,647
4,647



At 31 October 2024

14,920
188,568
193,276
396,764



Depreciation


At 1 November 2023
13,921
156,498
185,013
355,432


Charge for the year on owned assets
999
6,355
3,409
10,763



At 31 October 2024

14,920
162,853
188,422
366,195



Net book value



At 31 October 2024
-
25,715
4,854
30,569



At 31 October 2023
999
32,070
3,616
36,685


6.


Stocks

2024
2023
£
£

Finished goods and goods for resale
2,590,649
2,709,416



7.


Debtors

2024
2023
£
£


Trade debtors
1,417,768
1,796,189

Other debtors
11,968
18,034

Prepayments and accrued income
44,621
23,296

Deferred taxation
1,221
-

1,475,578
1,837,519


Page 9

 
SMITHIE (UK) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
78,966
6,364



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
1,176,237
1,711,213

Corporation tax
39,343
25,642

Other taxation and social security
299,993
237,709

Other creditors
1,033,675
1,103,696

Accruals and deferred income
48,223
17,399

Share capital treated as debt
147,350
173,150

2,744,821
3,268,809


Included within other creditors is an amount of £986,970 (2023: £1,068,148) in respect of invoice discounting. The liability is secured by a fixed charge over the book debts and a floating charge over the assets and undertakings of the Company. 

Page 10

 
SMITHIE (UK) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

10.


Deferred taxation




2024
2023


£

£






At beginning of year
(2,925)
(5,250)


Credited to profit or loss
4,146
2,325



At end of year
1,221
(2,925)

The deferred taxation balance is made up as follows:

2024
2023
£
£


Accelerated capital allowances
1,221
(2,925)


11.


Share capital

2024
2023
£
£
Shares classified as equity

Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1.00 each
100
100



2024
2023
£
£
Shares classified as debt

Allotted, called up and fully paid



147,350 (2023 - 173,150) Preference shares of £1.00 each
147,350
173,150


The redeemable preference shares are redeemable either at the option of the Company at any time, the shareholder at any time after 5 years from inception or on a change of control of the Company. A premium is payable on the redemption should notice be given by the Company.
£25,800 was paid by the way of redemption of preference shares.


12.


Reserves

Profit & loss account

The profit and loss account represents cumulative profits available for distribution.

Page 11

 
SMITHIE (UK) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

13.


Commitments under operating leases

At 31 October 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
75,150
75,150

Later than 1 year and not later than 5 years
31,313
106,463

106,463
181,613


14.


Transactions with directors

At the balance sheet date, a loan balance of £9,000 (2023: £14,000) was owed to the company by S Hilden, a director. The loan is interest free.
S Hilden has provided a limited guarantee of £100,000 in respect of the amounts owed to the bank.


15.


Post balance sheet events

Subsequent to the balance sheet date there was a further redemption of preference shares of £117,797.


16.


Controlling party

The Company is controlled by A Hilden and S Hilden.


Page 12